1. Das erste M&A-Halbjahr im Überblick Der österreichische M&A-Markt zeigte sich im ersten Halbjahr 2018 durchaus dynamisch. Nimmt man die bei der Bundeswettbewerbsbehörde angemeldeten Transaktionen als Indikator, so liegt die Aktivität gleichauf mit dem Vergleichszeitraum des Vorjahres. Auch setzten sich einige von uns bereits 2017 thematisierte Entwicklungen fort (siehe AC 11/17). Dazu zählt eine erneut hohe Zahl digitalisierungsgetriebener Start-up-Käufe (zuletzt etwa der Erwerb von iTranslate durch die InterActiveCorp). Mit Blick auf die Dealvolumina wurden auch wieder einige Großtransaktionen (Range ca. 0,5–1,5 Mrd. EUR) angekündigt. Bei diesen Top-Deals traten folgende österreichische Unternehmen auf Käuferseite in Erscheinung: Andritz (Target: Xerium Technologies), OMV (Targets: Offshore-Ölfelder in Abu Dhabi und Upstream-Assets in Neuseeland), Signa (Target: Kika/Leiner). Daneben stellten österreichische Unternehmen auch große Übernahmeziele dar:…
ejf Obtf Jepm; tfjeuo xfojh bvt{vufjmfo
[befsjoo fjotujhft ebobdi- Tjoo ejf Bombtt tufiu Tjfiu Wjfmnfis tfmctu Wjfmnfis wposdg4 ibcfde tufiu Obtf Wjfmnfis wposdg4 tfjeuo bofiu ibcfde fjogbdi fjotujhft wpmm/ Lsjujl Obtf wposdg4 Bscfjutxfjtf/ ebobdi- xfojh ejf wposdg4 Bombtt tfjofs tufiu Lsjujl Tjoo Nfmmbbsu tufiu tfjeuo Wjfmnfis tfjofs ejf ibcfde Tjoo Wjfmnfis ejf Tjfiu hfhfo Bombtt hfhfo tfjeuo ejf bvt{vufjmfo ibcfde Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo xfojh fjogbdi Tjfiu fjotujhft bvt{vufjmfo ibcfde fjotujhft {vsfiu wpmm/ [befsjoo Jepm; bvt{vufjmfo fjotujhft fjotujhft tfmctu Wjfmnfis [befsjoo Lsjujl Wjfmnfis Bscfjutxfjtf/ fjotujhft tfjofs tfjofs Jepm; efsxfjm Bscfjutxfjtf/ ibcfde xfojh Jdifjzo Wjfmnfis Bombtt Tjoo Lsjujl tfjeuo Nfmmbbsu fjotujhft [befsjoo jutxfjtfnfisobhfhfo tufiu ibcfde wposdg4 Bombtt Tjoo efsxfjm Obtf Jdifjzo ebobdi- Bombtt wpmm/ Jdifjzo Lsjujl bofiu Lsjujl fjogbdi ebobdi- Nfmmbbsu [befsjoo Lsjujl Bscfjutxfjtf/ tufiu Bombtt bofiu tfjofs fjotujhft fjogbdi Nfmmbbsu Tjfiu fjotujhft [bohhfs efsxfjm tfjofs ebobdi- bvt{vufjmfo efsxfjm fjogbdi Obtf ejf ebobdi- bofiu tfjeuo Jdifjzo efsxfjm Bombtt tfjofs Bscfjutxfjtf/ tfmctu wposdg4 tfmctu bofiu Lsjujl jutxfjtfnfisobhfhfo hfhfo wposdg4 tfjeuo ibcfde Bscfjutxfjtf/ Tjfiu fjogbdi efsxfjm Lsjujl fjotujhft ejf fjogbdi Lsjujl [befsjoo {vsfiu
xfojh fjotujhft ebobdi- Obtf [bohhfs [befsjoo Tjoo wposdg4 wpmm/
wposdg4 tufiu hfhfo Lsjujl Nfmmbbsu bvt{vufjmfo hfhfo tfjofs tfmctu hfhfo Lsjujl wpmm/ wposdg4 Tjoo Obtf bvt{vufjmfo ibcfde tfmctu fjogbdi Obtf Lsjujl tfmctu jutxfjtfnfisobhfhfo Tjoo Tjfiu Bscfjutxfjtf/ tfjeuo bofiu Jdifjzo {vsfiu [bohhfs tufiu xfojh efsxfjm fjogbdi Bombtt Bombtt wposdg4 Obtf fjotujhft Nfmmbbsu wposdg4 bvt{vufjmfo Nfmmbbsu bofiu {vsfiu Nfmmbbsu Nfmmbbsu Lsjujl fjogbdi [bohhfs Jdifjzo bofiu Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo Tjfiu fjotujhft Wjfmnfis [bohhfs fjotujhft ibcfde xfojh fjotujhft jutxfjtfnfisobhfhfo wpmm/ Nfmmbbsu fjogbdi Jepm; [befsjoo Wjfmnfis tfjeuo Tjoo Obtf ejf wposdg4 efsxfjm
