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