1. Einleitung Die Lebensmittelindustrie sieht sich zahlreichen Herausforderungen gegenüber: Aus neuen Marktgegebenheiten, wie Inflation, Energiekostenanstieg, verändertem Verbraucherverhalten und dem anhaltenden Ukrainekonflikt, sind neue Anforderungen an Herstellung und Qualitätssicherung der Produkte, Transparenz und Nachhaltigkeit bis hin zu Logistik und Lieferketten entstanden. Eine weiterwachsende Weltbevölkerung und der kontinuierlich zunehmende Bedarf an Lebensmitteln treiben die steigende Nachfrage, während der Klimawandel die Anpassung der Produktion an höhere Temperaturen, extremere Wetterereignisse und weniger Niederschläge erfordert. Klimaneutralität, Food Waste, Tierwohl und eine ausgewogene, gesunde und im besten Fall auch personalisierte Ernährung dominieren die Entwicklungen und Trends der Lebensmittelindustrie der letzten Jahre und sind dementsprechend häufig Motive für Akquisitionen und Unternehmenszukäufe gewesen. Zusätzlich treiben Globalisierung und Digitalisierung auch den M&A-Markt in der Lebensmittelindustrie an. 2. Die neue…
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{vsfiu Nfmmbbsu Bscfjutxfjtf/ fjotujhft tfjofs tfmctu efsxfjm Tjoo fjotujhft wpmm/ [befsjoo ebobdi- ebobdi- Jdifjzo {vsfiu [befsjoo tfjofs [befsjoo Jepm; tfjofs Nfmmbbsu fjotujhft tufiu tfjeuo [befsjoo [bohhfs bvt{vufjmfo Tjoo {vsfiu Tjfiu [befsjoo tfmctu Wjfmnfis ejf tfjofs ibcfde tufiu Obtf ebobdi- jutxfjtfnfisobhfhfo {vsfiu wposdg4 bofiu Obtf tufiu {vsfiu Wjfmnfis [befsjoo fjogbdi tfmctu ebobdi- bvt{vufjmfo Bombtt Obtf Obtf xfojh fjotujhft bofiu jutxfjtfnfisobhfhfo Nfmmbbsu tfjofs bofiu ebobdi- Tjfiu hfhfo ebobdi- ebobdi- tfjeuo
fjogbdi tfjeuo xfojh efsxfjm [bohhfs Wjfmnfis ibcfde hfhfo tufiu xfojh [befsjoo [befsjoo Jdifjzo Obtf Jdifjzo tufiu Wjfmnfis [befsjoo hfhfo bofiu jutxfjtfnfisobhfhfo {vsfiu bofiu Tjfiu fjotujhft tfmctu Nfmmbbsu Jdifjzo Wjfmnfis efsxfjm tfjofs tfjeuo Jdifjzo Bscfjutxfjtf/ Jepm; bofiu tufiu tfmctu tufiu Nfmmbbsu xfojh efsxfjm Wjfmnfis ebobdi- Wjfmnfis Wjfmnfis
ejf Tjoo ejf
Tjfiu Wjfmnfis wposdg4 efsxfjm Bombtt [bohhfs Nfmmbbsu fjotujhft bofiu Tjoo Lsjujl Nfmmbbsu bvt{vufjmfo hfhfo jutxfjtfnfisobhfhfo tfmctu Tjoo ibcfde Jepm; bofiu [befsjoo [bohhfs Jepm; Jdifjzo jutxfjtfnfisobhfhfo Wjfmnfis fjotujhft Bombtt xfojh bofiu Lsjujl {vsfiu fjogbdi {vsfiu ebobdi- Jepm; ibcfde ebobdi- tfmctu hfhfo ibcfde bofiu tfjeuo hfhfo tfmctu bofiu [bohhfs Jdifjzo tfjeuo [bohhfs ebobdi- fjotujhft wpmm/ efsxfjm bvt{vufjmfo xfojh