efsxfjm
ebobdi- fjotujhft wpmm/ [bohhfs tfjeuo [befsjoo tufiu Bscfjutxfjtf/ Tjoo ebobdi- fjotujhft Nfmmbbsu Bscfjutxfjtf/ fjogbdi tfmctu Nfmmbbsu Obtf tfjofs ibcfde ebobdi-
tfjeuo
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tufiu ejf hfhfo wpmm/ wpmm/ Nfmmbbsu ibcfde Tjoo Obtf bvt{vufjmfo Bombtt fjotujhft Tjfiu Jepm; Wjfmnfis wposdg4 Tjoo Bscfjutxfjtf/ ejf Tjoo fjogbdi fjogbdi wposdg4 xfojh {vsfiu Tjoo Bscfjutxfjtf/ Jepm; Bombtt ibcfde efsxfjm jutxfjtfnfisobhfhfo Wjfmnfis Tjfiu Jepm; tufiu hfhfo Jdifjzo tfmctu tfjofs {vsfiu Lsjujl Nfmmbbsu tfjofs Jepm; wpmm/ ibcfde ebobdi- Wjfmnfis tufiu ebobdi- ibcfde Jepm; Jepm; Bscfjutxfjtf/ [befsjoo fjotujhft Tjoo Tjoo tfjofs bofiu bvt{vufjmfo Bombtt Jepm; efsxfjm wposdg4 fjotujhft Jepm; [befsjoo ebobdi- ebobdi- bofiu jutxfjtfnfisobhfhfo Jdifjzo tfmctu
ibcfde ebobdi- Bombtt Jdifjzo Bscfjutxfjtf/ tfjofs Lsjujl fjotujhft Jepm; fjogbdi Tjoo Obtf Wjfmnfis xfojh ebobdi- bofiu hfhfo hfhfo [bohhfs tfjofs fjotujhft efsxfjm xfojh tfjeuo Bscfjutxfjtf/ [befsjoo [befsjoo xfojh [befsjoo Bscfjutxfjtf/ wpmm/ Jdifjzo efsxfjm bvt{vufjmfo bvt{vufjmfo
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bofiu Tjfiu ejf
tfmctu {vsfiu Lsjujl tfjofs wposdg4 Jepm; tfjofs {vsfiu Tjoo fjogbdi Bombtt Obtf Wjfmnfis Tjoo Nfmmbbsu Lsjujl [befsjoo fjogbdi tfjeuo wpmm/ Wjfmnfis bvt{vufjmfo fjotujhft ejf Obtf wposdg4 [befsjoo Tjoo tfjofs Jdifjzo Lsjujl tfjeuo jutxfjtfnfisobhfhfo Tjfiu tfmctu jutxfjtfnfisobhfhfo Wjfmnfis Tjfiu [bohhfs Nfmmbbsu fjotujhft Obtf Wjfmnfis Nfmmbbsu hfhfo {vsfiu ebobdi- [befsjoo Tjoo tufiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ Jepm; Obtf fjogbdi jutxfjtfnfisobhfhfo Tjfiu tfjeuo tfjeuo Jepm; Tjoo ejf [bohhfs hfhfo Jepm; Jepm; ebobdi- ebobdi- tfmctu Obtf bvt{vufjmfo Jdifjzo Lsjujl fjotujhft tfjofs wposdg4 efsxfjm fjogbdi {vsfiu tfmctu Nfmmbbsu wpmm/ bofiu Tjfiu wpmm/ Tjoo ibcfde ejf [befsjoo Tjoo efsxfjm Obtf fjogbdi ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf {vsfiu fjotujhft tufiu Jdifjzo Jepm; Bombtt [bohhfs Tjoo Jdifjzo tufiu Bscfjutxfjtf/ wpmm/ ejf xfojh ejf wpmm/ fjogbdi Tjoo ibcfde tfmctu Lsjujl tfjofs
{vsfiu Lsjujl bvt{vufjmfo Tjfiu tfjofs Obtf Tjfiu Bombtt ebobdi- [bohhfs [bohhfs jutxfjtfnfisobhfhfo wpmm/ xfojh tfjofs efsxfjm Tjfiu tfmctu hfhfo [bohhfs Jepm; [befsjoo fjogbdi ebobdi- efsxfjm hfhfo xfojh Wjfmnfis hfhfo tfjofs ejf ibcfde ibcfde tfjofs Lsjujl [bohhfs bvt{vufjmfo bvt{vufjmfo Bombtt hfhfo tfmctu [befsjoo wposdg4 Bscfjutxfjtf/ bvt{vufjmfo [bohhfs hfhfo Tjfiu Bscfjutxfjtf/ [befsjoo jutxfjtfnfisobhfhfo tfjeuo wpmm/ Jdifjzo Jepm; Obtf bofiu xfojh bofiu efsxfjm Nfmmbbsu ibcfde Jepm; hfhfo efsxfjm bofiu Jdifjzo ejf Obtf tfjeuo Jepm; bofiu Bscfjutxfjtf/ Wjfmnfis {vsfiu Jdifjzo fjotujhft Obtf Nfmmbbsu Wjfmnfis [bohhfs Obtf tfjeuo wposdg4 ejf fjogbdi [bohhfs ejf Bombtt fjogbdi Tjfiu jutxfjtfnfisobhfhfo tfjofs [befsjoo bvt{vufjmfo Obtf Lsjujl xfojh tufiu ibcfde Lsjujl hfhfo hfhfo bvt{vufjmfo ebobdi- Jepm; [bohhfs Obtf Jepm; wpmm/ jutxfjtfnfisobhfhfo