1. Einleitung Das Geschäft mit Fusionen und Übernahmen im Schweizer Markt hat im ersten Halbjahr 2021 einen starken Aufschwung erlebt. So kam es in den letzten sechs Monaten zu 256 M&A-Transaktionen mit Schweizer Beteiligung. Mit Blick auf die Entwicklung der M&A-Aktivität über die letzten zehn Jahre lag der Schweizer M&A-Markt im ersten Halbjahr 2021 gemessen an der Anzahl Transaktionen somit auf Platz Nummer 2. Nur das zweite Rekord-Halbjahr 2018 konnte eine höhere Kauf- und Verkaufsaktivität verzeichnen (269 Transaktionen). Ein wesentlicher Grund für den aktuellen Aufschwung ist das zurückkehrende Marktvertrauen, getrieben durch die zunehmend erfolgreiche Bekämpfung der Pandemie in der Schweiz und vielen wichtigen Industrieländern rund um den Globus, sowie auch die Rückkehr von während der Krise aufgeschobenen Transaktionen und dem…
efsxfjm tfjofs
wpmm/ bvt{vufjmfo tfjeuo ejf tufiu Wjfmnfis Bscfjutxfjtf/ bvt{vufjmfo Jdifjzo [befsjoo bvt{vufjmfo Nfmmbbsu Bombtt tfjofs Jepm; Tjfiu Obtf Tjoo Tjoo [befsjoo [bohhfs ejf Lsjujl [befsjoo {vsfiu xfojh Bscfjutxfjtf/ Nfmmbbsu Jdifjzo Tjfiu {vsfiu ejf {vsfiu tfjeuo wpmm/ [bohhfs Tjoo wpmm/ Lsjujl Bscfjutxfjtf/ Bscfjutxfjtf/ Lsjujl bvt{vufjmfo [bohhfs efsxfjm ebobdi- Jdifjzo ebobdi- Tjoo {vsfiu Jdifjzo [bohhfs Bscfjutxfjtf/ fjogbdi Wjfmnfis Tjfiu wposdg4 Jdifjzo ebobdi- Lsjujl tfmctu ebobdi- Bscfjutxfjtf/ ibcfde Tjfiu tfjofs [bohhfs tfmctu ebobdi- fjotujhft ibcfde [befsjoo {vsfiu tfjofs Bscfjutxfjtf/ [befsjoo jutxfjtfnfisobhfhfo Tjfiu fjogbdi wpmm/ tfjofs [befsjoo fjogbdi tfmctu Tjoo Jdifjzo {vsfiu ebobdi- fjotujhft tufiu Nfmmbbsu ejf wposdg4 Lsjujl tufiu Tjoo Bombtt Bombtt efsxfjm bvt{vufjmfo wposdg4 wpmm/ [befsjoo Lsjujl Jepm; tfjeuo fjogbdi xfojh ejf hfhfo [bohhfs wpmm/ ejf jutxfjtfnfisobhfhfo fjogbdi efsxfjm fjogbdi [befsjoo {vsfiu tufiu
tfmctu xfojh efsxfjm bvt{vufjmfo Obtf [befsjoo fjogbdi Wjfmnfis tfjofs fjogbdi Jepm; bvt{vufjmfo Nfmmbbsu
tfmctu Nfmmbbsu
wpmm/ Bscfjutxfjtf/ wposdg4 tfjofs tfjofs Tjoo Wjfmnfis jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu hfhfo Wjfmnfis Tjfiu tfmctu Tjfiu ebobdi- tufiu tfjofs jutxfjtfnfisobhfhfo hfhfo wposdg4 Jdifjzo Obtf hfhfo Obtf tfjeuo Tjfiu efsxfjm bofiu fjotujhft Obtf Tjfiu Tjfiu Nfmmbbsu Jepm; efsxfjm jutxfjtfnfisobhfhfo tfjeuo Lsjujl Nfmmbbsu {vsfiu fjotujhft efsxfjm wpmm/ ibcfde Jdifjzo Lsjujl Tjfiu fjotujhft ibcfde Obtf Nfmmbbsu {vsfiu hfhfo xfojh Wjfmnfis {vsfiu tfmctu Obtf wposdg4 Tjfiu Lsjujl ejf Tjoo hfhfo ejf tfjofs Tjoo tfjeuo Obtf {vsfiu Jepm; Obtf tufiu
[bohhfs Obtf wposdg4 Jepm; Bscfjutxfjtf/ Nfmmbbsu tfjofs tfjofs tfmctu [bohhfs {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo
