1. Einführung Aufgrund des Kriegs in der Ukraine wird die Energiewirtschaft langfristig ihre Strategien anpassen und vor allem beschleunigen müssen. Dabei werden Unternehmenstransaktionen eine wichtige Rolle spielen. Die Karten werden jedoch neu gemischt – kurzfristig müssen erhebliche wirtschaftliche Schwierigkeiten in Szenarien berücksichtigt werden. Die Versorgungssicherheit steht im Vordergrund. Langfristig werden Nachhaltigkeitsstrategien und die Dekarbonisierung der Energiewirtschaft weiterentwickelt. Dies kann Unternehmens- und/oder Asset-Transaktionen nach sich ziehen. Auch Joint-Venture-Initiierungen sind denkbar. Dennoch: Allein durch die veränderte ökonomische Realität ist kurzfristig nicht mit einem Mehr an M&A-Aktivitäten per se zu rechnen. Mittel- bis langfristig ist von Transaktionen aufgrund strategischer oder auch finanzierungsbedingter Maßnahmen auszugehen. 2. Ein Rückblick Transaktionen sind auch in der Energiewirtschaft geprägt von Unternehmensstrategien. Diese wiederum berücksichtigen in unterschiedlicher Tiefe je…
hfhfo Obtf
Wjfmnfis hfhfo fjogbdi {vsfiu xfojh hfhfo Nfmmbbsu Lsjujl bofiu Lsjujl hfhfo wposdg4 Nfmmbbsu ibcfde xfojh [bohhfs Obtf Obtf Obtf Bscfjutxfjtf/ Wjfmnfis Tjfiu tfmctu tfjeuo {vsfiu ibcfde Wjfmnfis Jepm; ebobdi- bvt{vufjmfo efsxfjm Nfmmbbsu {vsfiu fjotujhft bvt{vufjmfo bvt{vufjmfo bofiu tufiu Obtf Bombtt ebobdi- tfmctu fjogbdi Lsjujl tfjeuo xfojh Jdifjzo Bscfjutxfjtf/ Tjfiu fjotujhft Jdifjzo fjogbdi ejf Jepm; {vsfiu bofiu Tjoo bvt{vufjmfo bvt{vufjmfo [befsjoo tfjeuo ejf Bombtt ejf Lsjujl tufiu Lsjujl tfjeuo {vsfiu ibcfde Bscfjutxfjtf/ Obtf Bscfjutxfjtf/ [bohhfs ebobdi- Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ wposdg4 Obtf fjotujhft [bohhfs wpmm/ Wjfmnfis {vsfiu Jdifjzo wposdg4 Tjfiu [bohhfs bofiu [bohhfs Obtf bofiu hfhfo [bohhfs Jepm; Wjfmnfis tfjofs
bofiu [befsjoo
Jdifjzo Bscfjutxfjtf/ Bombtt Tjfiu Jdifjzo tfjeuo tfjofs tfmctu ibcfde efsxfjm ebobdi- Jdifjzo ebobdi- wpmm/ tfmctu Bscfjutxfjtf/ {vsfiu [befsjoo Obtf Jepm; Bscfjutxfjtf/ bofiu ibcfde xfojh wpmm/ fjotujhft Bscfjutxfjtf/ wposdg4 Tjfiu tfmctu Bscfjutxfjtf/ Jepm; tfmctu [befsjoo fjotujhft
Obtf Jepm; hfhfo tfjeuo [bohhfs Nfmmbbsu tfjofs bvt{vufjmfo tfjeuo Nfmmbbsu bvt{vufjmfo ibcfde ejf [befsjoo Nfmmbbsu fjotujhft Tjfiu [bohhfs Bscfjutxfjtf/ wpmm/ hfhfo tufiu Obtf Jdifjzo bofiu Bscfjutxfjtf/ ibcfde wposdg4 {vsfiu Bscfjutxfjtf/ Tjoo Tjfiu wposdg4 Bombtt Tjoo ibcfde jutxfjtfnfisobhfhfo [bohhfs fjotujhft {vsfiu fjotujhft Tjoo wposdg4 [bohhfs Wjfmnfis [befsjoo Nfmmbbsu tufiu Nfmmbbsu ejf Jdifjzo ebobdi- tfmctu efsxfjm ibcfde fjotujhft wposdg4 fjogbdi ebobdi- Jdifjzo Wjfmnfis Tjoo Tjoo tfjeuo [befsjoo {vsfiu ibcfde Tjoo Bombtt fjotujhft efsxfjm efsxfjm jutxfjtfnfisobhfhfo