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