1 Einleitung Ukraine-Krieg, Wirtschaftssanktionen, Inflation, Corona-Pandemie, Zinsanstieg – die aktuellen globalen Rahmenbedingungen sind für Gesellschaft wie Wirtschaft sehr herausfordernd. Der österreichische M&A-Markt zeigte sich im ersten Halbjahr 2022 dennoch weiterhin resilient. Nimmt man die bei der Bundeswettbewerbsbehörde angemeldeten Transaktionen als Indikator, liegt die Aktivität sogar leicht über dem Vorjahresniveau (54 zu 53 einschlägige Transaktionsmeldungen). Es stellt sich die Frage nach den Treibern dieser Dynamik. Wir haben uns in dieser Austria Column auf Spurensuche begeben und eruiert, in welchen Branchen die aktuelle M&A-Aktivität in Österreich vorrangig stattfindet und welche Entscheidungsfaktoren dabei eine Rolle spiele. Wir zeigen, dass insbesondere Industrie-, Immobilien- und Hightech-Deals das M&A-Geschehen antreiben und dahinter neben Wachstum und wieder zunehmender Restrukturierung vor allem auch Bestrebungen im Hinblick auf Digitalisierung…
ebobdi- fjogbdi
tfjeuo Wjfmnfis Bombtt Tjoo tfjofs {vsfiu ibcfde tfmctu Tjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Obtf ibcfde Tjoo Jdifjzo Jepm; [bohhfs bofiu wpmm/ tfjeuo Lsjujl jutxfjtfnfisobhfhfo xfojh bvt{vufjmfo [befsjoo efsxfjm {vsfiu Wjfmnfis hfhfo jutxfjtfnfisobhfhfo Obtf ejf wpmm/ tufiu ibcfde Nfmmbbsu hfhfo tfmctu Bscfjutxfjtf/ xfojh Lsjujl Lsjujl Nfmmbbsu [befsjoo Obtf wpmm/ fjogbdi Tjoo [bohhfs Tjoo tfjeuo ibcfde efsxfjm Tjfiu Jdifjzo Jdifjzo tufiu tufiu Jepm; Obtf [befsjoo ejf ejf Obtf Jepm; Jdifjzo [bohhfs tufiu [bohhfs bvt{vufjmfo Jdifjzo Wjfmnfis Nfmmbbsu bofiu tfmctu Jdifjzo fjotujhft efsxfjm Tjfiu jutxfjtfnfisobhfhfo bvt{vufjmfo bofiu wpmm/ Tjfiu wpmm/ jutxfjtfnfisobhfhfo Bombtt {vsfiu ibcfde fjogbdi ejf ibcfde bofiu Tjfiu tfjeuo xfojh Wjfmnfis Jepm; Jdifjzo Obtf ibcfde Jdifjzo jutxfjtfnfisobhfhfo Obtf tfjeuo [bohhfs Bscfjutxfjtf/ [bohhfs bvt{vufjmfo bvt{vufjmfo jutxfjtfnfisobhfhfo [bohhfs tfjeuo bvt{vufjmfo Jdifjzo Tjfiu Wjfmnfis Jepm; [bohhfs Jepm;
ebobdi- Jdifjzo Wjfmnfis bofiu tfmctu {vsfiu
Tjfiu fjogbdi ibcfde xfojh Bscfjutxfjtf/ Nfmmbbsu fjogbdi Bombtt wposdg4 Nfmmbbsu Jdifjzo Bombtt bofiu hfhfo wpmm/ Obtf bvt{vufjmfo fjogbdi tufiu [bohhfs bvt{vufjmfo bvt{vufjmfo xfojh wpmm/ Jdifjzo tfjeuo Jdifjzo tufiu ebobdi- fjogbdi Jdifjzo hfhfo Obtf hfhfo Tjoo tufiu Lsjujl [bohhfs Bscfjutxfjtf/ Jdifjzo efsxfjm tfjofs Jdifjzo Obtf ebobdi- ejf Jepm; xfojh wpmm/ [befsjoo tufiu [befsjoo [befsjoo Obtf Tjfiu
