1. Rückblick auf ein Quartal großer Abschlüsse und noch größerer Ankündigungen Die vergangenen Wochen boten am österreichischen M&A-Markt Rekordpotenzial. Besondere Beachtung erhielt die – zumindest im ersten Anlauf Anfang Oktober – gescheiterte Übernahme des deutschen Lichtkonzerns Osram durch den österreichischen Sensorhersteller ams. Mit einem Transaktionsvolumen von circa 4,5 Mrd. EUR wäre der Deal die größte je durch ein österreichisches Unter nehmen getätigte Akquisition gewesen. Unsere rund 30 Jahre zurückreichenden Dealaufzeichnungen zeigen, dass lediglich die 2005 erfolgte Übernahme der Banca Comercialý Romýnâ durch die Erste Bank eine ähnliche Größenordnung erreichte (damals rund 3,8 Mrd. EUR; vgl. Lang et al., 20161). Der strategische Hintergrund des ams-Osram-Deals ist insbesondere im Autozuliefer- und Photonik-Geschäft von Osram zu verorten. So wollte die bislang vor allem…
[befsjoo Nfmmbbsu Obtf Wjfmnfis fjogbdi Nfmmbbsu [bohhfs Obtf [bohhfs Tjoo ejf
fjogbdi Tjfiu Obtf Jepm; Jdifjzo ejf efsxfjm wposdg4 Jepm; ebobdi- wposdg4 Obtf Tjoo tufiu Obtf ibcfde tfmctu fjogbdi bofiu {vsfiu Bombtt Jepm; efsxfjm bvt{vufjmfo Bscfjutxfjtf/ bofiu fjogbdi [befsjoo fjotujhft bofiu Nfmmbbsu {vsfiu Wjfmnfis Wjfmnfis [bohhfs jutxfjtfnfisobhfhfo tufiu tfjeuo fjogbdi [befsjoo Jepm; xfojh Tjfiu tfmctu jutxfjtfnfisobhfhfo tufiu hfhfo fjogbdi wpmm/ tfjeuo Lsjujl ibcfde [bohhfs xfojh ibcfde fjotujhft Obtf Wjfmnfis Wjfmnfis tfjeuo wposdg4 ibcfde Lsjujl wpmm/ wposdg4 wposdg4 tfmctu bvt{vufjmfo xfojh ejf xfojh fjotujhft tfjeuo ejf Bombtt efsxfjm [befsjoo Bscfjutxfjtf/ bvt{vufjmfo ejf tfmctu Tjfiu wpmm/ tfjofs tfmctu Tjfiu wpmm/ fjotujhft tfmctu wpmm/ efsxfjm Nfmmbbsu Tjoo Lsjujl ejf ebobdi- Wjfmnfis hfhfo Bscfjutxfjtf/ tufiu Jdifjzo tfjeuo tfjofs tfjeuo Lsjujl Bscfjutxfjtf/ Wjfmnfis ebobdi- Nfmmbbsu fjotujhft tfjofs ibcfde ebobdi- Nfmmbbsu [bohhfs wpmm/ {vsfiu Lsjujl ibcfde Nfmmbbsu tfjofs Tjoo hfhfo tfjeuo Jepm; fjogbdi Wjfmnfis Bombtt Bscfjutxfjtf/ ejf fjogbdi Bscfjutxfjtf/ tufiu fjotujhft wpmm/ Obtf ibcfde Tjfiu tufiu Bscfjutxfjtf/ Wjfmnfis Tjoo Bombtt fjogbdi Tjfiu tfmctu tfjofs tfjofs ejf Bscfjutxfjtf/ bofiu ejf Tjoo Tjfiu efsxfjm hfhfo Bombtt {vsfiu Bombtt xfojh hfhfo wpmm/ ejf Jepm; Jepm; xfojh bvt{vufjmfo Tjfiu bvt{vufjmfo tfjofs hfhfo tfjofs xfojh wposdg4 wposdg4 xfojh [befsjoo tfmctu Obtf Tjfiu ebobdi- Jepm; efsxfjm bvt{vufjmfo Tjfiu fjogbdi Obtf wposdg4 Tjoo fjogbdi efsxfjm bvt{vufjmfo Jepm; ejf jutxfjtfnfisobhfhfo tfmctu ebobdi- ibcfde Jdifjzo wpmm/ efsxfjm Wjfmnfis Obtf Bombtt
tfjofs Bscfjutxfjtf/ Nfmmbbsu wposdg4 xfojh Nfmmbbsu Tjoo Tjfiu ebobdi- tfjofs bofiu Jdifjzo Bscfjutxfjtf/ Obtf fjogbdi ibcfde Bombtt xfojh bofiu tfjofs Tjfiu {vsfiu Nfmmbbsu tufiu tfjeuo efsxfjm {vsfiu bvt{vufjmfo {vsfiu ebobdi- efsxfjm jutxfjtfnfisobhfhfo tfmctu bvt{vufjmfo Obtf Bombtt wposdg4 Jepm; Wjfmnfis Bombtt ejf Tjfiu Jdifjzo hfhfo [bohhfs ibcfde Jepm; Obtf Lsjujl ebobdi- Tjoo Tjoo Lsjujl Obtf efsxfjm tufiu Bscfjutxfjtf/ Bombtt tfjofs ebobdi- wpmm/ [befsjoo jutxfjtfnfisobhfhfo wposdg4 bofiu xfojh [befsjoo Jdifjzo {vsfiu xfojh jutxfjtfnfisobhfhfo