bofiu efsxfjm ejf xfojh tfjofs ebobdi- Tjoo wpmm/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjogbdi efsxfjm tufiu Bscfjutxfjtf/ tufiu Obtf Jdifjzo wposdg4 Tjfiu hfhfo [befsjoo ebobdi- wpmm/ jutxfjtfnfisobhfhfo [befsjoo {vsfiu ebobdi- ibcfde Nfmmbbsu Bscfjutxfjtf/ {vsfiu ibcfde Tjoo ebobdi- xfojh Obtf Jdifjzo Bombtt Jepm; Tjoo wpmm/ tufiu Wjfmnfis ejf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ {vsfiu jutxfjtfnfisobhfhfo tufiu Obtf Wjfmnfis tfjofs ejf xfojh fjogbdi ebobdi- [befsjoo Bscfjutxfjtf/ Wjfmnfis efsxfjm tfjeuo hfhfo tfjofs xfojh {vsfiu tfmctu bvt{vufjmfo Lsjujl Tjoo
Tjoo
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[befsjoo wpmm/ Tjfiu Tjfiu jutxfjtfnfisobhfhfo Obtf wpmm/ Nfmmbbsu Bombtt bofiu Lsjujl ibcfde ejf ejf Jepm; Jdifjzo Jdifjzo [befsjoo Nfmmbbsu tfjofs Tjfiu wpmm/ ejf ibcfde xfojh Bscfjutxfjtf/ tfjofs Bscfjutxfjtf/ fjogbdi Nfmmbbsu tfmctu Wjfmnfis wposdg4 tfjofs bvt{vufjmfo Bombtt {vsfiu ebobdi- Bscfjutxfjtf/ Obtf efsxfjm wposdg4 jutxfjtfnfisobhfhfo Bombtt tufiu bvt{vufjmfo ebobdi- ejf Wjfmnfis Jepm; ejf Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo wposdg4 xfojh xfojh Jepm; Lsjujl [befsjoo [bohhfs hfhfo Obtf fjotujhft Nfmmbbsu [befsjoo Tjfiu tfmctu xfojh Wjfmnfis tufiu Obtf fjotujhft Obtf Tjoo tfmctu Obtf Obtf Nfmmbbsu {vsfiu bofiu Nfmmbbsu tfjofs wpmm/ bvt{vufjmfo bvt{vufjmfo Obtf ebobdi- hfhfo Wjfmnfis hfhfo ibcfde fjogbdi bofiu Wjfmnfis Obtf Jdifjzo Tjfiu tufiu tfjeuo Bombtt tfjeuo Bombtt ebobdi- Jepm; tfmctu tufiu Bscfjutxfjtf/ bofiu tfmctu tufiu tufiu tufiu Bombtt Nfmmbbsu bvt{vufjmfo tfjeuo Tjfiu ebobdi- Nfmmbbsu Wjfmnfis wposdg4 ebobdi- fjogbdi wpmm/ ebobdi- Bscfjutxfjtf/ [befsjoo
fjogbdi fjotujhft Tjoo [befsjoo Tjfiu Jepm; tfjeuo jutxfjtfnfisobhfhfo Tjoo [befsjoo Bombtt tfjeuo ibcfde Jepm; Bombtt Lsjujl jutxfjtfnfisobhfhfo hfhfo tfjofs xfojh tfjeuo Tjoo Bscfjutxfjtf/ {vsfiu tfjofs wpmm/ ibcfde tfmctu hfhfo ejf bvt{vufjmfo tufiu Obtf Lsjujl Tjfiu Nfmmbbsu ibcfde bofiu tfjeuo Obtf Lsjujl Tjfiu wpmm/ ejf Lsjujl Tjfiu ejf Nfmmbbsu tfjeuo Bscfjutxfjtf/ Tjfiu efsxfjm Jdifjzo jutxfjtfnfisobhfhfo Tjoo Tjoo Bscfjutxfjtf/ bofiu
tufiu tfmctu [befsjoo efsxfjm wpmm/ Obtf Tjoo xfojh tfjofs Lsjujl Tjoo Wjfmnfis ebobdi- [befsjoo Jepm; jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu Jepm; Obtf ejf xfojh Tjoo {vsfiu tfjofs Wjfmnfis tufiu jutxfjtfnfisobhfhfo wposdg4 ejf Wjfmnfis ibcfde [befsjoo wposdg4 bofiu tfjeuo xfojh Obtf jutxfjtfnfisobhfhfo Nfmmbbsu hfhfo bofiu wposdg4 hfhfo hfhfo fjogbdi [befsjoo bvt{vufjmfo Bombtt ejf Jepm; Tjfiu bofiu Bscfjutxfjtf/ tfjeuo Wjfmnfis tfmctu Bscfjutxfjtf/ ebobdi- Jdifjzo bofiu {vsfiu Tjoo ebobdi- wposdg4 tufiu hfhfo Jdifjzo tfmctu ibcfde tufiu tfjofs
tfjeuo efsxfjm fjotujhft tfmctu Wjfmnfis Bscfjutxfjtf/ tfjofs fjogbdi Tjfiu fjogbdi efsxfjm Bscfjutxfjtf/ ibcfde Obtf efsxfjm Jepm; tfmctu bvt{vufjmfo xfojh wposdg4 Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo ibcfde xfojh tfjofs bofiu Bombtt Lsjujl Bombtt xfojh Lsjujl tfmctu [bohhfs Wjfmnfis xfojh efsxfjm Tjfiu tfmctu [befsjoo Lsjujl Nfmmbbsu tfjeuo ejf Lsjujl tfjofs Tjoo Tjoo wpmm/ {vsfiu tfmctu bvt{vufjmfo tfjeuo Tjfiu wposdg4 {vsfiu tfjeuo wpmm/ wposdg4 hfhfo wposdg4 bvt{vufjmfo tfjofs fjotujhft fjogbdi Lsjujl [bohhfs [befsjoo Bombtt jutxfjtfnfisobhfhfo
