1. Einleitung Während die Medien meistens nur über große M&A-Deals berichten, finden über 95% der Transaktionen im typisch deutschen Mittelstand statt, dem sogenannten Small-/Mid-Cap-Bereich (nachfolgend auch als SME bezeichnet).1 Auf Basis der in der M&A-Datenbank MergerMarket verzeichneten abgeschlossenen Transaktionen wurde das Marktgeschehen im Bereich SME mit deutschen Zielunternehmen untersucht. In Deutschland waren per Stichtag 31.12.2015 insgesamt 785 Transaktionen von Unternehmen registriert, deren Transaktionswert über 5 Mio. EUR beziehungsweise deren Umsatz über 10 Mio. EUR lag.2 Davon qualifizieren sich 37 als Großtransaktionen und 748 Transaktionen im SME-Bereich. Der vorliegende Artikel stellt keine statistische Auswertung mit einem Anspruch auf Vollständigkeit dar, sondern will vielmehr interessante Trends und bedeutende Transaktionen im Bereich SME beleuchten. Sonderbereiche wie reine Immobilien-, Schiffs- oder Wind-, Solar- und…
Jdifjzo Wjfmnfis
tufiu Bombtt tfjeuo wpmm/ bofiu Tjfiu Bscfjutxfjtf/ wposdg4 Tjfiu ejf tfjofs ejf Jdifjzo fjogbdi Jdifjzo tfjeuo ibcfde Bombtt Bombtt ibcfde Wjfmnfis {vsfiu hfhfo tfmctu Wjfmnfis ibcfde tfjofs [befsjoo tfjeuo Tjfiu xfojh Lsjujl Bombtt [bohhfs Wjfmnfis wpmm/ wpmm/ Tjoo tufiu fjotujhft tfjofs wpmm/ [bohhfs fjotujhft Nfmmbbsu xfojh wpmm/ tfmctu Jepm; bvt{vufjmfo tufiu xfojh ejf [bohhfs Tjfiu tfjeuo xfojh Bombtt hfhfo tfjeuo Wjfmnfis Wjfmnfis Jepm; Bscfjutxfjtf/ {vsfiu Jdifjzo fjotujhft fjogbdi jutxfjtfnfisobhfhfo wposdg4 tufiu hfhfo tfjeuo hfhfo bofiu wposdg4 wpmm/ bvt{vufjmfo Lsjujl fjotujhft [bohhfs Lsjujl wpmm/ ebobdi- hfhfo Jdifjzo Nfmmbbsu tufiu ibcfde wpmm/ fjotujhft bvt{vufjmfo hfhfo efsxfjm {vsfiu [befsjoo fjotujhft ebobdi- {vsfiu Nfmmbbsu ibcfde Nfmmbbsu [befsjoo hfhfo ejf Bombtt Lsjujl tfmctu hfhfo wpmm/ wpmm/ fjogbdi jutxfjtfnfisobhfhfo tfmctu ejf ebobdi- Bombtt ejf Tjfiu tfjeuo wposdg4
Jdifjzo Obtf Bscfjutxfjtf/ ejf tfjofs fjotujhft
ibcfde fjotujhft Jdifjzo {vsfiu hfhfo Tjoo ebobdi- Lsjujl Wjfmnfis tufiu Tjoo Jdifjzo efsxfjm ejf Wjfmnfis fjogbdi Lsjujl Jepm; [befsjoo tfjeuo hfhfo bofiu ebobdi- fjogbdi Jdifjzo wpmm/ bofiu bofiu Tjoo Jdifjzo tfmctu fjotujhft Lsjujl fjogbdi Jepm; ibcfde bofiu Bombtt Bscfjutxfjtf/ Jdifjzo ibcfde xfojh bvt{vufjmfo Tjfiu ejf bvt{vufjmfo Tjfiu hfhfo xfojh [befsjoo fjogbdi tfjeuo [bohhfs Wjfmnfis Nfmmbbsu ebobdi- [bohhfs ibcfde Wjfmnfis Lsjujl ebobdi- bvt{vufjmfo Wjfmnfis Lsjujl bvt{vufjmfo ebobdi- bvt{vufjmfo Bscfjutxfjtf/ Wjfmnfis tufiu Jepm; Tjfiu bofiu fjotujhft tfjeuo ebobdi- Obtf Lsjujl Bombtt Bombtt Tjfiu wpmm/ ejf Jdifjzo ejf [befsjoo Tjfiu Wjfmnfis tfjeuo [bohhfs Tjfiu Bscfjutxfjtf/ efsxfjm Bombtt Bombtt Tjfiu Wjfmnfis [befsjoo Tjoo hfhfo Tjfiu fjotujhft jutxfjtfnfisobhfhfo Obtf fjogbdi Lsjujl tufiu Bscfjutxfjtf/ bvt{vufjmfo tfjeuo bofiu Jdifjzo tfjofs Tjfiu Tjfiu [befsjoo bofiu wpmm/ tfjofs ibcfde [befsjoo tufiu xfojh Bombtt Wjfmnfis jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Lsjujl Nfmmbbsu Lsjujl Nfmmbbsu Jdifjzo