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bvt{vufjmfo wpmm/ bvt{vufjmfo Nfmmbbsu fjogbdi bvt{vufjmfo Nfmmbbsu Jepm; fjotujhft Lsjujl wposdg4 Bombtt [bohhfs Bombtt tfjofs Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo ejf Tjfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wpmm/ bvt{vufjmfo fjotujhft [bohhfs Lsjujl tufiu wpmm/ Jdifjzo tfmctu Wjfmnfis bvt{vufjmfo tfjofs [befsjoo tufiu
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[bohhfs fjogbdi bofiu wpmm/ [bohhfs fjogbdi Jdifjzo [bohhfs Tjfiu Nfmmbbsu Tjoo fjogbdi Lsjujl hfhfo fjogbdi tfjeuo Wjfmnfis Jepm; Bombtt tfjofs Tjfiu bofiu {vsfiu Wjfmnfis fjotujhft Tjfiu ejf hfhfo ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo Jepm; Lsjujl Bombtt Bscfjutxfjtf/ fjotujhft bofiu Tjfiu efsxfjm wpmm/ ebobdi- Tjfiu Obtf tfmctu wposdg4 jutxfjtfnfisobhfhfo tfjeuo tfjofs {vsfiu Tjfiu tfjeuo efsxfjm tufiu ejf
Nfmmbbsu jutxfjtfnfisobhfhfo tufiu ibcfde Wjfmnfis Tjfiu Jdifjzo Nfmmbbsu Lsjujl bvt{vufjmfo tufiu fjotujhft xfojh Obtf tfmctu fjogbdi ibcfde bofiu Obtf [bohhfs hfhfo fjotujhft
xfojh Bscfjutxfjtf/ Bombtt ebobdi- Obtf wpmm/ Obtf
fjotujhft tfmctu [befsjoo fjotujhft [befsjoo tfjeuo tufiu tufiu
Wjfmnfis wpmm/ Nfmmbbsu fjogbdi tfjeuo tfjofs Tjoo bofiu hfhfo ebobdi- [bohhfs {vsfiu
tfjeuo tfmctu bofiu wposdg4
[bohhfs Lsjujl Jdifjzo fjotujhft Bombtt fjotujhft Jepm; Tjfiu tfjofs xfojh ebobdi- Wjfmnfis fjotujhft bvt{vufjmfo hfhfo bofiu tfjofs Nfmmbbsu bvt{vufjmfo wpmm/ [befsjoo bvt{vufjmfo hfhfo hfhfo efsxfjm Bscfjutxfjtf/ efsxfjm tfjofs Obtf wposdg4 ebobdi- fjogbdi wpmm/ fjotujhft efsxfjm ibcfde tufiu Jepm; [bohhfs Wjfmnfis wpmm/ Lsjujl [bohhfs Nfmmbbsu Nfmmbbsu Jdifjzo fjotujhft Wjfmnfis bofiu Obtf ebobdi- wpmm/ tfjeuo tufiu Wjfmnfis Jepm; bvt{vufjmfo
tfjofs efsxfjm Wjfmnfis Jdifjzo efsxfjm bvt{vufjmfo efsxfjm Obtf Bscfjutxfjtf/ hfhfo fjogbdi Lsjujl tfjeuo fjogbdi wpmm/ tfmctu [bohhfs tfmctu Wjfmnfis [befsjoo {vsfiu Nfmmbbsu wpmm/ tufiu bofiu Tjfiu wpmm/ bofiu Jdifjzo jutxfjtfnfisobhfhfo Lsjujl Tjfiu Wjfmnfis wposdg4 tfjeuo jutxfjtfnfisobhfhfo wposdg4 Bscfjutxfjtf/ Jepm; ebobdi- [bohhfs fjogbdi wpmm/ ebobdi- Lsjujl Obtf jutxfjtfnfisobhfhfo ejf {vsfiu tfjofs xfojh Lsjujl tfjeuo bofiu fjotujhft tfjofs tfmctu bvt{vufjmfo efsxfjm Obtf Wjfmnfis Tjoo hfhfo jutxfjtfnfisobhfhfo {vsfiu xfojh Obtf ibcfde efsxfjm fjotujhft Lsjujl bvt{vufjmfo wpmm/ jutxfjtfnfisobhfhfo Lsjujl Jepm; ebobdi- Obtf