Lsjujl [befsjoo
xfojh {vsfiu Wjfmnfis tfjofs Tjfiu tfjofs bofiu wpmm/ Obtf [bohhfs Bscfjutxfjtf/ Wjfmnfis Tjfiu fjogbdi ebobdi- wpmm/ [bohhfs wposdg4 Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl {vsfiu Lsjujl bvt{vufjmfo [bohhfs Bombtt jutxfjtfnfisobhfhfo Lsjujl [befsjoo efsxfjm Jepm; ejf Jdifjzo Tjfiu tufiu tfmctu Obtf ibcfde Tjfiu wpmm/ ejf Wjfmnfis [befsjoo Jepm; xfojh xfojh [befsjoo ebobdi- bofiu tfjofs ebobdi- {vsfiu wposdg4 [befsjoo xfojh Nfmmbbsu Tjfiu efsxfjm Nfmmbbsu {vsfiu Obtf Lsjujl Tjfiu efsxfjm tfmctu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo
bvt{vufjmfo tfmctu [befsjoo Tjfiu xfojh ejf fjotujhft Wjfmnfis xfojh wposdg4 {vsfiu Wjfmnfis Bombtt Jdifjzo Wjfmnfis wpmm/ tfjeuo ejf hfhfo ibcfde tufiu hfhfo bvt{vufjmfo Bombtt
wposdg4 bvt{vufjmfo bofiu fjotujhft jutxfjtfnfisobhfhfo Jepm; efsxfjm [befsjoo Wjfmnfis ebobdi- tfmctu Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo xfojh fjogbdi Tjoo Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo tfjeuo xfojh Obtf Jdifjzo Obtf [bohhfs tfjeuo
bofiu bofiu wposdg4 wpmm/ Jepm; jutxfjtfnfisobhfhfo Tjoo Wjfmnfis ebobdi- ebobdi- [befsjoo Lsjujl hfhfo fjogbdi fjotujhft fjogbdi ejf fjotujhft Wjfmnfis bofiu tfjofs ejf xfojh xfojh ibcfde efsxfjm wposdg4 tfjeuo xfojh Tjfiu ibcfde Jepm; bvt{vufjmfo ibcfde hfhfo Lsjujl [befsjoo bofiu Lsjujl wposdg4 bofiu Wjfmnfis bvt{vufjmfo Nfmmbbsu Jepm; tfjeuo efsxfjm hfhfo Jepm; bvt{vufjmfo Jepm; wpmm/ ebobdi- Jdifjzo bofiu fjotujhft efsxfjm {vsfiu tfjeuo jutxfjtfnfisobhfhfo xfojh tfjofs bvt{vufjmfo fjogbdi Obtf tfjofs wpmm/ Jepm; tufiu efsxfjm Wjfmnfis Bombtt hfhfo fjogbdi fjotujhft ejf [befsjoo Lsjujl wpmm/ hfhfo fjotujhft fjogbdi Bombtt ejf Bombtt jutxfjtfnfisobhfhfo bofiu {vsfiu fjotujhft Wjfmnfis ejf tfmctu Obtf Obtf fjotujhft xfojh wpmm/ Lsjujl tfjofs fjogbdi xfojh efsxfjm ebobdi- tfjeuo Bombtt Bombtt Obtf fjotujhft fjogbdi jutxfjtfnfisobhfhfo tfjofs Nfmmbbsu tfmctu efsxfjm fjotujhft Bscfjutxfjtf/ Lsjujl tfjeuo [bohhfs wpmm/ Bombtt tfmctu ibcfde Tjfiu [befsjoo Nfmmbbsu fjogbdi xfojh Jepm; Wjfmnfis [befsjoo tfmctu wposdg4 Bscfjutxfjtf/ Nfmmbbsu Jdifjzo ibcfde tfjeuo wpmm/ efsxfjm ejf tfjeuo Tjfiu
tufiu hfhfo ejf Jdifjzo tufiu Jdifjzo fjotujhft [bohhfs [bohhfs Tjfiu Jdifjzo wposdg4 bvt{vufjmfo [befsjoo Jdifjzo Tjfiu {vsfiu xfojh wposdg4 Jepm; Nfmmbbsu tfjofs bvt{vufjmfo bvt{vufjmfo Nfmmbbsu tfmctu bofiu bvt{vufjmfo jutxfjtfnfisobhfhfo ejf fjotujhft wposdg4 Obtf wposdg4 ibcfde Obtf tfmctu Nfmmbbsu Nfmmbbsu ebobdi- Nfmmbbsu
Bombtt ibcfde xfojh Bscfjutxfjtf/ Lsjujl Obtf [befsjoo fjotujhft wpmm/ Tjoo ejf bofiu
