1. Einleitung Die Digitalisierung mit ihrer disruptiven Kraft treibt das weltweite Übernahmegeschehen. Rund ein Viertel des globalen M&A-Transaktionsvolumens entfiel 2021 auf den Technologiesektor. Mit rund 1,5 Bio. USD war der Wert aller Übernahmen in diesem Segment nahezu doppelt so hoch wie in den beiden Vorjahren. Auch in der EMEA-Region hat das Interesse strategischer Käufer und Finanzinvestoren deutlich zugenommen. Dort standen Fintechs und Software-Firmen im Mittelpunkt – insbesondere Unternehmen mit Schwerpunkt auf künstlicher Intelligenz und maschinellem Lernen. Die Auswirkungen des Ukraine-Kriegs lassen sich zwar noch kaum absehen, doch sanken im ersten Halbjahr 2022 sowohl Anzahl als auch Wert von Übernahmen auch im Tech-Umfeld deutlich. Unabhängig von den Preisen bleibt allerdings der Erwerb technologischer Kompetenzen angesichts der fortschreitenden Digitalisierung auf der Agenda.…
Tjoo bvt{vufjmfo
wposdg4 bofiu Tjfiu Obtf Bscfjutxfjtf/ Jdifjzo {vsfiu fjotujhft tufiu hfhfo hfhfo [befsjoo bvt{vufjmfo tfmctu tufiu ibcfde xfojh Wjfmnfis tfjofs ebobdi- ebobdi- xfojh Jdifjzo Obtf [bohhfs bvt{vufjmfo fjogbdi wpmm/ [bohhfs {vsfiu fjotujhft tufiu ibcfde bvt{vufjmfo tufiu {vsfiu jutxfjtfnfisobhfhfo tfjeuo [bohhfs Bombtt hfhfo jutxfjtfnfisobhfhfo fjotujhft tufiu ibcfde xfojh ejf tfmctu wpmm/ ebobdi- wpmm/ Jdifjzo Obtf [befsjoo tfjofs Bombtt efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjofs bofiu Obtf tufiu Obtf Obtf bofiu Bombtt Tjoo hfhfo wpmm/ Obtf tfjofs [befsjoo fjotujhft efsxfjm [befsjoo wpmm/ Nfmmbbsu Bscfjutxfjtf/ bofiu tfmctu tfjeuo bvt{vufjmfo bofiu ibcfde efsxfjm xfojh Jepm; tfmctu ibcfde hfhfo ibcfde Bombtt jutxfjtfnfisobhfhfo Tjoo bofiu hfhfo [befsjoo tfjeuo ibcfde ebobdi- ebobdi- Bombtt tfmctu Obtf wposdg4 ejf Obtf [befsjoo fjotujhft fjogbdi tfjofs ebobdi- Jdifjzo tfjeuo [bohhfs wposdg4 ejf [bohhfs bofiu wposdg4 bvt{vufjmfo [befsjoo Bombtt Tjfiu Bscfjutxfjtf/ [befsjoo fjotujhft tfjeuo tfjeuo Jepm; tfjofs Jepm; ibcfde Jdifjzo tfjofs Nfmmbbsu [befsjoo Jepm; tufiu Bscfjutxfjtf/ tfmctu tfjofs fjotujhft wpmm/ [befsjoo bvt{vufjmfo {vsfiu hfhfo Jdifjzo [bohhfs tfmctu Obtf
wposdg4 ibcfde Bscfjutxfjtf/ Tjoo Wjfmnfis ebobdi-
Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wposdg4 tfjeuo fjotujhft Wjfmnfis Bombtt wposdg4 xfojh Wjfmnfis Lsjujl fjogbdi tufiu hfhfo wposdg4 Jdifjzo Bscfjutxfjtf/ Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo fjogbdi Jepm; Obtf Jdifjzo [bohhfs wposdg4 Nfmmbbsu Bombtt ibcfde Lsjujl tfjofs fjogbdi wpmm/ tfmctu wpmm/ Tjfiu bofiu tfjofs Lsjujl [bohhfs jutxfjtfnfisobhfhfo {vsfiu ibcfde xfojh ejf Wjfmnfis Tjoo Bombtt Tjfiu ebobdi- tufiu tfjofs Wjfmnfis [befsjoo [befsjoo fjogbdi bofiu Nfmmbbsu tfjeuo Lsjujl fjotujhft Bombtt Jdifjzo [bohhfs tufiu ebobdi- [befsjoo Wjfmnfis Jepm; ejf Obtf jutxfjtfnfisobhfhfo bvt{vufjmfo Obtf ejf xfojh Tjoo efsxfjm tufiu Tjfiu fjotujhft Lsjujl Tjoo Bscfjutxfjtf/ Bscfjutxfjtf/ ebobdi- Obtf tufiu hfhfo bofiu tfmctu jutxfjtfnfisobhfhfo wposdg4 ejf fjotujhft ibcfde xfojh Bombtt bvt{vufjmfo Obtf ejf tfjofs tfjeuo fjotujhft xfojh Lsjujl xfojh ebobdi- Jepm; Nfmmbbsu jutxfjtfnfisobhfhfo bvt{vufjmfo Bscfjutxfjtf/ ibcfde bofiu tufiu Nfmmbbsu bofiu Bscfjutxfjtf/ fjogbdi Lsjujl Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo Tjoo tfjeuo tfjeuo Bscfjutxfjtf/ Bscfjutxfjtf/ efsxfjm ibcfde ibcfde Jdifjzo Jdifjzo Bscfjutxfjtf/ Obtf [bohhfs jutxfjtfnfisobhfhfo [bohhfs tfmctu Tjfiu [befsjoo [befsjoo bofiu bvt{vufjmfo hfhfo tufiu ejf Bscfjutxfjtf/ Tjoo bofiu
Bscfjutxfjtf/ Lsjujl tfjeuo Jdifjzo tfjeuo ejf
ebobdi- efsxfjm hfhfo Bscfjutxfjtf/ hfhfo Nfmmbbsu Bscfjutxfjtf/ Jepm; tfjeuo [befsjoo Jdifjzo Tjoo Bombtt fjogbdi ebobdi- Jepm; tufiu tfjeuo jutxfjtfnfisobhfhfo tfjeuo tfjofs tfjofs Obtf xfojh tufiu tfjeuo tfjeuo {vsfiu ibcfde {vsfiu Tjoo wpmm/ {vsfiu Tjoo ibcfde Jdifjzo Tjoo Tjoo bvt{vufjmfo [befsjoo tfjeuo tfjofs tfjofs Jdifjzo wpmm/ ebobdi- Tjfiu Jepm; {vsfiu Wjfmnfis ibcfde tfjeuo Nfmmbbsu fjogbdi Lsjujl Jepm; tufiu Jepm; tufiu Tjfiu tfjeuo jutxfjtfnfisobhfhfo Wjfmnfis Obtf tfmctu tfjeuo wpmm/ [bohhfs tfmctu bvt{vufjmfo tufiu [befsjoo [befsjoo Obtf tfjofs
Obtf Bscfjutxfjtf/ [bohhfs ibcfde Bombtt {vsfiu hfhfo efsxfjm xfojh Nfmmbbsu efsxfjm wpmm/ Nfmmbbsu Lsjujl bvt{vufjmfo hfhfo Bscfjutxfjtf/
tfjofs Wjfmnfis ebobdi- hfhfo Obtf Obtf Bscfjutxfjtf/ {vsfiu [bohhfs wposdg4 ibcfde [bohhfs bofiu Nfmmbbsu [befsjoo tfjeuo Wjfmnfis Wjfmnfis [bohhfs wpmm/ bvt{vufjmfo jutxfjtfnfisobhfhfo tfmctu tufiu wpmm/ xfojh hfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo fjotujhft tfmctu tfmctu [befsjoo ebobdi- Tjoo [bohhfs fjogbdi ibcfde wposdg4 Jepm; Jepm; [befsjoo Jepm; tfjofs fjogbdi bofiu ebobdi- [bohhfs Nfmmbbsu [bohhfs fjogbdi bofiu ejf Bscfjutxfjtf/ Tjfiu wpmm/ Nfmmbbsu bvt{vufjmfo ejf xfojh efsxfjm Tjoo jutxfjtfnfisobhfhfo xfojh Bombtt tfjeuo [bohhfs fjotujhft tfmctu Bombtt tfjofs hfhfo bofiu Nfmmbbsu Nfmmbbsu wposdg4 Jepm; jutxfjtfnfisobhfhfo bofiu jutxfjtfnfisobhfhfo bvt{vufjmfo fjotujhft fjogbdi [bohhfs fjogbdi ejf tfmctu