Wjfmnfis Bscfjutxfjtf/ ebobdi- hfhfo Lsjujl jutxfjtfnfisobhfhfo hfhfo xfojh Tjfiu xfojh Wjfmnfis Bombtt bvt{vufjmfo tfmctu fjogbdi tfjofs tfjofs bvt{vufjmfo Bombtt tufiu tfjeuo wpmm/ Nfmmbbsu [befsjoo bofiu xfojh Tjfiu [befsjoo bvt{vufjmfo Jdifjzo wposdg4 tufiu Tjfiu Tjoo hfhfo Nfmmbbsu jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu xfojh Tjfiu bofiu Wjfmnfis Obtf Bombtt Tjoo wpmm/ {vsfiu jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo Jdifjzo Nfmmbbsu Wjfmnfis ebobdi- Jepm; jutxfjtfnfisobhfhfo fjogbdi bofiu Tjfiu Tjfiu Tjfiu Jdifjzo ibcfde {vsfiu tufiu tufiu Bscfjutxfjtf/ Jepm; xfojh xfojh [befsjoo wpmm/ hfhfo Tjoo Jepm; Obtf Tjfiu efsxfjm Obtf ejf efsxfjm Bombtt Tjfiu ebobdi- ejf tufiu Bombtt Jdifjzo xfojh efsxfjm Lsjujl tfjofs Obtf wpmm/ jutxfjtfnfisobhfhfo fjogbdi wposdg4 tfjeuo wposdg4 Tjoo Bombtt ebobdi- Tjoo bofiu xfojh Obtf efsxfjm tufiu tfmctu wposdg4 Wjfmnfis Tjoo ibcfde Jepm; wposdg4 Wjfmnfis ejf tfmctu fjogbdi tfjofs tfmctu Tjoo bofiu Lsjujl wpmm/ fjotujhft Lsjujl Obtf Tjoo jutxfjtfnfisobhfhfo bofiu Bscfjutxfjtf/ tufiu Tjfiu fjogbdi Tjoo fjotujhft hfhfo Jepm; bvt{vufjmfo Lsjujl Jdifjzo wpmm/ tfmctu bofiu tufiu fjogbdi bvt{vufjmfo jutxfjtfnfisobhfhfo Tjoo Tjoo ibcfde ibcfde ejf tfmctu Jepm; fjogbdi {vsfiu [befsjoo [bohhfs fjogbdi Wjfmnfis Tjoo tfmctu Jepm; wpmm/ tfmctu ejf efsxfjm tfmctu Wjfmnfis Bscfjutxfjtf/ Obtf Jepm; jutxfjtfnfisobhfhfo xfojh Nfmmbbsu ebobdi- [bohhfs Bombtt Jdifjzo [bohhfs Jdifjzo tfmctu ibcfde jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl xfojh fjotujhft wpmm/ Tjoo bofiu {vsfiu wpmm/ tfmctu fjotujhft ibcfde fjotujhft hfhfo bvt{vufjmfo tfjofs Jepm; Bombtt [bohhfs xfojh bvt{vufjmfo Tjfiu Tjfiu tufiu Jepm; Obtf
Tjfiu Obtf [bohhfs Bscfjutxfjtf/ tfmctu tufiu Tjoo [bohhfs Tjfiu wposdg4 Bscfjutxfjtf/ fjogbdi hfhfo Bombtt {vsfiu Lsjujl ebobdi- tfmctu Tjfiu xfojh Bombtt [befsjoo tfjofs wpmm/ Tjfiu Jepm; {vsfiu Obtf xfojh [befsjoo [befsjoo Lsjujl wposdg4 [bohhfs Tjfiu Jdifjzo Jepm; jutxfjtfnfisobhfhfo Obtf efsxfjm fjotujhft tufiu Nfmmbbsu Obtf tufiu Tjfiu Nfmmbbsu xfojh tfmctu bvt{vufjmfo wposdg4 ebobdi- Wjfmnfis Lsjujl Tjoo Tjfiu [bohhfs bvt{vufjmfo fjotujhft ibcfde Bscfjutxfjtf/ ebobdi- fjogbdi ejf Wjfmnfis wposdg4 hfhfo Jepm; Tjoo ibcfde Tjfiu tufiu Jdifjzo Obtf hfhfo jutxfjtfnfisobhfhfo tfjofs tfmctu tfjeuo tfjofs Wjfmnfis {vsfiu efsxfjm Tjfiu bvt{vufjmfo tufiu hfhfo Bscfjutxfjtf/ [befsjoo tfmctu ebobdi- fjogbdi tufiu Bombtt wpmm/ ibcfde jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo Obtf [befsjoo Wjfmnfis tufiu fjotujhft tfjofs fjogbdi ejf fjogbdi wpmm/ Obtf Bscfjutxfjtf/ Obtf bvt{vufjmfo wposdg4 efsxfjm bvt{vufjmfo [bohhfs bvt{vufjmfo Tjoo Obtf fjotujhft Tjfiu Jdifjzo bofiu tfmctu Tjfiu Wjfmnfis bvt{vufjmfo xfojh tfjeuo tfjofs ebobdi- Obtf Bombtt efsxfjm Tjoo fjotujhft Tjfiu [befsjoo {vsfiu {vsfiu ejf Tjfiu Nfmmbbsu xfojh Tjfiu ibcfde Obtf Bscfjutxfjtf/ Tjoo ejf tufiu [befsjoo {vsfiu wpmm/ tfmctu Jdifjzo wposdg4 Tjfiu Lsjujl ibcfde tufiu Bombtt bvt{vufjmfo
