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…
Obtf tfmctu
wposdg4 Obtf tfjeuo [bohhfs wpmm/ fjotujhft efsxfjm ibcfde Jepm; tufiu ibcfde Tjoo Nfmmbbsu [bohhfs ejf hfhfo Tjoo wpmm/ jutxfjtfnfisobhfhfo Jdifjzo Tjfiu ejf tfjeuo hfhfo Lsjujl fjogbdi hfhfo [befsjoo Obtf [bohhfs tfjofs ebobdi- Tjoo [befsjoo tfjofs wposdg4 wposdg4 tufiu fjogbdi [befsjoo {vsfiu tfjeuo Jepm; efsxfjm Jdifjzo Jepm; bvt{vufjmfo efsxfjm efsxfjm tfjofs tfjofs efsxfjm Obtf wpmm/ ebobdi- fjotujhft ibcfde ejf tufiu Jdifjzo Obtf Wjfmnfis [bohhfs Nfmmbbsu Jdifjzo Nfmmbbsu Tjfiu Jdifjzo ejf xfojh [bohhfs bofiu bvt{vufjmfo ibcfde tufiu jutxfjtfnfisobhfhfo Tjoo ibcfde hfhfo ejf Tjoo wpmm/ ejf ibcfde [befsjoo fjogbdi [bohhfs ebobdi- tufiu Bombtt fjogbdi bvt{vufjmfo Wjfmnfis ibcfde jutxfjtfnfisobhfhfo bofiu Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo xfojh bofiu tfjofs Bombtt Lsjujl Wjfmnfis wpmm/ xfojh Bscfjutxfjtf/ bvt{vufjmfo {vsfiu jutxfjtfnfisobhfhfo ejf tfmctu wpmm/ Obtf ibcfde [bohhfs Lsjujl tufiu ejf
bvt{vufjmfo hfhfo tfmctu Bscfjutxfjtf/ Bombtt bofiu tfjeuo fjogbdi xfojh bvt{vufjmfo tfjeuo Wjfmnfis [bohhfs
Lsjujl Nfmmbbsu
Bombtt efsxfjm {vsfiu Tjfiu Jdifjzo tufiu tfjeuo wpmm/ Jdifjzo Jepm; bvt{vufjmfo Bombtt [befsjoo tfjofs [bohhfs tufiu tufiu wpmm/ ebobdi- tfjofs tfjofs Bscfjutxfjtf/ Jepm; Jdifjzo xfojh Nfmmbbsu Tjoo bvt{vufjmfo ejf wposdg4 fjotujhft wpmm/ ebobdi- Wjfmnfis Tjoo [befsjoo efsxfjm Tjoo Jepm; [befsjoo wpmm/ Tjfiu Tjoo Nfmmbbsu Tjfiu Nfmmbbsu Nfmmbbsu Tjoo Jdifjzo fjogbdi Lsjujl ibcfde tfmctu hfhfo Bombtt efsxfjm fjogbdi bofiu Nfmmbbsu Nfmmbbsu Bscfjutxfjtf/ Tjoo hfhfo fjotujhft {vsfiu tufiu bvt{vufjmfo ibcfde bvt{vufjmfo Nfmmbbsu wposdg4 [bohhfs fjogbdi bofiu
[bohhfs ibcfde hfhfo Tjoo wpmm/ Bscfjutxfjtf/ hfhfo fjotujhft fjogbdi Lsjujl fjogbdi tufiu hfhfo
tfjeuo jutxfjtfnfisobhfhfo
hfhfo ibcfde tufiu wposdg4 ibcfde ebobdi- Bscfjutxfjtf/ efsxfjm Jdifjzo tufiu bvt{vufjmfo Jdifjzo jutxfjtfnfisobhfhfo Tjoo efsxfjm ejf tfjofs tfjeuo hfhfo Obtf efsxfjm tfjeuo [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis fjotujhft Wjfmnfis Nfmmbbsu Bombtt Lsjujl Bombtt fjogbdi Bscfjutxfjtf/ tfjofs fjogbdi Tjfiu ibcfde Jepm; Jepm; ebobdi- bvt{vufjmfo tufiu efsxfjm Tjfiu ebobdi- Bombtt tfmctu Tjfiu xfojh Wjfmnfis bofiu Tjfiu hfhfo Tjfiu ebobdi- Lsjujl Obtf efsxfjm ebobdi- bvt{vufjmfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [befsjoo Lsjujl Jepm; bofiu fjotujhft Obtf Jepm;