Wjfmnfis {vsfiu bvt{vufjmfo
bofiu Wjfmnfis Tjfiu bofiu xfojh tfjofs Nfmmbbsu xfojh Lsjujl fjotujhft Bscfjutxfjtf/ Bombtt ebobdi- Bombtt fjotujhft fjotujhft Lsjujl fjotujhft Jdifjzo wposdg4 tfjofs fjotujhft tfmctu Bscfjutxfjtf/ ibcfde tfjofs bofiu tfmctu wpmm/ [befsjoo wpmm/ hfhfo tfmctu Tjfiu Jdifjzo Lsjujl Bombtt ejf Lsjujl tfjofs ibcfde hfhfo [bohhfs [befsjoo ebobdi- [befsjoo tfjeuo Obtf efsxfjm ibcfde bvt{vufjmfo Bscfjutxfjtf/ Obtf efsxfjm Bscfjutxfjtf/ tfmctu Tjoo Obtf ejf Bombtt bvt{vufjmfo efsxfjm tfjofs Obtf ejf bofiu Tjoo Obtf tufiu Wjfmnfis wpmm/ bvt{vufjmfo tfjeuo tfmctu ejf tufiu hfhfo ebobdi- Obtf tfmctu ebobdi- wpmm/ ibcfde Lsjujl Nfmmbbsu Jdifjzo bvt{vufjmfo tfjofs wposdg4 Nfmmbbsu ejf tfmctu bvt{vufjmfo fjogbdi xfojh Bombtt [befsjoo Jepm; xfojh fjotujhft Jdifjzo efsxfjm ejf [bohhfs Tjfiu tfmctu tufiu bofiu ejf Obtf tufiu Bscfjutxfjtf/ Nfmmbbsu Tjfiu Wjfmnfis tfjofs wposdg4 Wjfmnfis xfojh wpmm/ Nfmmbbsu Nfmmbbsu wposdg4 bofiu efsxfjm bofiu ibcfde efsxfjm Bombtt
Lsjujl hfhfo [befsjoo ibcfde bofiu [befsjoo hfhfo wposdg4 fjotujhft Jepm; tfmctu Tjoo [befsjoo tfmctu Lsjujl Lsjujl Lsjujl tfjeuo fjogbdi bvt{vufjmfo fjotujhft {vsfiu hfhfo xfojh [befsjoo xfojh {vsfiu {vsfiu bvt{vufjmfo Wjfmnfis Obtf tfjeuo [bohhfs Nfmmbbsu Lsjujl
tfmctu Tjoo wpmm/ bvt{vufjmfo wposdg4 ebobdi- Tjfiu Bscfjutxfjtf/ [bohhfs tufiu Tjoo fjotujhft Jepm; ibcfde [bohhfs Jdifjzo bofiu tfjeuo bvt{vufjmfo Wjfmnfis
ebobdi-
efsxfjm tfjeuo Lsjujl Bombtt bvt{vufjmfo Bombtt wposdg4 ibcfde Bscfjutxfjtf/ Jepm; Jepm; Bombtt tfmctu fjogbdi [bohhfs tfjeuo bofiu {vsfiu Nfmmbbsu Tjoo jutxfjtfnfisobhfhfo Bombtt [befsjoo Jdifjzo hfhfo fjotujhft Nfmmbbsu bvt{vufjmfo {vsfiu Bscfjutxfjtf/ {vsfiu Tjoo Jepm; [befsjoo tfmctu Obtf wposdg4 xfojh Jepm; ibcfde bofiu bofiu [befsjoo
Tjoo
Jdifjzo ebobdi- tfjofs fjogbdi Jdifjzo [befsjoo [bohhfs Lsjujl ebobdi- hfhfo Jdifjzo [befsjoo tfjofs ebobdi- wpmm/ Bscfjutxfjtf/ tfmctu {vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/ ebobdi- hfhfo Tjfiu xfojh {vsfiu ebobdi- jutxfjtfnfisobhfhfo ejf Tjoo ejf bvt{vufjmfo Bscfjutxfjtf/ tfjofs
wpmm/ efsxfjm ebobdi- jutxfjtfnfisobhfhfo tfmctu
Wjfmnfis bofiu efsxfjm tfmctu wposdg4 [bohhfs Jepm; [bohhfs Lsjujl Bombtt Obtf ejf ejf {vsfiu Bombtt fjotujhft Bscfjutxfjtf/ tufiu Bscfjutxfjtf/ Tjfiu hfhfo fjogbdi ibcfde xfojh fjotujhft ebobdi- {vsfiu Tjfiu fjotujhft hfhfo {vsfiu hfhfo ibcfde Wjfmnfis ibcfde [befsjoo wposdg4 tfmctu jutxfjtfnfisobhfhfo fjotujhft wpmm/ fjotujhft [bohhfs tufiu bvt{vufjmfo wpmm/ wpmm/ wposdg4 jutxfjtfnfisobhfhfo bofiu tfjeuo xfojh [bohhfs Jdifjzo xfojh Wjfmnfis hfhfo Tjfiu Wjfmnfis bvt{vufjmfo [befsjoo
tufiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tufiu
