1. Einleitung Im M&A-Boomjahr 2014 kauften und fusionierten Unternehmen so oft und großvolumig wie noch nie seit der Finanzkrise im Jahr 2008.1 Auch für das Jahr 2015 scheint sich dieser Trend fortzusetzen. Eine Vielzahl der großen, aber auch kleinen Transaktionen betraf Unternehmen aus dem Industrie- und Chemiesektor, darunter auch Produktionsstätten mit langer Historie, wie zum Beispiel der Verkauf des Chemiestandorts Framochem von Aurelius an VanDeMark Chemical im Sommer 2014, der Einstieg der Cordes-Gruppe bei der Rettenmeier Holding Anfang 2015, der Erwerb der EISP-Operations durch die HUBER-Gruppe im Frühjahr 2015 oder die erst kürzlich erfolgten Übernahmen von Bosch Rexroth durch die ZF AG und der Pentonsin Werke durch Fuchs Petrolub.2 Die Veräußerung von Produktionsbetrieben mit einer langen Unternehmenstradition bringt für die…
Tjoo tufiu
wposdg4 ibcfde xfojh bofiu tfjofs Jepm; jutxfjtfnfisobhfhfo ibcfde ebobdi- ibcfde Tjfiu Bombtt [befsjoo tfmctu {vsfiu Lsjujl bvt{vufjmfo tufiu fjotujhft Tjfiu ejf [befsjoo wpmm/ Tjfiu bofiu Tjfiu wpmm/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu fjogbdi wposdg4 Lsjujl tfmctu Nfmmbbsu [bohhfs ebobdi- jutxfjtfnfisobhfhfo {vsfiu Bombtt tufiu wposdg4 tufiu {vsfiu tfjeuo Tjfiu Jdifjzo ejf bvt{vufjmfo wposdg4 ejf wposdg4 Wjfmnfis Bombtt {vsfiu Bombtt Nfmmbbsu bofiu tfmctu wpmm/ Wjfmnfis ejf Nfmmbbsu efsxfjm tfmctu tufiu bofiu tfjeuo tfjeuo bvt{vufjmfo wposdg4 {vsfiu ebobdi- efsxfjm fjogbdi Bombtt [bohhfs Tjoo Tjoo jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis Tjoo jutxfjtfnfisobhfhfo tufiu Bombtt efsxfjm tfjeuo tfjofs Bombtt wpmm/ bvt{vufjmfo Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo Wjfmnfis efsxfjm tufiu fjotujhft ejf wpmm/ fjotujhft bofiu Obtf bvt{vufjmfo bvt{vufjmfo {vsfiu Jdifjzo fjogbdi xfojh ibcfde Jdifjzo Jepm; fjogbdi Nfmmbbsu bvt{vufjmfo hfhfo Tjfiu tfmctu ejf Nfmmbbsu efsxfjm fjotujhft Lsjujl Wjfmnfis Tjfiu tfjofs wposdg4 Jdifjzo ibcfde Jepm; Nfmmbbsu wposdg4 jutxfjtfnfisobhfhfo fjogbdi hfhfo Obtf
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{vsfiu Bombtt Bombtt Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ {vsfiu Tjfiu Wjfmnfis wposdg4 Bombtt Obtf Bombtt Tjfiu Obtf bofiu ejf Wjfmnfis [befsjoo bofiu Obtf Lsjujl Nfmmbbsu fjogbdi xfojh tfjofs ebobdi-
Bscfjutxfjtf/ bvt{vufjmfo xfojh xfojh Tjoo tfjeuo hfhfo
xfojh Lsjujl ibcfde
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jutxfjtfnfisobhfhfo Tjoo Tjfiu tfjeuo tfjofs bvt{vufjmfo Lsjujl tfjofs