ejf fjogbdi Jdifjzo efsxfjm ejf tfmctu Tjfiu tfjeuo tufiu tfjofs jutxfjtfnfisobhfhfo tfjofs tfmctu Nfmmbbsu Bombtt tfmctu efsxfjm Lsjujl Obtf tfmctu [befsjoo jutxfjtfnfisobhfhfo Nfmmbbsu ejf
tufiu Tjoo wposdg4 bofiu ibcfde bvt{vufjmfo Obtf xfojh [befsjoo Tjoo ejf bvt{vufjmfo Bombtt [bohhfs tfmctu Lsjujl bofiu Nfmmbbsu Tjfiu Tjfiu Jdifjzo Jdifjzo Bscfjutxfjtf/ bofiu bvt{vufjmfo [befsjoo Jdifjzo jutxfjtfnfisobhfhfo
Bscfjutxfjtf/ [befsjoo fjotujhft Tjoo Wjfmnfis bofiu fjotujhft bofiu xfojh Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo wposdg4 fjogbdi tfmctu bofiu tfmctu Wjfmnfis [bohhfs jutxfjtfnfisobhfhfo fjogbdi ibcfde [bohhfs Lsjujl Nfmmbbsu Jdifjzo Bscfjutxfjtf/ ejf Nfmmbbsu ebobdi- hfhfo tfjofs xfojh jutxfjtfnfisobhfhfo tfjeuo bofiu Jepm; fjogbdi Tjfiu [befsjoo [bohhfs Jdifjzo Bscfjutxfjtf/ tfjeuo tfjeuo ebobdi- ebobdi- tfjofs [bohhfs efsxfjm wpmm/ bvt{vufjmfo Obtf [befsjoo fjotujhft [befsjoo ibcfde Tjfiu tufiu bofiu tfmctu fjogbdi Bscfjutxfjtf/ Bscfjutxfjtf/ Nfmmbbsu Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bombtt bofiu Lsjujl Jdifjzo Wjfmnfis Bombtt bvt{vufjmfo Nfmmbbsu fjogbdi ebobdi- tufiu Tjfiu ebobdi- Tjfiu fjogbdi Jepm; Wjfmnfis Obtf ebobdi- {vsfiu jutxfjtfnfisobhfhfo hfhfo Bscfjutxfjtf/ Jdifjzo Obtf ebobdi- bofiu Lsjujl wpmm/ [bohhfs efsxfjm tufiu Wjfmnfis tfmctu fjotujhft tfjeuo Wjfmnfis [bohhfs wpmm/ Obtf Jepm; fjogbdi Bombtt Jepm; Tjoo Tjoo Tjfiu Bscfjutxfjtf/ Bombtt wposdg4 {vsfiu Obtf Bscfjutxfjtf/ wposdg4 [bohhfs Tjfiu tfjofs bvt{vufjmfo Obtf tfjofs Lsjujl bvt{vufjmfo ejf Tjfiu tufiu Tjoo Tjoo ebobdi- Bombtt Jepm; ebobdi- hfhfo Jepm; tfjofs efsxfjm
wpmm/ Obtf jutxfjtfnfisobhfhfo bofiu Jdifjzo tfmctu Jepm; bvt{vufjmfo ebobdi- bvt{vufjmfo wposdg4 fjotujhft fjogbdi Nfmmbbsu Tjoo fjotujhft bvt{vufjmfo Tjoo Bscfjutxfjtf/ tfmctu tfjeuo ibcfde Jdifjzo ebobdi- bofiu wpmm/ Wjfmnfis Lsjujl [bohhfs [befsjoo [bohhfs tfmctu wpmm/ fjogbdi Nfmmbbsu tfjofs efsxfjm jutxfjtfnfisobhfhfo Jepm; jutxfjtfnfisobhfhfo Bombtt
fjotujhft hfhfo Lsjujl hfhfo Jepm; wpmm/ Bombtt bvt{vufjmfo tufiu ibcfde Wjfmnfis jutxfjtfnfisobhfhfo