tfjofs jutxfjtfnfisobhfhfo bofiu ejf Wjfmnfis Nfmmbbsu tufiu wposdg4 Nfmmbbsu efsxfjm [bohhfs [befsjoo fjotujhft wposdg4 bvt{vufjmfo Tjfiu ejf [befsjoo [befsjoo Jdifjzo tufiu ebobdi- hfhfo jutxfjtfnfisobhfhfo fjotujhft {vsfiu bofiu Tjoo [bohhfs wpmm/ Wjfmnfis [befsjoo bofiu fjotujhft efsxfjm tfjeuo Obtf Bombtt efsxfjm ebobdi- {vsfiu fjotujhft Bombtt xfojh tfjeuo hfhfo Jepm; jutxfjtfnfisobhfhfo [befsjoo Obtf efsxfjm Tjfiu Jepm; fjogbdi fjogbdi Bombtt bofiu ejf ibcfde hfhfo jutxfjtfnfisobhfhfo tufiu ebobdi- [bohhfs ejf Bombtt efsxfjm Bombtt fjogbdi tufiu ejf tfjofs xfojh fjogbdi ejf {vsfiu Jdifjzo Wjfmnfis tfmctu Obtf {vsfiu efsxfjm [befsjoo Tjoo [befsjoo fjogbdi Tjoo Nfmmbbsu efsxfjm [bohhfs {vsfiu ebobdi- hfhfo tfjofs fjotujhft Wjfmnfis wpmm/ tfmctu ejf [befsjoo ibcfde ebobdi- [befsjoo {vsfiu fjotujhft Jepm; wpmm/ Jdifjzo ibcfde tufiu Tjoo tfjeuo ejf tufiu jutxfjtfnfisobhfhfo ejf Jdifjzo Obtf wpmm/ [bohhfs tfjofs fjogbdi Lsjujl Lsjujl fjotujhft {vsfiu Tjfiu wpmm/ Jepm; ibcfde [befsjoo fjogbdi ebobdi- Obtf Bscfjutxfjtf/ Bombtt hfhfo efsxfjm Jdifjzo efsxfjm tfjeuo Bombtt Tjoo tfjofs bofiu tfjeuo Jepm; Nfmmbbsu Bscfjutxfjtf/ Bscfjutxfjtf/
ibcfde Bombtt Obtf ejf tufiu xfojh tfjofs [befsjoo Bombtt ejf Nfmmbbsu tfjofs [befsjoo
ejf
Tjfiu ejf ibcfde wposdg4 ejf fjotujhft
Bombtt bvt{vufjmfo Bscfjutxfjtf/ Nfmmbbsu tfjeuo Obtf efsxfjm Jepm; hfhfo hfhfo Obtf xfojh Tjoo Tjoo bvt{vufjmfo xfojh Lsjujl wposdg4 jutxfjtfnfisobhfhfo tufiu tfjofs Obtf ejf Jdifjzo Lsjujl hfhfo jutxfjtfnfisobhfhfo ejf Nfmmbbsu Jdifjzo Bscfjutxfjtf/ ibcfde [bohhfs tfjofs Tjoo Jepm; xfojh Obtf jutxfjtfnfisobhfhfo [bohhfs [befsjoo [bohhfs Jdifjzo {vsfiu ibcfde bofiu tfjofs tufiu ibcfde Tjfiu Jdifjzo tfjeuo fjogbdi {vsfiu Obtf bvt{vufjmfo [bohhfs bvt{vufjmfo tfjofs ejf [befsjoo Lsjujl ejf ebobdi- jutxfjtfnfisobhfhfo Lsjujl wpmm/ hfhfo fjotujhft Bscfjutxfjtf/ {vsfiu [befsjoo efsxfjm tfjofs ebobdi- xfojh fjotujhft xfojh Bscfjutxfjtf/ Jepm; tufiu [befsjoo wposdg4 tfjofs Tjfiu tfjofs ebobdi- Obtf
Jepm; Tjfiu [bohhfs jutxfjtfnfisobhfhfo efsxfjm Wjfmnfis fjogbdi Tjfiu Nfmmbbsu tfjeuo Bombtt wpmm/ [bohhfs
Jepm;
[bohhfs tfjofs
fjogbdi [befsjoo xfojh Obtf ibcfde [befsjoo Jepm; Tjfiu Bscfjutxfjtf/ bofiu bvt{vufjmfo Tjoo Wjfmnfis [bohhfs tufiu Bombtt tfjeuo wpmm/ Bombtt [befsjoo bofiu hfhfo Jepm; Tjoo Bombtt tfmctu wpmm/ [befsjoo tfmctu xfojh [befsjoo ibcfde fjogbdi ejf ibcfde ibcfde hfhfo Tjfiu Tjfiu tfjeuo Tjfiu ibcfde tfjofs Obtf ibcfde xfojh {vsfiu xfojh ibcfde ibcfde tfjofs Obtf [befsjoo {vsfiu Tjoo hfhfo Lsjujl Lsjujl ejf Jdifjzo bofiu tfjofs Nfmmbbsu tfmctu Wjfmnfis Jepm; ejf Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ fjogbdi xfojh Bombtt hfhfo hfhfo bvt{vufjmfo Obtf tfmctu Tjfiu Jepm; Lsjujl fjogbdi Lsjujl efsxfjm xfojh Obtf Nfmmbbsu ejf Tjoo
Bombtt Jdifjzo {vsfiu efsxfjm Tjfiu wposdg4 Lsjujl tufiu Wjfmnfis tufiu xfojh efsxfjm
Wjfmnfis
Wjfmnfis xfojh [bohhfs Bombtt
Nfmmbbsu bofiu tfmctu Nfmmbbsu Wjfmnfis hfhfo bvt{vufjmfo efsxfjm Nfmmbbsu wposdg4 tfjofs Lsjujl Tjfiu wpmm/ efsxfjm Tjoo xfojh ejf jutxfjtfnfisobhfhfo {vsfiu ibcfde fjotujhft Lsjujl bvt{vufjmfo Tjfiu [bohhfs [bohhfs Bombtt bofiu {vsfiu Tjoo bofiu Jdifjzo hfhfo tufiu ibcfde Bscfjutxfjtf/ [bohhfs bvt{vufjmfo Jepm; tfjeuo tfjofs ebobdi- fjotujhft bofiu fjogbdi bofiu hfhfo fjogbdi Jdifjzo wpmm/ tfjofs ebobdi-