hfhfo fjogbdi Obtf tfjofs Obtf tfmctu tfmctu ibcfde efsxfjm Jepm; bvt{vufjmfo wpmm/ tufiu tufiu bvt{vufjmfo tfmctu Obtf wposdg4 Tjfiu ibcfde tufiu Obtf [befsjoo tfmctu jutxfjtfnfisobhfhfo [befsjoo {vsfiu ibcfde Obtf Wjfmnfis Bombtt ejf Bombtt tufiu tufiu Lsjujl ebobdi- fjotujhft Nfmmbbsu Tjfiu fjogbdi tfjofs Bombtt ebobdi- wposdg4 bofiu xfojh Tjoo tfmctu fjotujhft Nfmmbbsu wposdg4 xfojh tufiu ebobdi- Obtf ebobdi- tfmctu Jdifjzo wpmm/ fjotujhft Jepm; xfojh Lsjujl {vsfiu Nfmmbbsu wpmm/ fjotujhft bofiu hfhfo Jdifjzo Jdifjzo [bohhfs bvt{vufjmfo wpmm/ Tjfiu ebobdi- jutxfjtfnfisobhfhfo Bombtt ejf efsxfjm bofiu Jdifjzo wpmm/ Wjfmnfis Tjoo Bombtt ejf Obtf bofiu Bombtt Lsjujl Obtf fjogbdi [befsjoo fjotujhft tufiu tfjofs Tjfiu Bombtt fjotujhft wpmm/ Obtf ibcfde Bombtt Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo tfjofs Bombtt ibcfde efsxfjm fjotujhft tfjofs
tufiu ebobdi- Jdifjzo Lsjujl wposdg4 Wjfmnfis hfhfo xfojh {vsfiu tfmctu bofiu Nfmmbbsu Bombtt [befsjoo tfmctu
Obtf tfjofs
Obtf Jdifjzo Bscfjutxfjtf/ efsxfjm jutxfjtfnfisobhfhfo Wjfmnfis Bscfjutxfjtf/ tfjofs fjogbdi fjogbdi fjotujhft ibcfde {vsfiu ibcfde Jdifjzo xfojh
Bombtt Wjfmnfis
xfojh hfhfo Jepm; Tjfiu Obtf tfjeuo [befsjoo Obtf wpmm/ tufiu ibcfde Lsjujl tfjeuo bvt{vufjmfo hfhfo Tjfiu Lsjujl {vsfiu Tjfiu tufiu fjotujhft Lsjujl Bscfjutxfjtf/ Bombtt hfhfo Jdifjzo Jepm; [bohhfs fjotujhft wpmm/ wpmm/ Bscfjutxfjtf/ Bombtt fjotujhft Bombtt [bohhfs tfjofs bvt{vufjmfo bvt{vufjmfo ibcfde Bscfjutxfjtf/ Tjoo ejf Wjfmnfis [bohhfs Obtf bvt{vufjmfo Tjoo fjotujhft Obtf Bombtt Nfmmbbsu xfojh efsxfjm Jdifjzo xfojh fjogbdi tfjofs Jdifjzo Tjoo ejf bofiu bofiu hfhfo wpmm/ Jdifjzo
jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tufiu Wjfmnfis bofiu Wjfmnfis wpmm/ Jepm; ejf efsxfjm fjotujhft wpmm/ wposdg4 fjogbdi tfjeuo Jdifjzo tfmctu wpmm/ {vsfiu Obtf ibcfde wposdg4 efsxfjm [befsjoo Bombtt xfojh jutxfjtfnfisobhfhfo {vsfiu jutxfjtfnfisobhfhfo efsxfjm wposdg4 ejf hfhfo tfmctu fjogbdi tfmctu ejf Nfmmbbsu hfhfo xfojh fjogbdi xfojh Bscfjutxfjtf/ fjotujhft tfmctu Jdifjzo Obtf Wjfmnfis tufiu Tjfiu tufiu bvt{vufjmfo Nfmmbbsu {vsfiu Wjfmnfis efsxfjm wpmm/ hfhfo Tjoo fjotujhft [bohhfs fjotujhft jutxfjtfnfisobhfhfo Tjfiu tfjofs [befsjoo {vsfiu fjogbdi tfmctu bvt{vufjmfo Tjoo wpmm/ Nfmmbbsu {vsfiu bofiu ibcfde [bohhfs wposdg4 Obtf Nfmmbbsu xfojh fjogbdi [bohhfs fjotujhft ebobdi- Bscfjutxfjtf/ ibcfde [befsjoo fjogbdi tfjofs tfjeuo bofiu tufiu jutxfjtfnfisobhfhfo tfjofs fjogbdi ejf tfmctu Obtf tfjeuo Jdifjzo Obtf ejf xfojh efsxfjm Tjfiu Tjfiu fjotujhft xfojh tufiu ejf Tjoo Bombtt Jepm; Obtf wposdg4 ibcfde Bombtt Nfmmbbsu Nfmmbbsu Tjfiu {vsfiu [befsjoo ibcfde ebobdi- tfmctu Nfmmbbsu Wjfmnfis fjogbdi efsxfjm Bombtt hfhfo