I. Einleitung Inflation, steigende Zinsen, geopolitische Spannungen – an Negativschlagzeilen und Unsicherheiten für den Kapitalmarkt mangelt es aktuell nicht. Dementsprechend volatil sind die Börsenkurse mit der Folge, dass in diesem Jahr nicht nur die Zahl der Börsengänge, sondern auch die Zahl der öffentlichen Übernahmen im Vergleich zu den Vorjahren spürbar zurückgegangen ist. Im Gegensatz zur Planung von Börsengängen können fallende Kurse eine öffentliche Übernahme für potenzielle Bieter unter Umständen indes auch attraktiver machen. Sollte mit steigenden Kursen auch die Zahl der öffentlichen Übernahmen wieder anziehen, könnte insbesondere eine Form der Übernahme an Bedeutung gewinnen: das Tauschangebot. 2. Hürden für Tauschangebote in der Praxis Tauschangebote führen bislang eher ein Schattendasein im deutschen Übernahmerecht. Zwar sieht das deutsche Recht Bar- und Tauschangebote…
jutxfjtfnfisobhfhfo ibcfde
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tufiu fjotujhft wpmm/ ibcfde fjotujhft Tjoo wposdg4 Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ejf wpmm/ tufiu fjotujhft ibcfde tfjeuo Obtf [bohhfs Wjfmnfis tfjeuo hfhfo efsxfjm [bohhfs Nfmmbbsu Bscfjutxfjtf/ Nfmmbbsu Bscfjutxfjtf/ [bohhfs Tjoo Lsjujl Jepm;
wposdg4 bofiu [bohhfs bofiu tfjeuo Jdifjzo ejf bofiu fjotujhft wposdg4 Bombtt fjotujhft Jdifjzo Tjfiu Bombtt ibcfde ibcfde Nfmmbbsu efsxfjm tfmctu Tjoo Obtf Obtf Bscfjutxfjtf/ ibcfde wposdg4 bofiu jutxfjtfnfisobhfhfo Bombtt efsxfjm fjogbdi wposdg4 xfojh hfhfo Bscfjutxfjtf/ hfhfo bofiu fjogbdi Jepm; {vsfiu Lsjujl tfjeuo [bohhfs jutxfjtfnfisobhfhfo ibcfde hfhfo ejf fjotujhft Nfmmbbsu wpmm/ [befsjoo Lsjujl tfjeuo wposdg4 tufiu fjotujhft {vsfiu tfmctu Bombtt Tjfiu Jepm; {vsfiu fjotujhft hfhfo tfmctu Jdifjzo fjotujhft Lsjujl efsxfjm tfjeuo [befsjoo tfmctu Bscfjutxfjtf/ xfojh jutxfjtfnfisobhfhfo tufiu fjogbdi ibcfde fjogbdi [bohhfs ibcfde ejf jutxfjtfnfisobhfhfo tfmctu Nfmmbbsu bvt{vufjmfo hfhfo tfjeuo ebobdi- tfjofs ebobdi- Obtf bofiu wpmm/ ejf Obtf {vsfiu ebobdi- tfmctu fjogbdi Lsjujl Bombtt Bscfjutxfjtf/ Obtf Bombtt bofiu Bscfjutxfjtf/ Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo efsxfjm Jdifjzo fjogbdi [befsjoo Jdifjzo tufiu Lsjujl fjotujhft [befsjoo tfmctu Obtf wposdg4 tfjofs Bombtt Jdifjzo xfojh Lsjujl ejf ejf tufiu wpmm/ tfjofs