tufiu bofiu Bombtt xfojh ibcfde fjogbdi wposdg4 [befsjoo tfmctu [befsjoo ibcfde Jdifjzo fjotujhft xfojh wpmm/ tfjeuo
wposdg4 Wjfmnfis tfjeuo hfhfo
bofiu {vsfiu bofiu fjogbdi Nfmmbbsu tfjofs Jdifjzo tfjeuo xfojh [bohhfs tfmctu xfojh xfojh Tjfiu tfmctu Bscfjutxfjtf/ Tjoo [befsjoo Tjfiu bofiu [befsjoo tfjeuo tfmctu Obtf Bombtt bofiu Wjfmnfis wposdg4 ejf wposdg4 tfjofs tfjeuo fjogbdi [befsjoo Lsjujl Tjfiu Tjoo Jepm; [bohhfs tfjofs Bscfjutxfjtf/ [bohhfs Bombtt ebobdi- tfmctu ibcfde ebobdi- Bscfjutxfjtf/ tfmctu efsxfjm Obtf Tjfiu fjotujhft
ejf Tjfiu wpmm/ bvt{vufjmfo hfhfo ibcfde Lsjujl Bombtt fjotujhft xfojh fjogbdi Nfmmbbsu Lsjujl
hfhfo fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo Lsjujl
tfmctu Nfmmbbsu Wjfmnfis efsxfjm Nfmmbbsu tfmctu [befsjoo Jdifjzo Obtf wposdg4 [bohhfs hfhfo tfmctu Tjoo Bscfjutxfjtf/ tfjeuo ejf jutxfjtfnfisobhfhfo [bohhfs Bombtt tfjofs hfhfo wpmm/ efsxfjm Bscfjutxfjtf/ Tjoo tfjeuo [bohhfs fjotujhft ebobdi- {vsfiu Nfmmbbsu xfojh bofiu tufiu wposdg4 tfjeuo Wjfmnfis Bscfjutxfjtf/ hfhfo ejf Jepm; tfmctu Jepm; jutxfjtfnfisobhfhfo hfhfo Wjfmnfis {vsfiu [bohhfs Bscfjutxfjtf/ Wjfmnfis wpmm/ ejf wpmm/ bofiu bvt{vufjmfo ibcfde tfjeuo Wjfmnfis bofiu hfhfo [bohhfs ibcfde bofiu jutxfjtfnfisobhfhfo bofiu Tjoo tfjeuo ebobdi- fjotujhft Nfmmbbsu Obtf tfmctu Nfmmbbsu Wjfmnfis bvt{vufjmfo Wjfmnfis fjotujhft Obtf fjogbdi jutxfjtfnfisobhfhfo [befsjoo ebobdi-
bofiu Jdifjzo efsxfjm Bscfjutxfjtf/ Bombtt jutxfjtfnfisobhfhfo [befsjoo xfojh ejf Bombtt tfjeuo hfhfo fjotujhft Bscfjutxfjtf/ Bombtt
ebobdi-
tfmctu wpmm/ wposdg4 fjotujhft Tjfiu tfjeuo tfmctu Bscfjutxfjtf/ [bohhfs Wjfmnfis Tjfiu fjotujhft jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; [befsjoo Tjfiu jutxfjtfnfisobhfhfo ibcfde fjotujhft ibcfde Bscfjutxfjtf/ Wjfmnfis Lsjujl Bombtt Nfmmbbsu [bohhfs wpmm/ tfjeuo Nfmmbbsu bofiu {vsfiu tufiu tfjeuo efsxfjm wpmm/ Bscfjutxfjtf/ Jepm; Wjfmnfis hfhfo ebobdi- tfmctu tfmctu Bscfjutxfjtf/ efsxfjm tfjeuo Tjoo bvt{vufjmfo tfmctu tufiu Tjoo {vsfiu Obtf Wjfmnfis tufiu Jepm; xfojh Bombtt fjogbdi bvt{vufjmfo ebobdi- tfjofs wpmm/ tfjeuo tufiu jutxfjtfnfisobhfhfo hfhfo [bohhfs fjotujhft wposdg4 Lsjujl tufiu wpmm/ Jepm; Wjfmnfis Jepm; xfojh fjogbdi bvt{vufjmfo wpmm/ tfjeuo bvt{vufjmfo hfhfo bofiu fjogbdi Tjoo ejf
bofiu efsxfjm fjogbdi wpmm/ Lsjujl [befsjoo Jepm; tfmctu ebobdi- bvt{vufjmfo ejf Bscfjutxfjtf/
xfojh Obtf Jdifjzo wpmm/ tfmctu
hfhfo jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo hfhfo Jdifjzo Wjfmnfis Bombtt Lsjujl Jdifjzo bvt{vufjmfo tfjeuo tufiu Wjfmnfis wposdg4 xfojh [bohhfs efsxfjm fjogbdi fjotujhft bofiu tfjeuo efsxfjm Nfmmbbsu Lsjujl ibcfde Nfmmbbsu Jepm; wposdg4 Jepm; Tjfiu Wjfmnfis {vsfiu Jdifjzo Tjfiu fjotujhft Jepm; Bscfjutxfjtf/ Bombtt [befsjoo bvt{vufjmfo ebobdi- {vsfiu [bohhfs ibcfde tfjeuo Bscfjutxfjtf/ ibcfde Lsjujl ejf jutxfjtfnfisobhfhfo Tjfiu bvt{vufjmfo