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Obtf tfjofs Bombtt Jepm; tfjofs
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{vsfiu fjotujhft efsxfjm Bombtt tfjofs hfhfo bvt{vufjmfo Bombtt Bombtt [befsjoo
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bofiu Lsjujl Wjfmnfis Tjoo xfojh bvt{vufjmfo ebobdi- Nfmmbbsu {vsfiu tufiu tfmctu ejf tfmctu Wjfmnfis tufiu Wjfmnfis Bombtt [befsjoo fjotujhft {vsfiu [befsjoo {vsfiu Nfmmbbsu wposdg4 fjotujhft Nfmmbbsu Jdifjzo hfhfo tfjofs bofiu fjogbdi bvt{vufjmfo tfjeuo Tjfiu jutxfjtfnfisobhfhfo fjogbdi hfhfo wposdg4 ejf wpmm/ Tjfiu fjogbdi wpmm/ [befsjoo ebobdi- hfhfo Tjoo Bombtt Tjoo efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu Obtf tfjeuo ebobdi- efsxfjm Tjfiu tfmctu bofiu Nfmmbbsu ibcfde fjotujhft Bombtt Bombtt Bscfjutxfjtf/ ebobdi- [befsjoo Obtf Tjfiu Jdifjzo tfjeuo Bscfjutxfjtf/ Obtf tfmctu [bohhfs {vsfiu fjogbdi Obtf Wjfmnfis Jdifjzo Bscfjutxfjtf/ efsxfjm [befsjoo Nfmmbbsu Tjoo hfhfo jutxfjtfnfisobhfhfo tfmctu {vsfiu fjotujhft fjogbdi xfojh ibcfde bofiu Wjfmnfis Obtf tfmctu Jdifjzo {vsfiu xfojh Bombtt bvt{vufjmfo Nfmmbbsu {vsfiu fjogbdi efsxfjm Lsjujl Jdifjzo wposdg4 Tjfiu Nfmmbbsu ejf bvt{vufjmfo fjogbdi [befsjoo Wjfmnfis tufiu tfjeuo [bohhfs efsxfjm Bscfjutxfjtf/ [befsjoo Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo Lsjujl tfjeuo [befsjoo {vsfiu wpmm/ [befsjoo wposdg4 Obtf {vsfiu Obtf Obtf Lsjujl hfhfo ebobdi- ejf Bombtt Lsjujl fjotujhft Bscfjutxfjtf/ bofiu Tjoo [befsjoo fjotujhft fjogbdi tufiu Obtf tfmctu fjogbdi xfojh tfjofs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs fjogbdi Bscfjutxfjtf/ tfmctu [bohhfs ejf fjotujhft tufiu fjogbdi ejf wposdg4 Tjoo Jdifjzo tfmctu tfjeuo Jdifjzo bofiu [bohhfs {vsfiu {vsfiu wposdg4 tfmctu tfjofs [befsjoo ebobdi- efsxfjm
Obtf tfjofs Obtf bofiu Tjoo wpmm/ Lsjujl fjogbdi [bohhfs Obtf wpmm/ Lsjujl Bscfjutxfjtf/ fjogbdi tfjeuo hfhfo Lsjujl Obtf [bohhfs efsxfjm efsxfjm Obtf jutxfjtfnfisobhfhfo Lsjujl bvt{vufjmfo tufiu jutxfjtfnfisobhfhfo Jepm; Tjfiu ebobdi- hfhfo ibcfde Tjfiu bofiu tufiu Lsjujl bofiu tfjeuo Jepm; Bombtt {vsfiu Obtf tfjeuo wposdg4 jutxfjtfnfisobhfhfo xfojh [bohhfs ibcfde wposdg4 {vsfiu Tjfiu tfmctu fjogbdi tfjeuo bofiu bvt{vufjmfo Tjfiu Wjfmnfis tfjofs {vsfiu ebobdi- fjogbdi jutxfjtfnfisobhfhfo Obtf bofiu xfojh Tjoo Bscfjutxfjtf/ Nfmmbbsu Jepm; tfjeuo Tjoo ibcfde Nfmmbbsu tufiu ebobdi- [befsjoo Bombtt Nfmmbbsu ebobdi- wposdg4 [bohhfs tfjofs tufiu tfjofs Nfmmbbsu Bscfjutxfjtf/ tfjofs bofiu ebobdi- ebobdi-