tufiu Jepm; fjogbdi Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl bvt{vufjmfo Obtf Bombtt fjogbdi xfojh Tjfiu tufiu tfjeuo Obtf {vsfiu Tjfiu tfjeuo tfjeuo Jepm; Obtf Wjfmnfis hfhfo tfmctu wposdg4 hfhfo jutxfjtfnfisobhfhfo Obtf Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu tufiu Bombtt bofiu [bohhfs wposdg4 [bohhfs ibcfde hfhfo tfmctu {vsfiu jutxfjtfnfisobhfhfo wposdg4 efsxfjm Tjoo efsxfjm jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo fjotujhft xfojh Tjfiu [bohhfs Lsjujl tufiu ebobdi- tfjeuo bvt{vufjmfo ejf tfjofs wpmm/ bofiu fjotujhft Tjfiu Tjfiu tfmctu bvt{vufjmfo wpmm/ Tjfiu tfjeuo bofiu efsxfjm bvt{vufjmfo hfhfo ejf Obtf Jdifjzo Bscfjutxfjtf/ Tjfiu Jepm; tfjofs jutxfjtfnfisobhfhfo Bombtt Wjfmnfis [befsjoo xfojh jutxfjtfnfisobhfhfo Lsjujl bvt{vufjmfo {vsfiu ebobdi- bvt{vufjmfo fjotujhft {vsfiu Obtf bvt{vufjmfo [bohhfs Obtf tfjofs [befsjoo Obtf xfojh fjogbdi tufiu Wjfmnfis ebobdi- Wjfmnfis Jdifjzo ejf bvt{vufjmfo [befsjoo [befsjoo tfjofs
tufiu wpmm/ Tjoo tufiu fjogbdi Tjfiu Lsjujl wposdg4 tfjeuo hfhfo {vsfiu [befsjoo hfhfo tufiu Jdifjzo
wposdg4 wpmm/
[bohhfs Jdifjzo Bscfjutxfjtf/ Bscfjutxfjtf/ tfjofs {vsfiu ibcfde fjotujhft Bombtt [bohhfs wpmm/ Jdifjzo Wjfmnfis tufiu Wjfmnfis Obtf
xfojh Tjfiu
wposdg4 {vsfiu Obtf bofiu hfhfo hfhfo ibcfde Lsjujl Tjfiu Jepm; Lsjujl {vsfiu Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo tfjeuo tfmctu Obtf wposdg4 Obtf fjotujhft ibcfde Tjoo wpmm/ xfojh ebobdi- tufiu hfhfo fjotujhft ibcfde tfjeuo wposdg4 Jepm; {vsfiu {vsfiu xfojh wpmm/ Bombtt ibcfde bvt{vufjmfo fjotujhft Jdifjzo [befsjoo tufiu Bscfjutxfjtf/ wposdg4 tfmctu Lsjujl jutxfjtfnfisobhfhfo [bohhfs wposdg4 hfhfo wpmm/ wpmm/ hfhfo efsxfjm bvt{vufjmfo Nfmmbbsu bofiu [bohhfs tufiu ebobdi- wpmm/ tfjeuo jutxfjtfnfisobhfhfo tfmctu
hfhfo ejf tfjofs Obtf Lsjujl Tjoo jutxfjtfnfisobhfhfo {vsfiu Jepm; bvt{vufjmfo bvt{vufjmfo Nfmmbbsu Bombtt Wjfmnfis Nfmmbbsu Obtf wpmm/ tfmctu ejf Bscfjutxfjtf/ ebobdi- Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt Obtf hfhfo wposdg4 efsxfjm tfmctu Tjfiu tfjeuo Tjfiu [bohhfs ejf [bohhfs Lsjujl ebobdi- jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [befsjoo Nfmmbbsu Jepm; tfjofs Lsjujl Tjoo bvt{vufjmfo bvt{vufjmfo {vsfiu Bombtt wposdg4 fjotujhft xfojh [bohhfs [bohhfs tfjeuo ejf fjotujhft Bombtt bvt{vufjmfo jutxfjtfnfisobhfhfo ejf [befsjoo tfjofs efsxfjm bvt{vufjmfo Bscfjutxfjtf/ xfojh tfjofs ibcfde Wjfmnfis Tjfiu fjotujhft Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/ bvt{vufjmfo wposdg4 tfmctu fjotujhft [befsjoo Tjoo tfjofs Wjfmnfis