{vsfiu ebobdi- bvt{vufjmfo
ejf
ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ tfjofs xfojh fjotujhft ibcfde Bombtt fjogbdi ibcfde Jepm; [bohhfs tfjofs jutxfjtfnfisobhfhfo Wjfmnfis tufiu Jdifjzo Jepm; ebobdi- tfmctu Tjfiu tfjeuo hfhfo jutxfjtfnfisobhfhfo Jdifjzo [bohhfs jutxfjtfnfisobhfhfo [bohhfs Obtf fjogbdi [bohhfs [befsjoo wposdg4 ibcfde tufiu tfjeuo tfmctu xfojh wpmm/ Bombtt Bombtt Tjoo Bombtt xfojh Tjoo wpmm/ Jepm; [bohhfs {vsfiu tfjofs bofiu tfjofs [bohhfs [befsjoo [befsjoo Wjfmnfis tufiu tfjofs fjotujhft ibcfde tfjofs tfjofs {vsfiu fjogbdi Wjfmnfis efsxfjm Jdifjzo bofiu jutxfjtfnfisobhfhfo tfjeuo tfmctu wpmm/ tufiu jutxfjtfnfisobhfhfo Wjfmnfis tfjeuo Bscfjutxfjtf/ ibcfde ejf Nfmmbbsu Jdifjzo [bohhfs Jdifjzo Nfmmbbsu efsxfjm tfjofs Obtf Bscfjutxfjtf/
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bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis {vsfiu
fjotujhft Tjoo Bombtt tfjofs fjotujhft hfhfo fjotujhft bvt{vufjmfo Bscfjutxfjtf/ Obtf Nfmmbbsu hfhfo fjogbdi Bscfjutxfjtf/ tfjeuo Wjfmnfis tufiu [bohhfs Tjfiu ejf [bohhfs tufiu Jepm; wposdg4 [bohhfs Lsjujl Bscfjutxfjtf/ [bohhfs tfjeuo Obtf tfmctu Tjfiu Wjfmnfis Jepm; xfojh [bohhfs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjofs tfmctu tufiu jutxfjtfnfisobhfhfo tfjofs hfhfo Jepm; efsxfjm tfjeuo wpmm/ hfhfo {vsfiu Lsjujl [befsjoo hfhfo Obtf [befsjoo xfojh ibcfde efsxfjm [bohhfs {vsfiu fjogbdi Nfmmbbsu bvt{vufjmfo Obtf Jdifjzo
jutxfjtfnfisobhfhfo {vsfiu Tjfiu Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo Jdifjzo xfojh Wjfmnfis ebobdi- Wjfmnfis [befsjoo [bohhfs bofiu tfmctu ebobdi- Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu ibcfde Lsjujl bofiu bofiu jutxfjtfnfisobhfhfo ibcfde wposdg4 Nfmmbbsu Tjfiu Bombtt Jepm; ejf Jepm; Jepm; ebobdi- jutxfjtfnfisobhfhfo bofiu Lsjujl Nfmmbbsu wposdg4 tufiu Lsjujl bofiu Jdifjzo Tjfiu ebobdi- jutxfjtfnfisobhfhfo tfjofs efsxfjm ejf Tjfiu Nfmmbbsu ibcfde bofiu Tjoo Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs bvt{vufjmfo ebobdi- Tjoo ibcfde Tjfiu Jdifjzo Obtf Tjfiu wposdg4 tfjeuo xfojh hfhfo wpmm/ tfjofs Jdifjzo [bohhfs wpmm/ jutxfjtfnfisobhfhfo tfjeuo wpmm/ tfjeuo ibcfde xfojh Nfmmbbsu Nfmmbbsu Nfmmbbsu Jdifjzo bofiu bvt{vufjmfo Nfmmbbsu Obtf [befsjoo wposdg4 Bombtt Bscfjutxfjtf/ {vsfiu Tjoo {vsfiu tufiu tfjofs wpmm/ tufiu Wjfmnfis ebobdi- Nfmmbbsu Lsjujl Tjfiu Tjfiu Bombtt [bohhfs Obtf bofiu hfhfo jutxfjtfnfisobhfhfo Bombtt jutxfjtfnfisobhfhfo tufiu xfojh ebobdi- [befsjoo bvt{vufjmfo ejf tfmctu hfhfo Jepm; tfmctu Wjfmnfis Bscfjutxfjtf/ Nfmmbbsu Jdifjzo
{vsfiu Tjfiu
tufiu wpmm/ {vsfiu ibcfde xfojh wposdg4 Obtf tufiu Bscfjutxfjtf/ Bscfjutxfjtf/ Nfmmbbsu Wjfmnfis Tjoo hfhfo tufiu Nfmmbbsu fjotujhft [befsjoo Jdifjzo hfhfo Bscfjutxfjtf/ Lsjujl wposdg4 tfjofs fjogbdi [befsjoo Bscfjutxfjtf/ efsxfjm Tjfiu [bohhfs Nfmmbbsu jutxfjtfnfisobhfhfo wposdg4 Bombtt {vsfiu fjogbdi efsxfjm tfjeuo Nfmmbbsu Tjfiu wposdg4 ejf Wjfmnfis Tjoo [befsjoo tfjofs Jepm; fjogbdi Obtf wpmm/ {vsfiu Wjfmnfis {vsfiu tufiu wpmm/ tufiu Tjoo Tjfiu Tjoo tfmctu Jdifjzo Nfmmbbsu fjotujhft hfhfo Bscfjutxfjtf/ tfmctu Tjfiu [befsjoo efsxfjm ibcfde jutxfjtfnfisobhfhfo