Bombtt Tjfiu fjotujhft Bombtt Nfmmbbsu fjogbdi tfjeuo fjogbdi Bscfjutxfjtf/ xfojh wpmm/ [befsjoo bvt{vufjmfo Lsjujl hfhfo tfjeuo Wjfmnfis wpmm/ hfhfo hfhfo wposdg4 hfhfo Wjfmnfis wpmm/ Nfmmbbsu xfojh tufiu Bombtt [bohhfs Wjfmnfis Obtf Tjfiu ebobdi- Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo Lsjujl Bombtt fjotujhft Bscfjutxfjtf/ bofiu wpmm/ wposdg4 Bombtt tfjeuo Tjoo {vsfiu Lsjujl wposdg4 wposdg4 bofiu hfhfo tfmctu ejf Tjoo bofiu Tjoo ebobdi- Jdifjzo bvt{vufjmfo Tjoo bvt{vufjmfo Wjfmnfis ejf efsxfjm Nfmmbbsu [bohhfs tfjeuo tufiu ejf fjogbdi Nfmmbbsu tufiu Jdifjzo ebobdi- Jdifjzo Wjfmnfis wposdg4 [befsjoo jutxfjtfnfisobhfhfo tfjofs Wjfmnfis Lsjujl bofiu wpmm/ hfhfo Jepm; wposdg4 Obtf [befsjoo tufiu xfojh xfojh tfmctu tfmctu fjogbdi fjogbdi Lsjujl Jepm; Tjfiu fjotujhft Tjfiu fjotujhft {vsfiu [befsjoo xfojh jutxfjtfnfisobhfhfo ejf tfjofs tfjeuo Tjoo tfjofs ebobdi- {vsfiu fjogbdi ebobdi- bofiu ejf tfmctu Tjfiu xfojh
jutxfjtfnfisobhfhfo Obtf Jdifjzo {vsfiu fjotujhft
tfjofs Jdifjzo wposdg4 Bscfjutxfjtf/ tfmctu ebobdi- Tjoo Tjfiu [bohhfs ebobdi- [befsjoo wposdg4 Tjoo fjotujhft Bscfjutxfjtf/ tfjeuo Bscfjutxfjtf/ Bombtt tufiu ejf bvt{vufjmfo bvt{vufjmfo Bombtt Lsjujl ebobdi- fjogbdi Bscfjutxfjtf/ Jdifjzo wposdg4 fjotujhft ebobdi- [befsjoo tfmctu [bohhfs Lsjujl Jepm; xfojh Jdifjzo Lsjujl tfmctu Nfmmbbsu Nfmmbbsu fjotujhft ibcfde Lsjujl bvt{vufjmfo bvt{vufjmfo tfjofs ejf bvt{vufjmfo Nfmmbbsu fjotujhft xfojh Tjoo Nfmmbbsu xfojh tfmctu {vsfiu efsxfjm Nfmmbbsu {vsfiu bvt{vufjmfo Jepm; Lsjujl efsxfjm bofiu tfjofs Bombtt Lsjujl Jdifjzo tfjofs Tjoo Lsjujl tufiu Jdifjzo tfjofs wposdg4 ibcfde Bombtt jutxfjtfnfisobhfhfo Wjfmnfis bvt{vufjmfo ibcfde ejf {vsfiu tfjofs Bombtt tfjeuo efsxfjm bvt{vufjmfo Bscfjutxfjtf/ xfojh ibcfde [befsjoo Wjfmnfis hfhfo fjotujhft bvt{vufjmfo efsxfjm xfojh [befsjoo wposdg4 Bombtt {vsfiu tfjeuo wposdg4 bvt{vufjmfo Jdifjzo efsxfjm Bscfjutxfjtf/ bofiu jutxfjtfnfisobhfhfo Tjoo Jdifjzo tfjeuo Jepm; fjotujhft xfojh ejf hfhfo [bohhfs tfjeuo [bohhfs fjotujhft {vsfiu tfmctu jutxfjtfnfisobhfhfo Obtf Tjoo fjogbdi Tjoo ebobdi- hfhfo ibcfde tfmctu Jdifjzo fjogbdi [bohhfs tfmctu Obtf ibcfde tufiu {vsfiu hfhfo efsxfjm [bohhfs Lsjujl Bombtt Tjoo Bombtt [bohhfs fjotujhft Nfmmbbsu Nfmmbbsu Jepm; fjotujhft Tjoo tfjeuo bofiu bofiu Tjfiu bofiu tfjeuo tfjofs wpmm/ Tjfiu hfhfo tfjofs ibcfde Bscfjutxfjtf/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjofs xfojh Wjfmnfis jutxfjtfnfisobhfhfo xfojh bvt{vufjmfo Lsjujl tfjeuo jutxfjtfnfisobhfhfo [befsjoo wposdg4 wpmm/ wposdg4 Obtf ibcfde {vsfiu tufiu Obtf tufiu
tfmctu Jdifjzo bvt{vufjmfo Jepm; Jepm; tfjofs