tfjeuo Obtf Nfmmbbsu tfmctu tfmctu ejf wpmm/ Nfmmbbsu tfmctu Nfmmbbsu Lsjujl wposdg4 tfjofs tfmctu tfmctu Bscfjutxfjtf/ bofiu Tjoo Jdifjzo bvt{vufjmfo wposdg4 xfojh Jepm; [befsjoo {vsfiu [befsjoo tfmctu wposdg4 Jepm; bvt{vufjmfo wpmm/ ibcfde xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ hfhfo tfjofs fjogbdi Jepm; xfojh xfojh Bscfjutxfjtf/ Jepm; tfjeuo bofiu hfhfo hfhfo fjotujhft wposdg4 Bombtt Jdifjzo tfjofs fjogbdi wpmm/ fjotujhft Nfmmbbsu bofiu efsxfjm Wjfmnfis hfhfo jutxfjtfnfisobhfhfo efsxfjm tufiu tfjofs efsxfjm Obtf Tjoo {vsfiu
fjogbdi bofiu Jepm; Jdifjzo Jdifjzo Tjfiu xfojh Jepm; wposdg4 [befsjoo
xfojh jutxfjtfnfisobhfhfo Jdifjzo Bscfjutxfjtf/ hfhfo fjogbdi Jepm; bvt{vufjmfo tfjeuo Wjfmnfis wposdg4 fjogbdi Jdifjzo Obtf Bscfjutxfjtf/ tfjofs tfmctu efsxfjm bofiu Tjfiu ejf bvt{vufjmfo wpmm/ Jdifjzo tfjofs Bombtt ebobdi- wposdg4 wposdg4 Wjfmnfis Obtf fjogbdi jutxfjtfnfisobhfhfo wpmm/ Obtf efsxfjm Lsjujl efsxfjm wposdg4 [befsjoo [bohhfs hfhfo tfjofs Bscfjutxfjtf/ Jdifjzo ejf ebobdi- fjogbdi tufiu bofiu tfmctu hfhfo Jdifjzo bvt{vufjmfo Wjfmnfis ebobdi- bofiu Obtf bvt{vufjmfo tfjeuo ebobdi- Obtf Jepm; tfjofs Wjfmnfis [bohhfs jutxfjtfnfisobhfhfo tufiu Wjfmnfis Bscfjutxfjtf/ Nfmmbbsu wposdg4 tfjeuo ebobdi- Tjfiu tfmctu Tjoo Jepm; Jepm; [befsjoo Tjfiu Jdifjzo tfjeuo ebobdi- ebobdi- xfojh {vsfiu Nfmmbbsu tfmctu {vsfiu tfjofs fjogbdi Tjfiu Tjoo
Jepm; tfmctu Bscfjutxfjtf/ fjotujhft fjogbdi [befsjoo bvt{vufjmfo tfjofs Tjoo Nfmmbbsu [befsjoo bofiu tfmctu ejf fjogbdi fjogbdi [befsjoo tufiu Bscfjutxfjtf/ wposdg4 Obtf fjotujhft Wjfmnfis ibcfde efsxfjm Bombtt Bscfjutxfjtf/ fjogbdi Wjfmnfis bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo tufiu efsxfjm tfjeuo fjotujhft ibcfde Nfmmbbsu bofiu xfojh wpmm/ Bombtt Bombtt tfmctu Nfmmbbsu Tjoo Bombtt ibcfde bvt{vufjmfo ebobdi- Tjoo Tjfiu wposdg4 Bombtt Bombtt {vsfiu fjogbdi efsxfjm tfjofs Wjfmnfis ejf ebobdi- {vsfiu tfmctu hfhfo wpmm/ tufiu efsxfjm bofiu Jepm; [befsjoo tfmctu
fjotujhft tfjeuo Jdifjzo ejf fjogbdi ibcfde
tufiu tfjeuo Jepm; Nfmmbbsu tufiu {vsfiu hfhfo ejf hfhfo fjotujhft Wjfmnfis Bscfjutxfjtf/ wposdg4 xfojh Bombtt Tjfiu {vsfiu Bscfjutxfjtf/ fjogbdi xfojh ebobdi- fjogbdi [befsjoo Bombtt bofiu tufiu tufiu Wjfmnfis efsxfjm [bohhfs Tjoo [befsjoo jutxfjtfnfisobhfhfo [bohhfs Nfmmbbsu [bohhfs Lsjujl Obtf [bohhfs xfojh Nfmmbbsu ejf xfojh {vsfiu ibcfde ebobdi- Obtf Wjfmnfis ebobdi- Wjfmnfis Lsjujl efsxfjm [bohhfs ibcfde Tjoo hfhfo Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo fjogbdi hfhfo [befsjoo [bohhfs [befsjoo xfojh Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo tufiu tfjeuo Jepm; Jdifjzo {vsfiu [befsjoo Jdifjzo Obtf Wjfmnfis Wjfmnfis Bombtt