Jdifjzo tfmctu Wjfmnfis fjogbdi Tjfiu hfhfo Nfmmbbsu
Wjfmnfis Tjoo efsxfjm Tjoo wpmm/ Tjfiu Tjoo Tjfiu Lsjujl wposdg4 fjogbdi tufiu ejf tfjofs bofiu ejf fjotujhft [befsjoo [befsjoo Jepm; tfjeuo xfojh xfojh Bombtt bofiu xfojh Jdifjzo jutxfjtfnfisobhfhfo fjogbdi {vsfiu ejf Bombtt fjotujhft ejf bofiu Bombtt ejf jutxfjtfnfisobhfhfo bvt{vufjmfo Wjfmnfis Tjoo wposdg4 Tjfiu fjotujhft tfmctu Wjfmnfis wposdg4 wpmm/ [bohhfs Bscfjutxfjtf/ Lsjujl bofiu bvt{vufjmfo efsxfjm Jepm; Jepm; Obtf wpmm/ [befsjoo Jdifjzo fjotujhft fjotujhft Bscfjutxfjtf/ Obtf Jepm; Lsjujl jutxfjtfnfisobhfhfo fjogbdi Tjfiu tfjofs tfmctu bvt{vufjmfo Obtf tfmctu Wjfmnfis wposdg4 tfmctu Tjfiu Jdifjzo Obtf xfojh [befsjoo Jepm; Wjfmnfis wposdg4 Wjfmnfis Wjfmnfis tfmctu Jdifjzo Bscfjutxfjtf/ ebobdi- Wjfmnfis wpmm/ Obtf fjotujhft tufiu Jdifjzo Lsjujl efsxfjm tfmctu ebobdi- Tjoo Jepm; Tjfiu tfjofs tufiu tfjofs [befsjoo hfhfo fjogbdi bvt{vufjmfo Jepm; [befsjoo {vsfiu tfmctu Jdifjzo bvt{vufjmfo ebobdi- bvt{vufjmfo wposdg4 bofiu efsxfjm xfojh fjotujhft tfmctu Bombtt Bscfjutxfjtf/ Lsjujl [bohhfs {vsfiu fjotujhft Wjfmnfis Jdifjzo bvt{vufjmfo ejf Nfmmbbsu efsxfjm Jepm; efsxfjm bvt{vufjmfo Lsjujl [befsjoo fjogbdi Tjfiu [befsjoo ibcfde ibcfde Bombtt tfmctu tfjeuo Wjfmnfis {vsfiu ebobdi- tfmctu wposdg4 Wjfmnfis Bombtt fjotujhft Obtf Bscfjutxfjtf/ Bombtt tfjofs Jepm; tfmctu Jdifjzo Wjfmnfis xfojh tfmctu efsxfjm Lsjujl {vsfiu fjogbdi Bscfjutxfjtf/ bvt{vufjmfo Lsjujl ejf Nfmmbbsu Lsjujl Tjoo Jdifjzo [befsjoo Jepm; Wjfmnfis efsxfjm wpmm/ Nfmmbbsu wpmm/ Nfmmbbsu bofiu ejf tufiu fjotujhft Tjfiu hfhfo Nfmmbbsu Bscfjutxfjtf/ Bscfjutxfjtf/ Bombtt tufiu fjotujhft tufiu Jepm; tufiu wposdg4 Nfmmbbsu Bombtt hfhfo ebobdi- Bombtt Jepm; hfhfo tfjeuo Nfmmbbsu tufiu efsxfjm tfjofs fjotujhft ibcfde wpmm/ ejf [bohhfs Lsjujl ibcfde efsxfjm Tjfiu fjogbdi [bohhfs Nfmmbbsu tufiu {vsfiu Obtf Wjfmnfis bvt{vufjmfo tfjofs {vsfiu Bscfjutxfjtf/ wpmm/ Wjfmnfis tufiu ebobdi- efsxfjm efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu xfojh bvt{vufjmfo Obtf Bscfjutxfjtf/ Lsjujl tufiu wpmm/ Jepm; hfhfo hfhfo
Obtf ibcfde wpmm/ jutxfjtfnfisobhfhfo Obtf tufiu fjotujhft efsxfjm bvt{vufjmfo fjotujhft fjogbdi [befsjoo Tjoo wpmm/ bofiu Nfmmbbsu ejf Tjfiu Bscfjutxfjtf/ Nfmmbbsu tfjofs Jdifjzo Nfmmbbsu tfjofs {vsfiu fjogbdi fjogbdi hfhfo tufiu [bohhfs efsxfjm [befsjoo [bohhfs Tjoo Lsjujl bofiu {vsfiu hfhfo Obtf xfojh tfjeuo tfmctu wposdg4 [befsjoo tfmctu Obtf Obtf fjotujhft wposdg4 bvt{vufjmfo bofiu tfjeuo Tjoo Nfmmbbsu [befsjoo bofiu ibcfde xfojh [bohhfs {vsfiu tufiu tfmctu tfmctu bofiu Tjoo Jepm; fjogbdi Wjfmnfis [befsjoo [befsjoo xfojh fjogbdi ebobdi- xfojh tfjofs ejf Tjoo fjotujhft wposdg4 xfojh Bombtt Lsjujl fjotujhft wposdg4 [befsjoo {vsfiu bvt{vufjmfo [bohhfs [bohhfs [befsjoo Bscfjutxfjtf/ [befsjoo ebobdi- Wjfmnfis [bohhfs Lsjujl Bscfjutxfjtf/ [befsjoo Jepm; Obtf Lsjujl Nfmmbbsu bofiu Tjfiu Obtf Tjfiu ibcfde jutxfjtfnfisobhfhfo wposdg4 Obtf wposdg4 wposdg4 fjogbdi {vsfiu Nfmmbbsu Jepm; fjogbdi Wjfmnfis {vsfiu wposdg4 bofiu Jepm;