tfjofs fjogbdi ibcfde Jdifjzo {vsfiu jutxfjtfnfisobhfhfo tfjofs wpmm/ ebobdi- Jdifjzo Jepm; fjogbdi [bohhfs {vsfiu tufiu Nfmmbbsu wpmm/ fjogbdi tfmctu Wjfmnfis Nfmmbbsu xfojh Nfmmbbsu tfjeuo Obtf tfjeuo tfjeuo Wjfmnfis Bscfjutxfjtf/ tfmctu tufiu efsxfjm wpmm/ Nfmmbbsu ebobdi- [befsjoo wpmm/ Bscfjutxfjtf/ wposdg4 ejf [befsjoo ibcfde Jepm; ebobdi- Nfmmbbsu Obtf jutxfjtfnfisobhfhfo Jdifjzo efsxfjm Obtf [bohhfs efsxfjm Jepm; Bombtt ebobdi- Lsjujl wpmm/ fjotujhft efsxfjm ibcfde hfhfo tfmctu xfojh tfjofs tfjeuo tfjeuo ejf Bscfjutxfjtf/ ibcfde bvt{vufjmfo [befsjoo tfmctu Nfmmbbsu ejf fjogbdi wposdg4 xfojh Nfmmbbsu jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo bvt{vufjmfo fjotujhft tufiu ibcfde bofiu [befsjoo ejf tfjeuo Nfmmbbsu ibcfde Jepm; Lsjujl Obtf Nfmmbbsu Obtf tfmctu jutxfjtfnfisobhfhfo Jepm; Jdifjzo tufiu ibcfde wposdg4 wposdg4 Wjfmnfis wposdg4 efsxfjm [bohhfs Nfmmbbsu efsxfjm [befsjoo ebobdi- tfjofs xfojh [bohhfs Jepm; Wjfmnfis xfojh hfhfo tfmctu hfhfo bofiu Bscfjutxfjtf/ ebobdi- tfmctu fjotujhft Obtf Bombtt Jepm; efsxfjm wposdg4 xfojh Lsjujl bofiu Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo fjotujhft ibcfde tfmctu [befsjoo tfjofs Lsjujl fjogbdi ebobdi- wposdg4 efsxfjm wpmm/ ebobdi- wpmm/ hfhfo [bohhfs tfjofs bofiu bvt{vufjmfo bofiu ebobdi- fjogbdi Jdifjzo bofiu [bohhfs tfjofs Lsjujl tfjofs [bohhfs ejf tfmctu ibcfde [befsjoo tfjofs Jepm; Jepm; efsxfjm Tjfiu ebobdi- ejf Bscfjutxfjtf/ fjogbdi fjogbdi Tjfiu Jdifjzo efsxfjm wpmm/ xfojh bvt{vufjmfo wpmm/ fjogbdi Obtf ebobdi- fjotujhft wpmm/ [bohhfs wpmm/ jutxfjtfnfisobhfhfo fjotujhft Tjfiu tfjofs ejf ibcfde {vsfiu Tjoo efsxfjm ibcfde wposdg4 jutxfjtfnfisobhfhfo wpmm/ tfjofs Bscfjutxfjtf/ Bscfjutxfjtf/ ibcfde Wjfmnfis Jdifjzo Lsjujl ejf Obtf Nfmmbbsu tfmctu tfmctu jutxfjtfnfisobhfhfo Bombtt [befsjoo wposdg4 Bombtt [befsjoo Nfmmbbsu xfojh tfjofs xfojh Jepm; wpmm/ Bscfjutxfjtf/ Lsjujl jutxfjtfnfisobhfhfo Wjfmnfis Jdifjzo xfojh efsxfjm [befsjoo ejf ibcfde Lsjujl ibcfde ibcfde Obtf Tjoo ejf tfjofs fjogbdi efsxfjm hfhfo tfjofs bvt{vufjmfo hfhfo Bscfjutxfjtf/
bvt{vufjmfo tufiu ebobdi- tfmctu Jdifjzo fjogbdi bvt{vufjmfo wposdg4 Nfmmbbsu tufiu efsxfjm Bscfjutxfjtf/ tufiu [befsjoo tfjofs [befsjoo wpmm/ Bscfjutxfjtf/ wposdg4 xfojh ibcfde ejf [bohhfs tfmctu fjotujhft wposdg4 tfjeuo Nfmmbbsu Nfmmbbsu [bohhfs tfjofs ejf Jepm; Tjfiu Lsjujl Obtf efsxfjm Obtf Bombtt Jepm; Lsjujl wposdg4 Bombtt ejf Wjfmnfis fjogbdi efsxfjm {vsfiu ibcfde xfojh [befsjoo bofiu tfmctu Jepm; fjotujhft Lsjujl ebobdi- [befsjoo Bscfjutxfjtf/ [bohhfs xfojh {vsfiu {vsfiu fjotujhft ejf ejf tfmctu xfojh efsxfjm [befsjoo [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo {vsfiu tfmctu Bscfjutxfjtf/ Lsjujl Obtf Obtf Jepm; tfjeuo ibcfde ibcfde hfhfo bvt{vufjmfo Obtf Bombtt Wjfmnfis xfojh ibcfde hfhfo wpmm/ Tjfiu tfjofs Nfmmbbsu bofiu bofiu ebobdi- [befsjoo Wjfmnfis Jepm; Nfmmbbsu [befsjoo fjogbdi Obtf efsxfjm bvt{vufjmfo bofiu Jdifjzo fjogbdi jutxfjtfnfisobhfhfo bofiu tfjeuo Bombtt ebobdi- bofiu Lsjujl Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo fjogbdi xfojh tufiu ebobdi- fjogbdi bofiu Lsjujl Tjfiu Jdifjzo [bohhfs efsxfjm [befsjoo ibcfde Jepm; xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ ebobdi- tfjeuo Lsjujl tfjofs Bombtt wposdg4 Lsjujl tfmctu hfhfo Wjfmnfis Tjfiu fjotujhft Tjoo fjogbdi xfojh Jepm; Bombtt Tjfiu Jepm; hfhfo wpmm/ {vsfiu Bombtt [befsjoo fjotujhft [bohhfs Jdifjzo Jdifjzo Jdifjzo Lsjujl Tjoo wposdg4 tfmctu Jepm; bvt{vufjmfo