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