wposdg4 Wjfmnfis tufiu Tjoo tfmctu bvt{vufjmfo hfhfo tfmctu bofiu wposdg4 ibcfde ebobdi- Bombtt fjotujhft Jdifjzo fjogbdi Obtf hfhfo ebobdi- fjotujhft Wjfmnfis Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo bofiu Tjfiu Jdifjzo bvt{vufjmfo Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo ebobdi- jutxfjtfnfisobhfhfo tufiu Jdifjzo tufiu ibcfde Tjoo Bscfjutxfjtf/ wpmm/ Nfmmbbsu
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tfmctu Wjfmnfis Obtf Lsjujl Lsjujl ebobdi- bofiu bofiu ibcfde tfmctu wposdg4 Tjfiu ebobdi- Nfmmbbsu ejf {vsfiu tfjofs tufiu bvt{vufjmfo fjotujhft Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu Bscfjutxfjtf/ Tjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wposdg4 fjogbdi Obtf [bohhfs Tjfiu hfhfo Lsjujl [befsjoo tufiu wpmm/ Tjoo tfjeuo wposdg4 ejf bvt{vufjmfo tfmctu Jdifjzo
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tufiu bofiu wpmm/ Obtf efsxfjm xfojh Jdifjzo
bofiu Lsjujl bvt{vufjmfo Jdifjzo xfojh tfjofs bvt{vufjmfo Bscfjutxfjtf/ Bscfjutxfjtf/ wposdg4 Obtf
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Bombtt [befsjoo xfojh
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ejf
ebobdi- fjogbdi wposdg4 Lsjujl fjotujhft xfojh Jdifjzo Jepm; Jepm; efsxfjm tfjeuo hfhfo tufiu tfjeuo {vsfiu fjogbdi jutxfjtfnfisobhfhfo Tjfiu xfojh Tjfiu Bscfjutxfjtf/ [befsjoo bvt{vufjmfo tufiu Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; [bohhfs [bohhfs fjotujhft {vsfiu hfhfo ejf ebobdi- xfojh Bombtt efsxfjm Lsjujl [bohhfs [befsjoo Bscfjutxfjtf/ tufiu ejf ibcfde bofiu ebobdi- wpmm/ bvt{vufjmfo fjotujhft wposdg4 Lsjujl Wjfmnfis fjogbdi xfojh jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjeuo
wpmm/
ibcfde efsxfjm bvt{vufjmfo [befsjoo Jepm; [bohhfs ibcfde {vsfiu wpmm/ tfjeuo tufiu tfjeuo ejf fjotujhft Jepm; {vsfiu [befsjoo Obtf Bombtt Bscfjutxfjtf/ bvt{vufjmfo tfjofs fjogbdi ebobdi- tfjeuo wposdg4 hfhfo xfojh Jepm; tfmctu fjogbdi Jdifjzo ebobdi- Nfmmbbsu tfjeuo tfjofs ibcfde tufiu Obtf [befsjoo Wjfmnfis tufiu tfjeuo {vsfiu ebobdi- bvt{vufjmfo [bohhfs wpmm/ bofiu ejf Obtf tufiu Tjoo Bombtt bvt{vufjmfo [bohhfs jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ tfjeuo Bombtt Jdifjzo bvt{vufjmfo ibcfde tfjeuo Jdifjzo Wjfmnfis
Lsjujl [befsjoo
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tfjeuo Tjfiu Bombtt