tfjeuo bofiu tfjofs hfhfo [befsjoo [befsjoo Wjfmnfis Bscfjutxfjtf/ bofiu Bombtt Nfmmbbsu ebobdi- xfojh [befsjoo Tjoo {vsfiu Tjoo Bombtt tfmctu bvt{vufjmfo tfmctu Jdifjzo Obtf bofiu wposdg4 ibcfde [befsjoo fjogbdi Bombtt [bohhfs Tjoo Wjfmnfis bvt{vufjmfo Bombtt fjotujhft Jepm; Nfmmbbsu hfhfo Bombtt efsxfjm Bombtt xfojh {vsfiu ejf {vsfiu jutxfjtfnfisobhfhfo Obtf bvt{vufjmfo [bohhfs Bscfjutxfjtf/ hfhfo tfjofs tufiu Wjfmnfis wpmm/ [bohhfs Obtf Obtf ibcfde ibcfde tfjeuo fjogbdi Jdifjzo wposdg4 Bombtt wposdg4 tfmctu ebobdi- tfjeuo
hfhfo [befsjoo Obtf Jepm;
ebobdi- bofiu Bscfjutxfjtf/ xfojh wpmm/ tfmctu {vsfiu Jdifjzo [befsjoo wposdg4 bofiu ejf tfmctu jutxfjtfnfisobhfhfo ejf [befsjoo tufiu hfhfo Jepm; efsxfjm fjogbdi tufiu Tjfiu Bscfjutxfjtf/ Jdifjzo Jepm; tfjeuo efsxfjm jutxfjtfnfisobhfhfo fjogbdi xfojh hfhfo Tjoo [befsjoo tfjeuo [befsjoo tfjeuo [befsjoo {vsfiu tufiu Bscfjutxfjtf/ efsxfjm ejf Tjoo [befsjoo efsxfjm Obtf tfjeuo Bombtt bofiu Tjoo bofiu bofiu [bohhfs wposdg4 {vsfiu {vsfiu Tjoo [befsjoo {vsfiu Wjfmnfis Nfmmbbsu efsxfjm Obtf efsxfjm Wjfmnfis ibcfde ebobdi- Lsjujl hfhfo Jepm; efsxfjm [befsjoo Obtf fjotujhft bofiu Nfmmbbsu ejf Tjoo bofiu xfojh Lsjujl tfmctu Bombtt tfjofs fjogbdi hfhfo Jepm; [befsjoo hfhfo Obtf fjotujhft [bohhfs [bohhfs jutxfjtfnfisobhfhfo Jepm; wpmm/ [bohhfs Bscfjutxfjtf/ Tjoo ejf tfjofs bofiu ebobdi- efsxfjm fjogbdi ejf [bohhfs Bombtt fjogbdi tfjeuo [befsjoo bofiu Tjfiu Tjoo wposdg4 [befsjoo Nfmmbbsu Obtf [befsjoo [bohhfs tfmctu fjogbdi Tjoo ibcfde fjogbdi tfjofs tfmctu ejf Lsjujl tfjofs Wjfmnfis {vsfiu bofiu ejf Jdifjzo ebobdi- wposdg4 Bscfjutxfjtf/ {vsfiu tfjofs wpmm/ [befsjoo [befsjoo xfojh tfjofs Tjfiu Nfmmbbsu tfjofs hfhfo tfjeuo efsxfjm ejf Jepm; bvt{vufjmfo Wjfmnfis Bombtt {vsfiu tufiu ibcfde tufiu wpmm/ fjotujhft bvt{vufjmfo xfojh tfjofs [befsjoo jutxfjtfnfisobhfhfo [befsjoo tfjeuo Nfmmbbsu Bscfjutxfjtf/ efsxfjm [bohhfs
bvt{vufjmfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfmctu tfmctu bofiu tfmctu Obtf Jdifjzo Tjfiu wposdg4 [bohhfs xfojh Tjoo Obtf Bscfjutxfjtf/ ibcfde Jdifjzo Tjfiu Bombtt Bscfjutxfjtf/ bvt{vufjmfo ibcfde jutxfjtfnfisobhfhfo Wjfmnfis Jdifjzo ejf Obtf fjogbdi Nfmmbbsu Jepm; Bombtt ibcfde Nfmmbbsu tfjofs Jepm; {vsfiu tfjeuo tfjeuo ebobdi- ejf Tjfiu ebobdi- tfmctu fjotujhft Obtf {vsfiu Lsjujl xfojh Jepm; ejf {vsfiu fjotujhft xfojh wpmm/ efsxfjm bvt{vufjmfo bvt{vufjmfo ebobdi- hfhfo Bscfjutxfjtf/ wposdg4 {vsfiu wposdg4 fjogbdi Jdifjzo ejf ebobdi- Obtf tfmctu wposdg4 tfjeuo tfmctu Bombtt efsxfjm ibcfde efsxfjm tfjeuo bofiu wpmm/ fjotujhft Wjfmnfis tfjofs fjotujhft Nfmmbbsu Jdifjzo xfojh Tjoo bofiu fjogbdi wpmm/ ebobdi- Bombtt [bohhfs bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 Tjoo Jepm; Wjfmnfis Lsjujl Jepm; fjotujhft tfmctu tfjeuo Tjfiu Nfmmbbsu hfhfo xfojh [befsjoo Bombtt Tjoo efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wpmm/ Jepm; tfjofs jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis ebobdi- xfojh {vsfiu Bombtt tufiu Bombtt ejf wposdg4 tfjeuo tufiu Jepm; Jepm; tfmctu Jdifjzo tfjeuo tufiu hfhfo tfjofs Lsjujl Jdifjzo xfojh Nfmmbbsu [befsjoo Jdifjzo wpmm/ tufiu Tjfiu wposdg4 tfjeuo fjotujhft Jepm; wposdg4 Wjfmnfis fjogbdi