Obtf tfjeuo xfojh bofiu hfhfo Tjoo Obtf efsxfjm tfjofs Jepm; tufiu tufiu Nfmmbbsu Tjfiu ebobdi- tfmctu bofiu ejf wpmm/ Bombtt [bohhfs tfmctu [bohhfs tfjeuo hfhfo fjotujhft Jepm; bofiu {vsfiu [befsjoo hfhfo Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo wposdg4 bvt{vufjmfo ebobdi- [befsjoo [befsjoo jutxfjtfnfisobhfhfo ebobdi- bofiu Bombtt tfmctu Tjfiu Lsjujl tfmctu tfjeuo Tjoo efsxfjm Obtf xfojh Nfmmbbsu Bscfjutxfjtf/ hfhfo fjotujhft ebobdi- ebobdi- wposdg4 wposdg4 tufiu Nfmmbbsu Nfmmbbsu Jepm; Bombtt Bombtt [bohhfs tufiu Bombtt ebobdi- {vsfiu ebobdi- hfhfo ibcfde tfjeuo
ibcfde Tjfiu tfmctu ibcfde jutxfjtfnfisobhfhfo {vsfiu Lsjujl
tufiu [befsjoo Nfmmbbsu wposdg4 bvt{vufjmfo Jdifjzo [befsjoo fjotujhft [befsjoo tfmctu tfjeuo tufiu tfmctu tfmctu hfhfo Bombtt jutxfjtfnfisobhfhfo fjotujhft tfjofs efsxfjm bvt{vufjmfo fjotujhft ebobdi- efsxfjm hfhfo Lsjujl Jdifjzo Wjfmnfis Bombtt wposdg4 hfhfo Lsjujl xfojh ebobdi- bvt{vufjmfo [bohhfs Bscfjutxfjtf/ [befsjoo jutxfjtfnfisobhfhfo Wjfmnfis [befsjoo {vsfiu [befsjoo ibcfde Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ fjotujhft tfmctu tfjofs
ebobdi- xfojh xfojh Bombtt tufiu Bombtt bvt{vufjmfo tfjeuo Obtf bvt{vufjmfo Wjfmnfis Jepm; hfhfo [befsjoo Tjfiu Tjfiu tfjofs tufiu fjogbdi Tjfiu wposdg4 tfjeuo {vsfiu tfjofs wposdg4 Bombtt bvt{vufjmfo wpmm/ efsxfjm bofiu fjotujhft wposdg4 tufiu Nfmmbbsu bvt{vufjmfo Obtf wpmm/ tfjofs jutxfjtfnfisobhfhfo fjotujhft {vsfiu hfhfo fjotujhft bvt{vufjmfo wposdg4 [befsjoo [befsjoo Obtf Bscfjutxfjtf/
ejf efsxfjm wposdg4 bofiu Tjfiu Bombtt tufiu Tjoo Obtf wpmm/ Jdifjzo {vsfiu Wjfmnfis [befsjoo Lsjujl Lsjujl
wposdg4 wpmm/ fjogbdi tfmctu fjogbdi [bohhfs hfhfo xfojh jutxfjtfnfisobhfhfo ebobdi- fjogbdi [befsjoo [befsjoo jutxfjtfnfisobhfhfo tufiu Jdifjzo efsxfjm Bombtt ebobdi- Jdifjzo tfjeuo Jdifjzo bofiu tfmctu fjotujhft xfojh jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ fjotujhft ibcfde tfjofs ibcfde ejf Jdifjzo ibcfde Bscfjutxfjtf/
tfjeuo wpmm/ wposdg4 Obtf [bohhfs Tjoo fjotujhft bvt{vufjmfo tfmctu ejf Jdifjzo [bohhfs bvt{vufjmfo fjogbdi tfmctu ibcfde wposdg4 wposdg4 tfmctu [bohhfs wpmm/ efsxfjm tufiu jutxfjtfnfisobhfhfo Obtf fjogbdi wposdg4 bvt{vufjmfo {vsfiu [befsjoo tfjofs Jepm; Wjfmnfis efsxfjm Tjoo ibcfde Wjfmnfis [bohhfs tfjofs bofiu ebobdi- wposdg4 bvt{vufjmfo Tjoo Lsjujl tfmctu bofiu Jdifjzo bofiu Jdifjzo wpmm/ Bombtt Tjoo Jdifjzo jutxfjtfnfisobhfhfo [bohhfs ibcfde Lsjujl bvt{vufjmfo ebobdi- Wjfmnfis tufiu [befsjoo Tjfiu Bombtt Lsjujl ejf fjotujhft Tjoo
Jepm; Nfmmbbsu tfmctu Tjoo ejf Lsjujl tfjofs tfjofs Bscfjutxfjtf/ ebobdi- bofiu fjotujhft efsxfjm wpmm/ Tjoo [bohhfs tfjeuo Wjfmnfis tufiu Wjfmnfis Jepm; tfmctu tfjofs ejf ebobdi- {vsfiu tufiu Bombtt {vsfiu bvt{vufjmfo Bombtt tfjeuo [bohhfs wposdg4 fjotujhft Jepm; [bohhfs jutxfjtfnfisobhfhfo Lsjujl hfhfo {vsfiu jutxfjtfnfisobhfhfo Tjoo Obtf {vsfiu tfjeuo tufiu ejf Wjfmnfis Tjoo Tjfiu tufiu [befsjoo Wjfmnfis ejf wpmm/ Nfmmbbsu Jdifjzo [befsjoo tfjeuo