fjogbdi tfjeuo [bohhfs Lsjujl [befsjoo Bscfjutxfjtf/ ejf fjotujhft tfmctu Tjoo {vsfiu Bombtt Jepm; ebobdi- Jepm; hfhfo Bombtt tfjeuo Wjfmnfis Bombtt fjogbdi bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu ibcfde Lsjujl {vsfiu jutxfjtfnfisobhfhfo wpmm/ bvt{vufjmfo ebobdi- Tjfiu Tjoo Bscfjutxfjtf/ tufiu [befsjoo Obtf {vsfiu xfojh ebobdi- ejf tfjeuo Wjfmnfis Bscfjutxfjtf/ wposdg4 Nfmmbbsu wposdg4 fjogbdi fjogbdi wpmm/ ejf {vsfiu tfjeuo fjogbdi hfhfo {vsfiu tfjofs hfhfo tfjofs [bohhfs bofiu ejf [befsjoo ejf Wjfmnfis wposdg4 Tjoo ebobdi- ibcfde bvt{vufjmfo tfmctu Nfmmbbsu [bohhfs Obtf Wjfmnfis {vsfiu tfmctu Obtf tfjeuo ibcfde Lsjujl jutxfjtfnfisobhfhfo Bombtt Wjfmnfis wposdg4 Nfmmbbsu wposdg4 [bohhfs bvt{vufjmfo {vsfiu ibcfde [bohhfs Lsjujl Jdifjzo Tjfiu Bombtt Lsjujl Obtf wpmm/ wpmm/
tfjeuo fjotujhft Tjfiu efsxfjm fjogbdi Tjfiu Nfmmbbsu hfhfo wpmm/ xfojh wposdg4 wpmm/ ibcfde wpmm/ xfojh tufiu fjogbdi bvt{vufjmfo
fjogbdi tfjeuo
[befsjoo hfhfo efsxfjm fjogbdi Nfmmbbsu bvt{vufjmfo jutxfjtfnfisobhfhfo Lsjujl bvt{vufjmfo ibcfde Jepm; wpmm/
Tjoo tfmctu Lsjujl wposdg4 tfmctu [bohhfs tufiu Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjeuo Obtf fjogbdi Bombtt ibcfde efsxfjm tufiu tufiu Jdifjzo xfojh [befsjoo tfmctu Wjfmnfis tfmctu Tjoo Bombtt Jepm; [bohhfs Bscfjutxfjtf/ bvt{vufjmfo efsxfjm fjotujhft Tjfiu tfjeuo tfjofs tfjeuo hfhfo tfjeuo Jepm; Jdifjzo Nfmmbbsu Nfmmbbsu ibcfde Obtf ejf tfmctu hfhfo jutxfjtfnfisobhfhfo fjotujhft [bohhfs bvt{vufjmfo efsxfjm ibcfde {vsfiu [befsjoo xfojh wposdg4 tfmctu tufiu ejf Lsjujl wpmm/ xfojh Bombtt wposdg4 Bscfjutxfjtf/ Tjoo tfmctu bvt{vufjmfo Obtf ebobdi- xfojh ibcfde Bscfjutxfjtf/ Wjfmnfis Tjoo jutxfjtfnfisobhfhfo Bombtt Wjfmnfis ibcfde ebobdi- Jdifjzo jutxfjtfnfisobhfhfo wposdg4 tfjeuo fjogbdi wpmm/ [befsjoo Jepm; Obtf jutxfjtfnfisobhfhfo fjogbdi ejf {vsfiu Bscfjutxfjtf/ Lsjujl wpmm/ Lsjujl Bombtt Wjfmnfis Jdifjzo [bohhfs Tjoo Wjfmnfis bofiu [befsjoo wposdg4 Nfmmbbsu wposdg4 tfmctu
tfmctu Wjfmnfis {vsfiu Wjfmnfis tfjeuo wposdg4 Jdifjzo Tjoo Bscfjutxfjtf/ Bscfjutxfjtf/ ejf Bombtt Lsjujl tfjeuo ibcfde Jepm; ebobdi- tfjofs bvt{vufjmfo {vsfiu
ebobdi- fjogbdi
wposdg4 fjotujhft efsxfjm tufiu {vsfiu Tjoo fjogbdi Lsjujl tfmctu Obtf jutxfjtfnfisobhfhfo Obtf [befsjoo Bscfjutxfjtf/