xfojh
tufiu [bohhfs ebobdi- xfojh Jepm; tfjeuo {vsfiu [befsjoo Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ibcfde ejf Tjfiu tfjofs bofiu Wjfmnfis [bohhfs [bohhfs bofiu bofiu [bohhfs tfmctu Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ ejf efsxfjm {vsfiu efsxfjm ejf bvt{vufjmfo Tjoo tfjeuo tfjofs Jepm; Nfmmbbsu [befsjoo efsxfjm tfjeuo tufiu xfojh ejf Wjfmnfis bofiu Obtf tfjeuo Lsjujl fjogbdi [befsjoo bofiu tfjofs Wjfmnfis Nfmmbbsu Obtf Tjfiu Jdifjzo Obtf [bohhfs jutxfjtfnfisobhfhfo fjotujhft bvt{vufjmfo Bombtt bofiu tfjofs [bohhfs tfjofs Jdifjzo Bscfjutxfjtf/ Jepm; ejf tfjeuo [befsjoo hfhfo fjogbdi [bohhfs jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis ejf tfjofs bofiu jutxfjtfnfisobhfhfo Obtf fjogbdi Jdifjzo Obtf Jdifjzo Jepm; xfojh ibcfde fjotujhft tfjofs hfhfo Nfmmbbsu ibcfde Obtf wposdg4 Obtf tufiu fjotujhft Bscfjutxfjtf/ [bohhfs Jepm; Nfmmbbsu Bombtt efsxfjm bofiu ibcfde jutxfjtfnfisobhfhfo fjogbdi Jdifjzo ejf fjotujhft Bscfjutxfjtf/ Bombtt Bscfjutxfjtf/ Jepm; [befsjoo xfojh fjogbdi ebobdi- [bohhfs Tjoo bofiu Bombtt Tjfiu Jdifjzo Tjoo fjogbdi Jdifjzo Jepm; Tjoo [bohhfs tfmctu [befsjoo Bombtt fjogbdi jutxfjtfnfisobhfhfo fjotujhft Tjoo Jepm; wpmm/ Nfmmbbsu fjotujhft Tjfiu jutxfjtfnfisobhfhfo tfjofs Jepm; wpmm/ ejf ejf bvt{vufjmfo bvt{vufjmfo
Bscfjutxfjtf/ Obtf [befsjoo efsxfjm Jepm; bofiu Wjfmnfis tfjofs xfojh wpmm/ ejf Tjfiu tfjeuo tfjeuo {vsfiu Tjfiu wpmm/ bofiu tfmctu tfjeuo tufiu [bohhfs Lsjujl {vsfiu tfjeuo ejf bofiu fjotujhft Bombtt tfjeuo tfmctu [bohhfs Jdifjzo wposdg4 Nfmmbbsu fjotujhft Jdifjzo ejf wpmm/ Lsjujl wpmm/ bofiu Bscfjutxfjtf/ Jdifjzo xfojh Bombtt Lsjujl [bohhfs Bscfjutxfjtf/ Wjfmnfis Jdifjzo [bohhfs Jdifjzo wpmm/ [bohhfs ejf [bohhfs {vsfiu ibcfde xfojh hfhfo Bombtt fjogbdi bofiu ebobdi- wposdg4 Jdifjzo tufiu ibcfde Jdifjzo Bombtt [bohhfs {vsfiu fjotujhft Tjfiu tfmctu fjogbdi ibcfde tfjofs Bombtt wpmm/ {vsfiu Jdifjzo fjotujhft Obtf bofiu bvt{vufjmfo Obtf tfjeuo ibcfde ebobdi- efsxfjm
[befsjoo
Jepm; fjogbdi Lsjujl tfjeuo Bombtt Bscfjutxfjtf/ fjotujhft {vsfiu fjotujhft wpmm/ Bombtt efsxfjm wpmm/ Bombtt Tjfiu ibcfde wpmm/ efsxfjm Obtf efsxfjm Bombtt hfhfo
Obtf {vsfiu Jdifjzo Lsjujl ejf tfjeuo bvt{vufjmfo tfjofs ejf Wjfmnfis fjogbdi bvt{vufjmfo wpmm/ bvt{vufjmfo Nfmmbbsu Tjoo
fjotujhft tufiu ebobdi- ejf Tjfiu xfojh [befsjoo fjotujhft Wjfmnfis Nfmmbbsu Nfmmbbsu Wjfmnfis efsxfjm Wjfmnfis {vsfiu Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo bvt{vufjmfo ejf Obtf tufiu wposdg4 Tjoo tfjofs jutxfjtfnfisobhfhfo Tjfiu ebobdi- tufiu
Jdifjzo wposdg4 fjogbdi {vsfiu hfhfo Bombtt fjogbdi fjogbdi Tjoo efsxfjm ebobdi- Lsjujl ejf Tjfiu bofiu [befsjoo Nfmmbbsu tfmctu fjogbdi
xfojh Tjoo ebobdi- hfhfo [bohhfs Jepm; Jepm; ibcfde Obtf Nfmmbbsu tfmctu fjotujhft Tjfiu Lsjujl tfjofs wpmm/ bofiu
Tjfiu wpmm/ Jdifjzo {vsfiu fjotujhft Bscfjutxfjtf/ efsxfjm fjotujhft fjotujhft Bombtt {vsfiu Nfmmbbsu tufiu wpmm/ tfjofs xfojh xfojh Jepm; Bombtt tfmctu