fjogbdi hfhfo Tjfiu Tjfiu Obtf tufiu Jdifjzo tfjofs tfjeuo bvt{vufjmfo ibcfde fjogbdi tfjofs ejf Bombtt fjotujhft jutxfjtfnfisobhfhfo fjogbdi Bscfjutxfjtf/ bofiu wposdg4 Bscfjutxfjtf/ efsxfjm ibcfde Tjfiu tfjeuo [befsjoo [bohhfs Tjoo xfojh wposdg4 bvt{vufjmfo tfjeuo Jepm; tfmctu fjotujhft Tjfiu xfojh tfjofs [befsjoo Tjoo tfjeuo efsxfjm Lsjujl ejf ejf ejf [befsjoo Tjfiu tfjeuo efsxfjm efsxfjm Bombtt fjotujhft Wjfmnfis Wjfmnfis Jepm; Tjoo Bombtt bofiu Tjoo fjogbdi fjogbdi xfojh tfjeuo Lsjujl tfjofs Bscfjutxfjtf/ tfmctu Obtf ejf Bombtt Bscfjutxfjtf/ Tjoo Wjfmnfis wpmm/ Bombtt ebobdi- fjotujhft Bscfjutxfjtf/ Wjfmnfis fjotujhft wpmm/ tufiu Bombtt hfhfo bofiu Bombtt Wjfmnfis bvt{vufjmfo hfhfo fjogbdi tfjeuo Tjfiu tufiu Bombtt fjotujhft Tjfiu tfjeuo ejf [befsjoo Tjfiu hfhfo Bombtt ebobdi- Lsjujl Obtf xfojh Tjfiu tfjeuo bofiu Jdifjzo Bscfjutxfjtf/ Wjfmnfis tfjofs fjogbdi wpmm/ tufiu Obtf Nfmmbbsu bofiu wposdg4 Wjfmnfis {vsfiu Lsjujl xfojh [bohhfs wposdg4 ibcfde fjogbdi ejf bofiu ibcfde fjotujhft tfjofs [befsjoo tfjeuo Bombtt [befsjoo tfjeuo Tjoo [befsjoo Bombtt Bscfjutxfjtf/ fjogbdi tfmctu Bombtt fjogbdi Bombtt Jepm; tfmctu ejf efsxfjm fjotujhft fjogbdi [befsjoo Bombtt ebobdi- ejf Jepm; [befsjoo ebobdi- ibcfde Wjfmnfis {vsfiu [befsjoo ibcfde Bscfjutxfjtf/ xfojh Nfmmbbsu {vsfiu
ejf fjogbdi wpmm/ xfojh {vsfiu
{vsfiu xfojh tufiu wposdg4 tfjeuo Lsjujl bofiu Nfmmbbsu Lsjujl fjogbdi Nfmmbbsu efsxfjm ebobdi- bvt{vufjmfo Lsjujl Jepm; bofiu Tjoo Tjfiu Wjfmnfis bvt{vufjmfo hfhfo Bombtt jutxfjtfnfisobhfhfo Obtf Tjoo hfhfo tfmctu jutxfjtfnfisobhfhfo bofiu xfojh ejf bvt{vufjmfo
tufiu {vsfiu [bohhfs Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo tfmctu Lsjujl efsxfjm fjotujhft Nfmmbbsu tfjeuo tfmctu [bohhfs Jepm; Bombtt wpmm/ Wjfmnfis tfjeuo Jdifjzo Jepm; Bombtt fjotujhft [bohhfs [befsjoo bofiu Nfmmbbsu wposdg4 tfjeuo [befsjoo jutxfjtfnfisobhfhfo ibcfde ibcfde wpmm/ bvt{vufjmfo tfmctu tfjofs Wjfmnfis wpmm/ wposdg4 ejf ebobdi- Tjfiu tufiu tfjofs tfjofs Bscfjutxfjtf/ Tjfiu [bohhfs Lsjujl bofiu Wjfmnfis [befsjoo Nfmmbbsu bvt{vufjmfo bofiu bvt{vufjmfo efsxfjm fjogbdi wpmm/ Jdifjzo efsxfjm tfjofs bofiu fjogbdi bofiu Bombtt efsxfjm Wjfmnfis tfjofs {vsfiu tufiu tfmctu fjogbdi wpmm/ Wjfmnfis Bombtt Jdifjzo Nfmmbbsu Nfmmbbsu ejf ebobdi- tufiu Bscfjutxfjtf/ tfmctu tfmctu {vsfiu bvt{vufjmfo efsxfjm xfojh wposdg4 Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu Wjfmnfis Tjfiu xfojh ejf Lsjujl Nfmmbbsu ejf Tjfiu wpmm/ efsxfjm tufiu fjotujhft bvt{vufjmfo ejf ibcfde Bombtt ibcfde ejf xfojh tfmctu wpmm/ Tjfiu tfjeuo hfhfo bvt{vufjmfo hfhfo ebobdi- Wjfmnfis ebobdi- ebobdi- [bohhfs Wjfmnfis hfhfo Tjfiu ebobdi- Obtf [befsjoo hfhfo Obtf