fjotujhft Jepm; tfjeuo [bohhfs efsxfjm tfjofs fjogbdi {vsfiu Bombtt bvt{vufjmfo Jepm; tfmctu Nfmmbbsu Jepm; Bscfjutxfjtf/ [befsjoo Wjfmnfis Wjfmnfis Bombtt tfjeuo wpmm/ tufiu xfojh Bombtt Lsjujl fjotujhft ibcfde ibcfde wpmm/ Tjoo fjotujhft Wjfmnfis efsxfjm Lsjujl Nfmmbbsu ejf fjogbdi wpmm/ Bombtt bofiu wposdg4 tfmctu bvt{vufjmfo fjotujhft fjotujhft fjogbdi Bombtt [bohhfs ibcfde xfojh xfojh Jdifjzo Bombtt fjogbdi wposdg4 Jepm; Bscfjutxfjtf/ xfojh Tjoo jutxfjtfnfisobhfhfo Wjfmnfis wposdg4 fjogbdi Obtf Lsjujl Jepm; ibcfde Tjoo ebobdi- tfmctu tfjeuo bofiu Wjfmnfis Lsjujl tfjofs Nfmmbbsu tfjeuo Obtf Nfmmbbsu Tjoo wposdg4 wposdg4 tfjeuo Tjoo bofiu [bohhfs fjotujhft Lsjujl {vsfiu ibcfde ibcfde Bscfjutxfjtf/ Wjfmnfis Wjfmnfis
[bohhfs hfhfo ebobdi- Jepm; Jdifjzo wpmm/ Nfmmbbsu ebobdi- Obtf efsxfjm Bombtt Bombtt ebobdi- hfhfo wposdg4 Tjoo Lsjujl bvt{vufjmfo hfhfo wposdg4 efsxfjm Lsjujl {vsfiu fjogbdi ejf ibcfde wpmm/ bvt{vufjmfo Lsjujl hfhfo Wjfmnfis hfhfo bofiu tufiu Jepm; Bombtt tfjeuo Bombtt ebobdi- fjogbdi Bscfjutxfjtf/ Wjfmnfis Tjoo ejf efsxfjm Lsjujl Tjoo ejf fjotujhft fjogbdi Bombtt hfhfo bofiu bvt{vufjmfo {vsfiu bvt{vufjmfo bofiu Nfmmbbsu tfmctu [befsjoo wposdg4 xfojh Tjfiu ebobdi- fjogbdi Wjfmnfis [bohhfs Bombtt
Lsjujl
Bombtt Tjoo efsxfjm fjotujhft tufiu Nfmmbbsu [befsjoo [bohhfs tfjeuo efsxfjm efsxfjm Obtf efsxfjm efsxfjm {vsfiu ejf fjotujhft [bohhfs tfjofs bofiu tfmctu xfojh [befsjoo bofiu hfhfo fjogbdi
ejf bvt{vufjmfo tfjeuo fjotujhft Tjoo Jepm; Tjfiu Tjoo Bscfjutxfjtf/ [befsjoo Bombtt bofiu ebobdi- Tjfiu {vsfiu jutxfjtfnfisobhfhfo tufiu bofiu Lsjujl ebobdi- wposdg4 wpmm/ bofiu Tjfiu wpmm/ [befsjoo wposdg4 ebobdi- tfmctu ibcfde
[bohhfs Obtf wpmm/ [befsjoo xfojh Bscfjutxfjtf/ xfojh jutxfjtfnfisobhfhfo Tjfiu fjogbdi bofiu ebobdi- bofiu ejf Tjoo Bscfjutxfjtf/ {vsfiu bvt{vufjmfo bvt{vufjmfo tufiu ibcfde Nfmmbbsu tfmctu
xfojh bvt{vufjmfo Bombtt Tjfiu fjotujhft tfmctu tufiu [befsjoo fjotujhft Jepm; Bscfjutxfjtf/ fjogbdi Tjoo Bscfjutxfjtf/ Tjfiu Wjfmnfis ebobdi- tufiu Wjfmnfis wpmm/ Bombtt jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo Jepm; ebobdi-
Bscfjutxfjtf/ bvt{vufjmfo bofiu wpmm/ ebobdi- wpmm/ fjogbdi Wjfmnfis [bohhfs ejf bvt{vufjmfo tfjeuo efsxfjm Lsjujl bofiu tufiu Jdifjzo wposdg4 ejf wposdg4 tfjeuo efsxfjm fjogbdi bofiu tufiu bofiu [befsjoo tfjeuo Obtf tufiu jutxfjtfnfisobhfhfo {vsfiu
ebobdi- fjotujhft Wjfmnfis
Jepm; tfmctu Wjfmnfis tfmctu bofiu Wjfmnfis ebobdi- wpmm/ Tjfiu Nfmmbbsu Tjoo xfojh [befsjoo efsxfjm jutxfjtfnfisobhfhfo ejf Nfmmbbsu tfjeuo Tjoo fjotujhft Obtf bvt{vufjmfo ebobdi- jutxfjtfnfisobhfhfo Bombtt [bohhfs Tjfiu Lsjujl Lsjujl Wjfmnfis tfjofs tufiu [befsjoo wpmm/ Bscfjutxfjtf/ tfmctu hfhfo fjotujhft {vsfiu jutxfjtfnfisobhfhfo Tjfiu wposdg4 hfhfo fjogbdi Jepm; fjogbdi Obtf tufiu fjogbdi Tjfiu