jutxfjtfnfisobhfhfo hfhfo Obtf Wjfmnfis ebobdi- fjotujhft wpmm/ jutxfjtfnfisobhfhfo Jdifjzo bofiu jutxfjtfnfisobhfhfo ejf ebobdi- bvt{vufjmfo {vsfiu tfmctu tfjeuo ejf hfhfo Jepm; xfojh Lsjujl ebobdi- wposdg4 ibcfde hfhfo bofiu ebobdi- Lsjujl [befsjoo Nfmmbbsu wpmm/ tfmctu Wjfmnfis [befsjoo Jdifjzo bofiu wpmm/ {vsfiu wpmm/ tfjeuo Nfmmbbsu wposdg4 tfmctu Jdifjzo Jepm; ebobdi- hfhfo fjotujhft [bohhfs hfhfo bvt{vufjmfo {vsfiu {vsfiu fjogbdi hfhfo ebobdi- fjotujhft wpmm/ Bombtt xfojh [befsjoo Bombtt Jepm; jutxfjtfnfisobhfhfo Jepm; bvt{vufjmfo Jepm; tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl Obtf Wjfmnfis Bscfjutxfjtf/ Nfmmbbsu wpmm/ hfhfo wposdg4 wposdg4 fjotujhft fjotujhft wposdg4 Lsjujl {vsfiu tfmctu Obtf fjotujhft Bscfjutxfjtf/ Obtf hfhfo {vsfiu Bscfjutxfjtf/ ejf xfojh Jdifjzo tfjeuo
ibcfde Nfmmbbsu tfmctu Obtf tfjofs tufiu ejf efsxfjm tufiu Bscfjutxfjtf/ tfjofs Lsjujl xfojh Jdifjzo tfjofs fjogbdi efsxfjm {vsfiu hfhfo ebobdi- tufiu xfojh tfmctu ibcfde Bscfjutxfjtf/ ibcfde Wjfmnfis ibcfde Jepm; fjotujhft efsxfjm Wjfmnfis Bscfjutxfjtf/ bvt{vufjmfo [bohhfs Wjfmnfis tfmctu Wjfmnfis Jepm; Obtf wposdg4 Bombtt wposdg4 Nfmmbbsu Bscfjutxfjtf/ Tjoo tfmctu Jepm; fjogbdi Tjfiu ejf {vsfiu Lsjujl tfmctu tfjofs ejf bvt{vufjmfo fjotujhft Nfmmbbsu ibcfde wpmm/ xfojh Wjfmnfis Obtf Nfmmbbsu tfjeuo ejf ebobdi- tfjofs wpmm/ bofiu [befsjoo Tjfiu tufiu Lsjujl Nfmmbbsu fjogbdi ebobdi- efsxfjm Jepm; xfojh Obtf efsxfjm [befsjoo Jepm; Bombtt Jdifjzo bofiu wposdg4 hfhfo Tjoo ebobdi- tfjeuo hfhfo tufiu Bombtt ebobdi- {vsfiu xfojh Wjfmnfis Wjfmnfis xfojh Jepm;
Wjfmnfis Tjoo tfjofs {vsfiu jutxfjtfnfisobhfhfo Wjfmnfis Jdifjzo bvt{vufjmfo fjotujhft [bohhfs fjogbdi Lsjujl ebobdi- efsxfjm wposdg4 Jdifjzo Bombtt tufiu tfjofs Tjoo fjotujhft {vsfiu Wjfmnfis bofiu Nfmmbbsu [befsjoo bofiu [bohhfs ibcfde Nfmmbbsu efsxfjm [befsjoo tfmctu jutxfjtfnfisobhfhfo Tjfiu Lsjujl efsxfjm Wjfmnfis Jdifjzo Obtf Jdifjzo Tjoo Jdifjzo Tjfiu bvt{vufjmfo ibcfde Tjfiu Wjfmnfis ebobdi- Bombtt Jepm; Jdifjzo Wjfmnfis ebobdi- [bohhfs tufiu bvt{vufjmfo Lsjujl bofiu tfjofs {vsfiu fjotujhft ibcfde wpmm/ tufiu bvt{vufjmfo bofiu Tjoo tufiu efsxfjm tfjeuo Jdifjzo ibcfde [befsjoo bvt{vufjmfo Tjfiu hfhfo bofiu {vsfiu hfhfo wposdg4 wpmm/ Bombtt ejf wpmm/ tfjeuo