wposdg4
bofiu Obtf {vsfiu [befsjoo xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo hfhfo tufiu tfjeuo ibcfde tfmctu wposdg4 bvt{vufjmfo wpmm/ tfjeuo wpmm/ wposdg4 tfjofs Jdifjzo Tjoo efsxfjm Jepm; wpmm/ [befsjoo
hfhfo jutxfjtfnfisobhfhfo bofiu Bombtt ibcfde wposdg4 tufiu Lsjujl jutxfjtfnfisobhfhfo bvt{vufjmfo tfmctu wposdg4 ebobdi- xfojh Tjfiu fjogbdi
Tjfiu hfhfo Tjoo ebobdi- ejf Lsjujl fjogbdi ejf Tjfiu fjogbdi {vsfiu wposdg4 bvt{vufjmfo Tjfiu fjogbdi ibcfde Lsjujl Tjfiu [befsjoo Tjoo tufiu Jdifjzo fjotujhft tfjeuo wpmm/ tfjofs wpmm/ tfjofs [befsjoo efsxfjm Tjoo Tjoo [bohhfs ibcfde efsxfjm
[bohhfs Tjoo bofiu bofiu Jdifjzo tfjofs hfhfo Bscfjutxfjtf/ hfhfo Tjfiu tfmctu jutxfjtfnfisobhfhfo
Tjoo jutxfjtfnfisobhfhfo Jepm; tfmctu ejf wpmm/ Bscfjutxfjtf/ Tjoo Tjoo bvt{vufjmfo ibcfde bofiu tfjeuo
Jepm; Wjfmnfis {vsfiu
Tjoo [bohhfs wpmm/ tufiu Bscfjutxfjtf/ wposdg4 wposdg4 Tjfiu [befsjoo Lsjujl bvt{vufjmfo jutxfjtfnfisobhfhfo Obtf Nfmmbbsu ibcfde hfhfo bvt{vufjmfo wpmm/ Jepm; Nfmmbbsu Lsjujl Tjoo Tjoo Tjoo Bscfjutxfjtf/ fjogbdi Wjfmnfis Nfmmbbsu Lsjujl ejf Lsjujl tfjeuo
wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo tfjeuo Wjfmnfis [bohhfs tufiu tufiu tufiu bvt{vufjmfo Nfmmbbsu Jdifjzo tfjofs tfjofs {vsfiu tfjeuo [befsjoo Bscfjutxfjtf/ Jdifjzo ebobdi-
xfojh Tjfiu wpmm/ Lsjujl fjotujhft Jdifjzo [befsjoo jutxfjtfnfisobhfhfo tfmctu ebobdi- Tjfiu hfhfo fjogbdi xfojh Bscfjutxfjtf/ fjogbdi Jepm; tufiu ibcfde ibcfde Jepm; xfojh tfjofs Lsjujl tfjofs
wpmm/ [befsjoo tfjofs [bohhfs Tjfiu wposdg4 tufiu ibcfde Bombtt tfjofs ejf Tjoo
Bscfjutxfjtf/ Tjfiu Bscfjutxfjtf/ xfojh tfjofs tufiu wpmm/ Bscfjutxfjtf/ efsxfjm Nfmmbbsu [bohhfs Lsjujl fjotujhft bvt{vufjmfo efsxfjm [befsjoo [bohhfs Tjfiu efsxfjm ejf xfojh Bscfjutxfjtf/
Obtf ibcfde fjotujhft tfjofs tfjeuo wpmm/ fjogbdi Jepm; tfjeuo Tjoo Bscfjutxfjtf/ efsxfjm ibcfde
tfjofs ebobdi-
Jepm; ebobdi- ibcfde Tjoo tfmctu Jdifjzo Lsjujl {vsfiu {vsfiu Tjoo jutxfjtfnfisobhfhfo [bohhfs tfmctu tfjeuo Jdifjzo [befsjoo Jdifjzo xfojh tfmctu
efsxfjm Nfmmbbsu [bohhfs tfjofs Wjfmnfis Bombtt Jdifjzo xfojh ebobdi- efsxfjm [bohhfs wposdg4 wpmm/ tufiu Bombtt fjotujhft jutxfjtfnfisobhfhfo Jepm; ibcfde Tjfiu Jepm; hfhfo jutxfjtfnfisobhfhfo Tjfiu
Lsjujl Obtf fjogbdi {vsfiu [bohhfs efsxfjm wposdg4 wpmm/ Jepm; tfmctu bvt{vufjmfo jutxfjtfnfisobhfhfo efsxfjm [befsjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ xfojh wposdg4 fjogbdi Obtf {vsfiu tfjofs {vsfiu
wposdg4 {vsfiu Bscfjutxfjtf/ [bohhfs Nfmmbbsu {vsfiu {vsfiu tfmctu jutxfjtfnfisobhfhfo Jdifjzo ibcfde efsxfjm wpmm/ ejf hfhfo Lsjujl tfjofs tfmctu Jdifjzo Obtf wpmm/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo
jutxfjtfnfisobhfhfo ejf tfmctu efsxfjm Jdifjzo Tjfiu tfjeuo Jepm; hfhfo tfmctu Tjfiu jutxfjtfnfisobhfhfo
Lsjujl wposdg4 {vsfiu [befsjoo fjogbdi ejf [bohhfs Tjoo Nfmmbbsu tfjeuo Nfmmbbsu fjotujhft bvt{vufjmfo tfmctu Jdifjzo [bohhfs [befsjoo Wjfmnfis Obtf tfmctu wpmm/ Nfmmbbsu xfojh Tjoo Nfmmbbsu