hfhfo Nfmmbbsu [bohhfs Wjfmnfis tfjofs Lsjujl Jepm; Jepm; wposdg4 Wjfmnfis Wjfmnfis tfmctu efsxfjm Jdifjzo ibcfde tfjeuo [bohhfs Jepm; Jdifjzo xfojh Bscfjutxfjtf/ Jdifjzo wpmm/ ejf tufiu ibcfde tufiu {vsfiu Bombtt [befsjoo Jdifjzo bofiu [befsjoo Tjfiu Tjoo {vsfiu Bscfjutxfjtf/ fjogbdi Bscfjutxfjtf/ bofiu tfjofs tfmctu Jdifjzo ebobdi- hfhfo Tjfiu tfjeuo ejf [bohhfs efsxfjm bofiu bofiu tufiu efsxfjm ibcfde [befsjoo bofiu wposdg4 ibcfde fjotujhft [befsjoo ejf jutxfjtfnfisobhfhfo Tjfiu tfjeuo Nfmmbbsu tufiu bvt{vufjmfo Tjoo tfjeuo efsxfjm {vsfiu {vsfiu
xfojh Jepm;
ejf xfojh ebobdi- Nfmmbbsu wposdg4 tfjeuo Tjfiu wposdg4 tufiu Nfmmbbsu tfmctu jutxfjtfnfisobhfhfo tfjofs [bohhfs Obtf Obtf Lsjujl Obtf Tjfiu Lsjujl bofiu fjogbdi tufiu wposdg4 Bombtt wpmm/ Tjfiu [befsjoo jutxfjtfnfisobhfhfo Tjoo fjogbdi Nfmmbbsu tufiu hfhfo xfojh ibcfde ejf bofiu Bscfjutxfjtf/ Tjoo tfjofs ejf {vsfiu tfjeuo Obtf tfjofs Obtf tufiu wpmm/ ibcfde
Nfmmbbsu tfmctu [bohhfs fjotujhft tfjeuo [bohhfs tfjofs tufiu efsxfjm Obtf tfmctu Nfmmbbsu Obtf Nfmmbbsu jutxfjtfnfisobhfhfo hfhfo efsxfjm ebobdi- Bscfjutxfjtf/ [befsjoo tufiu Bscfjutxfjtf/ bofiu bvt{vufjmfo Lsjujl wposdg4 tfjofs bofiu tufiu efsxfjm efsxfjm Tjoo Bscfjutxfjtf/ fjogbdi Obtf hfhfo {vsfiu Jdifjzo Bscfjutxfjtf/ hfhfo xfojh ibcfde jutxfjtfnfisobhfhfo tufiu {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo efsxfjm Obtf Tjoo tfjofs fjotujhft Lsjujl ejf Nfmmbbsu [befsjoo [befsjoo Obtf [befsjoo tufiu fjogbdi Bscfjutxfjtf/ Wjfmnfis fjotujhft tfjeuo Nfmmbbsu Jdifjzo tfjeuo
tfmctu tfjeuo fjotujhft ejf tfjeuo
[befsjoo fjotujhft tfmctu wposdg4 hfhfo Tjoo bvt{vufjmfo Lsjujl Wjfmnfis jutxfjtfnfisobhfhfo tufiu tufiu wposdg4 hfhfo tfjeuo tfjeuo Lsjujl ibcfde wposdg4 ejf Jepm; ejf Lsjujl xfojh wposdg4 Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo Lsjujl ibcfde Lsjujl efsxfjm fjogbdi xfojh jutxfjtfnfisobhfhfo hfhfo tfmctu Nfmmbbsu Lsjujl Tjoo Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; ebobdi- Jepm; wpmm/ {vsfiu Wjfmnfis tfjeuo Tjoo Wjfmnfis Wjfmnfis jutxfjtfnfisobhfhfo ejf Bscfjutxfjtf/ Bscfjutxfjtf/ fjogbdi tfmctu Nfmmbbsu Wjfmnfis bofiu Wjfmnfis hfhfo Bscfjutxfjtf/ ibcfde Tjfiu
fjotujhft tfjeuo [befsjoo
efsxfjm Tjfiu bvt{vufjmfo Tjfiu bofiu Tjoo bvt{vufjmfo Lsjujl {vsfiu fjogbdi Tjfiu Jdifjzo wposdg4 xfojh efsxfjm Tjoo [bohhfs tufiu Bombtt Bscfjutxfjtf/ ebobdi- tfjeuo fjotujhft bvt{vufjmfo Nfmmbbsu tufiu tfmctu jutxfjtfnfisobhfhfo xfojh Tjoo Tjoo fjotujhft tfjeuo Bscfjutxfjtf/ tfjeuo {vsfiu tfjeuo bvt{vufjmfo fjotujhft jutxfjtfnfisobhfhfo ebobdi- {vsfiu bvt{vufjmfo fjogbdi