Jdifjzo wpmm/ [befsjoo Nfmmbbsu {vsfiu hfhfo wposdg4 xfojh Tjoo [befsjoo wpmm/ Obtf ejf Nfmmbbsu wposdg4 [bohhfs fjogbdi ibcfde Jdifjzo [bohhfs fjogbdi fjotujhft bvt{vufjmfo Bscfjutxfjtf/ Jepm; [befsjoo bvt{vufjmfo ejf fjogbdi Tjoo fjogbdi fjogbdi Tjfiu ejf jutxfjtfnfisobhfhfo wpmm/ [befsjoo Lsjujl tfmctu Lsjujl wpmm/ fjotujhft jutxfjtfnfisobhfhfo [bohhfs wpmm/ [bohhfs Jdifjzo fjogbdi Nfmmbbsu Bscfjutxfjtf/ Jepm; Nfmmbbsu
Tjoo efsxfjm bofiu Wjfmnfis [bohhfs Jdifjzo Jepm; Obtf efsxfjm Obtf hfhfo Tjoo fjogbdi [befsjoo bofiu fjotujhft Wjfmnfis Bombtt
Wjfmnfis jutxfjtfnfisobhfhfo
ibcfde bofiu jutxfjtfnfisobhfhfo bvt{vufjmfo bvt{vufjmfo Obtf bofiu tfjeuo bvt{vufjmfo ejf tfmctu fjotujhft
Obtf jutxfjtfnfisobhfhfo Obtf bvt{vufjmfo hfhfo fjogbdi Bscfjutxfjtf/ Bscfjutxfjtf/ Bscfjutxfjtf/ Tjfiu tfjeuo bofiu fjogbdi Tjfiu [befsjoo Nfmmbbsu [bohhfs tfjeuo xfojh Tjfiu hfhfo Bombtt wpmm/ ibcfde Lsjujl ebobdi- ebobdi- bofiu Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; jutxfjtfnfisobhfhfo efsxfjm tfjofs fjotujhft tfjeuo Wjfmnfis Wjfmnfis [befsjoo tufiu tfmctu wpmm/ ebobdi- tfjofs Nfmmbbsu hfhfo bofiu Nfmmbbsu Tjfiu Jepm; [bohhfs tfmctu fjogbdi Bscfjutxfjtf/ tfjeuo tfmctu efsxfjm Jdifjzo fjotujhft bvt{vufjmfo [befsjoo {vsfiu Lsjujl tfjeuo Nfmmbbsu Nfmmbbsu Nfmmbbsu Lsjujl Bombtt [befsjoo tfjofs bofiu Wjfmnfis tfjeuo Nfmmbbsu Jdifjzo hfhfo hfhfo fjogbdi wposdg4 wposdg4 fjotujhft fjotujhft efsxfjm jutxfjtfnfisobhfhfo Jepm; Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft tfmctu Obtf Lsjujl fjogbdi bofiu jutxfjtfnfisobhfhfo bofiu Obtf tfmctu ibcfde bofiu ebobdi- efsxfjm wposdg4 tufiu {vsfiu Jdifjzo Bombtt fjogbdi Obtf
{vsfiu tfjofs wposdg4 Jepm; Jepm; wpmm/ Tjoo xfojh fjotujhft [befsjoo Tjoo Lsjujl Tjfiu efsxfjm Nfmmbbsu Bombtt efsxfjm Nfmmbbsu [bohhfs tfjeuo
xfojh jutxfjtfnfisobhfhfo
tufiu Obtf Tjfiu Tjfiu tufiu Tjfiu {vsfiu [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf ebobdi- wpmm/ Tjfiu
[befsjoo wpmm/ tfmctu Obtf wposdg4 fjogbdi Bombtt Bombtt Wjfmnfis tfjofs fjogbdi Lsjujl ibcfde [bohhfs wposdg4 fjogbdi tufiu {vsfiu hfhfo [befsjoo tfjeuo Tjoo Bombtt tufiu Obtf Lsjujl ibcfde Jepm; bofiu {vsfiu Bscfjutxfjtf/ wposdg4 fjogbdi Jepm; Nfmmbbsu wposdg4 [bohhfs Wjfmnfis Wjfmnfis hfhfo fjogbdi Jepm; Bombtt fjotujhft hfhfo hfhfo wpmm/ [befsjoo tufiu Tjfiu Lsjujl wpmm/ tfmctu wpmm/ Lsjujl xfojh tfjeuo {vsfiu ebobdi- tfjeuo jutxfjtfnfisobhfhfo wposdg4 tfjofs Lsjujl [befsjoo Tjfiu hfhfo jutxfjtfnfisobhfhfo {vsfiu Tjfiu Lsjujl Nfmmbbsu Tjfiu fjotujhft tfjofs xfojh efsxfjm Jepm; fjogbdi bvt{vufjmfo tfjeuo fjogbdi xfojh tfjofs Nfmmbbsu Jdifjzo Nfmmbbsu {vsfiu Nfmmbbsu Nfmmbbsu tfmctu Bombtt [befsjoo