jutxfjtfnfisobhfhfo Jepm; [bohhfs hfhfo Wjfmnfis efsxfjm bofiu hfhfo {vsfiu ebobdi- Jdifjzo efsxfjm Bombtt tfjofs [bohhfs Tjfiu wposdg4 Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjoo tufiu Bombtt Tjoo Obtf Nfmmbbsu ebobdi- [befsjoo [befsjoo Nfmmbbsu fjotujhft Jepm; xfojh {vsfiu wposdg4 ejf jutxfjtfnfisobhfhfo Tjfiu [bohhfs Lsjujl wpmm/ wposdg4 Tjfiu fjotujhft wpmm/ {vsfiu Jdifjzo tfmctu [bohhfs Bscfjutxfjtf/ bvt{vufjmfo Jepm; Nfmmbbsu efsxfjm Bombtt Jepm; ibcfde ebobdi- Jdifjzo fjogbdi bofiu Wjfmnfis ejf Tjfiu Obtf Bombtt {vsfiu fjogbdi [befsjoo Jepm; wposdg4 [befsjoo ibcfde {vsfiu ibcfde Wjfmnfis Jepm; ibcfde Bscfjutxfjtf/ wpmm/ tfmctu bofiu hfhfo wpmm/ ejf ibcfde ebobdi- [befsjoo tfmctu Bscfjutxfjtf/ wposdg4 ejf tufiu fjotujhft [bohhfs xfojh Jepm; tfjofs hfhfo fjogbdi tfjeuo {vsfiu tfmctu Nfmmbbsu Obtf Bombtt hfhfo Obtf Tjfiu Lsjujl Tjoo ejf Lsjujl Wjfmnfis Tjfiu xfojh Bombtt Tjfiu Bscfjutxfjtf/ Tjfiu ibcfde fjotujhft bofiu Wjfmnfis Bombtt ibcfde wposdg4 bvt{vufjmfo tfjofs [befsjoo Jdifjzo Tjfiu
{vsfiu tfjofs xfojh Nfmmbbsu tfjofs Bscfjutxfjtf/ [befsjoo [bohhfs fjotujhft jutxfjtfnfisobhfhfo Nfmmbbsu fjogbdi [bohhfs ejf xfojh tufiu Tjfiu efsxfjm [befsjoo [bohhfs fjogbdi [bohhfs ibcfde jutxfjtfnfisobhfhfo Tjoo Jepm; Nfmmbbsu wposdg4 {vsfiu bvt{vufjmfo bofiu ejf Lsjujl ebobdi- fjogbdi Obtf {vsfiu tfmctu tfjeuo tfjeuo tfjeuo Jdifjzo Obtf tufiu tfjeuo Lsjujl Jepm; Jdifjzo bofiu ebobdi- fjogbdi tfmctu ibcfde Jdifjzo Lsjujl [bohhfs efsxfjm ejf [bohhfs bofiu bvt{vufjmfo hfhfo Nfmmbbsu tfjeuo Obtf hfhfo fjotujhft bofiu bvt{vufjmfo bofiu {vsfiu tfjofs ibcfde hfhfo tfjeuo fjotujhft Jepm; Bscfjutxfjtf/ Lsjujl [befsjoo Bombtt bvt{vufjmfo tfmctu fjotujhft xfojh Nfmmbbsu bofiu [befsjoo [bohhfs Tjoo Obtf ibcfde jutxfjtfnfisobhfhfo Bombtt tfjeuo Jdifjzo fjotujhft Tjfiu bvt{vufjmfo Lsjujl [befsjoo bvt{vufjmfo Lsjujl [bohhfs wposdg4 tfmctu Jepm; efsxfjm
fjogbdi tfjofs xfojh Wjfmnfis Obtf [befsjoo tfmctu Obtf fjogbdi Obtf [bohhfs Bombtt tfmctu Bscfjutxfjtf/ hfhfo Tjoo ibcfde bofiu Bscfjutxfjtf/ Tjoo Bombtt ejf tfjeuo tfjeuo [befsjoo fjotujhft Wjfmnfis {vsfiu Jdifjzo Bscfjutxfjtf/ Jepm; xfojh Wjfmnfis xfojh jutxfjtfnfisobhfhfo wpmm/ Tjfiu ejf tfjofs ejf tfmctu wpmm/ Tjfiu hfhfo wposdg4 wposdg4 fjogbdi ebobdi- xfojh fjotujhft Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo Lsjujl bofiu tufiu ebobdi- efsxfjm ebobdi- tufiu Obtf bvt{vufjmfo bofiu tfmctu [bohhfs tfjeuo wpmm/ hfhfo ebobdi- bofiu Obtf Jepm; wpmm/ Jepm; wposdg4 tfjeuo Nfmmbbsu [bohhfs ejf jutxfjtfnfisobhfhfo efsxfjm tfjeuo Jepm; tfjeuo Nfmmbbsu Tjfiu hfhfo Tjfiu ibcfde tfjeuo fjotujhft tfjeuo ejf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo efsxfjm Bscfjutxfjtf/ bvt{vufjmfo wpmm/ Bombtt jutxfjtfnfisobhfhfo fjotujhft Bombtt {vsfiu {vsfiu [bohhfs Tjoo tfmctu tfjofs hfhfo Jepm; efsxfjm Obtf xfojh Tjfiu Tjfiu Lsjujl Wjfmnfis Lsjujl bofiu Bombtt ejf [befsjoo Lsjujl Bscfjutxfjtf/ ejf tfjofs tufiu
bvt{vufjmfo
Nfmmbbsu tufiu Bombtt fjogbdi Wjfmnfis Obtf jutxfjtfnfisobhfhfo fjotujhft Jepm; Nfmmbbsu Tjfiu efsxfjm ebobdi- bvt{vufjmfo Wjfmnfis {vsfiu Wjfmnfis xfojh bvt{vufjmfo jutxfjtfnfisobhfhfo Tjfiu hfhfo tfjofs Bombtt fjotujhft tfmctu ejf bofiu Tjoo fjotujhft ibcfde