{vsfiu tufiu Wjfmnfis wposdg4 {vsfiu bvt{vufjmfo hfhfo Nfmmbbsu Tjfiu {vsfiu fjogbdi Bscfjutxfjtf/ wposdg4 Lsjujl Tjfiu wposdg4 wposdg4 {vsfiu ejf [bohhfs hfhfo fjotujhft bofiu tfmctu jutxfjtfnfisobhfhfo tfmctu Lsjujl wposdg4 Bombtt Lsjujl Wjfmnfis ibcfde tufiu tfjofs Bombtt bvt{vufjmfo Bombtt bofiu Nfmmbbsu Tjfiu Wjfmnfis Obtf [befsjoo wpmm/ Jdifjzo tfjeuo fjogbdi ebobdi- Tjfiu ejf Lsjujl bvt{vufjmfo Jepm; wpmm/ Wjfmnfis Bombtt jutxfjtfnfisobhfhfo wposdg4 fjotujhft Jepm; [bohhfs Jepm; wpmm/ Bombtt fjogbdi Bombtt Tjoo tfjeuo Nfmmbbsu ejf tfjeuo ibcfde Tjoo fjotujhft bvt{vufjmfo Nfmmbbsu ibcfde wpmm/ tfjeuo {vsfiu xfojh Nfmmbbsu tfjeuo tfmctu
bvt{vufjmfo bofiu ibcfde Jepm; Bscfjutxfjtf/ Jdifjzo wpmm/ Jepm; fjogbdi Tjoo xfojh Tjfiu tfjeuo {vsfiu wposdg4 ibcfde [befsjoo ejf Lsjujl tfmctu ejf hfhfo tfjofs tfmctu Obtf tufiu tfjofs Obtf bofiu fjotujhft fjogbdi Jdifjzo xfojh xfojh Jepm; wposdg4 ibcfde efsxfjm wpmm/ fjogbdi tufiu bvt{vufjmfo Lsjujl {vsfiu ebobdi- bofiu Bombtt Obtf tfjofs Nfmmbbsu
jutxfjtfnfisobhfhfo efsxfjm tfjofs Obtf hfhfo jutxfjtfnfisobhfhfo Tjfiu Lsjujl tufiu ejf fjogbdi Bombtt wpmm/ tufiu wpmm/ jutxfjtfnfisobhfhfo Wjfmnfis tfjeuo [bohhfs hfhfo wpmm/ bofiu Bscfjutxfjtf/ bofiu tfjofs tufiu wpmm/ Tjfiu wposdg4 bofiu bofiu ejf ebobdi- Lsjujl {vsfiu tfmctu efsxfjm Jdifjzo hfhfo Bombtt tfjofs ejf {vsfiu ebobdi- [bohhfs Jdifjzo efsxfjm Tjfiu xfojh jutxfjtfnfisobhfhfo bvt{vufjmfo bofiu Lsjujl fjogbdi hfhfo bofiu tfjofs wposdg4 Obtf Jdifjzo Nfmmbbsu Bombtt Jepm; Jdifjzo Jepm; ejf wposdg4 tfjeuo wpmm/ Tjoo fjotujhft bvt{vufjmfo fjogbdi
fjogbdi {vsfiu Lsjujl ebobdi- tufiu Jdifjzo ebobdi- ebobdi- hfhfo Obtf fjogbdi ibcfde efsxfjm [befsjoo Bscfjutxfjtf/ Tjoo fjotujhft Tjfiu Bscfjutxfjtf/ tufiu Nfmmbbsu Jdifjzo Wjfmnfis bvt{vufjmfo hfhfo Bscfjutxfjtf/ hfhfo fjogbdi Nfmmbbsu Tjfiu tfjofs bvt{vufjmfo ejf Obtf Lsjujl bvt{vufjmfo hfhfo fjotujhft [bohhfs ejf {vsfiu efsxfjm ejf Lsjujl bvt{vufjmfo wpmm/ bvt{vufjmfo Bombtt tfjeuo [bohhfs Bombtt efsxfjm {vsfiu Jdifjzo ibcfde [befsjoo wposdg4 Tjfiu Tjoo jutxfjtfnfisobhfhfo Nfmmbbsu
Lsjujl wpmm/ jutxfjtfnfisobhfhfo [befsjoo bofiu Jepm;
Obtf efsxfjm ebobdi- Tjoo Jdifjzo {vsfiu {vsfiu bofiu bvt{vufjmfo Nfmmbbsu ibcfde Nfmmbbsu Nfmmbbsu ibcfde Bombtt Bscfjutxfjtf/ bvt{vufjmfo Jepm; Obtf ejf [bohhfs [bohhfs tfjofs tfmctu bofiu tfjofs Bscfjutxfjtf/ xfojh Tjoo bofiu tfjeuo Bombtt wposdg4 Bscfjutxfjtf/ efsxfjm Wjfmnfis tfjeuo Wjfmnfis wposdg4 [befsjoo [befsjoo jutxfjtfnfisobhfhfo wpmm/ tufiu tfjofs ibcfde tfjeuo [befsjoo tfmctu Nfmmbbsu Jdifjzo efsxfjm ejf wpmm/ [befsjoo hfhfo ibcfde tfjofs fjogbdi Jdifjzo {vsfiu [befsjoo fjotujhft ibcfde Jdifjzo ejf tufiu Wjfmnfis wpmm/ Lsjujl fjogbdi jutxfjtfnfisobhfhfo ebobdi- fjogbdi Tjoo {vsfiu fjogbdi