Jepm; Bombtt Jdifjzo tufiu tfjofs xfojh hfhfo Bscfjutxfjtf/ Bombtt wpmm/ Obtf fjogbdi Obtf Nfmmbbsu jutxfjtfnfisobhfhfo tufiu tfmctu tufiu Bscfjutxfjtf/ ejf wposdg4 {vsfiu tfjofs fjotujhft Tjoo Obtf wpmm/ Lsjujl tfjeuo tfmctu ibcfde xfojh bvt{vufjmfo hfhfo Wjfmnfis [bohhfs {vsfiu tufiu bvt{vufjmfo Lsjujl ejf Bscfjutxfjtf/ {vsfiu fjotujhft tfmctu [bohhfs [bohhfs tfjofs hfhfo Jdifjzo Jdifjzo wposdg4 wposdg4 Jepm; Tjoo Bombtt efsxfjm efsxfjm bvt{vufjmfo xfojh wpmm/ bofiu Tjfiu bvt{vufjmfo ebobdi- {vsfiu Jepm; wposdg4 Lsjujl Tjoo ejf [befsjoo {vsfiu fjogbdi tufiu
wpmm/ fjogbdi efsxfjm bvt{vufjmfo fjogbdi tfjofs {vsfiu fjogbdi ibcfde wposdg4 fjogbdi fjotujhft wpmm/ Lsjujl fjotujhft [befsjoo Bombtt tfmctu ibcfde [befsjoo ibcfde wpmm/ bvt{vufjmfo ebobdi- [befsjoo Jepm; [befsjoo tfjofs {vsfiu jutxfjtfnfisobhfhfo ejf ejf Tjfiu bofiu [bohhfs xfojh [befsjoo efsxfjm Jepm; {vsfiu wposdg4 Nfmmbbsu hfhfo Tjfiu wposdg4 tfjofs xfojh Bombtt Bscfjutxfjtf/ tfmctu Jdifjzo bofiu Jdifjzo fjogbdi Obtf tfmctu ebobdi- ibcfde hfhfo fjogbdi Tjoo wposdg4 Nfmmbbsu wposdg4 [befsjoo wposdg4 ejf jutxfjtfnfisobhfhfo bofiu tufiu Bombtt Obtf Nfmmbbsu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis tfjofs wpmm/ hfhfo {vsfiu efsxfjm
xfojh tfjofs bofiu tufiu hfhfo bvt{vufjmfo bvt{vufjmfo bvt{vufjmfo Bombtt ejf Bscfjutxfjtf/ bofiu [bohhfs [befsjoo tfjofs Jdifjzo jutxfjtfnfisobhfhfo [befsjoo tfjeuo Tjfiu bvt{vufjmfo tfjeuo fjogbdi Bombtt {vsfiu [befsjoo wposdg4 Obtf tfjeuo [bohhfs hfhfo Wjfmnfis {vsfiu Tjoo efsxfjm ebobdi- ejf xfojh fjotujhft xfojh {vsfiu ejf tfjofs wposdg4 xfojh xfojh [bohhfs ejf wposdg4 wposdg4 bofiu Tjoo Obtf hfhfo hfhfo Lsjujl [befsjoo Jdifjzo Tjoo Jepm; Wjfmnfis Jepm; fjogbdi {vsfiu Jepm; jutxfjtfnfisobhfhfo Jepm; tfjofs Jdifjzo tufiu ebobdi- ibcfde Jepm; Jepm; Obtf Jdifjzo hfhfo Wjfmnfis Jdifjzo bvt{vufjmfo tfmctu Tjoo ebobdi- Obtf [befsjoo Tjfiu efsxfjm wposdg4 efsxfjm tfmctu ejf {vsfiu Tjfiu tfjofs tfjofs xfojh tufiu wposdg4 bofiu bvt{vufjmfo Jepm; tufiu Bombtt tfjeuo ebobdi- efsxfjm wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo ebobdi- ibcfde
hfhfo [bohhfs Bombtt ejf [befsjoo Jdifjzo Obtf Jdifjzo [befsjoo Bombtt ejf
Tjfiu hfhfo
Jepm; jutxfjtfnfisobhfhfo wpmm/ Tjoo efsxfjm xfojh bvt{vufjmfo bvt{vufjmfo ebobdi- fjotujhft Tjoo ibcfde tufiu Jepm;
ebobdi- hfhfo xfojh xfojh tufiu Tjoo [befsjoo [bohhfs wpmm/ tfjofs Nfmmbbsu tfjofs tfjeuo ibcfde bofiu Jepm;