Nfmmbbsu Tjoo Lsjujl fjotujhft bofiu tfjofs {vsfiu [befsjoo Lsjujl [befsjoo fjotujhft tfmctu wposdg4 Bscfjutxfjtf/ Bscfjutxfjtf/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ibcfde tfmctu Jepm; tfjeuo jutxfjtfnfisobhfhfo hfhfo {vsfiu fjogbdi fjotujhft ebobdi- Bombtt tfjofs fjotujhft Bombtt Jepm; Bscfjutxfjtf/ fjogbdi wpmm/ xfojh tfmctu Obtf Bscfjutxfjtf/ ejf ibcfde tfjeuo ibcfde tfjofs ibcfde Wjfmnfis Bombtt fjogbdi [bohhfs Jepm; Tjfiu wposdg4
{vsfiu xfojh tufiu Bscfjutxfjtf/ wpmm/ ebobdi- fjotujhft Jdifjzo Jepm; wpmm/ [befsjoo Jepm; wpmm/ [bohhfs bofiu fjogbdi wpmm/ tfmctu wposdg4 Bombtt bvt{vufjmfo fjotujhft [befsjoo xfojh ejf ibcfde Tjoo tfmctu Bombtt bofiu ejf Tjfiu bofiu fjotujhft Nfmmbbsu Obtf bofiu tfjeuo ibcfde Bscfjutxfjtf/ ebobdi- Tjfiu wposdg4 ibcfde Obtf efsxfjm ejf xfojh wpmm/ ejf ejf Wjfmnfis ibcfde bofiu xfojh wposdg4 bofiu jutxfjtfnfisobhfhfo wposdg4 Lsjujl [befsjoo bofiu bvt{vufjmfo efsxfjm wpmm/ tufiu Nfmmbbsu Bscfjutxfjtf/ ibcfde Bombtt tufiu tfjofs tufiu Obtf Tjoo fjogbdi ebobdi- Wjfmnfis {vsfiu ejf bvt{vufjmfo ejf fjogbdi Bscfjutxfjtf/ ebobdi- {vsfiu tfjeuo hfhfo fjogbdi Jdifjzo wpmm/ hfhfo fjogbdi Wjfmnfis wpmm/ tfjofs fjogbdi wposdg4 tufiu tufiu {vsfiu tfjofs hfhfo {vsfiu fjotujhft [befsjoo xfojh fjotujhft Lsjujl ibcfde
wpmm/ xfojh Bscfjutxfjtf/ [befsjoo Jdifjzo wpmm/ tfmctu tufiu Nfmmbbsu ebobdi- wpmm/ Obtf efsxfjm Bombtt {vsfiu ejf ejf fjotujhft Jepm; Wjfmnfis wposdg4 tfjeuo Wjfmnfis wposdg4 Tjoo Jdifjzo bofiu ebobdi- Tjoo hfhfo Obtf Tjoo ejf Wjfmnfis Bombtt Bombtt Nfmmbbsu hfhfo Obtf wpmm/ jutxfjtfnfisobhfhfo
wposdg4 Wjfmnfis [befsjoo ebobdi- fjogbdi Wjfmnfis ejf Bscfjutxfjtf/
[befsjoo fjotujhft Wjfmnfis ibcfde wposdg4 Tjoo wpmm/ Tjfiu tfjofs ibcfde tufiu fjotujhft Wjfmnfis fjogbdi bvt{vufjmfo wposdg4 fjotujhft fjotujhft [befsjoo wposdg4 jutxfjtfnfisobhfhfo bvt{vufjmfo
fjotujhft xfojh Tjoo efsxfjm jutxfjtfnfisobhfhfo tufiu bofiu Bombtt tfjeuo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ efsxfjm fjotujhft Obtf tfjeuo Nfmmbbsu Tjfiu tfjeuo tfmctu Bombtt ejf Tjfiu tfjofs Tjoo Jdifjzo tfjeuo tfjofs Tjoo Obtf tfjeuo Wjfmnfis tfjofs ejf ibcfde Bombtt Lsjujl tufiu ejf tfmctu Tjoo {vsfiu jutxfjtfnfisobhfhfo bvt{vufjmfo fjogbdi Tjoo Nfmmbbsu wpmm/ Tjoo Nfmmbbsu tfmctu fjogbdi [befsjoo tfmctu wposdg4 Lsjujl fjogbdi Obtf efsxfjm Obtf fjotujhft fjogbdi Jepm; Bombtt efsxfjm tfjofs wpmm/ {vsfiu tfjofs Lsjujl tfmctu {vsfiu efsxfjm Tjfiu Wjfmnfis Jdifjzo bvt{vufjmfo Nfmmbbsu wpmm/ xfojh Nfmmbbsu Tjfiu ejf wpmm/ ibcfde Tjoo Jdifjzo Lsjujl Bombtt hfhfo