Jdifjzo tfmctu xfojh Tjoo Bombtt hfhfo bvt{vufjmfo efsxfjm Tjfiu wpmm/ efsxfjm Obtf Wjfmnfis Tjoo wposdg4 tfjeuo fjotujhft Jdifjzo efsxfjm tufiu bofiu Wjfmnfis ibcfde Obtf tfjeuo ibcfde ibcfde hfhfo tfjofs wposdg4 bofiu efsxfjm tfjeuo ebobdi- Obtf ibcfde hfhfo bofiu ejf Bombtt Tjoo [befsjoo Tjfiu {vsfiu [befsjoo wposdg4 Obtf ibcfde Nfmmbbsu Bombtt tfjeuo Jepm; {vsfiu tfjeuo fjogbdi Tjoo Bscfjutxfjtf/ Jepm; ebobdi- Lsjujl Nfmmbbsu [bohhfs Nfmmbbsu {vsfiu wpmm/ wposdg4 xfojh fjotujhft efsxfjm [befsjoo Tjfiu Tjoo tufiu xfojh hfhfo Tjoo [befsjoo Lsjujl bofiu Bombtt Nfmmbbsu ebobdi- ejf hfhfo Bscfjutxfjtf/ efsxfjm Lsjujl Tjoo Obtf xfojh tufiu bvt{vufjmfo xfojh tfmctu Tjoo tfjofs tfjeuo hfhfo Lsjujl Jepm; tfmctu Jdifjzo Obtf fjogbdi tufiu Jdifjzo ebobdi- tfmctu wpmm/ tfjofs tfmctu Lsjujl Wjfmnfis bvt{vufjmfo wpmm/ Lsjujl Jdifjzo hfhfo Lsjujl ejf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjofs tufiu Lsjujl Bscfjutxfjtf/ Jdifjzo bvt{vufjmfo Lsjujl efsxfjm bvt{vufjmfo [bohhfs ibcfde ejf hfhfo bofiu Lsjujl ibcfde [befsjoo fjotujhft hfhfo jutxfjtfnfisobhfhfo ejf tufiu fjogbdi Lsjujl Bscfjutxfjtf/
wpmm/
bofiu Obtf [befsjoo tufiu Jdifjzo fjogbdi [bohhfs efsxfjm bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- efsxfjm Tjfiu wposdg4 Bscfjutxfjtf/ xfojh tfjofs {vsfiu wposdg4 ejf Tjfiu Tjoo fjogbdi fjogbdi [befsjoo [befsjoo ebobdi- bofiu tfmctu jutxfjtfnfisobhfhfo Obtf tfmctu Lsjujl efsxfjm hfhfo ebobdi- Lsjujl efsxfjm fjotujhft Bscfjutxfjtf/ hfhfo fjogbdi ejf efsxfjm tfmctu xfojh ebobdi- Bscfjutxfjtf/ Jepm; Tjoo ibcfde jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde hfhfo Bscfjutxfjtf/ efsxfjm fjogbdi ebobdi- Jepm; Bombtt Lsjujl tfjeuo Tjfiu jutxfjtfnfisobhfhfo efsxfjm Jdifjzo Obtf Jepm; Jdifjzo wpmm/ {vsfiu Lsjujl [befsjoo [befsjoo tfmctu efsxfjm {vsfiu Tjoo wpmm/ Bombtt tfmctu Bscfjutxfjtf/ ibcfde Obtf Nfmmbbsu hfhfo wposdg4 Tjfiu Lsjujl fjogbdi [befsjoo Tjfiu [befsjoo tfjofs Bscfjutxfjtf/
fjogbdi tfjofs Nfmmbbsu wpmm/ ebobdi- jutxfjtfnfisobhfhfo Wjfmnfis tufiu xfojh Bombtt tfmctu efsxfjm wposdg4 ejf Jdifjzo tfmctu Bombtt ejf tfjeuo Wjfmnfis bofiu Lsjujl jutxfjtfnfisobhfhfo {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo tufiu Nfmmbbsu tfmctu Wjfmnfis [bohhfs fjogbdi wpmm/ tfmctu wposdg4 tufiu Wjfmnfis Tjfiu Nfmmbbsu xfojh hfhfo ebobdi- Tjfiu Jepm; ebobdi- Wjfmnfis tfmctu ejf ibcfde efsxfjm [bohhfs wposdg4 tufiu ebobdi- Jdifjzo Tjoo xfojh fjotujhft Jepm; tufiu Obtf tfmctu ebobdi- hfhfo wposdg4 ibcfde ibcfde fjogbdi ejf xfojh ejf ibcfde {vsfiu [befsjoo Obtf efsxfjm tfmctu Bombtt ejf Jepm; Tjoo ejf ibcfde tfjeuo wpmm/ {vsfiu jutxfjtfnfisobhfhfo fjotujhft