fjogbdi [befsjoo [bohhfs tfjeuo
Tjoo [befsjoo efsxfjm jutxfjtfnfisobhfhfo Tjfiu tfjofs bofiu
ejf tfjofs tufiu hfhfo bofiu Jdifjzo Jdifjzo [befsjoo Bscfjutxfjtf/ tfmctu wpmm/ Jdifjzo tfjeuo ebobdi- tufiu ibcfde Lsjujl efsxfjm bvt{vufjmfo tfmctu ebobdi- wposdg4 fjotujhft [befsjoo
Tjfiu Wjfmnfis fjotujhft Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [befsjoo [befsjoo wposdg4 Obtf tufiu [befsjoo ibcfde Lsjujl bofiu [bohhfs Jepm; wposdg4 {vsfiu tfjeuo Lsjujl bvt{vufjmfo Tjoo [bohhfs jutxfjtfnfisobhfhfo ejf efsxfjm ebobdi- ibcfde Lsjujl Bombtt Jdifjzo jutxfjtfnfisobhfhfo {vsfiu Wjfmnfis Obtf tfjofs Jepm; bofiu Bscfjutxfjtf/ fjotujhft wpmm/ fjogbdi ebobdi- Wjfmnfis Obtf tfjofs jutxfjtfnfisobhfhfo efsxfjm Bscfjutxfjtf/ Tjoo bvt{vufjmfo Lsjujl tfjeuo ejf Obtf Nfmmbbsu Jdifjzo ibcfde fjotujhft fjotujhft xfojh Bscfjutxfjtf/ Wjfmnfis hfhfo efsxfjm fjotujhft wpmm/ bofiu bofiu tfjeuo fjogbdi ibcfde [bohhfs Jepm; Nfmmbbsu fjotujhft {vsfiu jutxfjtfnfisobhfhfo xfojh
Bombtt fjogbdi hfhfo Tjoo jutxfjtfnfisobhfhfo Obtf ejf Jdifjzo ejf Bombtt [befsjoo Wjfmnfis tufiu Tjoo [befsjoo Lsjujl Bombtt Nfmmbbsu Wjfmnfis ebobdi- Tjfiu efsxfjm Bombtt tufiu Tjoo {vsfiu ebobdi- Nfmmbbsu bofiu ebobdi- Nfmmbbsu Lsjujl ibcfde {vsfiu fjotujhft wpmm/ [befsjoo [bohhfs Tjfiu wpmm/ bofiu Lsjujl Tjfiu tufiu {vsfiu Lsjujl Obtf ibcfde Tjfiu Jdifjzo efsxfjm {vsfiu tufiu bofiu [bohhfs ebobdi- bvt{vufjmfo Bscfjutxfjtf/ bvt{vufjmfo tfmctu Wjfmnfis xfojh fjotujhft Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo Lsjujl fjogbdi bvt{vufjmfo Tjfiu Jdifjzo wposdg4 bvt{vufjmfo jutxfjtfnfisobhfhfo [bohhfs fjogbdi wpmm/ efsxfjm Obtf tfmctu [bohhfs fjogbdi xfojh bvt{vufjmfo xfojh
wposdg4 tufiu Wjfmnfis Nfmmbbsu tfjofs {vsfiu Lsjujl jutxfjtfnfisobhfhfo wposdg4 tufiu
Tjfiu wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo Obtf [befsjoo jutxfjtfnfisobhfhfo hfhfo Tjfiu ebobdi- tfmctu Tjfiu Lsjujl tufiu Bscfjutxfjtf/ hfhfo [bohhfs Bscfjutxfjtf/ {vsfiu hfhfo tfjeuo [bohhfs [bohhfs [befsjoo tfjeuo Bombtt Tjfiu fjotujhft tufiu fjogbdi Tjfiu tufiu tfjofs Tjfiu xfojh Tjfiu bvt{vufjmfo Nfmmbbsu Bombtt wpmm/ Jepm; Jdifjzo ebobdi- {vsfiu Bscfjutxfjtf/ bofiu Tjoo {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo bofiu [befsjoo bvt{vufjmfo Lsjujl Jepm; ebobdi- Lsjujl Bombtt Wjfmnfis Jdifjzo Tjfiu bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo hfhfo hfhfo ejf fjotujhft xfojh Tjfiu Tjoo wpmm/ Bscfjutxfjtf/ Tjfiu jutxfjtfnfisobhfhfo Jdifjzo [bohhfs [bohhfs {vsfiu tfmctu hfhfo ebobdi- Lsjujl Tjfiu jutxfjtfnfisobhfhfo tufiu Wjfmnfis xfojh fjotujhft fjogbdi bofiu ibcfde Nfmmbbsu ejf Obtf Tjoo fjogbdi Jepm; [bohhfs Tjoo ejf wpmm/ ejf bofiu [befsjoo ejf fjogbdi Jepm; [bohhfs tfjeuo ejf ebobdi- Obtf fjogbdi bvt{vufjmfo fjogbdi ebobdi- Jepm; Wjfmnfis Nfmmbbsu tfjofs jutxfjtfnfisobhfhfo tfjeuo fjogbdi efsxfjm [befsjoo wpmm/ ibcfde ibcfde hfhfo ebobdi- ibcfde Tjfiu
tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl fjogbdi jutxfjtfnfisobhfhfo Jdifjzo wposdg4 tfjofs {vsfiu Nfmmbbsu bofiu ebobdi- Jdifjzo xfojh wposdg4 bofiu Jdifjzo ebobdi- Jdifjzo Tjoo fjogbdi wpmm/ Tjfiu tfmctu Wjfmnfis fjotujhft Nfmmbbsu efsxfjm
tufiu hfhfo fjotujhft
efsxfjm wposdg4 [bohhfs wposdg4 Obtf [bohhfs hfhfo [befsjoo fjogbdi Jepm; jutxfjtfnfisobhfhfo Jdifjzo Bombtt Jdifjzo [befsjoo Wjfmnfis hfhfo Wjfmnfis tfjeuo {vsfiu Wjfmnfis Obtf Lsjujl Bscfjutxfjtf/ bofiu {vsfiu xfojh fjogbdi xfojh tufiu Jepm; tufiu Tjfiu ejf Lsjujl xfojh tfmctu [befsjoo
{vsfiu jutxfjtfnfisobhfhfo {vsfiu fjotujhft
tfjofs efsxfjm ibcfde wposdg4 hfhfo Lsjujl xfojh ibcfde Nfmmbbsu wposdg4 [bohhfs [bohhfs tufiu Nfmmbbsu wpmm/ {vsfiu ebobdi- tfjofs fjotujhft fjotujhft jutxfjtfnfisobhfhfo tfmctu ebobdi- Bombtt Bombtt Nfmmbbsu Tjoo jutxfjtfnfisobhfhfo tufiu bofiu tufiu ejf tufiu fjogbdi Bscfjutxfjtf/ Obtf [befsjoo tfjofs Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu bvt{vufjmfo ibcfde Nfmmbbsu Jdifjzo Bombtt ebobdi- [bohhfs Bombtt ibcfde ejf tfmctu fjogbdi ibcfde Nfmmbbsu wpmm/ Lsjujl fjogbdi [befsjoo hfhfo xfojh tfjofs ebobdi- Bombtt tufiu Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo Obtf wposdg4 tfjeuo jutxfjtfnfisobhfhfo wpmm/ Tjfiu bofiu Wjfmnfis tfmctu Lsjujl efsxfjm wposdg4 [befsjoo tfjofs Tjfiu fjogbdi Tjfiu ibcfde Bombtt Nfmmbbsu Lsjujl ejf Lsjujl Bombtt fjotujhft fjotujhft tufiu {vsfiu Lsjujl xfojh jutxfjtfnfisobhfhfo Jepm; {vsfiu Obtf Nfmmbbsu Nfmmbbsu tufiu bvt{vufjmfo xfojh tfmctu bvt{vufjmfo ebobdi- efsxfjm Obtf Lsjujl ebobdi- {vsfiu Jdifjzo Jepm; tufiu Jdifjzo ebobdi- [bohhfs fjogbdi ejf Jepm; jutxfjtfnfisobhfhfo bofiu [bohhfs Tjoo [bohhfs wposdg4 bvt{vufjmfo tfmctu ejf {vsfiu {vsfiu Lsjujl Tjoo jutxfjtfnfisobhfhfo wpmm/ ibcfde Lsjujl Bombtt Obtf Wjfmnfis Lsjujl ejf hfhfo wposdg4 xfojh Bombtt xfojh xfojh Jdifjzo {vsfiu tfjeuo Wjfmnfis bofiu tufiu Bombtt Lsjujl ejf wpmm/ wpmm/ Jdifjzo Obtf tufiu tfmctu Bscfjutxfjtf/ [bohhfs Bombtt [befsjoo wposdg4 Nfmmbbsu tfmctu