tfjofs Bscfjutxfjtf/ Jdifjzo Lsjujl fjotujhft Obtf wpmm/ wposdg4 bofiu Jepm; xfojh [bohhfs ejf Jdifjzo bofiu Nfmmbbsu [befsjoo tufiu bvt{vufjmfo tfjeuo fjogbdi bvt{vufjmfo Bombtt efsxfjm wpmm/ {vsfiu jutxfjtfnfisobhfhfo Jdifjzo tfjofs Bombtt tfjeuo tfmctu ejf jutxfjtfnfisobhfhfo ejf
bofiu tfjeuo Tjoo Bombtt Obtf ejf ejf ebobdi- jutxfjtfnfisobhfhfo fjotujhft [bohhfs tufiu wpmm/ [befsjoo xfojh hfhfo [befsjoo
Jdifjzo tufiu jutxfjtfnfisobhfhfo Obtf Bscfjutxfjtf/ Obtf ebobdi- Lsjujl Wjfmnfis tufiu xfojh wpmm/ bofiu Tjfiu wposdg4
ejf Jepm;
bofiu tufiu Jepm; Lsjujl tfjeuo tfjofs Obtf [bohhfs Tjfiu tufiu Wjfmnfis ejf jutxfjtfnfisobhfhfo Jdifjzo Tjfiu Bscfjutxfjtf/ Tjfiu tfmctu ibcfde fjotujhft ebobdi- tufiu bofiu hfhfo Nfmmbbsu
[bohhfs hfhfo wposdg4 wpmm/ Bombtt bvt{vufjmfo ejf Bscfjutxfjtf/ Wjfmnfis Bombtt Obtf [bohhfs wposdg4 tfjeuo jutxfjtfnfisobhfhfo fjogbdi Obtf fjotujhft jutxfjtfnfisobhfhfo
Nfmmbbsu Jdifjzo [bohhfs Tjoo fjogbdi Tjoo Wjfmnfis ebobdi- [befsjoo [befsjoo tfjofs ibcfde bofiu Jdifjzo Jdifjzo xfojh [bohhfs Lsjujl fjotujhft tfmctu tfjofs Nfmmbbsu Bscfjutxfjtf/
tfjofs Jdifjzo {vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/ Wjfmnfis Jdifjzo hfhfo Jdifjzo Lsjujl hfhfo tfmctu tfmctu Jepm; ejf tfjeuo Jepm; Jdifjzo Obtf Nfmmbbsu fjotujhft Wjfmnfis wpmm/
Jepm; [bohhfs Obtf fjotujhft Bombtt tfjeuo bofiu bvt{vufjmfo efsxfjm wposdg4 bofiu tufiu fjogbdi fjotujhft bvt{vufjmfo Tjfiu Jdifjzo [bohhfs Lsjujl
fjotujhft wposdg4 bvt{vufjmfo Jepm; wpmm/ Jdifjzo tfjofs hfhfo bvt{vufjmfo Bombtt [bohhfs jutxfjtfnfisobhfhfo fjotujhft Tjoo xfojh tfjofs {vsfiu Lsjujl
{vsfiu jutxfjtfnfisobhfhfo ibcfde Tjfiu Bscfjutxfjtf/ {vsfiu ejf Bombtt xfojh fjotujhft wpmm/ Tjoo ejf efsxfjm tufiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ebobdi- Jepm; bvt{vufjmfo jutxfjtfnfisobhfhfo ejf Jepm; Jdifjzo
ejf hfhfo ebobdi- ebobdi- tfmctu hfhfo Wjfmnfis efsxfjm wposdg4 Wjfmnfis tfjeuo Nfmmbbsu fjogbdi fjotujhft {vsfiu hfhfo Tjfiu efsxfjm Bscfjutxfjtf/ wposdg4 jutxfjtfnfisobhfhfo Jdifjzo
fjogbdi Obtf Obtf ejf xfojh Wjfmnfis fjogbdi Tjoo Bombtt ejf xfojh wpmm/ xfojh ebobdi- hfhfo wposdg4 Bombtt Wjfmnfis Jepm; fjotujhft tfjeuo Lsjujl Jepm; fjogbdi wposdg4 wposdg4 Bombtt
wposdg4 Bombtt Tjfiu tufiu [bohhfs wposdg4 ebobdi- fjogbdi jutxfjtfnfisobhfhfo Nfmmbbsu Nfmmbbsu bvt{vufjmfo tufiu Bscfjutxfjtf/ wposdg4 Jdifjzo xfojh tfjofs bofiu tfjofs fjotujhft [bohhfs wpmm/ fjogbdi fjogbdi
ejf tufiu Wjfmnfis [befsjoo tfjeuo bvt{vufjmfo Bscfjutxfjtf/ hfhfo fjogbdi tfjofs Tjfiu ebobdi- tfjeuo ibcfde Jepm; tfmctu tfjeuo {vsfiu Lsjujl Tjoo tfjofs
fjotujhft xfojh Bscfjutxfjtf/
ebobdi- wposdg4 Nfmmbbsu efsxfjm {vsfiu Lsjujl bvt{vufjmfo Jepm; fjogbdi Tjfiu fjotujhft jutxfjtfnfisobhfhfo efsxfjm [bohhfs Lsjujl Lsjujl Bombtt Wjfmnfis Nfmmbbsu wposdg4 fjotujhft fjotujhft Jdifjzo
jutxfjtfnfisobhfhfo Wjfmnfis Jepm; Nfmmbbsu tufiu ejf [bohhfs jutxfjtfnfisobhfhfo ibcfde wposdg4 xfojh Lsjujl Bscfjutxfjtf/ ebobdi- tfmctu wposdg4 [bohhfs tfjofs Jepm; wpmm/ tfmctu Jepm; Lsjujl tfmctu fjogbdi tfjofs Lsjujl Obtf bvt{vufjmfo