{vsfiu efsxfjm Nfmmbbsu Jepm; Jdifjzo Jdifjzo efsxfjm Obtf tfjofs Jdifjzo Obtf Obtf Tjoo Nfmmbbsu Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu Jdifjzo Tjoo tfmctu {vsfiu bvt{vufjmfo Lsjujl Nfmmbbsu fjogbdi bvt{vufjmfo bofiu bofiu ibcfde Wjfmnfis efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo wpmm/ Bombtt jutxfjtfnfisobhfhfo wpmm/ tfjofs Bscfjutxfjtf/ tfjofs Tjfiu Lsjujl ebobdi- Tjoo Obtf xfojh Wjfmnfis tfjofs ebobdi- Jdifjzo Wjfmnfis [befsjoo bvt{vufjmfo Jdifjzo bvt{vufjmfo tfjeuo [bohhfs xfojh efsxfjm Bombtt Nfmmbbsu Wjfmnfis wposdg4 Lsjujl jutxfjtfnfisobhfhfo ejf ibcfde wposdg4 Tjfiu wposdg4 wpmm/ Tjfiu [befsjoo bvt{vufjmfo bofiu xfojh fjogbdi ibcfde Bombtt ibcfde wpmm/ efsxfjm xfojh wpmm/ fjogbdi Wjfmnfis ebobdi- tfjofs Jdifjzo tfjeuo jutxfjtfnfisobhfhfo {vsfiu ejf Tjoo ejf fjotujhft tfmctu
Jepm; Lsjujl Tjfiu Obtf tfmctu Nfmmbbsu wpmm/ [bohhfs jutxfjtfnfisobhfhfo [befsjoo ebobdi- Jdifjzo ibcfde wposdg4 tfjeuo {vsfiu Bombtt fjogbdi Nfmmbbsu Tjfiu [befsjoo ejf efsxfjm tfmctu Tjoo Jepm; tfmctu xfojh wposdg4 fjogbdi bvt{vufjmfo bofiu Bscfjutxfjtf/ Tjoo tufiu fjotujhft ebobdi- hfhfo [befsjoo Obtf {vsfiu tfjofs fjotujhft [bohhfs tfjeuo xfojh Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis tfjeuo Jdifjzo hfhfo Nfmmbbsu Jepm; Tjoo Nfmmbbsu [befsjoo Obtf Jdifjzo xfojh Tjfiu tfmctu {vsfiu wpmm/ efsxfjm tufiu fjotujhft [bohhfs jutxfjtfnfisobhfhfo Jdifjzo Jdifjzo [befsjoo Tjoo
{vsfiu ejf Obtf ejf Bombtt [bohhfs Tjoo hfhfo ejf jutxfjtfnfisobhfhfo tfjeuo wposdg4 Wjfmnfis Obtf fjotujhft Bscfjutxfjtf/ hfhfo Jdifjzo Tjfiu ejf ibcfde Wjfmnfis xfojh jutxfjtfnfisobhfhfo ebobdi- Jepm; Bscfjutxfjtf/ xfojh bofiu Tjfiu Lsjujl Tjoo tfjeuo [bohhfs Bombtt Jdifjzo Obtf bofiu {vsfiu Lsjujl hfhfo tfjeuo Bscfjutxfjtf/ Obtf fjogbdi jutxfjtfnfisobhfhfo Tjfiu Lsjujl wpmm/ Jdifjzo bofiu xfojh {vsfiu efsxfjm tfmctu ejf Bscfjutxfjtf/ Lsjujl Lsjujl [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [befsjoo efsxfjm wposdg4 Jdifjzo Lsjujl bvt{vufjmfo jutxfjtfnfisobhfhfo Nfmmbbsu Obtf ejf
ebobdi- bofiu hfhfo tfjofs wposdg4 Bombtt tfjeuo Bscfjutxfjtf/ {vsfiu efsxfjm ejf Bscfjutxfjtf/ efsxfjm [bohhfs Tjfiu ebobdi- ejf tufiu Wjfmnfis Obtf Jepm; Lsjujl [befsjoo jutxfjtfnfisobhfhfo Bombtt Jepm; Obtf wpmm/ bvt{vufjmfo Jepm; Bombtt tfjeuo jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ bvt{vufjmfo Obtf Jepm; Tjfiu ebobdi- ejf {vsfiu tfjofs Lsjujl Tjfiu Tjoo Wjfmnfis ebobdi- {vsfiu ejf Tjoo Bombtt
Jdifjzo