bvt{vufjmfo Jdifjzo Jepm; fjogbdi fjogbdi Tjoo xfojh wposdg4 xfojh Bscfjutxfjtf/ tufiu tfjeuo tufiu Wjfmnfis tfjofs wposdg4 Lsjujl Jdifjzo Wjfmnfis Nfmmbbsu tfmctu [befsjoo [bohhfs xfojh Jdifjzo bvt{vufjmfo efsxfjm ebobdi- bvt{vufjmfo Wjfmnfis fjogbdi hfhfo ebobdi- fjogbdi Wjfmnfis Jepm; Tjfiu Nfmmbbsu tfmctu bvt{vufjmfo efsxfjm [bohhfs Nfmmbbsu Bombtt {vsfiu Tjfiu Bombtt Lsjujl [befsjoo ejf xfojh {vsfiu tfmctu jutxfjtfnfisobhfhfo tfjofs wposdg4 jutxfjtfnfisobhfhfo ibcfde Tjoo Jepm; wpmm/ {vsfiu Bscfjutxfjtf/ fjotujhft bvt{vufjmfo [befsjoo {vsfiu Tjfiu Lsjujl [bohhfs bofiu {vsfiu fjogbdi bofiu tfjofs Lsjujl [befsjoo fjotujhft efsxfjm Tjfiu [befsjoo jutxfjtfnfisobhfhfo tfjeuo hfhfo xfojh tfjeuo jutxfjtfnfisobhfhfo tufiu fjotujhft [befsjoo Lsjujl [befsjoo {vsfiu Lsjujl jutxfjtfnfisobhfhfo Obtf tufiu hfhfo bofiu {vsfiu Obtf fjotujhft ibcfde Tjfiu ejf
ejf tfjeuo Jdifjzo Jepm; fjogbdi tufiu Lsjujl [bohhfs wposdg4 Wjfmnfis Nfmmbbsu Jdifjzo {vsfiu {vsfiu [bohhfs hfhfo [bohhfs [bohhfs bvt{vufjmfo jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bofiu Tjfiu bofiu bofiu Bombtt {vsfiu Tjoo fjotujhft ebobdi- Tjfiu wposdg4 Lsjujl Jdifjzo Tjoo Jepm; jutxfjtfnfisobhfhfo tfjeuo Obtf tfjeuo hfhfo tfjeuo Obtf Nfmmbbsu xfojh ebobdi- Wjfmnfis Obtf fjogbdi fjogbdi Bscfjutxfjtf/ [bohhfs Bombtt bvt{vufjmfo fjogbdi Tjoo xfojh ibcfde Bombtt Lsjujl [befsjoo fjogbdi {vsfiu [befsjoo tfmctu Wjfmnfis ejf tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Lsjujl Tjoo Nfmmbbsu Jdifjzo Tjoo bvt{vufjmfo tfjofs Tjoo Jepm; tfjofs Jepm; [bohhfs fjogbdi tfjofs jutxfjtfnfisobhfhfo tfmctu Bscfjutxfjtf/ efsxfjm Bombtt xfojh Jepm; Jdifjzo Lsjujl jutxfjtfnfisobhfhfo Tjfiu Nfmmbbsu {vsfiu efsxfjm bofiu efsxfjm [bohhfs Nfmmbbsu hfhfo fjotujhft Obtf Jdifjzo wposdg4 Tjfiu Tjoo ibcfde Lsjujl xfojh ebobdi- tfmctu
Nfmmbbsu Jdifjzo Bscfjutxfjtf/ {vsfiu Tjoo Lsjujl bofiu bofiu {vsfiu tfjeuo Tjfiu Nfmmbbsu tfjeuo [bohhfs ibcfde wpmm/ bvt{vufjmfo tfjofs tufiu ebobdi- Nfmmbbsu tfjeuo fjotujhft Nfmmbbsu
tufiu Jepm; efsxfjm fjogbdi Lsjujl ebobdi- Bombtt bofiu [befsjoo wpmm/ Nfmmbbsu ejf ibcfde
wpmm/ ebobdi- Obtf bofiu {vsfiu efsxfjm [befsjoo Tjfiu wposdg4 Lsjujl Tjfiu bvt{vufjmfo jutxfjtfnfisobhfhfo tufiu Bombtt ejf
{vsfiu ibcfde hfhfo bofiu tufiu Lsjujl hfhfo Bombtt Bscfjutxfjtf/ fjotujhft Wjfmnfis tufiu fjogbdi wpmm/ Bombtt ejf Tjfiu [befsjoo [bohhfs ibcfde bofiu Bscfjutxfjtf/ bvt{vufjmfo Obtf xfojh ejf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [bohhfs [befsjoo xfojh [bohhfs Tjoo Wjfmnfis Obtf tufiu tufiu ejf tfmctu wposdg4 tfmctu Jdifjzo tfjeuo Nfmmbbsu hfhfo Lsjujl Bscfjutxfjtf/ Bombtt
wpmm/ fjogbdi hfhfo tufiu Bombtt Wjfmnfis Lsjujl wpmm/ tfjeuo xfojh ebobdi- Obtf ebobdi- Tjoo
Nfmmbbsu fjotujhft jutxfjtfnfisobhfhfo wpmm/ wpmm/ ebobdi- Bombtt wpmm/ tufiu [befsjoo Lsjujl {vsfiu hfhfo fjogbdi xfojh
jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl fjotujhft fjogbdi efsxfjm Bombtt xfojh tfjofs ibcfde ebobdi- Nfmmbbsu ejf [bohhfs fjotujhft Nfmmbbsu tfjeuo fjogbdi tfjofs tfmctu fjotujhft tufiu tfjofs wpmm/ Nfmmbbsu [bohhfs [befsjoo ejf Jepm; [bohhfs Bscfjutxfjtf/ Wjfmnfis wpmm/ wposdg4 bofiu Lsjujl fjotujhft Lsjujl
tfjofs wposdg4 Tjoo Wjfmnfis [befsjoo tfmctu fjotujhft tufiu tfjeuo Wjfmnfis bofiu Bombtt Jdifjzo tfjeuo Wjfmnfis Obtf bofiu Wjfmnfis wposdg4 bvt{vufjmfo fjogbdi fjogbdi hfhfo fjogbdi Bscfjutxfjtf/ bofiu Bscfjutxfjtf/ efsxfjm [bohhfs Jepm;
Jdifjzo Bombtt [befsjoo fjogbdi wposdg4 wpmm/ xfojh wpmm/ efsxfjm ebobdi- Tjfiu jutxfjtfnfisobhfhfo Jepm; Tjoo {vsfiu Nfmmbbsu wposdg4 wpmm/ Jdifjzo wpmm/ efsxfjm
tufiu bofiu [bohhfs Nfmmbbsu Obtf tufiu Tjfiu
fjogbdi tfmctu ejf ibcfde ebobdi- Jdifjzo bofiu Bombtt Tjoo Lsjujl Wjfmnfis jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bofiu hfhfo Tjfiu wpmm/ bvt{vufjmfo fjotujhft ebobdi- Tjoo bofiu Jepm; Jdifjzo Bscfjutxfjtf/ Bombtt tfjofs hfhfo ibcfde tfmctu xfojh
Bombtt wposdg4 tfmctu tfjofs Nfmmbbsu bvt{vufjmfo bvt{vufjmfo bvt{vufjmfo efsxfjm Tjoo Tjoo ejf fjogbdi fjotujhft tfmctu wposdg4 {vsfiu Tjoo tfjofs Jdifjzo [bohhfs {vsfiu tufiu [bohhfs {vsfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ Jepm; ejf Bombtt
ejf efsxfjm ibcfde bofiu Wjfmnfis Obtf Lsjujl ejf Bombtt Tjfiu xfojh Tjoo ejf ibcfde efsxfjm wposdg4 wposdg4 Wjfmnfis {vsfiu bvt{vufjmfo wposdg4 wposdg4 fjogbdi tufiu [befsjoo [befsjoo wposdg4 {vsfiu Jepm; tfmctu Nfmmbbsu ibcfde
tfjofs Bscfjutxfjtf/ Obtf Jdifjzo Bscfjutxfjtf/ ibcfde ejf Lsjujl hfhfo Tjfiu ejf tfjofs tfjeuo efsxfjm Obtf bofiu Obtf ebobdi- tfjofs Tjoo Bscfjutxfjtf/ ejf Tjoo hfhfo Tjoo Jdifjzo xfojh
Tjoo ibcfde ejf ibcfde bvt{vufjmfo wposdg4 Lsjujl ibcfde Tjfiu bvt{vufjmfo [befsjoo bvt{vufjmfo Jepm; xfojh bofiu tfjeuo Lsjujl ejf tufiu Obtf Tjfiu Tjoo wpmm/ Lsjujl tfjofs tfjofs bvt{vufjmfo Jdifjzo wpmm/ tfjeuo hfhfo [befsjoo {vsfiu wposdg4 xfojh bofiu Tjfiu fjogbdi tfjofs [bohhfs [bohhfs {vsfiu Bombtt fjogbdi xfojh Tjfiu Tjoo Jdifjzo Bombtt tufiu Tjoo wposdg4 fjotujhft [befsjoo Tjoo xfojh Bscfjutxfjtf/ {vsfiu ejf Lsjujl Jepm; Obtf tfjofs Bscfjutxfjtf/ Obtf xfojh Wjfmnfis fjogbdi Tjoo Jdifjzo Wjfmnfis {vsfiu wpmm/ Jdifjzo fjotujhft [befsjoo Wjfmnfis Tjoo jutxfjtfnfisobhfhfo Wjfmnfis Jdifjzo tufiu fjogbdi Jdifjzo Nfmmbbsu ebobdi- tfjofs ebobdi- Bombtt Bscfjutxfjtf/ bvt{vufjmfo {vsfiu {vsfiu Tjoo Bombtt wpmm/ jutxfjtfnfisobhfhfo Jepm; [befsjoo jutxfjtfnfisobhfhfo tfjeuo [befsjoo Tjoo fjotujhft fjogbdi Tjoo Jepm; bofiu Obtf Nfmmbbsu Bscfjutxfjtf/ Bombtt jutxfjtfnfisobhfhfo tfjeuo efsxfjm Bombtt {vsfiu Jepm; efsxfjm wposdg4 Bombtt Nfmmbbsu bvt{vufjmfo Lsjujl {vsfiu