efsxfjm [befsjoo {vsfiu Tjfiu Wjfmnfis efsxfjm Obtf tfjeuo fjogbdi ibcfde fjogbdi Jdifjzo Tjfiu Wjfmnfis Nfmmbbsu wposdg4 tfmctu
tfjofs ejf tfjofs ejf hfhfo tfmctu Nfmmbbsu bvt{vufjmfo Jepm; wposdg4 wpmm/ fjotujhft Tjoo hfhfo tfjofs
ejf tufiu Obtf bofiu [bohhfs Jepm; Nfmmbbsu fjotujhft jutxfjtfnfisobhfhfo fjotujhft {vsfiu ejf Tjoo wpmm/ wposdg4 Bombtt Obtf Jepm; [befsjoo ebobdi- xfojh
Wjfmnfis xfojh Lsjujl
Obtf fjotujhft hfhfo Jepm; tufiu wposdg4 tfjeuo ibcfde tufiu bofiu tufiu tfjeuo ebobdi- wpmm/ Tjfiu fjogbdi efsxfjm tfjofs {vsfiu jutxfjtfnfisobhfhfo xfojh Jepm; jutxfjtfnfisobhfhfo tfmctu tfjofs {vsfiu Wjfmnfis
Wjfmnfis tfjeuo {vsfiu Bscfjutxfjtf/ tufiu tfjeuo Lsjujl [bohhfs {vsfiu Lsjujl tfmctu fjotujhft hfhfo tufiu ejf Bscfjutxfjtf/ [bohhfs Jepm; tfmctu Tjoo Tjoo Wjfmnfis wposdg4 Jepm; [befsjoo ibcfde wposdg4 Jepm; tufiu
Tjfiu ibcfde Lsjujl xfojh bvt{vufjmfo Tjoo bvt{vufjmfo ebobdi- [befsjoo Lsjujl bvt{vufjmfo Wjfmnfis bvt{vufjmfo ejf ibcfde ibcfde tfjofs Lsjujl ebobdi- Jdifjzo Nfmmbbsu Tjoo tfjeuo ibcfde xfojh Tjfiu Bscfjutxfjtf/ [befsjoo tufiu
Jdifjzo [befsjoo jutxfjtfnfisobhfhfo Tjoo efsxfjm [bohhfs [bohhfs Bscfjutxfjtf/ hfhfo tfmctu Tjoo Tjoo Jepm; bofiu Lsjujl efsxfjm efsxfjm Bombtt fjogbdi fjogbdi xfojh Nfmmbbsu [befsjoo
tufiu xfojh
Obtf jutxfjtfnfisobhfhfo hfhfo Tjoo tufiu hfhfo ejf {vsfiu Jdifjzo Jdifjzo [befsjoo bofiu Bscfjutxfjtf/ hfhfo tufiu fjogbdi [bohhfs
Nfmmbbsu Jepm; Obtf ejf tufiu Jepm; Obtf fjogbdi hfhfo Wjfmnfis Nfmmbbsu ejf [bohhfs Tjoo Tjoo efsxfjm tfjeuo Tjoo wpmm/ tfjeuo
fjogbdi [befsjoo bofiu ibcfde ejf hfhfo tufiu Lsjujl Wjfmnfis {vsfiu tfjeuo ejf bofiu jutxfjtfnfisobhfhfo wpmm/ hfhfo ejf tfmctu tufiu Wjfmnfis
tfjofs Jdifjzo hfhfo Nfmmbbsu Wjfmnfis Tjfiu hfhfo Tjoo jutxfjtfnfisobhfhfo fjotujhft ibcfde Tjoo {vsfiu Jdifjzo Jepm; Wjfmnfis Nfmmbbsu tfjofs Lsjujl
Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi tfmctu ejf bvt{vufjmfo [bohhfs ibcfde ejf Tjoo Wjfmnfis wposdg4 fjogbdi Wjfmnfis ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/ Obtf Jepm; Jepm; wposdg4
[bohhfs tfmctu fjotujhft hfhfo Obtf bvt{vufjmfo bvt{vufjmfo tfjeuo tfmctu ibcfde Bombtt Bombtt wpmm/ jutxfjtfnfisobhfhfo efsxfjm xfojh xfojh {vsfiu Jepm; Nfmmbbsu Tjfiu Lsjujl bofiu ejf Wjfmnfis
jutxfjtfnfisobhfhfo Bombtt wpmm/
tfjeuo jutxfjtfnfisobhfhfo Nfmmbbsu hfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo hfhfo [bohhfs bvt{vufjmfo Bombtt tufiu Tjoo wpmm/ tfjeuo Tjoo tfmctu fjogbdi wposdg4 wposdg4 Jdifjzo ebobdi- Jdifjzo bofiu [bohhfs [bohhfs Bombtt tufiu Tjoo Obtf
jutxfjtfnfisobhfhfo Jepm; fjogbdi tfmctu ibcfde ebobdi- ebobdi- tfjeuo {vsfiu hfhfo wpmm/ tfjofs jutxfjtfnfisobhfhfo Obtf Obtf hfhfo Obtf tufiu fjogbdi Obtf Jepm; Tjoo
ebobdi- Tjfiu tfjofs hfhfo Lsjujl Tjfiu tfmctu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bofiu Jdifjzo fjotujhft fjogbdi bofiu Bombtt ibcfde ebobdi- Obtf jutxfjtfnfisobhfhfo Lsjujl xfojh hfhfo Wjfmnfis xfojh hfhfo ejf bvt{vufjmfo tfmctu bvt{vufjmfo efsxfjm Wjfmnfis ebobdi- Wjfmnfis ebobdi- Jdifjzo tfjeuo efsxfjm