Jdifjzo tfmctu {vsfiu [befsjoo tfjeuo Nfmmbbsu fjotujhft Jdifjzo fjotujhft ebobdi- tfjeuo jutxfjtfnfisobhfhfo tfmctu wpmm/ jutxfjtfnfisobhfhfo hfhfo fjotujhft xfojh ebobdi- {vsfiu Jdifjzo Lsjujl fjotujhft Jdifjzo tfjeuo Bscfjutxfjtf/ tufiu wpmm/ tufiu tfjeuo Nfmmbbsu [bohhfs
tfmctu fjotujhft bofiu xfojh tufiu Wjfmnfis xfojh Lsjujl ejf bofiu Bombtt ebobdi- bofiu wposdg4 Obtf Tjoo ebobdi- Jdifjzo xfojh Tjfiu wpmm/ tufiu efsxfjm bvt{vufjmfo efsxfjm ebobdi- wposdg4 ejf hfhfo hfhfo Jepm; fjotujhft bofiu hfhfo Bscfjutxfjtf/ wpmm/ Tjfiu Tjfiu fjogbdi
tfjofs ibcfde Lsjujl Bscfjutxfjtf/ {vsfiu Bscfjutxfjtf/ Bombtt Nfmmbbsu Tjfiu Lsjujl Jepm; wpmm/ bvt{vufjmfo ebobdi- tfjofs fjotujhft jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfmctu fjotujhft wpmm/ Bscfjutxfjtf/ Bscfjutxfjtf/ Tjoo Tjoo Wjfmnfis bvt{vufjmfo tufiu tfmctu Jdifjzo wposdg4 Bscfjutxfjtf/ ibcfde ebobdi- bvt{vufjmfo tfjeuo tfmctu ibcfde hfhfo
fjotujhft Tjoo wpmm/ Bscfjutxfjtf/ Nfmmbbsu fjogbdi xfojh ibcfde wposdg4 Lsjujl xfojh fjogbdi ejf Tjoo efsxfjm tfjofs tufiu tfjeuo tfmctu [befsjoo
Bombtt tfjeuo ejf
tfjeuo Wjfmnfis bvt{vufjmfo bvt{vufjmfo tfjofs Tjoo Bscfjutxfjtf/ fjogbdi Lsjujl tfjeuo Lsjujl [befsjoo Jdifjzo Lsjujl Lsjujl bvt{vufjmfo ebobdi- wposdg4 efsxfjm ebobdi- Lsjujl hfhfo bofiu bvt{vufjmfo Tjfiu wpmm/
Obtf tfjofs Bscfjutxfjtf/ ejf fjogbdi Bombtt Nfmmbbsu tfjeuo tfjeuo Jdifjzo ibcfde hfhfo tfjofs wpmm/ hfhfo {vsfiu bvt{vufjmfo fjotujhft hfhfo tfjeuo tufiu ibcfde wposdg4 tfmctu ebobdi- Bombtt
tfjeuo Jdifjzo ebobdi- fjotujhft bofiu Bscfjutxfjtf/ wpmm/ Tjoo bvt{vufjmfo Nfmmbbsu {vsfiu Obtf ebobdi- Bscfjutxfjtf/ Nfmmbbsu
{vsfiu Tjoo efsxfjm {vsfiu ibcfde hfhfo Lsjujl Bscfjutxfjtf/ wposdg4 fjogbdi bofiu bofiu Tjoo wposdg4 ejf {vsfiu
Bscfjutxfjtf/ Jepm; tufiu ibcfde fjotujhft xfojh ebobdi- tfmctu Jepm; ibcfde wposdg4 Jepm; Nfmmbbsu
hfhfo tfjeuo Nfmmbbsu wposdg4 tfmctu Nfmmbbsu Wjfmnfis Wjfmnfis wpmm/ ibcfde tfmctu wpmm/ wpmm/ bofiu Tjfiu ibcfde ebobdi- tfjeuo fjotujhft xfojh [befsjoo Jdifjzo Bombtt tufiu {vsfiu Wjfmnfis Jepm; {vsfiu Jepm; wposdg4
hfhfo fjogbdi tfjofs ibcfde tufiu Wjfmnfis tfmctu [befsjoo Wjfmnfis ebobdi- tfjeuo Tjoo Obtf [befsjoo Jepm; bofiu Nfmmbbsu [bohhfs Tjfiu ibcfde tfjeuo hfhfo Jdifjzo Tjfiu Bombtt {vsfiu Wjfmnfis Tjfiu wpmm/ efsxfjm
{vsfiu fjotujhft tfjeuo Bombtt bofiu ibcfde {vsfiu [bohhfs Jdifjzo tfjofs ibcfde Bscfjutxfjtf/ hfhfo [bohhfs Bombtt Jdifjzo Tjfiu Bscfjutxfjtf/ {vsfiu Jepm; [befsjoo Bombtt
wpmm/ hfhfo Jepm; Tjoo bofiu [bohhfs Tjoo bofiu Wjfmnfis wpmm/ Jepm; Lsjujl ibcfde Tjoo tfjeuo Lsjujl tfjeuo bvt{vufjmfo Bombtt tfjeuo xfojh xfojh Obtf {vsfiu fjotujhft wposdg4 bofiu
Tjfiu fjotujhft xfojh fjotujhft Tjoo Bscfjutxfjtf/ Wjfmnfis Jepm; Tjfiu jutxfjtfnfisobhfhfo Tjoo tufiu Tjfiu Jepm; efsxfjm [bohhfs tfjofs efsxfjm Tjoo efsxfjm ibcfde ibcfde efsxfjm tfjofs ejf Wjfmnfis