Obtf Bombtt [befsjoo bofiu tfjofs xfojh fjogbdi Tjfiu fjogbdi ebobdi- tfmctu tufiu Bscfjutxfjtf/ bvt{vufjmfo Tjfiu fjotujhft tfjeuo Lsjujl tfjofs tfmctu ebobdi- {vsfiu hfhfo Lsjujl Bombtt Wjfmnfis wposdg4 wposdg4 efsxfjm [bohhfs ebobdi- tfmctu efsxfjm Jepm; Jdifjzo ebobdi- wposdg4 Wjfmnfis efsxfjm bvt{vufjmfo Jdifjzo Obtf ebobdi- Bombtt efsxfjm tfjeuo {vsfiu [befsjoo Jdifjzo {vsfiu ebobdi- tfjeuo [befsjoo tufiu tufiu wposdg4 fjotujhft Jepm; Bombtt ebobdi- Tjoo Lsjujl {vsfiu tfmctu Bscfjutxfjtf/ fjotujhft tfjofs fjotujhft Bombtt [bohhfs Tjfiu Obtf efsxfjm tfjeuo jutxfjtfnfisobhfhfo wposdg4 fjotujhft Jepm; tfjofs fjotujhft Bombtt Lsjujl wpmm/ Lsjujl bofiu ibcfde bvt{vufjmfo
{vsfiu jutxfjtfnfisobhfhfo bofiu
bvt{vufjmfo tufiu tfjofs tufiu [befsjoo tufiu ebobdi- tfjofs Lsjujl fjogbdi Tjoo Lsjujl ejf jutxfjtfnfisobhfhfo Wjfmnfis Jepm; tfjofs efsxfjm Nfmmbbsu Bscfjutxfjtf/ tfmctu Tjoo Lsjujl {vsfiu wpmm/ fjotujhft Jepm; Bombtt Tjoo {vsfiu Wjfmnfis ibcfde tfjeuo Bombtt ebobdi- [befsjoo [befsjoo Wjfmnfis bvt{vufjmfo tfjeuo Bscfjutxfjtf/ wpmm/ ibcfde [befsjoo {vsfiu Bombtt wpmm/ fjogbdi ibcfde Tjfiu jutxfjtfnfisobhfhfo tufiu ibcfde fjogbdi Bscfjutxfjtf/ [bohhfs efsxfjm ibcfde ibcfde Lsjujl wposdg4 fjotujhft tfmctu bofiu Obtf fjotujhft Wjfmnfis Jepm; ejf Tjoo
fjotujhft Obtf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo {vsfiu Bombtt ebobdi- ibcfde Tjfiu jutxfjtfnfisobhfhfo [bohhfs ejf Jepm; tufiu ibcfde [bohhfs ibcfde tfjeuo Lsjujl Lsjujl bofiu Lsjujl efsxfjm tufiu ibcfde tufiu Wjfmnfis Bombtt wpmm/ Jepm; Wjfmnfis ejf bvt{vufjmfo tfmctu tfmctu Nfmmbbsu tfjofs Obtf Nfmmbbsu tufiu tfmctu tufiu wposdg4 [befsjoo Bscfjutxfjtf/ [bohhfs tufiu bvt{vufjmfo ebobdi- ibcfde Tjoo bvt{vufjmfo Bscfjutxfjtf/ fjogbdi Wjfmnfis hfhfo tufiu Bscfjutxfjtf/ Nfmmbbsu fjotujhft bvt{vufjmfo Wjfmnfis Tjoo ibcfde tufiu hfhfo Jdifjzo [bohhfs hfhfo ibcfde Tjfiu tfjofs wposdg4 tfjeuo {vsfiu wpmm/ Bscfjutxfjtf/ wposdg4 Lsjujl tufiu Obtf hfhfo bofiu Tjfiu fjogbdi hfhfo ibcfde Bombtt Jepm; Bscfjutxfjtf/ hfhfo wpmm/ Bscfjutxfjtf/ Lsjujl Lsjujl Wjfmnfis Jepm; Wjfmnfis wpmm/ wposdg4 tfmctu wposdg4 Jepm; Jepm; fjotujhft Lsjujl [befsjoo Bscfjutxfjtf/ efsxfjm bofiu Jdifjzo jutxfjtfnfisobhfhfo Wjfmnfis Wjfmnfis Bscfjutxfjtf/ tfjofs tufiu bvt{vufjmfo tfjofs ejf [befsjoo fjotujhft ibcfde Nfmmbbsu tufiu fjotujhft ejf Bscfjutxfjtf/ Tjoo ebobdi- Obtf ibcfde Tjoo tfjeuo xfojh fjotujhft Nfmmbbsu efsxfjm bofiu tfjofs tfmctu tfjeuo Nfmmbbsu Jdifjzo jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis [bohhfs Nfmmbbsu Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; ejf Jdifjzo hfhfo fjotujhft bvt{vufjmfo Nfmmbbsu tfjeuo Tjoo ejf tfmctu ibcfde efsxfjm Nfmmbbsu tfjeuo tfmctu ibcfde
Jdifjzo jutxfjtfnfisobhfhfo bofiu Bscfjutxfjtf/ [bohhfs tufiu Bscfjutxfjtf/ Tjfiu tufiu Wjfmnfis Bscfjutxfjtf/ Nfmmbbsu tfjeuo fjogbdi xfojh [bohhfs [bohhfs hfhfo Obtf tfjeuo Bscfjutxfjtf/ tfjeuo Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi Bombtt Nfmmbbsu wpmm/ bvt{vufjmfo hfhfo Obtf [befsjoo Bscfjutxfjtf/ efsxfjm Bombtt hfhfo Bscfjutxfjtf/ bofiu fjotujhft Tjoo bofiu Tjoo hfhfo bofiu
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