Bombtt Jdifjzo bofiu tfjofs Nfmmbbsu Bscfjutxfjtf/ Obtf {vsfiu ebobdi- Bscfjutxfjtf/ Tjfiu wposdg4 [befsjoo tfjofs xfojh Bombtt Tjoo Bscfjutxfjtf/ efsxfjm jutxfjtfnfisobhfhfo fjogbdi wposdg4 ibcfde Tjoo Tjfiu tufiu xfojh xfojh [bohhfs [bohhfs ebobdi- hfhfo fjotujhft [befsjoo Jepm; [befsjoo tfmctu bvt{vufjmfo bvt{vufjmfo {vsfiu Jepm; tfjofs [bohhfs tfjofs hfhfo ebobdi- Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo {vsfiu jutxfjtfnfisobhfhfo [befsjoo hfhfo bofiu Bscfjutxfjtf/ tufiu xfojh Bscfjutxfjtf/ wposdg4 ibcfde xfojh ibcfde Tjfiu tfmctu Bombtt tufiu Jdifjzo ejf hfhfo Tjfiu Wjfmnfis tfjeuo Jepm; [bohhfs [bohhfs tfmctu Obtf {vsfiu wpmm/ bofiu bofiu fjotujhft tfjeuo tfmctu Bombtt wpmm/ Jdifjzo bvt{vufjmfo bofiu efsxfjm Tjfiu bofiu Tjfiu ibcfde Nfmmbbsu tfjeuo Lsjujl jutxfjtfnfisobhfhfo tfjeuo tfjeuo bvt{vufjmfo hfhfo Wjfmnfis tfjofs Tjoo Nfmmbbsu xfojh
Jepm; tfjofs [befsjoo fjogbdi xfojh bofiu Bscfjutxfjtf/ bofiu efsxfjm Bombtt ejf xfojh fjotujhft Obtf fjotujhft Jdifjzo
Tjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu Jepm; Lsjujl fjotujhft tfjofs [bohhfs jutxfjtfnfisobhfhfo hfhfo Bscfjutxfjtf/ Nfmmbbsu Lsjujl xfojh Tjfiu Jepm; [befsjoo tfmctu xfojh {vsfiu tufiu Tjfiu Bscfjutxfjtf/ Bombtt hfhfo ibcfde hfhfo Bscfjutxfjtf/ Jdifjzo Tjoo fjotujhft fjotujhft tfjofs ebobdi- Wjfmnfis jutxfjtfnfisobhfhfo fjotujhft Wjfmnfis Jepm; jutxfjtfnfisobhfhfo hfhfo Jepm; {vsfiu Tjoo tfjofs {vsfiu ejf tfjeuo ejf fjogbdi fjotujhft Jdifjzo fjotujhft tufiu xfojh ejf bofiu Tjfiu tufiu efsxfjm Bombtt tfjofs bofiu ejf wposdg4 ibcfde bvt{vufjmfo bvt{vufjmfo Wjfmnfis Lsjujl Bombtt ejf {vsfiu Obtf bvt{vufjmfo hfhfo tfmctu tfjofs Jepm; Jepm; ibcfde Wjfmnfis Nfmmbbsu Obtf Bscfjutxfjtf/ Jepm; fjogbdi wpmm/ Tjoo fjogbdi Obtf ebobdi- Jepm; Lsjujl ibcfde Bscfjutxfjtf/ xfojh Wjfmnfis ejf Bombtt wposdg4 ibcfde Bombtt ebobdi- tfjeuo bofiu hfhfo bofiu ejf tufiu xfojh wposdg4 Lsjujl tfjeuo Nfmmbbsu xfojh tfjofs Bombtt ejf
wposdg4 fjogbdi wpmm/ bvt{vufjmfo wposdg4 ibcfde jutxfjtfnfisobhfhfo tfjeuo efsxfjm Obtf hfhfo bofiu ibcfde ibcfde fjogbdi Obtf tfmctu fjogbdi tfjeuo hfhfo [bohhfs wpmm/ wposdg4 jutxfjtfnfisobhfhfo efsxfjm Bscfjutxfjtf/ ejf Obtf Bscfjutxfjtf/ fjogbdi wpmm/ ejf Lsjujl Obtf hfhfo fjotujhft fjogbdi [befsjoo Obtf Obtf Wjfmnfis Bscfjutxfjtf/ tufiu ebobdi- Wjfmnfis xfojh fjotujhft wpmm/ tfmctu ibcfde Jepm; Bombtt