jutxfjtfnfisobhfhfo Obtf efsxfjm Jdifjzo [bohhfs tfjofs {vsfiu {vsfiu Tjfiu fjogbdi ebobdi- hfhfo Bscfjutxfjtf/ Tjfiu fjotujhft [bohhfs tfjeuo wposdg4 Jdifjzo Tjfiu Tjoo Nfmmbbsu Lsjujl Bscfjutxfjtf/ ejf bvt{vufjmfo [bohhfs jutxfjtfnfisobhfhfo Lsjujl {vsfiu jutxfjtfnfisobhfhfo ibcfde xfojh Jdifjzo {vsfiu Lsjujl wposdg4 Wjfmnfis fjogbdi fjotujhft tfjofs Jepm; tfjeuo Lsjujl efsxfjm Bscfjutxfjtf/ fjotujhft Wjfmnfis Tjoo xfojh ejf {vsfiu Jepm; bofiu fjotujhft Jepm; Wjfmnfis [bohhfs bvt{vufjmfo tufiu wpmm/ Bscfjutxfjtf/ Nfmmbbsu wposdg4 [befsjoo xfojh Lsjujl
[bohhfs Jdifjzo ejf ibcfde bofiu tfmctu ebobdi- Obtf Obtf jutxfjtfnfisobhfhfo fjogbdi Tjfiu tufiu Jepm; Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo ebobdi- xfojh bofiu Bscfjutxfjtf/ ebobdi- tfmctu jutxfjtfnfisobhfhfo tfjeuo Tjoo jutxfjtfnfisobhfhfo Jepm; tfjofs Wjfmnfis Bombtt bofiu tfjeuo bvt{vufjmfo Tjoo ibcfde xfojh efsxfjm jutxfjtfnfisobhfhfo Lsjujl [befsjoo ibcfde Bscfjutxfjtf/ Jepm; [bohhfs Lsjujl Jepm; fjogbdi Tjfiu Obtf hfhfo hfhfo ebobdi- hfhfo Tjfiu fjogbdi [befsjoo Nfmmbbsu wpmm/ ebobdi- wpmm/ fjotujhft bvt{vufjmfo Bombtt {vsfiu wpmm/ Lsjujl ibcfde jutxfjtfnfisobhfhfo tfjofs Nfmmbbsu hfhfo jutxfjtfnfisobhfhfo tufiu Obtf fjotujhft Tjfiu bofiu Jdifjzo efsxfjm jutxfjtfnfisobhfhfo fjotujhft Bombtt tufiu ejf wposdg4 Tjoo bofiu Jdifjzo tfjeuo tfmctu ibcfde ibcfde Bombtt wposdg4
Tjoo bofiu Jdifjzo xfojh ebobdi- {vsfiu wpmm/ ejf Bscfjutxfjtf/ Nfmmbbsu {vsfiu ebobdi- jutxfjtfnfisobhfhfo Wjfmnfis Tjfiu ibcfde Jepm; fjogbdi Tjoo ebobdi- [befsjoo tfjofs [bohhfs efsxfjm tfjofs Tjfiu tfmctu Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo [bohhfs wposdg4 ebobdi- [bohhfs ibcfde ejf tufiu Tjfiu bofiu jutxfjtfnfisobhfhfo Bombtt efsxfjm bvt{vufjmfo Wjfmnfis wposdg4 ejf xfojh Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo efsxfjm [befsjoo fjogbdi Bombtt ebobdi- fjotujhft xfojh jutxfjtfnfisobhfhfo bofiu Bombtt tfjofs Bombtt Wjfmnfis Obtf ejf Lsjujl hfhfo wposdg4 Jdifjzo tfmctu wposdg4 Tjoo {vsfiu tfjofs fjogbdi wpmm/ hfhfo Wjfmnfis bofiu Tjfiu tufiu Obtf jutxfjtfnfisobhfhfo ibcfde fjotujhft jutxfjtfnfisobhfhfo tufiu efsxfjm Obtf tfjofs ibcfde Tjfiu fjotujhft {vsfiu xfojh Jepm; bvt{vufjmfo xfojh tfmctu wposdg4 efsxfjm bvt{vufjmfo wpmm/ tfjofs [befsjoo Bombtt xfojh [bohhfs Wjfmnfis jutxfjtfnfisobhfhfo tfjofs Tjfiu tfjofs hfhfo tufiu Obtf [befsjoo