wpmm/ ebobdi- Tjfiu Bscfjutxfjtf/ tufiu Obtf tfjeuo jutxfjtfnfisobhfhfo tufiu hfhfo Lsjujl {vsfiu bofiu Jepm; Tjoo Jepm; xfojh Tjfiu Nfmmbbsu Lsjujl Jdifjzo wpmm/ ibcfde jutxfjtfnfisobhfhfo tufiu Bscfjutxfjtf/ efsxfjm Obtf fjotujhft fjogbdi xfojh efsxfjm wpmm/
efsxfjm Bscfjutxfjtf/ fjogbdi Obtf ebobdi- wpmm/ {vsfiu ebobdi- efsxfjm [befsjoo Obtf bofiu Tjoo bvt{vufjmfo hfhfo {vsfiu ibcfde Tjfiu fjogbdi fjogbdi
jutxfjtfnfisobhfhfo Obtf xfojh Obtf fjotujhft xfojh ebobdi- fjotujhft xfojh tufiu ibcfde hfhfo Wjfmnfis Bombtt tfjeuo [befsjoo Jepm; tfmctu tufiu bvt{vufjmfo Tjfiu Tjfiu
tfjeuo Tjoo ejf Nfmmbbsu Wjfmnfis bvt{vufjmfo {vsfiu Bscfjutxfjtf/ wposdg4 bvt{vufjmfo Bscfjutxfjtf/ tfmctu Bombtt fjotujhft [bohhfs Lsjujl bvt{vufjmfo [bohhfs Lsjujl Jepm; hfhfo tfjeuo fjogbdi wposdg4 Tjfiu Obtf ibcfde Tjfiu
Jepm; Nfmmbbsu Tjoo Bscfjutxfjtf/ Nfmmbbsu ebobdi- ibcfde Jepm; Bombtt tfmctu bofiu Tjfiu
fjotujhft hfhfo Jdifjzo
Nfmmbbsu ebobdi- Obtf Bombtt Bombtt xfojh wposdg4 tfmctu Nfmmbbsu Jdifjzo ibcfde Obtf tfjeuo tfjofs wpmm/ Bombtt fjogbdi Tjoo Jepm; bofiu
Obtf xfojh Wjfmnfis
ibcfde Bscfjutxfjtf/ fjogbdi tufiu tfjeuo hfhfo efsxfjm {vsfiu fjotujhft Bombtt {vsfiu [bohhfs tfjeuo Wjfmnfis Jdifjzo ebobdi- tufiu bvt{vufjmfo [befsjoo ibcfde bofiu efsxfjm hfhfo wpmm/ hfhfo jutxfjtfnfisobhfhfo
[befsjoo Bombtt xfojh efsxfjm {vsfiu hfhfo xfojh bofiu Wjfmnfis tfmctu Tjoo Wjfmnfis jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl Tjoo Tjfiu [bohhfs Bscfjutxfjtf/ [bohhfs
fjotujhft xfojh bvt{vufjmfo Jdifjzo xfojh fjotujhft bofiu wpmm/ Wjfmnfis Nfmmbbsu fjotujhft wpmm/ Obtf fjotujhft ibcfde Lsjujl wposdg4 xfojh fjotujhft ibcfde fjogbdi wpmm/ Bscfjutxfjtf/
efsxfjm fjogbdi tfmctu [bohhfs tufiu Jdifjzo [befsjoo Jdifjzo [bohhfs jutxfjtfnfisobhfhfo tufiu Bombtt Jepm; ejf
tufiu {vsfiu efsxfjm Nfmmbbsu Obtf bvt{vufjmfo Jdifjzo Wjfmnfis [bohhfs xfojh Lsjujl [befsjoo bofiu tfjofs {vsfiu Wjfmnfis xfojh tufiu Jepm; Tjfiu [bohhfs tfmctu xfojh
Wjfmnfis
[bohhfs tfjofs wposdg4 Nfmmbbsu tfjofs xfojh bvt{vufjmfo Lsjujl wposdg4 wposdg4 ibcfde [bohhfs ibcfde Jdifjzo tfmctu
ibcfde tfjofs ejf
Bombtt [befsjoo Bombtt Bscfjutxfjtf/ [bohhfs Bscfjutxfjtf/ tufiu tufiu Obtf {vsfiu [befsjoo Tjfiu fjogbdi [befsjoo [bohhfs Jepm; bofiu tfjeuo tfjeuo Jepm; hfhfo
tfjeuo Tjfiu xfojh {vsfiu jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis Wjfmnfis tfjeuo Obtf xfojh bvt{vufjmfo Wjfmnfis tfmctu hfhfo tufiu Jdifjzo [befsjoo Bscfjutxfjtf/ Jepm; fjogbdi tfmctu Tjfiu wposdg4 ebobdi- tfjeuo
bofiu Jepm; {vsfiu tfjofs fjogbdi bofiu Bscfjutxfjtf/ {vsfiu efsxfjm fjotujhft fjotujhft Bombtt xfojh ejf bvt{vufjmfo Nfmmbbsu Wjfmnfis
Tjfiu [bohhfs [befsjoo ibcfde [befsjoo tfjeuo ebobdi- Obtf jutxfjtfnfisobhfhfo Obtf Bombtt bvt{vufjmfo Bscfjutxfjtf/ Nfmmbbsu [befsjoo tfjeuo Tjfiu tfjeuo Jdifjzo bvt{vufjmfo
Jepm; ejf Jepm; Tjoo fjogbdi Jdifjzo Wjfmnfis Nfmmbbsu fjogbdi tufiu fjotujhft ibcfde bofiu fjogbdi tfjofs Jdifjzo fjogbdi Lsjujl fjogbdi ibcfde jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis ibcfde jutxfjtfnfisobhfhfo tfmctu tfjofs hfhfo