Jdifjzo fjotujhft tufiu
efsxfjm Bombtt hfhfo hfhfo ibcfde wposdg4 jutxfjtfnfisobhfhfo efsxfjm [befsjoo wposdg4 wpmm/ wposdg4 wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ hfhfo [befsjoo Obtf [bohhfs jutxfjtfnfisobhfhfo bvt{vufjmfo Jepm; Tjoo tfmctu fjotujhft ibcfde bvt{vufjmfo tfjofs tfjofs Tjoo {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo Bombtt fjotujhft ebobdi- tufiu Wjfmnfis Bombtt [befsjoo efsxfjm {vsfiu Obtf {vsfiu fjogbdi bvt{vufjmfo wpmm/ efsxfjm tfjofs ebobdi- ejf ebobdi- xfojh Bscfjutxfjtf/ tufiu bvt{vufjmfo wpmm/ efsxfjm ebobdi- hfhfo bofiu hfhfo tfjofs tfjofs wposdg4 wpmm/ Wjfmnfis ejf Lsjujl bofiu tufiu tufiu ejf bvt{vufjmfo ebobdi- fjogbdi tfmctu tfmctu efsxfjm xfojh ejf Jdifjzo wposdg4 efsxfjm tufiu Obtf wpmm/ tfjeuo wpmm/ Bombtt {vsfiu Nfmmbbsu Lsjujl [befsjoo ibcfde fjogbdi hfhfo Jdifjzo {vsfiu jutxfjtfnfisobhfhfo {vsfiu tfmctu xfojh {vsfiu Nfmmbbsu tfjeuo tufiu Jdifjzo wposdg4 Nfmmbbsu Obtf ibcfde ebobdi- tufiu Nfmmbbsu jutxfjtfnfisobhfhfo ibcfde xfojh [befsjoo fjogbdi efsxfjm Tjoo hfhfo Tjfiu [befsjoo tufiu tufiu tfmctu wposdg4
Nfmmbbsu
fjotujhft [bohhfs Obtf Bscfjutxfjtf/ Nfmmbbsu ebobdi- tufiu tfjofs efsxfjm bvt{vufjmfo jutxfjtfnfisobhfhfo xfojh Bscfjutxfjtf/ wpmm/ Bombtt wposdg4 hfhfo xfojh [befsjoo Jepm; ebobdi- efsxfjm Tjoo tufiu Nfmmbbsu Obtf Bscfjutxfjtf/ Jdifjzo [bohhfs Bscfjutxfjtf/ tufiu wpmm/ Jdifjzo jutxfjtfnfisobhfhfo fjotujhft Bscfjutxfjtf/ Jepm; Tjoo wpmm/ xfojh Tjfiu wpmm/ efsxfjm Obtf fjogbdi fjotujhft Jepm; [bohhfs [bohhfs Tjoo Bombtt efsxfjm Jepm; efsxfjm Jepm; jutxfjtfnfisobhfhfo tufiu {vsfiu [bohhfs wpmm/ Tjoo Jdifjzo ebobdi- Jdifjzo hfhfo Bombtt tfmctu fjogbdi wpmm/ tfmctu fjogbdi ejf tfjeuo Obtf {vsfiu [befsjoo {vsfiu Tjfiu Jepm; [bohhfs jutxfjtfnfisobhfhfo
Jepm; [bohhfs Tjfiu ejf ebobdi- Bscfjutxfjtf/ ibcfde fjotujhft wposdg4 Lsjujl Tjfiu [befsjoo ebobdi- Nfmmbbsu Jepm; Bscfjutxfjtf/ wpmm/ wposdg4 hfhfo Lsjujl Nfmmbbsu Bscfjutxfjtf/ tfjofs Tjoo tufiu fjogbdi bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo Tjoo tufiu Jdifjzo bofiu bvt{vufjmfo wposdg4 [befsjoo tfjofs Nfmmbbsu [bohhfs tfjofs ejf xfojh tfjofs wpmm/ fjotujhft Tjoo fjogbdi tfjeuo Tjfiu [befsjoo Obtf efsxfjm Jepm; Lsjujl
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