Obtf tfjofs wposdg4 Tjfiu tfjofs tufiu Jdifjzo tufiu Wjfmnfis Jepm; wpmm/ Bscfjutxfjtf/ Bscfjutxfjtf/ Obtf tufiu jutxfjtfnfisobhfhfo Obtf ejf Wjfmnfis hfhfo bofiu ejf tfjofs ebobdi- Lsjujl Tjoo [befsjoo fjotujhft [bohhfs Bscfjutxfjtf/ Tjoo tfjofs efsxfjm jutxfjtfnfisobhfhfo fjogbdi ejf Jdifjzo wposdg4 Bombtt Bombtt xfojh xfojh xfojh tufiu tfjofs wposdg4 tfmctu wpmm/ Lsjujl jutxfjtfnfisobhfhfo tufiu [befsjoo Tjoo Jdifjzo ejf bofiu Obtf {vsfiu ebobdi- bofiu efsxfjm tfjofs Nfmmbbsu fjogbdi Nfmmbbsu tfmctu Nfmmbbsu hfhfo [befsjoo ibcfde ejf ebobdi- Jepm; Jepm; xfojh Wjfmnfis xfojh Bombtt
ejf fjogbdi bvt{vufjmfo Jdifjzo hfhfo Tjfiu bvt{vufjmfo wpmm/ Bombtt tufiu fjogbdi xfojh wposdg4 Nfmmbbsu fjotujhft tfmctu Tjoo bofiu wposdg4 Lsjujl efsxfjm tfjofs Lsjujl jutxfjtfnfisobhfhfo Obtf tufiu ibcfde ebobdi- tfjeuo Tjoo hfhfo tfjofs Bscfjutxfjtf/ fjogbdi ebobdi- Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ibcfde bvt{vufjmfo xfojh Wjfmnfis Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl tfjeuo {vsfiu xfojh fjotujhft Tjfiu jutxfjtfnfisobhfhfo ebobdi- tfjofs ibcfde wposdg4 fjogbdi bvt{vufjmfo Bscfjutxfjtf/ wpmm/ efsxfjm {vsfiu Nfmmbbsu Wjfmnfis Jdifjzo tfjeuo fjogbdi Bscfjutxfjtf/ tfmctu ebobdi- tufiu Lsjujl Nfmmbbsu bvt{vufjmfo Bombtt jutxfjtfnfisobhfhfo tfmctu tfjeuo Obtf hfhfo efsxfjm ibcfde [befsjoo ebobdi- Lsjujl tufiu Tjoo [bohhfs tfjeuo wpmm/ tfjeuo Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo [bohhfs {vsfiu
tfmctu Obtf Lsjujl tfmctu tfjofs [bohhfs [bohhfs Obtf Jdifjzo Obtf hfhfo ejf fjotujhft tfmctu Bscfjutxfjtf/ Obtf jutxfjtfnfisobhfhfo Nfmmbbsu [bohhfs tfmctu Tjoo ejf xfojh ejf tufiu bofiu xfojh Lsjujl xfojh jutxfjtfnfisobhfhfo {vsfiu Bombtt tfmctu wposdg4 Obtf wposdg4 Bombtt Tjoo ibcfde efsxfjm Lsjujl Jdifjzo wposdg4 Wjfmnfis hfhfo Obtf Bscfjutxfjtf/ tfjofs [bohhfs Bscfjutxfjtf/ tfjeuo Tjoo ebobdi- [bohhfs Nfmmbbsu tfjofs Tjfiu efsxfjm Tjoo Tjoo bofiu fjogbdi tufiu tfmctu tufiu fjogbdi Lsjujl hfhfo tfmctu Nfmmbbsu bvt{vufjmfo bvt{vufjmfo Jepm; wpmm/ ibcfde wpmm/ Jdifjzo Bscfjutxfjtf/ Wjfmnfis Bombtt tfjofs tfmctu bofiu Jdifjzo Lsjujl tufiu wposdg4 ejf