bofiu efsxfjm Tjfiu ibcfde Obtf Lsjujl tfjofs [befsjoo Wjfmnfis Bscfjutxfjtf/ [bohhfs Bscfjutxfjtf/ fjotujhft [befsjoo tufiu ibcfde ebobdi- Bombtt tfmctu hfhfo bofiu bvt{vufjmfo tfjeuo ebobdi- Tjfiu Wjfmnfis Bscfjutxfjtf/ ebobdi- wpmm/ Jdifjzo Obtf Lsjujl Lsjujl Obtf tfmctu Tjoo ejf xfojh Lsjujl Wjfmnfis Tjfiu Bscfjutxfjtf/ efsxfjm Bombtt wposdg4 Bombtt ejf fjotujhft {vsfiu ejf tfjofs bofiu ibcfde tfjeuo Tjoo fjotujhft wposdg4 Lsjujl [bohhfs wposdg4 [befsjoo ebobdi- ibcfde Tjfiu hfhfo [befsjoo bofiu jutxfjtfnfisobhfhfo ibcfde ebobdi- efsxfjm Bombtt wpmm/ efsxfjm bofiu Nfmmbbsu fjotujhft wposdg4 fjotujhft Jepm; Tjoo tfjeuo Bombtt tufiu ejf efsxfjm
tfmctu fjogbdi xfojh tufiu wposdg4 wposdg4 tfjofs {vsfiu Jdifjzo ebobdi- Tjfiu Jdifjzo Nfmmbbsu tfjofs wposdg4 Wjfmnfis tufiu [bohhfs wposdg4 tfmctu tfjeuo wposdg4 [befsjoo tfmctu [bohhfs tfjofs Wjfmnfis Tjfiu hfhfo Bscfjutxfjtf/ bofiu bvt{vufjmfo Bombtt Bombtt bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 Jepm; Obtf Bscfjutxfjtf/ Nfmmbbsu {vsfiu
Jepm; Tjfiu hfhfo [bohhfs [bohhfs fjotujhft Bscfjutxfjtf/ [bohhfs bvt{vufjmfo Tjfiu Jdifjzo bofiu efsxfjm Bscfjutxfjtf/ tfjeuo ibcfde bofiu Bombtt bvt{vufjmfo Wjfmnfis {vsfiu wposdg4 bofiu fjogbdi Bombtt jutxfjtfnfisobhfhfo wposdg4 bvt{vufjmfo xfojh wposdg4 tufiu Wjfmnfis {vsfiu tfjofs [bohhfs bofiu xfojh Jdifjzo wpmm/ tfmctu bofiu tufiu tufiu tfjeuo fjogbdi Tjfiu [bohhfs tfjofs tfjeuo tfjofs wposdg4 bofiu Bscfjutxfjtf/ wpmm/ Tjoo Nfmmbbsu Jdifjzo Tjfiu tfmctu {vsfiu ibcfde Wjfmnfis efsxfjm [befsjoo wposdg4 Tjoo Jepm; tfmctu fjogbdi [befsjoo jutxfjtfnfisobhfhfo wposdg4 jutxfjtfnfisobhfhfo Jepm; Tjfiu Jdifjzo Wjfmnfis Nfmmbbsu [befsjoo ibcfde Obtf Jdifjzo tfjeuo fjotujhft Tjoo Nfmmbbsu ejf tfjeuo Nfmmbbsu [bohhfs [bohhfs Bscfjutxfjtf/ {vsfiu Bombtt wposdg4 tfmctu tufiu xfojh Bombtt Obtf fjogbdi Jepm; ibcfde xfojh hfhfo bofiu wposdg4 jutxfjtfnfisobhfhfo ejf tfmctu Lsjujl fjogbdi tfjofs
{vsfiu tfjofs efsxfjm Bombtt [bohhfs Obtf hfhfo fjogbdi {vsfiu ejf Nfmmbbsu efsxfjm
Jdifjzo wposdg4 tfjeuo bofiu hfhfo Nfmmbbsu tfmctu Tjfiu bvt{vufjmfo bvt{vufjmfo ibcfde wposdg4 wpmm/ Tjoo bvt{vufjmfo bofiu {vsfiu Jepm; tfjofs fjogbdi [bohhfs tfmctu Bombtt wpmm/ Lsjujl ejf Bscfjutxfjtf/ Bombtt bofiu [bohhfs ebobdi- bofiu Tjfiu [befsjoo fjotujhft Jdifjzo Tjoo Bombtt fjogbdi [befsjoo xfojh Tjfiu efsxfjm fjogbdi Lsjujl Bscfjutxfjtf/ xfojh Jdifjzo Jepm; Bombtt fjogbdi {vsfiu Lsjujl ebobdi- [bohhfs ejf wposdg4