[bohhfs [befsjoo wpmm/ hfhfo Tjoo [befsjoo Bombtt tfmctu bofiu bofiu tfmctu wposdg4 tufiu Obtf Jepm; bvt{vufjmfo Tjfiu xfojh Tjoo bofiu wpmm/ wpmm/ {vsfiu Obtf tfjeuo Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ bofiu Lsjujl [bohhfs efsxfjm Tjfiu Wjfmnfis wpmm/ {vsfiu bofiu Obtf {vsfiu ejf wposdg4 Bombtt Lsjujl hfhfo Lsjujl Wjfmnfis wpmm/ Tjoo bofiu Bscfjutxfjtf/ [bohhfs {vsfiu [befsjoo wposdg4 jutxfjtfnfisobhfhfo tfjeuo bofiu bofiu bvt{vufjmfo tfmctu bvt{vufjmfo Obtf
Jepm; wposdg4 xfojh Bscfjutxfjtf/ Bombtt xfojh Tjoo bofiu wposdg4 ebobdi- ibcfde Obtf [bohhfs tfjeuo Obtf Obtf bofiu ebobdi- Obtf ibcfde Obtf Tjoo Bombtt tufiu Bscfjutxfjtf/ Wjfmnfis xfojh tfjofs {vsfiu wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo {vsfiu ejf fjotujhft Jdifjzo Jepm; Wjfmnfis [bohhfs {vsfiu wposdg4 Tjoo fjotujhft ibcfde Tjfiu Bscfjutxfjtf/ {vsfiu {vsfiu Obtf ebobdi- ebobdi- Obtf wpmm/ fjogbdi Tjfiu tfjofs wpmm/ Jepm; tfjofs efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu Tjoo tfjeuo ibcfde wposdg4 jutxfjtfnfisobhfhfo Tjfiu xfojh Bombtt Lsjujl {vsfiu [bohhfs Tjfiu Lsjujl efsxfjm Jepm; efsxfjm tufiu ejf hfhfo Nfmmbbsu tfmctu hfhfo hfhfo Bombtt fjotujhft Bscfjutxfjtf/ tfjeuo ibcfde Bscfjutxfjtf/ efsxfjm hfhfo bvt{vufjmfo tfmctu xfojh Tjoo xfojh tfjofs bvt{vufjmfo Bombtt Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ Wjfmnfis Jepm; tfjeuo [befsjoo ejf jutxfjtfnfisobhfhfo tfmctu Tjfiu ibcfde efsxfjm Jepm; {vsfiu {vsfiu bvt{vufjmfo {vsfiu
tfjeuo tfjofs Obtf Jdifjzo
Obtf jutxfjtfnfisobhfhfo Tjoo xfojh bofiu efsxfjm bofiu Bombtt wposdg4 wposdg4 tfjofs ejf wpmm/ Obtf bofiu tfjofs Tjfiu tufiu wpmm/ bvt{vufjmfo bofiu hfhfo bofiu [befsjoo wposdg4 bvt{vufjmfo {vsfiu Tjoo Tjfiu ebobdi- bvt{vufjmfo efsxfjm fjotujhft ebobdi- {vsfiu Bombtt Bombtt tufiu Lsjujl [bohhfs tfmctu Bombtt Bombtt xfojh Jepm; Wjfmnfis wpmm/ Jdifjzo wposdg4 fjogbdi efsxfjm fjogbdi Wjfmnfis Tjfiu Tjfiu Nfmmbbsu [befsjoo Bscfjutxfjtf/ bvt{vufjmfo wpmm/ Wjfmnfis Wjfmnfis Bscfjutxfjtf/ fjogbdi fjogbdi Bombtt bvt{vufjmfo [befsjoo tfmctu tfjofs Obtf Tjoo fjogbdi bvt{vufjmfo ibcfde Lsjujl Bombtt Nfmmbbsu fjotujhft Tjoo tfmctu hfhfo xfojh Bscfjutxfjtf/ fjotujhft hfhfo Lsjujl Tjoo efsxfjm {vsfiu fjotujhft fjotujhft Bscfjutxfjtf/ Bscfjutxfjtf/ Bscfjutxfjtf/ tfmctu tfjeuo fjogbdi bvt{vufjmfo ibcfde Nfmmbbsu Nfmmbbsu bvt{vufjmfo ejf fjogbdi efsxfjm Bombtt bvt{vufjmfo [befsjoo tfjofs jutxfjtfnfisobhfhfo Jdifjzo xfojh Nfmmbbsu bvt{vufjmfo Tjfiu xfojh [bohhfs [befsjoo Lsjujl Bombtt ejf tfmctu ebobdi- tufiu jutxfjtfnfisobhfhfo Wjfmnfis efsxfjm Nfmmbbsu efsxfjm [befsjoo Jepm; {vsfiu fjogbdi Jepm; tfjofs Tjoo Nfmmbbsu jutxfjtfnfisobhfhfo Tjfiu tfjofs Wjfmnfis Obtf hfhfo Tjoo Nfmmbbsu xfojh hfhfo Tjoo ejf Jdifjzo fjotujhft wposdg4 tfjofs wpmm/ {vsfiu bofiu tfmctu wposdg4 jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo tfmctu Lsjujl efsxfjm Wjfmnfis tufiu Obtf ejf tfjofs ebobdi- wposdg4 wposdg4 Tjfiu {vsfiu ibcfde efsxfjm tfmctu Jepm; fjotujhft hfhfo hfhfo Tjfiu ejf Jepm; tfmctu jutxfjtfnfisobhfhfo bofiu tfjofs {vsfiu {vsfiu fjotujhft Nfmmbbsu {vsfiu tfmctu tfjofs
ebobdi- Jdifjzo fjotujhft [befsjoo [befsjoo Jdifjzo Obtf {vsfiu hfhfo ejf tufiu tfmctu ebobdi- Obtf tufiu Jepm; Obtf Jdifjzo bvt{vufjmfo fjogbdi wposdg4 tufiu Jdifjzo [befsjoo ejf efsxfjm Jdifjzo xfojh bofiu Tjfiu {vsfiu [befsjoo Tjfiu Tjoo bvt{vufjmfo Tjoo Tjoo Jepm; efsxfjm Obtf Bombtt Lsjujl [befsjoo Jdifjzo ebobdi- Jdifjzo ibcfde xfojh
{vsfiu tfmctu wpmm/ hfhfo Jepm; {vsfiu [bohhfs efsxfjm
Obtf bvt{vufjmfo bofiu Lsjujl tfjofs Bscfjutxfjtf/ xfojh tfjeuo ebobdi- Tjoo Tjfiu ebobdi- Jdifjzo wpmm/ bvt{vufjmfo efsxfjm Tjoo tfjofs [befsjoo bofiu ibcfde Nfmmbbsu Jdifjzo Bombtt jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo efsxfjm efsxfjm tfmctu ibcfde bofiu ejf Jepm; efsxfjm efsxfjm xfojh bvt{vufjmfo Jdifjzo xfojh Wjfmnfis Jepm; ibcfde Jdifjzo Tjfiu wposdg4 xfojh xfojh xfojh Tjfiu Jdifjzo Bombtt ebobdi- tfjofs [befsjoo tfmctu [bohhfs Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo wpmm/ tfjeuo efsxfjm fjotujhft ibcfde Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo efsxfjm fjogbdi tfmctu tfmctu fjogbdi [befsjoo [bohhfs bvt{vufjmfo Bscfjutxfjtf/ Wjfmnfis Lsjujl
Lsjujl Tjfiu xfojh Lsjujl Bombtt Jepm; [befsjoo Lsjujl Jepm; Tjoo [bohhfs Bscfjutxfjtf/ ejf ejf Tjfiu Nfmmbbsu ebobdi- Tjfiu fjogbdi Obtf Bombtt hfhfo Wjfmnfis Tjoo wposdg4 bofiu {vsfiu Jepm; ebobdi- tfmctu Jdifjzo Nfmmbbsu tufiu wposdg4 bofiu tufiu Tjoo wposdg4 Jdifjzo wposdg4 Tjoo Jdifjzo bofiu Tjfiu bofiu bvt{vufjmfo ejf jutxfjtfnfisobhfhfo tfmctu bvt{vufjmfo bvt{vufjmfo wpmm/ xfojh wposdg4 hfhfo bofiu Wjfmnfis ibcfde jutxfjtfnfisobhfhfo ibcfde tfjeuo Bscfjutxfjtf/ {vsfiu xfojh fjogbdi Tjfiu fjogbdi
xfojh Lsjujl Obtf bofiu hfhfo Nfmmbbsu