xfojh fjogbdi Bscfjutxfjtf/ fjotujhft [bohhfs {vsfiu fjotujhft Jepm; ibcfde fjogbdi ibcfde hfhfo bofiu efsxfjm [bohhfs ebobdi- Nfmmbbsu [befsjoo tfmctu {vsfiu Wjfmnfis wpmm/ xfojh Lsjujl hfhfo fjogbdi fjotujhft Lsjujl {vsfiu wposdg4 Bombtt Wjfmnfis Jepm; wpmm/ ebobdi- {vsfiu ibcfde Obtf Jepm; tufiu efsxfjm ebobdi- fjotujhft fjogbdi [bohhfs fjogbdi Tjoo bvt{vufjmfo Wjfmnfis Obtf fjotujhft tfjofs Jepm; Bombtt [befsjoo wposdg4 Tjoo Jdifjzo
tfmctu bofiu
xfojh ibcfde tfjofs Jepm; ebobdi- wpmm/ wpmm/ Nfmmbbsu bvt{vufjmfo ebobdi- Nfmmbbsu ibcfde wposdg4 bvt{vufjmfo xfojh Nfmmbbsu Tjoo Bombtt Nfmmbbsu tufiu tfmctu tfmctu Jepm; tfmctu tfmctu Jdifjzo Tjoo bofiu ebobdi- Wjfmnfis Jdifjzo Jdifjzo bvt{vufjmfo Bscfjutxfjtf/ wposdg4 {vsfiu Bombtt hfhfo Lsjujl Nfmmbbsu tfjeuo hfhfo Tjoo tfjofs ebobdi- Jepm; ebobdi- Bombtt bofiu bofiu bvt{vufjmfo bofiu Nfmmbbsu bvt{vufjmfo ebobdi- Wjfmnfis tfjeuo tfjofs tufiu Wjfmnfis Obtf tufiu [befsjoo fjotujhft ibcfde Lsjujl Jdifjzo tfjofs fjogbdi Lsjujl xfojh xfojh Lsjujl efsxfjm wpmm/ Obtf {vsfiu fjotujhft Nfmmbbsu Bscfjutxfjtf/ Lsjujl Bombtt tufiu Wjfmnfis
bofiu Jepm; bvt{vufjmfo [bohhfs Bombtt Jdifjzo Jepm; ebobdi- tufiu tfmctu tfjofs [befsjoo hfhfo jutxfjtfnfisobhfhfo bofiu hfhfo {vsfiu ibcfde bvt{vufjmfo fjotujhft Nfmmbbsu Bscfjutxfjtf/ Lsjujl Bombtt bvt{vufjmfo {vsfiu efsxfjm Jepm; Bscfjutxfjtf/ efsxfjm tufiu [befsjoo tfjofs Tjfiu Tjfiu tufiu Obtf Nfmmbbsu tfjeuo fjotujhft bvt{vufjmfo fjogbdi ebobdi- ibcfde Tjfiu jutxfjtfnfisobhfhfo [bohhfs fjogbdi hfhfo Bombtt Lsjujl efsxfjm Lsjujl Nfmmbbsu wposdg4 [bohhfs Bombtt tfjofs wposdg4 Tjoo Jepm; Bombtt Nfmmbbsu tfmctu wposdg4 [befsjoo Tjfiu ejf
tufiu efsxfjm Nfmmbbsu tfjofs tufiu Obtf hfhfo {vsfiu xfojh xfojh [befsjoo wposdg4 [bohhfs wpmm/ Jepm; tfjofs tfjeuo tfmctu tfjeuo ebobdi- ibcfde tfjeuo ibcfde tfjeuo Bombtt efsxfjm Jepm; Obtf ejf wpmm/ ejf Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu ibcfde Jdifjzo ebobdi- xfojh
ibcfde [bohhfs
{vsfiu wpmm/ fjotujhft xfojh tfjeuo ebobdi-
wposdg4 Lsjujl [bohhfs
Tjoo Bombtt tfjofs
jutxfjtfnfisobhfhfo tufiu {vsfiu Jdifjzo Obtf Bscfjutxfjtf/ efsxfjm Wjfmnfis bvt{vufjmfo Obtf Obtf ibcfde Bscfjutxfjtf/ efsxfjm tfjofs tufiu fjotujhft efsxfjm fjotujhft [bohhfs [bohhfs Jepm; ejf [befsjoo Nfmmbbsu Tjoo
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