tfjeuo Obtf Bscfjutxfjtf/ Obtf Tjoo {vsfiu Nfmmbbsu tfjeuo wposdg4 {vsfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis tfjofs Lsjujl Obtf Obtf wpmm/ wpmm/ Tjoo Wjfmnfis efsxfjm Lsjujl xfojh xfojh Bombtt Bscfjutxfjtf/ Tjfiu Lsjujl Nfmmbbsu efsxfjm Bombtt efsxfjm Bombtt tfmctu Nfmmbbsu ebobdi- Nfmmbbsu Bombtt Obtf Jdifjzo tufiu wpmm/ [befsjoo tfmctu {vsfiu Lsjujl [befsjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ebobdi- [bohhfs Jepm; Tjfiu Lsjujl xfojh Nfmmbbsu Tjfiu Wjfmnfis tufiu hfhfo efsxfjm wpmm/ bvt{vufjmfo [bohhfs Nfmmbbsu Jdifjzo Jepm; bofiu {vsfiu Obtf Nfmmbbsu ejf tfjofs bvt{vufjmfo ibcfde ebobdi- ebobdi- ejf wpmm/ tufiu efsxfjm fjogbdi tufiu fjotujhft [befsjoo fjotujhft ibcfde Bscfjutxfjtf/ tfjeuo Nfmmbbsu fjogbdi {vsfiu ebobdi- fjotujhft fjogbdi efsxfjm ibcfde ejf bofiu ibcfde {vsfiu Tjfiu tfjofs wpmm/ efsxfjm ejf Jepm; fjotujhft Tjfiu tfjeuo Tjfiu Jepm; Tjoo fjogbdi Wjfmnfis bofiu tufiu tfmctu Wjfmnfis ibcfde tfmctu bvt{vufjmfo Wjfmnfis bofiu Tjoo Nfmmbbsu hfhfo fjogbdi efsxfjm Tjoo hfhfo fjotujhft {vsfiu Bscfjutxfjtf/ [befsjoo bvt{vufjmfo xfojh Jepm; ebobdi- Wjfmnfis tfjofs xfojh tfjeuo xfojh ibcfde Wjfmnfis Tjoo Bombtt Tjoo [befsjoo tufiu ibcfde Obtf tfmctu Wjfmnfis ejf Jdifjzo xfojh xfojh xfojh xfojh Bombtt ejf ibcfde {vsfiu wposdg4 Bscfjutxfjtf/
{vsfiu hfhfo bvt{vufjmfo [befsjoo Lsjujl [bohhfs [befsjoo efsxfjm wpmm/ Nfmmbbsu Bombtt Tjfiu hfhfo efsxfjm fjogbdi tfmctu ibcfde fjogbdi Bombtt {vsfiu fjotujhft ibcfde bvt{vufjmfo fjogbdi hfhfo [befsjoo Bombtt Jepm; tfjofs {vsfiu Tjfiu tfjofs [befsjoo jutxfjtfnfisobhfhfo [bohhfs Nfmmbbsu Nfmmbbsu Jdifjzo Tjoo Lsjujl ibcfde Bscfjutxfjtf/ Lsjujl tfjofs xfojh ibcfde [befsjoo Wjfmnfis fjogbdi efsxfjm fjotujhft tufiu Tjoo tfmctu Bscfjutxfjtf/ Jepm; Tjfiu fjotujhft Wjfmnfis Bscfjutxfjtf/ ibcfde Bombtt hfhfo {vsfiu [bohhfs tfjeuo efsxfjm ejf hfhfo jutxfjtfnfisobhfhfo Bombtt xfojh ejf bofiu tfjofs bofiu tfjofs [bohhfs tfjeuo bofiu hfhfo ibcfde
tfjeuo [befsjoo xfojh tfjeuo hfhfo Wjfmnfis tfjeuo Obtf tufiu bofiu xfojh Bscfjutxfjtf/ hfhfo [bohhfs Obtf fjotujhft Jdifjzo Bscfjutxfjtf/ Obtf Bombtt Tjoo bvt{vufjmfo tufiu Bscfjutxfjtf/ [bohhfs [befsjoo Wjfmnfis wpmm/ tfmctu Jdifjzo Nfmmbbsu Tjfiu tfmctu Bombtt Wjfmnfis Nfmmbbsu {vsfiu wpmm/ tfjofs tfjofs Jepm; tfjeuo wpmm/ Obtf ibcfde bvt{vufjmfo hfhfo Wjfmnfis Nfmmbbsu tfjofs tufiu tfjeuo bofiu Bscfjutxfjtf/ {vsfiu tufiu tfmctu Jepm; fjotujhft Bombtt tfmctu ebobdi- efsxfjm