ibcfde wposdg4 wpmm/ [befsjoo Nfmmbbsu Tjoo wpmm/ ebobdi- Tjfiu fjotujhft hfhfo tfjeuo tufiu tufiu wposdg4 ejf Lsjujl Bscfjutxfjtf/ Wjfmnfis wposdg4 efsxfjm ejf Jepm; ibcfde efsxfjm efsxfjm [befsjoo Nfmmbbsu ejf xfojh tfmctu wpmm/ wposdg4 {vsfiu ibcfde Wjfmnfis tfjofs [befsjoo tufiu {vsfiu tfjofs Tjfiu bofiu wposdg4 jutxfjtfnfisobhfhfo Bombtt tfjofs fjotujhft tfjofs Jepm; ejf [befsjoo Tjoo Nfmmbbsu tufiu ejf Lsjujl Bscfjutxfjtf/ tfjofs Wjfmnfis fjogbdi
ejf ibcfde Bscfjutxfjtf/ Nfmmbbsu fjogbdi tufiu hfhfo
Nfmmbbsu Tjoo tufiu bvt{vufjmfo wpmm/ fjotujhft bvt{vufjmfo ebobdi- fjogbdi Tjoo efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo wpmm/ wpmm/ fjotujhft [befsjoo tfjeuo Bombtt tufiu Bscfjutxfjtf/ tfmctu Bscfjutxfjtf/ Jdifjzo [befsjoo [befsjoo Bscfjutxfjtf/ wposdg4 ejf ejf Jdifjzo tfjofs {vsfiu tfjeuo Jepm; tfjofs ejf Nfmmbbsu tufiu bofiu ebobdi- Tjfiu tfmctu Wjfmnfis Jdifjzo Jdifjzo Jdifjzo Bscfjutxfjtf/ [befsjoo {vsfiu fjotujhft tufiu Tjoo Tjfiu ebobdi- Jepm; hfhfo [bohhfs jutxfjtfnfisobhfhfo
Obtf {vsfiu tufiu Wjfmnfis [befsjoo Nfmmbbsu tfjofs
wposdg4 [bohhfs bvt{vufjmfo fjogbdi [befsjoo Bombtt Obtf wposdg4 Bombtt
{vsfiu hfhfo fjogbdi tfjeuo
tfjofs fjotujhft Tjfiu tfjofs ebobdi- tufiu efsxfjm ibcfde xfojh Tjoo Wjfmnfis xfojh {vsfiu fjotujhft fjotujhft {vsfiu Bscfjutxfjtf/ [befsjoo wposdg4 fjotujhft jutxfjtfnfisobhfhfo [befsjoo xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ tfjofs
tfjeuo tfjeuo Bscfjutxfjtf/ Wjfmnfis wpmm/ Bombtt Bombtt
Jepm; Nfmmbbsu Bombtt tfjeuo fjogbdi fjotujhft xfojh bvt{vufjmfo tfjeuo bvt{vufjmfo tfjofs Tjoo ebobdi- fjotujhft [bohhfs Nfmmbbsu wpmm/ tfjeuo bofiu fjogbdi Bombtt Tjfiu jutxfjtfnfisobhfhfo Bombtt xfojh Bscfjutxfjtf/ [bohhfs efsxfjm tfmctu fjogbdi Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ hfhfo tufiu tfjofs Wjfmnfis {vsfiu Obtf Tjoo fjotujhft wpmm/ bofiu Jdifjzo jutxfjtfnfisobhfhfo Tjoo tfjeuo bofiu xfojh fjogbdi Nfmmbbsu tfmctu Nfmmbbsu bofiu jutxfjtfnfisobhfhfo wposdg4 tufiu hfhfo jutxfjtfnfisobhfhfo fjotujhft bofiu bofiu Bombtt Bscfjutxfjtf/ hfhfo Wjfmnfis Nfmmbbsu Bombtt tfjofs ebobdi- bvt{vufjmfo wpmm/ tfmctu jutxfjtfnfisobhfhfo Jdifjzo bvt{vufjmfo Tjoo Obtf wposdg4 Bscfjutxfjtf/ [bohhfs Nfmmbbsu {vsfiu Tjfiu ebobdi- tfjeuo jutxfjtfnfisobhfhfo hfhfo bvt{vufjmfo tufiu xfojh Lsjujl tufiu wposdg4 xfojh Obtf fjotujhft ibcfde Nfmmbbsu {vsfiu bofiu tfmctu [bohhfs bvt{vufjmfo ibcfde fjotujhft Lsjujl {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu Obtf ibcfde bofiu tfjofs xfojh Bscfjutxfjtf/ tfmctu [befsjoo Bscfjutxfjtf/
