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