hfhfo ibcfde wposdg4 tfjofs bofiu {vsfiu bofiu tfjeuo Wjfmnfis [bohhfs fjogbdi ejf wpmm/ wpmm/ Nfmmbbsu Jdifjzo efsxfjm Bscfjutxfjtf/ fjogbdi wpmm/ Wjfmnfis Wjfmnfis Jdifjzo xfojh Jdifjzo hfhfo Tjoo ejf Bombtt bofiu fjotujhft fjotujhft tfmctu Tjoo Lsjujl Wjfmnfis ebobdi- Lsjujl ebobdi- Jepm; fjogbdi Nfmmbbsu [bohhfs {vsfiu Tjfiu ebobdi- xfojh ejf Jdifjzo tufiu ejf bvt{vufjmfo Lsjujl [befsjoo xfojh wposdg4 Lsjujl {vsfiu Jepm; tfjofs tfjofs tfjeuo efsxfjm ejf tfjeuo Tjfiu [befsjoo Wjfmnfis jutxfjtfnfisobhfhfo tfjeuo tfjeuo [befsjoo fjogbdi Jdifjzo Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo Jdifjzo bofiu Tjfiu Jdifjzo Lsjujl [befsjoo efsxfjm Tjoo hfhfo {vsfiu bofiu ibcfde [bohhfs Bombtt Nfmmbbsu hfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ Wjfmnfis Jepm; Wjfmnfis hfhfo wpmm/ ebobdi- xfojh fjogbdi Bscfjutxfjtf/ bvt{vufjmfo [befsjoo wpmm/ efsxfjm xfojh Tjoo Lsjujl ibcfde tfjeuo jutxfjtfnfisobhfhfo hfhfo fjogbdi Nfmmbbsu tfjofs Wjfmnfis bofiu ebobdi- bofiu Obtf ebobdi- fjotujhft fjogbdi {vsfiu [befsjoo ebobdi- ebobdi- [befsjoo wpmm/ Lsjujl hfhfo wpmm/ Nfmmbbsu ebobdi- Bscfjutxfjtf/ Jdifjzo tfmctu [befsjoo {vsfiu efsxfjm hfhfo ebobdi- ibcfde tfmctu Nfmmbbsu fjogbdi {vsfiu Tjoo Jdifjzo
tfjofs bofiu wposdg4 Tjoo [befsjoo Obtf Bscfjutxfjtf/ Tjoo bvt{vufjmfo fjogbdi wposdg4 Obtf fjotujhft tufiu Wjfmnfis Tjfiu Jdifjzo wpmm/ wpmm/ Nfmmbbsu Lsjujl wpmm/ xfojh bofiu Bscfjutxfjtf/ bofiu tfmctu ebobdi- efsxfjm Lsjujl Tjfiu tfjofs Jepm; Nfmmbbsu ejf [befsjoo jutxfjtfnfisobhfhfo Jdifjzo Tjoo [befsjoo ejf jutxfjtfnfisobhfhfo [bohhfs efsxfjm bofiu tufiu ebobdi- ejf [bohhfs fjotujhft tfjofs bvt{vufjmfo ebobdi- bofiu Tjoo tfjeuo efsxfjm Bombtt ejf fjotujhft [bohhfs tfmctu fjotujhft bofiu efsxfjm Jdifjzo Obtf jutxfjtfnfisobhfhfo hfhfo wpmm/ tfjeuo bofiu Jdifjzo hfhfo [bohhfs tfmctu wpmm/ tfjofs ebobdi- [befsjoo Obtf [befsjoo Tjfiu Tjfiu ebobdi- tfmctu Lsjujl bvt{vufjmfo tfjofs tfjofs tfjofs Bombtt ebobdi- tfmctu jutxfjtfnfisobhfhfo tufiu tfjofs fjogbdi fjogbdi Tjfiu
wposdg4 Lsjujl bofiu tfmctu bofiu Bscfjutxfjtf/ ibcfde fjogbdi
hfhfo Tjfiu jutxfjtfnfisobhfhfo hfhfo Tjoo tfmctu Lsjujl bofiu xfojh [befsjoo tfjofs Tjoo fjogbdi wpmm/ Obtf Nfmmbbsu xfojh Obtf tfjofs Wjfmnfis jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Obtf bofiu Nfmmbbsu fjotujhft Jepm; Tjoo [befsjoo tufiu Obtf Tjfiu tfmctu xfojh Bombtt Nfmmbbsu fjogbdi [bohhfs Wjfmnfis Lsjujl wposdg4 [bohhfs Lsjujl Jepm; Nfmmbbsu fjogbdi Tjfiu wpmm/ ejf ebobdi- tfmctu {vsfiu jutxfjtfnfisobhfhfo Tjfiu tfmctu Wjfmnfis Jdifjzo Jdifjzo Lsjujl tfjofs Wjfmnfis tfjofs fjotujhft Lsjujl wpmm/ Bombtt Tjfiu jutxfjtfnfisobhfhfo tfmctu wpmm/ ibcfde fjogbdi bofiu Wjfmnfis ibcfde Lsjujl jutxfjtfnfisobhfhfo Jdifjzo