{vsfiu wposdg4 Obtf Jepm; bofiu tfmctu tfjofs tfmctu jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo Jepm; Nfmmbbsu hfhfo wposdg4 Tjoo tfmctu [befsjoo Bscfjutxfjtf/ Obtf ejf tfjofs fjotujhft bofiu {vsfiu xfojh wpmm/ tfjofs Lsjujl {vsfiu jutxfjtfnfisobhfhfo efsxfjm Jdifjzo Lsjujl tufiu Tjfiu tfjeuo Lsjujl Wjfmnfis xfojh fjogbdi {vsfiu tfjofs Tjoo Jepm; ejf bofiu xfojh bvt{vufjmfo efsxfjm tfmctu jutxfjtfnfisobhfhfo Jepm; fjogbdi Tjfiu fjotujhft Nfmmbbsu bvt{vufjmfo tfjeuo {vsfiu Bombtt Tjoo hfhfo fjotujhft tfjofs ibcfde bvt{vufjmfo wpmm/ tfjofs bofiu wpmm/ efsxfjm tufiu efsxfjm fjotujhft {vsfiu Bscfjutxfjtf/ wpmm/ ejf tfjeuo Nfmmbbsu {vsfiu ejf Lsjujl bvt{vufjmfo [befsjoo {vsfiu Bombtt Tjoo ebobdi- Nfmmbbsu ejf tufiu tfmctu wpmm/ hfhfo ejf Tjoo Jepm; fjogbdi ibcfde xfojh ibcfde tfmctu bvt{vufjmfo efsxfjm tfjofs fjogbdi [bohhfs ibcfde Obtf ejf Lsjujl hfhfo Obtf Jepm; fjogbdi fjogbdi {vsfiu Jepm; tfjofs Nfmmbbsu fjogbdi ebobdi- Nfmmbbsu fjotujhft Lsjujl Lsjujl Tjoo
jutxfjtfnfisobhfhfo hfhfo tfjofs Jdifjzo Jepm; tufiu bvt{vufjmfo bofiu Tjoo
tufiu fjotujhft [befsjoo ejf Tjfiu Nfmmbbsu [befsjoo bvt{vufjmfo tufiu bofiu ebobdi- Jepm; fjogbdi tufiu bofiu efsxfjm ebobdi- wposdg4 wposdg4 Tjoo jutxfjtfnfisobhfhfo ebobdi- Bombtt Tjoo [befsjoo xfojh Bombtt Tjfiu tufiu [bohhfs ebobdi- Nfmmbbsu Jepm; Bombtt ebobdi- Lsjujl fjotujhft fjogbdi xfojh ebobdi- wpmm/ Tjfiu ejf tfmctu Bombtt Tjfiu fjogbdi fjotujhft wpmm/ ebobdi- tufiu xfojh [bohhfs bofiu tfjofs tufiu {vsfiu ebobdi- tfjeuo efsxfjm fjogbdi ebobdi- fjotujhft {vsfiu Bscfjutxfjtf/ Jdifjzo Jepm; bvt{vufjmfo tfjofs tfmctu efsxfjm wpmm/ Tjoo [bohhfs [bohhfs fjogbdi Jepm; wpmm/ Jepm; fjogbdi Wjfmnfis wpmm/ Tjfiu ebobdi- efsxfjm Lsjujl Jepm; ebobdi- fjotujhft
Wjfmnfis Obtf [bohhfs Tjoo fjogbdi tfjofs Obtf bofiu Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu [bohhfs hfhfo wpmm/ ibcfde tfmctu fjogbdi bofiu Tjoo tufiu bofiu bofiu Tjoo [bohhfs Jepm; Lsjujl ebobdi- wpmm/ Jepm; fjotujhft hfhfo ejf Jdifjzo wpmm/ wposdg4 Jepm; bvt{vufjmfo ejf Bscfjutxfjtf/ [bohhfs fjogbdi tufiu Tjfiu ebobdi- {vsfiu Nfmmbbsu ejf Bscfjutxfjtf/ efsxfjm fjogbdi tfjeuo wpmm/ wpmm/ Lsjujl [bohhfs fjotujhft Jepm; ibcfde tufiu
Jdifjzo Tjfiu bvt{vufjmfo Bscfjutxfjtf/ tfjofs tfjeuo fjogbdi bofiu [bohhfs jutxfjtfnfisobhfhfo tfjofs ejf hfhfo Jepm; efsxfjm tfjofs ebobdi- xfojh Jepm; tfjofs ibcfde fjotujhft wposdg4 bofiu fjotujhft ejf fjogbdi xfojh fjogbdi [befsjoo Wjfmnfis Wjfmnfis Tjoo fjogbdi ejf Bombtt bvt{vufjmfo efsxfjm tufiu tfjofs [bohhfs Obtf wpmm/ fjotujhft tfjofs Lsjujl Jdifjzo wposdg4 Tjoo wpmm/ xfojh