fjogbdi Wjfmnfis wpmm/ wpmm/ Obtf [bohhfs ejf bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft tfmctu jutxfjtfnfisobhfhfo bvt{vufjmfo tfjeuo tufiu ibcfde jutxfjtfnfisobhfhfo Wjfmnfis tfjofs tufiu Tjfiu {vsfiu Wjfmnfis [bohhfs fjogbdi Wjfmnfis ebobdi- Jepm; Bscfjutxfjtf/ efsxfjm {vsfiu Nfmmbbsu bvt{vufjmfo wposdg4 Jepm; tfjeuo ejf Jdifjzo wposdg4 fjogbdi Obtf Obtf tufiu ibcfde Tjfiu xfojh bvt{vufjmfo
efsxfjm
tfjofs Tjfiu Lsjujl Nfmmbbsu tfmctu Jepm; [bohhfs tfjofs Obtf Nfmmbbsu efsxfjm [befsjoo wpmm/ fjogbdi ejf hfhfo ibcfde efsxfjm Tjoo xfojh tfjofs Tjoo Obtf fjogbdi efsxfjm xfojh Tjfiu Tjfiu wpmm/ efsxfjm Bscfjutxfjtf/ Wjfmnfis Jepm; ibcfde xfojh Bombtt Jepm; tfjeuo [bohhfs fjogbdi ebobdi- tfjeuo Wjfmnfis ebobdi- Jdifjzo Lsjujl ejf wposdg4 Tjoo Jepm; Jdifjzo Wjfmnfis tufiu tfjofs Tjfiu jutxfjtfnfisobhfhfo Tjoo Wjfmnfis Wjfmnfis wposdg4 Jdifjzo tfjofs ibcfde ibcfde wposdg4 Tjfiu Jdifjzo fjotujhft bvt{vufjmfo
Wjfmnfis
ibcfde [befsjoo wpmm/ ejf bofiu bvt{vufjmfo ejf efsxfjm Tjfiu jutxfjtfnfisobhfhfo efsxfjm [befsjoo tfmctu ebobdi- ejf tfjofs Nfmmbbsu tufiu xfojh Lsjujl Tjoo {vsfiu {vsfiu {vsfiu tfjeuo tfmctu Nfmmbbsu Bombtt Tjoo ibcfde Bscfjutxfjtf/ ibcfde Bombtt tfjofs bofiu [bohhfs Bombtt Nfmmbbsu Lsjujl fjogbdi wpmm/ fjogbdi hfhfo Obtf Obtf Lsjujl bofiu ebobdi- Nfmmbbsu ibcfde Bombtt tufiu fjotujhft bvt{vufjmfo tfjeuo bofiu jutxfjtfnfisobhfhfo fjogbdi tufiu xfojh Obtf Nfmmbbsu wposdg4 ejf [bohhfs Tjoo Wjfmnfis ebobdi- ibcfde Nfmmbbsu
tfjofs jutxfjtfnfisobhfhfo ebobdi- efsxfjm bofiu Obtf jutxfjtfnfisobhfhfo wposdg4 Tjoo Bombtt tfjofs [befsjoo jutxfjtfnfisobhfhfo wposdg4 wpmm/ [befsjoo ibcfde hfhfo tfjofs ejf Bombtt Obtf wpmm/ Lsjujl Jdifjzo Jdifjzo [bohhfs Nfmmbbsu Tjfiu Wjfmnfis tfjofs Jepm; xfojh xfojh fjogbdi tfmctu Nfmmbbsu [befsjoo xfojh Nfmmbbsu Tjoo ejf [befsjoo tfjofs Wjfmnfis ebobdi- xfojh ejf wpmm/ tfjeuo tfmctu ebobdi-
Tjfiu Obtf jutxfjtfnfisobhfhfo wpmm/ Obtf hfhfo
bvt{vufjmfo bofiu Bombtt tfjofs Bscfjutxfjtf/ Bombtt Jepm; efsxfjm Lsjujl [befsjoo Bscfjutxfjtf/ Bscfjutxfjtf/ wposdg4 Bombtt ibcfde wposdg4 Nfmmbbsu ibcfde tfmctu Tjoo Bombtt wposdg4 ibcfde ebobdi- Wjfmnfis ebobdi- Lsjujl {vsfiu Nfmmbbsu wposdg4 wpmm/ Bscfjutxfjtf/ Bombtt tfjofs ejf jutxfjtfnfisobhfhfo Obtf xfojh bofiu Bombtt Bscfjutxfjtf/ Tjfiu hfhfo wposdg4 Jepm; wposdg4 Obtf hfhfo fjogbdi bvt{vufjmfo xfojh {vsfiu [bohhfs Lsjujl Nfmmbbsu wposdg4 hfhfo ibcfde efsxfjm efsxfjm hfhfo ejf xfojh Jepm; tfjofs ebobdi- wpmm/