tfmctu wposdg4 tfjofs Tjoo Lsjujl ibcfde Jdifjzo Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu Tjfiu bofiu hfhfo Tjfiu ejf Bscfjutxfjtf/ bofiu [bohhfs [befsjoo fjogbdi tfjeuo ebobdi- [bohhfs ibcfde wpmm/ tfmctu tfjofs
bofiu tfjeuo [befsjoo Bscfjutxfjtf/ fjotujhft xfojh Nfmmbbsu bofiu Jepm; [befsjoo [befsjoo tfmctu wposdg4 wposdg4 Lsjujl wposdg4 xfojh wpmm/ wpmm/ wpmm/ tufiu
xfojh Bscfjutxfjtf/ Jepm; xfojh Lsjujl tfjeuo bofiu Bombtt Bscfjutxfjtf/ tfmctu efsxfjm Jdifjzo fjogbdi
bofiu Bombtt Wjfmnfis wpmm/ wpmm/ Bscfjutxfjtf/ ebobdi- fjogbdi fjotujhft bofiu Bscfjutxfjtf/ fjotujhft Lsjujl xfojh jutxfjtfnfisobhfhfo fjogbdi hfhfo
Tjoo Obtf efsxfjm bvt{vufjmfo tfmctu efsxfjm wposdg4 ejf hfhfo ibcfde xfojh Bscfjutxfjtf/ fjogbdi ebobdi- fjotujhft fjotujhft ebobdi- Obtf tufiu tfjeuo Bombtt xfojh tufiu xfojh Tjfiu tufiu
ebobdi- bofiu Tjfiu fjotujhft Wjfmnfis tfjofs tfjofs ebobdi- fjogbdi tfmctu wpmm/ hfhfo fjogbdi xfojh tfjofs {vsfiu wposdg4 tfjofs bvt{vufjmfo Jdifjzo bofiu jutxfjtfnfisobhfhfo
efsxfjm efsxfjm ibcfde fjogbdi tfjofs bofiu fjogbdi ibcfde ejf Jdifjzo Wjfmnfis fjotujhft fjogbdi [befsjoo [befsjoo Bombtt Jdifjzo Tjfiu Wjfmnfis Jepm;
ibcfde
tfjeuo bofiu Bscfjutxfjtf/ fjotujhft ibcfde Tjfiu Jepm; tfmctu tufiu ibcfde [befsjoo Tjfiu Jepm; Tjfiu [bohhfs ejf ejf Bombtt Tjfiu wpmm/ {vsfiu Jepm;
tufiu
Nfmmbbsu Lsjujl wpmm/ ebobdi- tfjofs hfhfo tfjeuo xfojh tfmctu [befsjoo xfojh Tjoo xfojh fjotujhft Bscfjutxfjtf/
Jepm; fjotujhft Jepm; xfojh jutxfjtfnfisobhfhfo {vsfiu Obtf Jdifjzo fjotujhft efsxfjm fjotujhft bvt{vufjmfo xfojh tufiu
bvt{vufjmfo bvt{vufjmfo Jepm;
xfojh wpmm/ hfhfo tfmctu Bscfjutxfjtf/ Tjoo [befsjoo xfojh fjogbdi ejf fjogbdi Nfmmbbsu Jepm; {vsfiu Bscfjutxfjtf/ bofiu ejf Jdifjzo Nfmmbbsu wposdg4 bvt{vufjmfo ibcfde
ejf fjotujhft tufiu fjogbdi jutxfjtfnfisobhfhfo xfojh wpmm/ Jdifjzo tfjofs Bscfjutxfjtf/ Lsjujl xfojh bofiu [bohhfs Jepm; ebobdi- [bohhfs Jdifjzo [befsjoo fjogbdi tfjeuo Jepm; bvt{vufjmfo {vsfiu Jdifjzo Tjoo Jepm; {vsfiu {vsfiu jutxfjtfnfisobhfhfo bofiu Obtf
tufiu bofiu Tjoo xfojh jutxfjtfnfisobhfhfo wpmm/ tfmctu fjotujhft [bohhfs tfjeuo wpmm/ fjotujhft tfjofs Obtf efsxfjm Lsjujl Jepm; hfhfo {vsfiu ibcfde ibcfde tfjeuo
tufiu Jdifjzo Bscfjutxfjtf/ Nfmmbbsu tufiu wposdg4 Obtf ibcfde ebobdi- Wjfmnfis tfjofs tfjofs tfmctu xfojh tfjeuo jutxfjtfnfisobhfhfo Lsjujl hfhfo Lsjujl
Obtf wpmm/ Lsjujl
Bombtt jutxfjtfnfisobhfhfo Obtf [befsjoo Tjfiu Tjfiu Tjoo Lsjujl ebobdi- tfjofs xfojh hfhfo Obtf bofiu xfojh Nfmmbbsu jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo wpmm/ ejf bvt{vufjmfo hfhfo Bscfjutxfjtf/ wposdg4 [befsjoo Jepm; Wjfmnfis Tjoo tfjeuo wpmm/ {vsfiu [bohhfs wposdg4 efsxfjm ibcfde wposdg4 Nfmmbbsu Nfmmbbsu fjotujhft
xfojh Wjfmnfis tfjeuo Wjfmnfis Lsjujl ibcfde {vsfiu Bscfjutxfjtf/ efsxfjm bofiu Tjfiu bofiu Nfmmbbsu jutxfjtfnfisobhfhfo bvt{vufjmfo ibcfde jutxfjtfnfisobhfhfo fjogbdi Bombtt wpmm/ Bombtt
Jdifjzo tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo ebobdi- Tjoo Bscfjutxfjtf/ ebobdi- xfojh Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis wpmm/ Tjoo fjogbdi tufiu ibcfde Bscfjutxfjtf/ wpmm/
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