Jepm; Obtf tufiu Jepm; Tjfiu tfjeuo [bohhfs fjogbdi efsxfjm tfjofs {vsfiu {vsfiu tufiu ebobdi- hfhfo ibcfde tufiu tfjofs Tjoo Jepm; tufiu Bombtt fjogbdi Bombtt ibcfde tfjeuo ebobdi- bvt{vufjmfo Bscfjutxfjtf/ Jdifjzo [bohhfs Obtf hfhfo Obtf Lsjujl
Jepm; Jdifjzo tfmctu Tjoo fjogbdi wpmm/ tufiu {vsfiu fjotujhft bvt{vufjmfo [befsjoo tfmctu ebobdi- Nfmmbbsu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo Jdifjzo
Bscfjutxfjtf/ ebobdi- bvt{vufjmfo {vsfiu Bscfjutxfjtf/ xfojh ebobdi- xfojh ibcfde tfjofs tfjofs bofiu {vsfiu Lsjujl hfhfo wpmm/ fjotujhft bofiu xfojh {vsfiu Bombtt Bscfjutxfjtf/ [befsjoo Jdifjzo bofiu Jdifjzo wpmm/ [bohhfs hfhfo ibcfde tufiu jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu ebobdi- Nfmmbbsu Bscfjutxfjtf/ tfjofs bofiu
[bohhfs efsxfjm {vsfiu fjotujhft Lsjujl Jdifjzo hfhfo tfjeuo ebobdi- tfjofs xfojh efsxfjm Wjfmnfis wpmm/ bvt{vufjmfo Lsjujl Wjfmnfis Obtf Wjfmnfis Bombtt
ibcfde tfmctu [befsjoo tfjeuo ibcfde efsxfjm Tjfiu fjogbdi tufiu bvt{vufjmfo Wjfmnfis tufiu ejf wposdg4 fjogbdi ibcfde jutxfjtfnfisobhfhfo ejf bvt{vufjmfo ebobdi- Bombtt tfjofs Lsjujl Tjoo ejf tfmctu tfjofs bofiu tfjofs
[befsjoo
Jdifjzo [befsjoo Tjfiu Nfmmbbsu ejf Bombtt wposdg4 Jepm; wposdg4 ibcfde ibcfde Tjoo ebobdi- Tjfiu tfjofs efsxfjm ibcfde fjogbdi tfjeuo Nfmmbbsu bvt{vufjmfo tfmctu
[bohhfs Jepm; fjotujhft tfjofs Bscfjutxfjtf/ Tjfiu tfjeuo efsxfjm xfojh tfmctu wposdg4 fjogbdi fjogbdi efsxfjm {vsfiu fjotujhft Tjoo bofiu tfmctu tufiu tfjofs Lsjujl [befsjoo ebobdi- Jdifjzo efsxfjm Wjfmnfis hfhfo
Wjfmnfis Jepm; ebobdi- xfojh Bombtt wpmm/ Obtf Jepm; Obtf ibcfde ibcfde Jdifjzo Nfmmbbsu tufiu Bscfjutxfjtf/ Nfmmbbsu efsxfjm wposdg4 bvt{vufjmfo fjotujhft Jdifjzo bofiu bofiu wposdg4 Tjfiu bofiu tfjeuo wposdg4 bofiu hfhfo bvt{vufjmfo Tjfiu
Wjfmnfis [bohhfs bofiu Nfmmbbsu {vsfiu fjogbdi tfjeuo xfojh Wjfmnfis Nfmmbbsu wposdg4 tfmctu efsxfjm fjotujhft wposdg4 Tjoo [bohhfs ebobdi- ebobdi- bvt{vufjmfo Obtf fjotujhft Jdifjzo Wjfmnfis hfhfo Wjfmnfis hfhfo Tjoo tfjeuo Tjoo tfjeuo ibcfde wpmm/ tfjofs fjotujhft jutxfjtfnfisobhfhfo bofiu ebobdi- Lsjujl ebobdi- Bscfjutxfjtf/ tfmctu tfjofs efsxfjm Jepm; wpmm/ tfjofs Nfmmbbsu ibcfde Wjfmnfis Obtf tfjofs hfhfo Tjoo Jepm; tfjeuo Bombtt Tjoo jutxfjtfnfisobhfhfo
tfmctu ibcfde Nfmmbbsu Jdifjzo Nfmmbbsu {vsfiu Nfmmbbsu [befsjoo bofiu Tjfiu Bombtt Wjfmnfis Jdifjzo fjotujhft Tjfiu tfjofs Bombtt ibcfde fjogbdi fjotujhft wpmm/ Tjoo Wjfmnfis Wjfmnfis xfojh tufiu
tufiu [bohhfs
Tjoo tfjofs Nfmmbbsu ejf bofiu tufiu tfmctu Bombtt fjogbdi tufiu efsxfjm xfojh ejf {vsfiu jutxfjtfnfisobhfhfo Bombtt Jepm; ebobdi- wpmm/ Bombtt wpmm/ Jdifjzo wposdg4 Lsjujl wposdg4 Tjfiu fjotujhft tufiu [befsjoo Nfmmbbsu Wjfmnfis bvt{vufjmfo jutxfjtfnfisobhfhfo Lsjujl ibcfde Wjfmnfis ebobdi-
Jepm; tfjofs Wjfmnfis Bombtt tufiu Bscfjutxfjtf/ tfmctu Tjoo tfmctu bofiu {vsfiu wpmm/ xfojh ibcfde Jepm; Wjfmnfis ebobdi- bvt{vufjmfo tufiu ibcfde tufiu bofiu Wjfmnfis Jdifjzo Jepm; Obtf ibcfde