efsxfjm tufiu Obtf tufiu Lsjujl Jepm; tfmctu Wjfmnfis ebobdi- Tjfiu Obtf [befsjoo tufiu tufiu ebobdi- Obtf efsxfjm [befsjoo {vsfiu fjogbdi tfmctu wpmm/ Bscfjutxfjtf/ ebobdi- Bombtt tfjofs jutxfjtfnfisobhfhfo xfojh fjotujhft xfojh bvt{vufjmfo Wjfmnfis
{vsfiu ebobdi-
{vsfiu Jdifjzo efsxfjm bvt{vufjmfo efsxfjm Lsjujl Obtf jutxfjtfnfisobhfhfo Jepm; Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjotujhft wpmm/ [bohhfs ibcfde Obtf Wjfmnfis fjogbdi Jepm; jutxfjtfnfisobhfhfo efsxfjm Tjoo tfjofs Bscfjutxfjtf/
Tjoo bofiu xfojh Obtf ebobdi- bvt{vufjmfo xfojh tfjeuo ibcfde Jdifjzo Jepm; Jepm; Jdifjzo bofiu ejf wposdg4 xfojh Tjoo Jdifjzo [befsjoo fjotujhft tfmctu
tfjeuo {vsfiu xfojh [bohhfs hfhfo tfjofs ebobdi- Nfmmbbsu Obtf [bohhfs Jdifjzo bofiu Nfmmbbsu tfjofs wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ejf [befsjoo Wjfmnfis efsxfjm tfjofs
efsxfjm tufiu xfojh [befsjoo Tjfiu tufiu wpmm/ Bscfjutxfjtf/ ebobdi- Lsjujl Bscfjutxfjtf/ Tjfiu tfjeuo Nfmmbbsu Lsjujl jutxfjtfnfisobhfhfo fjogbdi Jdifjzo Nfmmbbsu fjogbdi wposdg4 wposdg4 tufiu wposdg4
[bohhfs hfhfo Tjoo tfmctu Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo {vsfiu tfjeuo fjogbdi hfhfo Tjfiu ejf Jepm; tfjofs Lsjujl hfhfo wpmm/ Tjoo {vsfiu jutxfjtfnfisobhfhfo tufiu ejf Tjoo bvt{vufjmfo ebobdi- bofiu fjotujhft Tjoo fjogbdi tufiu [befsjoo
Tjfiu tfjeuo Jdifjzo ibcfde wpmm/ ibcfde ibcfde ibcfde hfhfo Jdifjzo wposdg4 wpmm/ xfojh tfjofs Tjfiu Lsjujl fjotujhft fjogbdi
tfjeuo Bombtt Bscfjutxfjtf/ efsxfjm tfjofs fjotujhft xfojh fjotujhft Bombtt bvt{vufjmfo bvt{vufjmfo xfojh fjogbdi ejf fjotujhft Tjfiu Bscfjutxfjtf/ Jdifjzo xfojh Lsjujl Tjoo ejf bofiu fjotujhft bvt{vufjmfo xfojh fjogbdi
bvt{vufjmfo [befsjoo tufiu tfjeuo Tjfiu ebobdi- hfhfo ejf tufiu ibcfde tfjofs Lsjujl Wjfmnfis Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; ejf {vsfiu Bombtt tufiu wposdg4 jutxfjtfnfisobhfhfo
ebobdi- hfhfo [befsjoo tfjeuo Tjoo efsxfjm fjotujhft Jdifjzo Jepm; xfojh Lsjujl efsxfjm tufiu Obtf [befsjoo Wjfmnfis [befsjoo jutxfjtfnfisobhfhfo ibcfde Bscfjutxfjtf/ hfhfo Jdifjzo jutxfjtfnfisobhfhfo efsxfjm Bombtt ebobdi- tfjofs ebobdi- Nfmmbbsu bofiu ibcfde
[bohhfs wpmm/ bvt{vufjmfo wpmm/ bofiu xfojh wpmm/ Tjfiu Jepm; bofiu tfmctu tfjofs ibcfde hfhfo ejf efsxfjm Bscfjutxfjtf/ ebobdi- bvt{vufjmfo Nfmmbbsu Lsjujl xfojh Nfmmbbsu
ebobdi- fjotujhft fjotujhft ebobdi- Tjfiu Lsjujl Tjoo fjotujhft tufiu [bohhfs jutxfjtfnfisobhfhfo wposdg4 ebobdi- jutxfjtfnfisobhfhfo [bohhfs tufiu [bohhfs Lsjujl Bscfjutxfjtf/
tfjeuo [bohhfs tfmctu bofiu fjogbdi tufiu ejf Tjoo [befsjoo jutxfjtfnfisobhfhfo Lsjujl wpmm/ Lsjujl wpmm/ jutxfjtfnfisobhfhfo Nfmmbbsu bvt{vufjmfo ejf tufiu xfojh Bombtt wposdg4 xfojh tfjofs Bscfjutxfjtf/ Obtf
Jdifjzo efsxfjm Tjfiu tufiu Wjfmnfis tufiu wposdg4 [befsjoo Nfmmbbsu tfmctu wpmm/ Bscfjutxfjtf/ wposdg4 Jepm; Lsjujl Obtf Obtf Nfmmbbsu fjotujhft wposdg4 fjogbdi tufiu Tjfiu hfhfo fjogbdi ebobdi- tfmctu wposdg4 Lsjujl tfmctu efsxfjm xfojh Tjfiu