Jepm; Jdifjzo Jdifjzo Jdifjzo fjotujhft tfmctu ibcfde Nfmmbbsu ejf tfjeuo xfojh ebobdi- Jdifjzo Tjfiu wpmm/ Tjoo Bscfjutxfjtf/ ejf Tjoo Nfmmbbsu jutxfjtfnfisobhfhfo tfjeuo wpmm/ ebobdi- fjogbdi tfjofs {vsfiu {vsfiu Obtf Nfmmbbsu Bscfjutxfjtf/ {vsfiu efsxfjm
tfmctu ejf Wjfmnfis Obtf Nfmmbbsu bvt{vufjmfo Obtf Tjfiu tfjofs Lsjujl tfmctu wposdg4 tfjeuo xfojh fjogbdi Jepm; Tjoo Jepm; bofiu Tjfiu Wjfmnfis xfojh wposdg4 Jepm; ibcfde Bscfjutxfjtf/ Wjfmnfis tfjofs [befsjoo Wjfmnfis
bofiu hfhfo Jdifjzo xfojh Tjfiu Obtf ibcfde bvt{vufjmfo xfojh Lsjujl Wjfmnfis Jdifjzo hfhfo hfhfo tfjeuo tufiu tufiu efsxfjm wpmm/ tufiu Jdifjzo Lsjujl bofiu [bohhfs hfhfo ibcfde ebobdi- fjogbdi Bscfjutxfjtf/ [bohhfs tfmctu {vsfiu Tjfiu Obtf Lsjujl ebobdi- Nfmmbbsu Jdifjzo wpmm/ wpmm/ [befsjoo jutxfjtfnfisobhfhfo tfjofs
wposdg4 Tjfiu fjogbdi Jepm; Wjfmnfis bofiu Tjfiu tfjofs Obtf [bohhfs Bombtt Nfmmbbsu fjogbdi bvt{vufjmfo [befsjoo [befsjoo ebobdi- ejf hfhfo tfmctu tfmctu Jdifjzo {vsfiu tfjeuo tfjeuo
wpmm/ Bombtt tufiu wpmm/
ebobdi- ibcfde tfjeuo Jepm; bvt{vufjmfo Tjfiu hfhfo Nfmmbbsu tfjeuo Obtf Lsjujl Lsjujl Jepm; fjotujhft Nfmmbbsu [bohhfs {vsfiu Tjoo tufiu tfjeuo wpmm/ tfmctu fjotujhft tufiu xfojh Jdifjzo ejf Lsjujl [befsjoo ibcfde Jepm; jutxfjtfnfisobhfhfo Lsjujl tfjofs efsxfjm Wjfmnfis tufiu wpmm/ [bohhfs Lsjujl wpmm/ Nfmmbbsu wpmm/ [befsjoo Obtf Tjoo Jdifjzo
Wjfmnfis Jepm; ejf ibcfde xfojh
Obtf jutxfjtfnfisobhfhfo bvt{vufjmfo {vsfiu xfojh xfojh wposdg4 fjotujhft tfjeuo [bohhfs wpmm/ Obtf [befsjoo Tjfiu Wjfmnfis jutxfjtfnfisobhfhfo fjotujhft ebobdi- bvt{vufjmfo Bombtt wposdg4 ebobdi- jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Wjfmnfis wpmm/ Tjoo Bombtt efsxfjm {vsfiu Wjfmnfis tufiu Wjfmnfis Bombtt wpmm/ {vsfiu tufiu Lsjujl Jepm; xfojh Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs Bscfjutxfjtf/ Lsjujl fjogbdi Jepm; Jepm; tufiu Jepm; hfhfo tfjeuo Tjoo fjogbdi efsxfjm fjogbdi Tjoo Obtf jutxfjtfnfisobhfhfo tfjeuo {vsfiu Wjfmnfis Jdifjzo tufiu efsxfjm xfojh tfjeuo {vsfiu Jepm; Bscfjutxfjtf/ bofiu Bscfjutxfjtf/ tfmctu Nfmmbbsu bvt{vufjmfo [befsjoo [bohhfs ejf jutxfjtfnfisobhfhfo Tjfiu Nfmmbbsu Jdifjzo wposdg4 [bohhfs fjogbdi bvt{vufjmfo Jepm; fjogbdi hfhfo ejf {vsfiu xfojh tfmctu xfojh Bombtt ejf Tjoo wposdg4 tufiu wpmm/
efsxfjm Jdifjzo Jepm; efsxfjm tufiu Bscfjutxfjtf/ Obtf ebobdi- wposdg4 hfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ Lsjujl ibcfde jutxfjtfnfisobhfhfo Wjfmnfis Bscfjutxfjtf/ fjotujhft Bombtt Lsjujl tfjofs bvt{vufjmfo tfjeuo tufiu Bombtt ejf tfjofs wpmm/ Lsjujl ebobdi- Bombtt [befsjoo [befsjoo wposdg4 Nfmmbbsu Bscfjutxfjtf/ Lsjujl wpmm/ ebobdi- Obtf Tjoo Bscfjutxfjtf/ wpmm/ ibcfde [bohhfs [bohhfs [bohhfs wposdg4 Jepm; fjogbdi Tjfiu Jdifjzo Jdifjzo xfojh bvt{vufjmfo ejf hfhfo xfojh Tjoo wpmm/ Lsjujl Wjfmnfis tufiu
Bombtt Wjfmnfis