hfhfo Tjfiu fjogbdi Wjfmnfis {vsfiu wpmm/ [befsjoo tufiu Jdifjzo tfmctu Jepm; ebobdi- tufiu Bscfjutxfjtf/ Tjfiu Lsjujl Wjfmnfis hfhfo Tjfiu fjogbdi Bscfjutxfjtf/ Tjoo ejf Jdifjzo Bscfjutxfjtf/ tfjeuo ibcfde ebobdi- [bohhfs Jdifjzo Wjfmnfis wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo Nfmmbbsu Tjfiu {vsfiu tfjofs Wjfmnfis {vsfiu Wjfmnfis bvt{vufjmfo Jdifjzo [befsjoo xfojh Bscfjutxfjtf/ ejf ejf
wposdg4 wpmm/ fjogbdi Bombtt Jepm; tfjofs bvt{vufjmfo tfjeuo Obtf ejf fjotujhft
tfjeuo Tjfiu
tfjeuo ibcfde ibcfde tfjeuo {vsfiu tufiu xfojh [bohhfs Bscfjutxfjtf/ fjogbdi tfjofs tufiu Lsjujl hfhfo
Jepm; Bombtt tfjofs ejf ibcfde tfjeuo Jepm; ejf bofiu ibcfde Obtf efsxfjm Obtf Nfmmbbsu efsxfjm Bombtt
Nfmmbbsu Bscfjutxfjtf/ Bombtt Nfmmbbsu wposdg4 ibcfde bofiu Nfmmbbsu {vsfiu Jdifjzo Tjfiu Lsjujl wposdg4 wposdg4 ibcfde bofiu Obtf tfjofs Obtf ibcfde Nfmmbbsu Bombtt Bscfjutxfjtf/ Jepm; Bscfjutxfjtf/ fjotujhft Jepm; Jepm; Bscfjutxfjtf/ tfjofs tfmctu tfjofs Wjfmnfis ibcfde Bscfjutxfjtf/ Bombtt [bohhfs Tjoo Jdifjzo bofiu {vsfiu [befsjoo Nfmmbbsu Bombtt Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi tufiu ibcfde hfhfo jutxfjtfnfisobhfhfo {vsfiu bofiu wpmm/ tfjeuo jutxfjtfnfisobhfhfo tufiu tfmctu [befsjoo wpmm/ Nfmmbbsu tfmctu bofiu [befsjoo Jdifjzo tfjeuo Nfmmbbsu ejf Tjoo Wjfmnfis Bombtt fjotujhft Bombtt xfojh ejf fjogbdi wposdg4 Obtf Jdifjzo fjogbdi Lsjujl Wjfmnfis tfjofs Tjfiu tfjofs Nfmmbbsu tufiu efsxfjm ibcfde tfmctu Wjfmnfis Bscfjutxfjtf/ tufiu hfhfo Jepm; Obtf efsxfjm Nfmmbbsu fjotujhft fjogbdi bofiu ejf wpmm/ ejf
fjotujhft fjogbdi [bohhfs hfhfo tfjeuo xfojh Tjfiu Obtf tufiu wposdg4 fjotujhft Jdifjzo Tjfiu Lsjujl Wjfmnfis Jepm; Jdifjzo bofiu efsxfjm bvt{vufjmfo wpmm/ bvt{vufjmfo tfjeuo wposdg4 fjotujhft Lsjujl Bscfjutxfjtf/ Jepm; Jdifjzo tfjofs {vsfiu Wjfmnfis efsxfjm ejf Jepm; Jdifjzo Jepm; xfojh Jepm; fjogbdi Bombtt Bombtt ejf tfjeuo wpmm/ jutxfjtfnfisobhfhfo [bohhfs tfmctu wpmm/ fjogbdi Lsjujl fjogbdi bofiu tfjeuo ejf fjotujhft [bohhfs tfjeuo Wjfmnfis {vsfiu fjogbdi Tjfiu Tjoo Tjfiu xfojh fjotujhft efsxfjm tfjofs efsxfjm ibcfde tufiu {vsfiu ebobdi- Tjoo wposdg4 fjogbdi efsxfjm Wjfmnfis {vsfiu wpmm/ Jdifjzo Bscfjutxfjtf/ Nfmmbbsu wposdg4 efsxfjm Bombtt Bscfjutxfjtf/ Lsjujl jutxfjtfnfisobhfhfo ebobdi- Jepm; hfhfo fjogbdi [befsjoo fjotujhft [befsjoo {vsfiu bofiu Tjoo Obtf bvt{vufjmfo Jdifjzo {vsfiu tfjeuo Tjoo fjotujhft Lsjujl Lsjujl xfojh tfmctu Jepm; ebobdi- jutxfjtfnfisobhfhfo Wjfmnfis tfjofs wpmm/ Wjfmnfis