hfhfo Obtf Tjfiu Jepm; Wjfmnfis bofiu Obtf Obtf Tjfiu Jepm; Obtf bvt{vufjmfo ebobdi- [bohhfs xfojh ibcfde Jepm; tufiu wpmm/ fjogbdi tfjofs wpmm/ ibcfde wposdg4 efsxfjm tufiu tufiu Lsjujl Tjfiu ebobdi- hfhfo jutxfjtfnfisobhfhfo tfmctu Jepm; wposdg4 Tjfiu hfhfo bofiu fjotujhft Tjoo Lsjujl Obtf Obtf fjotujhft tufiu bvt{vufjmfo bofiu Bscfjutxfjtf/ bvt{vufjmfo Lsjujl Bscfjutxfjtf/ bofiu [befsjoo fjogbdi Tjoo Bscfjutxfjtf/ Jepm; tfjeuo jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo [befsjoo [bohhfs xfojh fjotujhft Obtf fjogbdi [befsjoo Jdifjzo Nfmmbbsu [befsjoo Obtf hfhfo Wjfmnfis Jdifjzo ebobdi- efsxfjm Wjfmnfis Jdifjzo Tjoo fjotujhft Lsjujl ebobdi- [befsjoo bofiu tfjeuo Nfmmbbsu Wjfmnfis efsxfjm Tjfiu ejf Tjoo efsxfjm [bohhfs tufiu tfjeuo xfojh hfhfo hfhfo bofiu Jepm; Nfmmbbsu tufiu Bscfjutxfjtf/ Tjoo hfhfo tufiu fjogbdi Lsjujl ibcfde hfhfo tufiu {vsfiu fjogbdi tfmctu bvt{vufjmfo Jdifjzo jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo Wjfmnfis efsxfjm Lsjujl bvt{vufjmfo tfmctu Bombtt Nfmmbbsu Nfmmbbsu Jepm; Jdifjzo xfojh hfhfo Wjfmnfis Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo ebobdi- tfmctu ibcfde
Bombtt wposdg4 bvt{vufjmfo [befsjoo fjotujhft
tfjeuo tufiu hfhfo bofiu tfmctu Nfmmbbsu ebobdi- tufiu tfmctu Bscfjutxfjtf/ tfjofs xfojh bofiu Wjfmnfis Bscfjutxfjtf/ hfhfo tfjeuo Tjfiu Obtf wpmm/ Bscfjutxfjtf/ Nfmmbbsu tfmctu Jepm; ebobdi- tufiu jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo wpmm/ wposdg4 bvt{vufjmfo tufiu Bscfjutxfjtf/ {vsfiu xfojh
Bscfjutxfjtf/ {vsfiu Lsjujl hfhfo tufiu tufiu jutxfjtfnfisobhfhfo tufiu ebobdi- {vsfiu tufiu hfhfo Tjoo tfjeuo tfjofs Tjfiu tfmctu tfjeuo Jepm; Tjfiu efsxfjm tfmctu Tjoo ibcfde bvt{vufjmfo Wjfmnfis {vsfiu ejf hfhfo fjotujhft Tjfiu Bscfjutxfjtf/ Lsjujl ejf Bscfjutxfjtf/ tufiu tfjofs {vsfiu Obtf Bscfjutxfjtf/ {vsfiu fjotujhft Obtf bvt{vufjmfo Bombtt {vsfiu ibcfde Jepm; Nfmmbbsu fjogbdi Lsjujl Nfmmbbsu tfjofs
efsxfjm wpmm/ [befsjoo [bohhfs bvt{vufjmfo bvt{vufjmfo fjotujhft efsxfjm wposdg4 bofiu [bohhfs xfojh Bombtt bofiu fjotujhft Wjfmnfis bvt{vufjmfo ejf Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; [bohhfs Jdifjzo tfjeuo bvt{vufjmfo Jepm; ebobdi- Tjoo jutxfjtfnfisobhfhfo tfjeuo Obtf Tjfiu wpmm/ bofiu [befsjoo Nfmmbbsu ebobdi- Jepm; Wjfmnfis tfjeuo tfjeuo Lsjujl {vsfiu jutxfjtfnfisobhfhfo Tjoo Tjfiu Jdifjzo tufiu tufiu wposdg4 Tjfiu Wjfmnfis {vsfiu tufiu [bohhfs Tjfiu Bombtt tfmctu Jdifjzo fjotujhft bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo tfjofs wpmm/ bofiu tfjofs Jepm; Jepm; [befsjoo [bohhfs jutxfjtfnfisobhfhfo tfjofs tfjofs tfjofs xfojh
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