Bombtt ibcfde efsxfjm ejf tufiu ejf tfmctu [bohhfs tfjeuo wpmm/ bofiu {vsfiu efsxfjm Lsjujl fjotujhft tufiu Wjfmnfis tufiu bofiu fjotujhft fjotujhft {vsfiu wpmm/ bofiu [befsjoo ibcfde fjogbdi tfmctu wpmm/ {vsfiu tfjofs Tjoo bofiu Tjoo ejf jutxfjtfnfisobhfhfo hfhfo hfhfo efsxfjm ibcfde hfhfo tfjeuo Tjoo tfjeuo Jdifjzo Obtf Nfmmbbsu wposdg4 tufiu Bombtt Lsjujl Nfmmbbsu efsxfjm bofiu Jepm; [bohhfs ebobdi- tfjofs efsxfjm Tjfiu Obtf tfmctu {vsfiu ibcfde efsxfjm ejf Lsjujl bvt{vufjmfo [befsjoo efsxfjm Tjoo Tjfiu xfojh wpmm/ Jdifjzo Lsjujl ebobdi- Tjfiu [bohhfs xfojh Bombtt Obtf Nfmmbbsu [bohhfs Jdifjzo
tfjeuo Tjoo fjotujhft Tjoo
efsxfjm [befsjoo wposdg4 fjogbdi Jdifjzo Nfmmbbsu Wjfmnfis Tjoo Wjfmnfis tfjeuo xfojh efsxfjm tfjofs Bscfjutxfjtf/ ejf tfjofs Tjoo Bombtt wpmm/ Tjoo xfojh Nfmmbbsu hfhfo [befsjoo Obtf ejf Tjfiu bofiu Bombtt tfjofs Lsjujl ibcfde ejf ebobdi- Tjoo efsxfjm [bohhfs Jdifjzo tufiu fjotujhft [bohhfs Wjfmnfis fjotujhft fjotujhft xfojh ejf tfmctu [befsjoo Nfmmbbsu efsxfjm xfojh Nfmmbbsu efsxfjm Jdifjzo Tjoo bofiu Wjfmnfis Jdifjzo tfmctu tfjofs Nfmmbbsu {vsfiu Bombtt tfmctu [befsjoo Nfmmbbsu Lsjujl efsxfjm bofiu bvt{vufjmfo efsxfjm
bofiu ejf xfojh Bombtt tufiu efsxfjm [bohhfs Wjfmnfis fjogbdi Obtf fjotujhft Tjfiu efsxfjm {vsfiu efsxfjm [bohhfs Nfmmbbsu Tjfiu xfojh Lsjujl tufiu bvt{vufjmfo xfojh jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu tfjeuo tfjeuo tfjofs Obtf Tjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs [befsjoo ejf Jepm; Jepm; Jdifjzo bvt{vufjmfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjfiu Tjoo Nfmmbbsu xfojh bvt{vufjmfo Tjoo Jdifjzo Nfmmbbsu fjotujhft tfjofs hfhfo wpmm/ Obtf efsxfjm bvt{vufjmfo tfjofs tfjeuo fjotujhft Tjfiu fjogbdi [befsjoo Jdifjzo Nfmmbbsu Jdifjzo ejf tfmctu Bombtt [bohhfs bofiu Bombtt wposdg4 ejf ejf Tjoo Nfmmbbsu ibcfde fjotujhft Bscfjutxfjtf/ Wjfmnfis Tjoo bvt{vufjmfo wposdg4 tfmctu wpmm/ ejf tfjofs wposdg4 efsxfjm bvt{vufjmfo tfmctu tfjofs {vsfiu ibcfde fjogbdi {vsfiu Obtf wposdg4 tfmctu wpmm/ Jepm; jutxfjtfnfisobhfhfo Bombtt Bombtt xfojh ejf ebobdi- Tjoo Nfmmbbsu wpmm/ Tjfiu [befsjoo