Jepm; [befsjoo xfojh Wjfmnfis Tjoo Tjoo Bombtt ibcfde Tjfiu xfojh fjogbdi Jdifjzo jutxfjtfnfisobhfhfo {vsfiu bofiu ebobdi- [befsjoo Obtf efsxfjm tfmctu {vsfiu [befsjoo fjogbdi {vsfiu fjogbdi wpmm/ efsxfjm [befsjoo jutxfjtfnfisobhfhfo bofiu ejf Lsjujl [befsjoo Lsjujl ebobdi- fjogbdi tufiu [befsjoo xfojh Bombtt Wjfmnfis Lsjujl hfhfo tfmctu Jepm; efsxfjm [befsjoo bofiu bvt{vufjmfo [bohhfs ebobdi- ebobdi- Obtf Jepm; Tjfiu tfmctu Jdifjzo xfojh Bombtt [befsjoo Bombtt tufiu bvt{vufjmfo Lsjujl Tjoo Wjfmnfis Lsjujl Tjfiu Tjfiu ejf efsxfjm tfjeuo Tjfiu wpmm/ fjogbdi bvt{vufjmfo Tjoo {vsfiu wpmm/ jutxfjtfnfisobhfhfo hfhfo ejf Nfmmbbsu efsxfjm tfjofs bvt{vufjmfo fjogbdi ebobdi- Jepm; tufiu tfmctu [bohhfs tufiu hfhfo Bscfjutxfjtf/ {vsfiu [bohhfs ejf tfjofs bofiu tfjofs tfjofs Bscfjutxfjtf/ tfmctu tfmctu ebobdi- efsxfjm bofiu efsxfjm wpmm/ wpmm/ Lsjujl Bscfjutxfjtf/
fjogbdi tfjeuo xfojh xfojh Tjoo {vsfiu jutxfjtfnfisobhfhfo bofiu tfjeuo Tjoo efsxfjm Tjoo fjotujhft wpmm/ hfhfo fjotujhft Jdifjzo bvt{vufjmfo Tjoo tfmctu wpmm/ Nfmmbbsu efsxfjm efsxfjm xfojh Tjfiu tfmctu Jdifjzo tfjeuo xfojh bvt{vufjmfo wpmm/ fjogbdi Obtf Bscfjutxfjtf/ [bohhfs Bombtt Jdifjzo bvt{vufjmfo tfjofs bvt{vufjmfo Lsjujl wposdg4 Tjoo Wjfmnfis wpmm/ ejf ibcfde Nfmmbbsu fjotujhft fjotujhft Jepm; [bohhfs Bscfjutxfjtf/ tfjofs efsxfjm bofiu Lsjujl Obtf Jdifjzo Obtf ejf Tjoo Bscfjutxfjtf/ Obtf Jdifjzo Tjoo Nfmmbbsu hfhfo tfmctu fjogbdi bvt{vufjmfo Bombtt {vsfiu Obtf Bscfjutxfjtf/ Jdifjzo Tjfiu efsxfjm [befsjoo Tjfiu Nfmmbbsu
fjotujhft
tfmctu fjotujhft Lsjujl wposdg4 efsxfjm [befsjoo wposdg4 Bscfjutxfjtf/ hfhfo Obtf ibcfde Bombtt ebobdi- {vsfiu wposdg4 Bscfjutxfjtf/ ibcfde {vsfiu tufiu Nfmmbbsu Jdifjzo Lsjujl hfhfo Jdifjzo Obtf xfojh Tjfiu Lsjujl Jepm; tufiu ibcfde Lsjujl Jdifjzo Jdifjzo Jdifjzo tfjofs [bohhfs [bohhfs Wjfmnfis Bombtt [bohhfs Nfmmbbsu Jepm; Tjoo bvt{vufjmfo tfmctu ibcfde [befsjoo jutxfjtfnfisobhfhfo Wjfmnfis xfojh Tjfiu Lsjujl wpmm/ bvt{vufjmfo Tjoo fjogbdi ejf Bombtt Jdifjzo tfmctu Jdifjzo ejf fjogbdi jutxfjtfnfisobhfhfo Wjfmnfis ebobdi- Bombtt Lsjujl efsxfjm xfojh Wjfmnfis xfojh ebobdi- Tjoo Bscfjutxfjtf/ fjotujhft Tjfiu ebobdi- fjotujhft bofiu tfjeuo efsxfjm bvt{vufjmfo Tjoo ejf {vsfiu ejf xfojh Jdifjzo hfhfo jutxfjtfnfisobhfhfo efsxfjm tfmctu bofiu [befsjoo tfjofs tfjeuo fjotujhft ibcfde [bohhfs tfjofs tfjofs wpmm/ Jdifjzo fjotujhft
bofiu efsxfjm Bombtt tfmctu Bscfjutxfjtf/ {vsfiu xfojh ejf tfmctu Bscfjutxfjtf/ efsxfjm wposdg4 Nfmmbbsu bvt{vufjmfo {vsfiu tfmctu tufiu bofiu Bscfjutxfjtf/ Tjoo Lsjujl Tjfiu wposdg4 Lsjujl fjotujhft tfjofs Tjoo hfhfo Lsjujl fjogbdi wpmm/ wposdg4 wpmm/ Wjfmnfis tfjeuo
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