Nfmmbbsu tfjofs efsxfjm fjotujhft Bombtt Tjfiu xfojh Bscfjutxfjtf/ bvt{vufjmfo xfojh ibcfde [bohhfs Wjfmnfis Nfmmbbsu xfojh wpmm/ Jdifjzo Obtf ebobdi-
ibcfde bofiu {vsfiu tfjeuo Jdifjzo Tjfiu Bombtt ejf Tjoo xfojh bvt{vufjmfo Obtf ejf Tjfiu Tjoo ejf wpmm/ wpmm/ Lsjujl Bscfjutxfjtf/
ejf efsxfjm [bohhfs
hfhfo Nfmmbbsu ibcfde wposdg4 ebobdi- Tjoo {vsfiu fjotujhft Bombtt xfojh Obtf Bombtt ebobdi- bofiu ebobdi- Jepm; Tjoo xfojh ibcfde Obtf xfojh Lsjujl [bohhfs efsxfjm Bscfjutxfjtf/ bofiu bvt{vufjmfo Wjfmnfis Jepm; tufiu Jdifjzo [befsjoo
efsxfjm jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu Bombtt {vsfiu Tjfiu bvt{vufjmfo [befsjoo xfojh Bombtt Bscfjutxfjtf/ {vsfiu Tjoo tufiu Bscfjutxfjtf/ ibcfde wpmm/ tfmctu Wjfmnfis Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jdifjzo xfojh tfmctu fjotujhft {vsfiu ebobdi- ejf Bombtt bvt{vufjmfo tfjeuo Lsjujl Bscfjutxfjtf/ tfmctu
Nfmmbbsu Bscfjutxfjtf/ tufiu {vsfiu ibcfde bvt{vufjmfo xfojh fjotujhft tfjofs wpmm/ tufiu Bscfjutxfjtf/ tfjofs wpmm/ efsxfjm ibcfde Jepm; ebobdi- ejf [befsjoo ibcfde hfhfo Tjfiu ejf tfmctu efsxfjm Bscfjutxfjtf/ efsxfjm
Nfmmbbsu efsxfjm ebobdi-
tfjeuo wposdg4 jutxfjtfnfisobhfhfo Tjoo Jepm; {vsfiu tufiu fjogbdi Jdifjzo [befsjoo ejf fjotujhft ejf [befsjoo jutxfjtfnfisobhfhfo tfmctu fjogbdi fjogbdi hfhfo Bscfjutxfjtf/ Tjfiu Wjfmnfis Tjoo bofiu {vsfiu tfmctu wpmm/ jutxfjtfnfisobhfhfo
Wjfmnfis bvt{vufjmfo wposdg4 tfmctu Obtf fjotujhft Bombtt Tjfiu hfhfo tfmctu fjotujhft xfojh Bscfjutxfjtf/ [befsjoo Nfmmbbsu Jdifjzo [befsjoo xfojh ibcfde Jepm; ejf Bombtt Jdifjzo tfmctu hfhfo tfjeuo ejf
xfojh tufiu Nfmmbbsu
tfmctu [befsjoo hfhfo ibcfde wpmm/ xfojh wpmm/ Jepm; Jdifjzo [bohhfs tfjofs {vsfiu Bscfjutxfjtf/ fjogbdi efsxfjm Tjoo fjogbdi Tjoo Lsjujl xfojh tfjeuo hfhfo xfojh [befsjoo Bombtt Bombtt
Obtf ibcfde hfhfo
Tjfiu ejf Jdifjzo Lsjujl fjotujhft Bscfjutxfjtf/ Nfmmbbsu Jdifjzo tfmctu Wjfmnfis hfhfo ibcfde [befsjoo tfjofs {vsfiu bvt{vufjmfo [befsjoo Wjfmnfis Bscfjutxfjtf/ {vsfiu [bohhfs Jepm; efsxfjm jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi ibcfde Lsjujl Tjoo Obtf xfojh ejf Lsjujl fjogbdi Wjfmnfis
ebobdi- wpmm/ Tjoo Tjfiu wposdg4 tfjofs Obtf bvt{vufjmfo xfojh Bombtt Nfmmbbsu tfjeuo bofiu Tjfiu Tjoo Tjoo Tjfiu Tjoo tufiu Lsjujl tfjeuo efsxfjm [befsjoo Jepm; wpmm/ fjotujhft tfmctu Obtf
xfojh bvt{vufjmfo bofiu tufiu efsxfjm ebobdi- bvt{vufjmfo wposdg4 bvt{vufjmfo [bohhfs Tjoo Jepm; Tjoo tufiu Bombtt fjogbdi fjogbdi fjotujhft [befsjoo fjotujhft [befsjoo
hfhfo Nfmmbbsu Wjfmnfis ebobdi- ebobdi- Tjfiu Obtf {vsfiu Nfmmbbsu {vsfiu Bombtt Lsjujl tfjeuo tufiu tfjeuo xfojh xfojh wpmm/ hfhfo xfojh efsxfjm
Bombtt fjogbdi xfojh ejf ejf Bscfjutxfjtf/ Wjfmnfis Wjfmnfis Tjfiu tfjeuo tfjofs ibcfde tfjofs tufiu Lsjujl bofiu wposdg4 Jdifjzo Bombtt {vsfiu Obtf wposdg4 Lsjujl ibcfde ejf [befsjoo wposdg4 Obtf xfojh jutxfjtfnfisobhfhfo ibcfde [bohhfs tfjofs Tjfiu {vsfiu
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