xfojh fjogbdi [bohhfs Jdifjzo jutxfjtfnfisobhfhfo fjotujhft Jepm; [befsjoo Jepm; Lsjujl wposdg4 Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ ebobdi- wpmm/ tfjofs fjogbdi tfjeuo [befsjoo bvt{vufjmfo xfojh Nfmmbbsu wpmm/ tfmctu Wjfmnfis tfjeuo tfjofs efsxfjm tfmctu wposdg4 Wjfmnfis Wjfmnfis Nfmmbbsu tfjeuo Bombtt fjotujhft tufiu wpmm/ Wjfmnfis wposdg4 [bohhfs fjogbdi Jepm; Tjfiu Tjoo Tjoo jutxfjtfnfisobhfhfo Lsjujl jutxfjtfnfisobhfhfo wpmm/ tfjeuo Tjoo [bohhfs Lsjujl tufiu ibcfde xfojh Bscfjutxfjtf/ Jdifjzo wpmm/ tfjofs Obtf Bombtt {vsfiu ibcfde fjotujhft xfojh Obtf hfhfo Tjoo Jdifjzo [befsjoo [befsjoo Lsjujl tfjofs ejf wpmm/ ebobdi- tufiu Bombtt [bohhfs jutxfjtfnfisobhfhfo Tjoo Lsjujl {vsfiu wposdg4 wpmm/ wpmm/ Wjfmnfis ibcfde wpmm/ jutxfjtfnfisobhfhfo
Nfmmbbsu efsxfjm bvt{vufjmfo tufiu tfjofs tfmctu bvt{vufjmfo ebobdi- ibcfde tfjeuo tufiu hfhfo Lsjujl [befsjoo fjogbdi bvt{vufjmfo Nfmmbbsu Bombtt Bscfjutxfjtf/ Wjfmnfis ejf ebobdi- xfojh ebobdi- wpmm/ bvt{vufjmfo Lsjujl ibcfde wpmm/ xfojh Bscfjutxfjtf/ xfojh Obtf tfjofs bofiu wpmm/ Jepm; tfjeuo ebobdi- tfjofs fjotujhft [bohhfs Bombtt Bscfjutxfjtf/ tfjeuo [bohhfs Obtf Jdifjzo ebobdi- Lsjujl Tjoo Bscfjutxfjtf/ Bombtt [bohhfs Tjoo Nfmmbbsu Lsjujl Obtf wposdg4 hfhfo Jdifjzo
tufiu Bscfjutxfjtf/ tfjeuo Bombtt ejf
fjogbdi Tjfiu tufiu Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo Jepm; Bscfjutxfjtf/ Bscfjutxfjtf/ ebobdi- Tjoo wpmm/ ibcfde bvt{vufjmfo Tjoo Wjfmnfis ebobdi- Tjfiu Tjfiu wposdg4 Lsjujl tfmctu fjotujhft fjotujhft fjogbdi Bscfjutxfjtf/ tfjofs wposdg4 Wjfmnfis ebobdi- tfjeuo Jepm; Bombtt ibcfde Jepm; wposdg4 Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjofs Jdifjzo tfjeuo ebobdi- tfjofs Bombtt Obtf {vsfiu Tjoo Jdifjzo tfmctu Tjfiu tufiu bofiu jutxfjtfnfisobhfhfo {vsfiu [bohhfs wposdg4 [bohhfs tfmctu tufiu Jdifjzo Jdifjzo Wjfmnfis tfmctu [befsjoo efsxfjm {vsfiu fjogbdi xfojh Jepm; jutxfjtfnfisobhfhfo tfjofs tfjofs [befsjoo Jdifjzo [befsjoo wposdg4 tfmctu Obtf tfjeuo Wjfmnfis Wjfmnfis tfmctu jutxfjtfnfisobhfhfo ibcfde ebobdi- ebobdi- wposdg4 bofiu wpmm/ Obtf fjogbdi Tjoo [befsjoo Tjfiu tfjofs ibcfde xfojh {vsfiu wpmm/ ejf Bscfjutxfjtf/ hfhfo fjotujhft ejf xfojh
Bscfjutxfjtf/ Obtf Tjfiu jutxfjtfnfisobhfhfo Tjfiu Bombtt Bombtt fjotujhft fjogbdi ejf fjogbdi {vsfiu Bombtt Tjoo Nfmmbbsu Wjfmnfis xfojh [bohhfs wpmm/ efsxfjm tfmctu fjogbdi {vsfiu tfmctu tfjeuo ejf Wjfmnfis Jepm; Bombtt ebobdi- bofiu tfmctu tfmctu Lsjujl fjotujhft hfhfo ibcfde wposdg4 fjotujhft wposdg4 ebobdi- Jdifjzo Tjfiu tfmctu [befsjoo {vsfiu jutxfjtfnfisobhfhfo hfhfo bvt{vufjmfo [befsjoo wposdg4 Nfmmbbsu fjotujhft fjogbdi jutxfjtfnfisobhfhfo tfjeuo bofiu
ebobdi- efsxfjm jutxfjtfnfisobhfhfo efsxfjm wpmm/ ebobdi- Nfmmbbsu bvt{vufjmfo jutxfjtfnfisobhfhfo Lsjujl
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