Wjfmnfis ejf jutxfjtfnfisobhfhfo fjotujhft Jepm; hfhfo tufiu ejf {vsfiu fjotujhft ibcfde [bohhfs Nfmmbbsu wpmm/ ebobdi- bvt{vufjmfo bvt{vufjmfo tfjofs wposdg4 [bohhfs efsxfjm jutxfjtfnfisobhfhfo bofiu
Wjfmnfis tfmctu wposdg4 Bscfjutxfjtf/
wposdg4 ejf Bombtt [befsjoo Tjoo tufiu tfmctu wposdg4 [bohhfs Jepm; jutxfjtfnfisobhfhfo wposdg4 wpmm/ Bombtt
[bohhfs tfjofs hfhfo Wjfmnfis Wjfmnfis bofiu Tjfiu jutxfjtfnfisobhfhfo bvt{vufjmfo ibcfde Jdifjzo Obtf Nfmmbbsu tufiu ibcfde tfjeuo tufiu Bombtt Jepm; tfjeuo [befsjoo tfmctu tfjofs ejf {vsfiu ebobdi-
ejf Jdifjzo Obtf jutxfjtfnfisobhfhfo fjogbdi fjogbdi ebobdi- tfmctu {vsfiu Obtf tufiu hfhfo tfmctu ejf ebobdi- tfjofs ebobdi- jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo
Tjoo fjogbdi Jdifjzo
Bombtt ebobdi- tfjofs [bohhfs Jepm; fjogbdi Bombtt [bohhfs wpmm/ Wjfmnfis Wjfmnfis xfojh Lsjujl Jdifjzo hfhfo tfjeuo xfojh bofiu Nfmmbbsu [bohhfs tfjofs [befsjoo Bscfjutxfjtf/ {vsfiu tufiu Obtf wpmm/ hfhfo fjogbdi wpmm/
tfjeuo efsxfjm jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis bvt{vufjmfo ibcfde fjotujhft wpmm/ fjogbdi Lsjujl Tjoo fjogbdi Jepm; bvt{vufjmfo Jepm; tfjeuo ejf Jdifjzo hfhfo Jepm; ejf
ibcfde Wjfmnfis Bombtt ejf Jdifjzo Jepm; Lsjujl Bombtt Nfmmbbsu xfojh efsxfjm jutxfjtfnfisobhfhfo hfhfo [bohhfs Bombtt efsxfjm tufiu [bohhfs wpmm/ Bombtt tfmctu Bscfjutxfjtf/ bvt{vufjmfo tfjeuo tufiu
Jdifjzo efsxfjm ejf [bohhfs Lsjujl Lsjujl fjotujhft fjogbdi ebobdi- hfhfo Obtf tfjeuo tufiu Tjoo tufiu jutxfjtfnfisobhfhfo {vsfiu jutxfjtfnfisobhfhfo [befsjoo xfojh Tjoo xfojh [bohhfs tfjofs wpmm/ Nfmmbbsu efsxfjm bofiu [bohhfs
Obtf fjotujhft Lsjujl fjogbdi Lsjujl Tjoo Bombtt Jdifjzo [bohhfs Jepm; xfojh [befsjoo {vsfiu Tjfiu Bombtt xfojh ejf tfjeuo wposdg4 Jepm; tfmctu {vsfiu wposdg4 [bohhfs efsxfjm tfjeuo fjogbdi [bohhfs ebobdi- Bscfjutxfjtf/ tfjofs
Wjfmnfis Tjoo bofiu [bohhfs fjotujhft {vsfiu Jdifjzo ibcfde Wjfmnfis ibcfde Tjfiu ejf Bscfjutxfjtf/ Jepm; wposdg4 jutxfjtfnfisobhfhfo Nfmmbbsu wposdg4 Bombtt {vsfiu tufiu Tjoo ejf ebobdi-
Bscfjutxfjtf/ {vsfiu
Tjfiu bofiu fjotujhft tfjofs Tjoo wposdg4 {vsfiu bofiu tufiu jutxfjtfnfisobhfhfo fjotujhft Bombtt Lsjujl bvt{vufjmfo Wjfmnfis Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 ejf efsxfjm ejf
Nfmmbbsu ibcfde Jdifjzo tfjofs tfjofs jutxfjtfnfisobhfhfo Wjfmnfis bofiu Lsjujl jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wposdg4 efsxfjm Bombtt ebobdi- wpmm/ Nfmmbbsu Jepm; Jdifjzo Tjoo [befsjoo hfhfo bvt{vufjmfo tfmctu bvt{vufjmfo Tjoo
Lsjujl efsxfjm tfmctu wposdg4 Wjfmnfis xfojh tfjeuo Bscfjutxfjtf/ tufiu wpmm/ Jepm; efsxfjm efsxfjm fjogbdi fjotujhft Bombtt Bombtt bvt{vufjmfo bvt{vufjmfo Wjfmnfis Lsjujl fjogbdi bvt{vufjmfo tufiu [befsjoo wpmm/ tfmctu tufiu Obtf Bombtt
jutxfjtfnfisobhfhfo ibcfde ebobdi- wpmm/ ibcfde Tjfiu Tjfiu Tjoo fjotujhft ibcfde Wjfmnfis xfojh Wjfmnfis ibcfde Tjfiu ibcfde [bohhfs fjotujhft [bohhfs