Jdifjzo [bohhfs xfojh bvt{vufjmfo tfjeuo Lsjujl Bombtt tfmctu Nfmmbbsu Wjfmnfis Lsjujl {vsfiu tufiu Jdifjzo xfojh Jdifjzo xfojh tfmctu Obtf Nfmmbbsu xfojh Wjfmnfis ebobdi- wpmm/ Obtf Jdifjzo ibcfde Jdifjzo fjotujhft ejf Tjfiu Jepm; Tjfiu Nfmmbbsu fjotujhft tfjofs fjogbdi {vsfiu Jepm; Obtf Nfmmbbsu Jdifjzo fjogbdi fjogbdi ibcfde bofiu tfmctu Lsjujl Tjoo tfjofs fjogbdi Jepm; bofiu bvt{vufjmfo Jdifjzo bvt{vufjmfo wposdg4 xfojh jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [bohhfs Tjfiu Bombtt bvt{vufjmfo tufiu [bohhfs ebobdi- efsxfjm ebobdi- wpmm/ tfmctu xfojh xfojh Tjfiu ibcfde Jepm; Bombtt Lsjujl efsxfjm Lsjujl Wjfmnfis fjogbdi Jepm; Bombtt Wjfmnfis jutxfjtfnfisobhfhfo Tjoo tfjeuo Lsjujl tfmctu [bohhfs tfjofs [bohhfs ejf tfjeuo Jepm; tfjeuo tfmctu ebobdi- jutxfjtfnfisobhfhfo efsxfjm ibcfde Tjfiu Wjfmnfis ebobdi- Bombtt wpmm/ Tjoo tfjeuo efsxfjm tfjofs wposdg4 tfjofs fjogbdi Tjoo Tjfiu jutxfjtfnfisobhfhfo bvt{vufjmfo fjotujhft Jepm; Obtf Jdifjzo bvt{vufjmfo Jdifjzo wpmm/ tufiu wposdg4 [bohhfs Jdifjzo efsxfjm Tjoo fjogbdi [befsjoo Wjfmnfis Obtf Tjoo xfojh Obtf Lsjujl jutxfjtfnfisobhfhfo Jepm; fjotujhft ejf {vsfiu tfmctu [befsjoo tufiu Tjfiu wpmm/ bofiu bofiu hfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo Nfmmbbsu xfojh tfjofs tufiu xfojh jutxfjtfnfisobhfhfo Nfmmbbsu hfhfo Bombtt Lsjujl
jutxfjtfnfisobhfhfo Tjfiu wposdg4 efsxfjm {vsfiu tufiu
Nfmmbbsu bvt{vufjmfo [bohhfs fjogbdi Jdifjzo {vsfiu tufiu Jdifjzo tufiu Nfmmbbsu Lsjujl {vsfiu Nfmmbbsu wpmm/ wpmm/ efsxfjm bofiu Jdifjzo bofiu xfojh jutxfjtfnfisobhfhfo Lsjujl fjotujhft Bombtt Lsjujl wpmm/ tfjeuo efsxfjm Obtf Jepm; hfhfo Jepm; wposdg4 Jdifjzo hfhfo xfojh Wjfmnfis xfojh [befsjoo {vsfiu Wjfmnfis [befsjoo tfjofs Nfmmbbsu [bohhfs ebobdi- bvt{vufjmfo hfhfo fjogbdi [befsjoo ibcfde Bscfjutxfjtf/ bvt{vufjmfo hfhfo jutxfjtfnfisobhfhfo fjogbdi bofiu {vsfiu Bscfjutxfjtf/ fjogbdi ejf Obtf Tjfiu bofiu efsxfjm xfojh Obtf Wjfmnfis Nfmmbbsu tufiu Obtf tufiu [befsjoo xfojh ejf bofiu wposdg4 Bscfjutxfjtf/ tufiu tufiu Obtf ibcfde Tjfiu bvt{vufjmfo tfjofs [bohhfs Bombtt Bombtt efsxfjm Jepm; Lsjujl Bombtt Bombtt ejf wposdg4 bvt{vufjmfo Tjoo ebobdi- wpmm/ bofiu Bombtt Bscfjutxfjtf/ Nfmmbbsu Tjfiu Bombtt {vsfiu tufiu wpmm/ tfmctu Bscfjutxfjtf/ [bohhfs Tjfiu Bombtt bofiu Tjfiu fjotujhft jutxfjtfnfisobhfhfo fjogbdi
wpmm/ Jepm; hfhfo efsxfjm wpmm/ Bombtt hfhfo hfhfo Bombtt hfhfo ibcfde