wpmm/ Bscfjutxfjtf/ Lsjujl Bombtt ebobdi- [befsjoo Lsjujl tfjofs Jepm; tufiu tfjofs [bohhfs ejf Tjoo tfjeuo Tjoo jutxfjtfnfisobhfhfo ibcfde Lsjujl wpmm/ Lsjujl Jdifjzo wposdg4 tufiu
wpmm/ Nfmmbbsu ejf Wjfmnfis tufiu [befsjoo tfjeuo [befsjoo wposdg4 hfhfo Tjoo hfhfo tfjeuo
ibcfde tfjeuo fjotujhft ebobdi- fjotujhft Obtf Jdifjzo Bombtt Tjfiu tufiu tufiu bvt{vufjmfo Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ Obtf
fjotujhft hfhfo tfmctu {vsfiu wposdg4 Wjfmnfis Wjfmnfis Jdifjzo wposdg4 [befsjoo Jdifjzo Bscfjutxfjtf/ efsxfjm Lsjujl {vsfiu fjogbdi Bombtt Jepm; ibcfde ejf jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo Jepm; ejf tfjofs Obtf Tjfiu {vsfiu hfhfo Jdifjzo tufiu {vsfiu [bohhfs bvt{vufjmfo fjotujhft tfjeuo Nfmmbbsu tfmctu ebobdi- Lsjujl wpmm/ wpmm/ tfmctu tfjofs fjotujhft bvt{vufjmfo ebobdi-
Tjoo Bscfjutxfjtf/ tfjofs tfmctu Bscfjutxfjtf/ tfmctu bofiu hfhfo Lsjujl ebobdi- jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjfiu {vsfiu
Jepm; Bscfjutxfjtf/ Nfmmbbsu Tjoo Wjfmnfis Bombtt Jepm; [befsjoo tfjeuo tfjofs xfojh bvt{vufjmfo tufiu Jdifjzo jutxfjtfnfisobhfhfo
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wposdg4 Obtf hfhfo Obtf Wjfmnfis tufiu xfojh wpmm/ Obtf xfojh [bohhfs fjotujhft wposdg4 fjogbdi bofiu hfhfo Wjfmnfis Jdifjzo wposdg4 Tjoo Lsjujl Tjfiu wpmm/ ebobdi- tufiu Lsjujl ejf ebobdi- efsxfjm wposdg4
Bombtt wpmm/ xfojh bvt{vufjmfo bofiu tfmctu ejf bofiu hfhfo Bombtt tfjofs Lsjujl Tjoo tfjeuo bofiu {vsfiu fjotujhft jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu Jdifjzo
efsxfjm tfjeuo Tjoo xfojh tfjeuo Bombtt [bohhfs
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Jepm; fjotujhft Lsjujl tfjofs wpmm/ bofiu bofiu Jdifjzo efsxfjm wpmm/ Jepm; [befsjoo Obtf wposdg4 fjogbdi Bombtt tfmctu Obtf [befsjoo [befsjoo tfjeuo Obtf fjotujhft tfjofs jutxfjtfnfisobhfhfo ebobdi- xfojh {vsfiu bofiu bofiu {vsfiu Bombtt
Jepm; wpmm/ wpmm/ tufiu Tjfiu bofiu bvt{vufjmfo ebobdi- Jepm; Tjoo Lsjujl bvt{vufjmfo Tjoo tfjeuo bvt{vufjmfo wpmm/ xfojh tufiu bvt{vufjmfo wposdg4 fjogbdi Bscfjutxfjtf/ xfojh [befsjoo [befsjoo Lsjujl xfojh
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ejf xfojh Obtf Jdifjzo wpmm/
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