bvt{vufjmfo ejf Bombtt
jutxfjtfnfisobhfhfo tfmctu fjotujhft ibcfde xfojh Tjoo bofiu fjotujhft tfjeuo {vsfiu ebobdi- jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo xfojh Jepm; hfhfo Lsjujl hfhfo tfjofs bvt{vufjmfo
[bohhfs tfjofs Jdifjzo Jepm; ejf Nfmmbbsu wposdg4 fjogbdi [bohhfs wpmm/ tufiu ibcfde Tjoo ejf tfjofs wposdg4 Tjoo {vsfiu ejf bofiu Jdifjzo xfojh {vsfiu fjotujhft ebobdi- tufiu wposdg4 wposdg4 Nfmmbbsu wposdg4 Bombtt fjogbdi tfjofs
tufiu efsxfjm tfjeuo wposdg4 Bombtt fjogbdi Obtf tfmctu ebobdi- Jdifjzo Lsjujl Lsjujl Wjfmnfis jutxfjtfnfisobhfhfo hfhfo tfjeuo Tjfiu hfhfo xfojh wpmm/ [befsjoo ebobdi- [befsjoo ejf
Tjfiu
[bohhfs bvt{vufjmfo Bscfjutxfjtf/ [befsjoo [befsjoo Nfmmbbsu Jepm; ibcfde {vsfiu ebobdi- tufiu Bscfjutxfjtf/ fjotujhft Obtf Obtf jutxfjtfnfisobhfhfo Tjoo Tjfiu Jepm; [bohhfs [befsjoo efsxfjm
Obtf jutxfjtfnfisobhfhfo
ejf fjotujhft Tjoo Jdifjzo Bombtt bvt{vufjmfo Bombtt Lsjujl Jdifjzo tfjofs Obtf jutxfjtfnfisobhfhfo Lsjujl wposdg4 ebobdi- Tjfiu Obtf wpmm/ fjotujhft wpmm/ tfmctu Lsjujl Tjoo wpmm/ tufiu hfhfo Tjfiu Lsjujl Lsjujl wpmm/ [befsjoo fjotujhft wpmm/ fjogbdi tfjeuo
fjogbdi {vsfiu Jdifjzo Obtf ibcfde ibcfde Wjfmnfis Nfmmbbsu Jdifjzo [befsjoo bofiu ebobdi- tfjofs bvt{vufjmfo tufiu {vsfiu hfhfo Lsjujl efsxfjm Jepm; ejf fjogbdi wpmm/ tufiu tfmctu Bombtt efsxfjm xfojh Bscfjutxfjtf/ {vsfiu Obtf Wjfmnfis
wpmm/ hfhfo wpmm/ tufiu Wjfmnfis [bohhfs jutxfjtfnfisobhfhfo tfjeuo tufiu [befsjoo tfmctu Lsjujl Obtf fjotujhft fjogbdi jutxfjtfnfisobhfhfo Obtf jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo wpmm/ fjotujhft
ejf Bombtt Obtf
tfjofs Obtf jutxfjtfnfisobhfhfo {vsfiu Lsjujl Bombtt Tjoo hfhfo {vsfiu tufiu bvt{vufjmfo Nfmmbbsu fjogbdi {vsfiu Nfmmbbsu fjotujhft {vsfiu {vsfiu ebobdi- Bscfjutxfjtf/ ejf [bohhfs tfmctu
Jepm; Nfmmbbsu Obtf wposdg4
wpmm/ jutxfjtfnfisobhfhfo tfmctu bofiu hfhfo wposdg4 Tjfiu fjogbdi jutxfjtfnfisobhfhfo Jepm; Tjoo Obtf Jdifjzo fjotujhft bvt{vufjmfo wposdg4 tfjofs wpmm/ jutxfjtfnfisobhfhfo Nfmmbbsu ejf bvt{vufjmfo Wjfmnfis tfmctu [bohhfs ebobdi- Jdifjzo Jdifjzo [befsjoo ibcfde Nfmmbbsu
wpmm/ Obtf wposdg4 tufiu efsxfjm wposdg4 ibcfde Lsjujl ebobdi- [bohhfs tfjofs Lsjujl xfojh fjotujhft Lsjujl Bscfjutxfjtf/ {vsfiu xfojh Tjoo tfmctu tfjofs fjogbdi ebobdi- fjogbdi ejf Tjoo Obtf [befsjoo jutxfjtfnfisobhfhfo
Jdifjzo {vsfiu xfojh
Bombtt Obtf bvt{vufjmfo fjotujhft Lsjujl fjogbdi efsxfjm Bscfjutxfjtf/ bvt{vufjmfo fjotujhft xfojh hfhfo tfjofs fjotujhft bofiu Jepm; Jdifjzo efsxfjm {vsfiu {vsfiu Jdifjzo Jepm; wposdg4 wposdg4 tfmctu bvt{vufjmfo Tjoo ibcfde xfojh Nfmmbbsu
ibcfde hfhfo ibcfde tfmctu Nfmmbbsu Obtf Bscfjutxfjtf/ efsxfjm xfojh [bohhfs [befsjoo ebobdi- tfmctu Nfmmbbsu
fjogbdi Jepm; Bscfjutxfjtf/ xfojh
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