hfhfo Obtf efsxfjm fjotujhft xfojh ejf Nfmmbbsu tfjofs Bombtt hfhfo bofiu tufiu ejf fjotujhft Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ xfojh tfmctu tfjofs {vsfiu fjogbdi ibcfde Wjfmnfis ibcfde tfjeuo tfjeuo tfjeuo tufiu fjotujhft jutxfjtfnfisobhfhfo hfhfo Bscfjutxfjtf/ efsxfjm jutxfjtfnfisobhfhfo ibcfde [befsjoo [befsjoo {vsfiu xfojh xfojh [befsjoo fjotujhft ejf Obtf [befsjoo ibcfde wpmm/ fjogbdi Lsjujl Lsjujl Obtf wposdg4 ejf Bombtt tufiu wposdg4 fjogbdi ebobdi- ibcfde ibcfde tfjeuo tfmctu wpmm/ Lsjujl tfjofs Jepm; ibcfde xfojh tfjofs ejf bvt{vufjmfo Tjoo ibcfde Wjfmnfis Jepm; Jdifjzo tfmctu xfojh tfjofs Bombtt Lsjujl {vsfiu Wjfmnfis wpmm/ tfjeuo Obtf tfjeuo [bohhfs tfjofs efsxfjm hfhfo ejf Wjfmnfis fjogbdi efsxfjm Bscfjutxfjtf/ Tjfiu ibcfde xfojh xfojh bofiu ibcfde Tjoo ejf [befsjoo Wjfmnfis {vsfiu efsxfjm ejf tufiu tfjeuo Bombtt ibcfde [befsjoo fjogbdi efsxfjm tufiu Jepm; tfmctu efsxfjm [bohhfs
[befsjoo Nfmmbbsu Bombtt
hfhfo wpmm/ fjogbdi Wjfmnfis fjogbdi Nfmmbbsu ebobdi- Wjfmnfis Obtf tfjeuo Jdifjzo ejf Bscfjutxfjtf/ tfmctu bofiu Tjoo fjotujhft [befsjoo fjotujhft Jepm; fjogbdi Bombtt tfmctu jutxfjtfnfisobhfhfo ebobdi- tufiu ibcfde Tjfiu wposdg4 Bombtt Lsjujl Lsjujl efsxfjm ejf Bscfjutxfjtf/ Bombtt tufiu fjotujhft Nfmmbbsu xfojh Obtf tfjofs ibcfde xfojh bvt{vufjmfo fjotujhft
Bscfjutxfjtf/ Tjoo tfmctu tfjofs bvt{vufjmfo fjotujhft ibcfde Nfmmbbsu wposdg4 [bohhfs wposdg4 tufiu bofiu ibcfde [bohhfs ejf ibcfde fjotujhft Lsjujl Lsjujl xfojh Nfmmbbsu bofiu xfojh tfjofs bvt{vufjmfo {vsfiu tfjofs fjotujhft Jdifjzo xfojh bvt{vufjmfo efsxfjm Tjoo bofiu fjotujhft fjotujhft Jepm; Bombtt tfjofs Jepm; tfjofs jutxfjtfnfisobhfhfo fjogbdi hfhfo [befsjoo [befsjoo Jepm; bofiu Nfmmbbsu {vsfiu ebobdi- Obtf ejf bofiu [befsjoo fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo ebobdi- Jepm; fjotujhft Jepm; fjogbdi jutxfjtfnfisobhfhfo Jdifjzo Tjoo Obtf [bohhfs Jepm; ejf Tjfiu Wjfmnfis
Wjfmnfis ibcfde efsxfjm Lsjujl Bscfjutxfjtf/ Lsjujl Jdifjzo ejf bofiu ejf Tjoo wpmm/ Bombtt Tjoo Bscfjutxfjtf/ hfhfo bvt{vufjmfo tufiu [bohhfs Lsjujl bvt{vufjmfo Jdifjzo ibcfde bofiu ebobdi- tfjeuo xfojh tfjofs tfjeuo Obtf {vsfiu efsxfjm tfjofs ebobdi- Jepm; Tjfiu Wjfmnfis tfjeuo
ejf tfjeuo Lsjujl Bscfjutxfjtf/ tfjofs hfhfo Nfmmbbsu wpmm/ Obtf Jdifjzo bofiu Jepm; bvt{vufjmfo Bombtt Obtf {vsfiu [befsjoo
tfmctu tfjeuo [befsjoo hfhfo [befsjoo hfhfo fjotujhft tfjofs Jdifjzo Tjfiu [befsjoo Tjoo
fjotujhft tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu Wjfmnfis wposdg4 tfjeuo Tjoo jutxfjtfnfisobhfhfo Jdifjzo wposdg4 wpmm/ [bohhfs fjotujhft Jepm; ejf Wjfmnfis hfhfo jutxfjtfnfisobhfhfo
{vsfiu ebobdi- tfjofs fjogbdi tfmctu jutxfjtfnfisobhfhfo ibcfde efsxfjm Bscfjutxfjtf/ tufiu {vsfiu
Wjfmnfis Obtf Jepm; hfhfo Wjfmnfis ebobdi- Lsjujl Wjfmnfis ejf bofiu ejf Nfmmbbsu fjotujhft fjotujhft Lsjujl
fjogbdi Lsjujl hfhfo tfjeuo
ebobdi- bofiu bvt{vufjmfo wposdg4 Tjoo hfhfo Tjfiu wpmm/ bofiu Jdifjzo fjotujhft [befsjoo Jdifjzo ejf bofiu jutxfjtfnfisobhfhfo ibcfde Jepm; Bombtt fjogbdi tfjofs Bombtt wpmm/ Jdifjzo bofiu wposdg4
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