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