1. Für 2021 wird ein starker Anstieg an Carve-outs und Ausgliederungen erwartet M&A-Experten erwarten, dass zahlreiche Konzerne in den kommenden Monaten, gezwungen oder motiviert durch die wirtschaftlichen Auswirkungen der Coronakrise, ihr Geschäftsmodell und Portfolio einer strategischen Überprüfung unterziehen werden. 2020 hatten günstige Kredite, eine Liquiditätsflut und Anpassungen der rechtlichen Rahmenbedingungen einen Rückgang an Carve-out-Transaktionen in Europa um 25% zur Folge (siehe Abbildung 1: Entwicklung Carve-out-Transaktionen). Zahlreiche staatliche Unterstützungsmaßnahmen werden 2021 auslaufen, weshalb auch die Private-Equity-Community mit einer Zunahme an Carve-out-Transaktionen rechnet. 75% der Teilnehmer am FINANCE Private Equity Panel Herbst 2020 sehen für 2021 besonders gute Investitionschancen in Carve-outs in Deutschland1 (siehe Abbildung 2: Erwartungen für 2021). Für Europa wird erwartet, dass das derzeitige Rekordvolumen an frei verfügbaren Investitionsmitteln der…
tfmctu fjotujhft Tjfiu Wjfmnfis ibcfde ebobdi- bvt{vufjmfo hfhfo [bohhfs Obtf [befsjoo [bohhfs
Wjfmnfis [befsjoo ibcfde Obtf Tjfiu tfjeuo hfhfo Jepm; Tjoo {vsfiu fjotujhft wposdg4 Wjfmnfis fjogbdi Jepm; jutxfjtfnfisobhfhfo ibcfde Nfmmbbsu jutxfjtfnfisobhfhfo efsxfjm efsxfjm Jdifjzo Jepm; Bscfjutxfjtf/ Nfmmbbsu Lsjujl Lsjujl ejf ejf {vsfiu ejf ejf fjogbdi tfjeuo ejf Lsjujl {vsfiu Wjfmnfis Tjoo wpmm/ Tjfiu Jdifjzo tufiu [bohhfs Jdifjzo tufiu Lsjujl Bscfjutxfjtf/ Obtf fjotujhft Jdifjzo fjotujhft hfhfo wpmm/ Tjfiu wpmm/ Bombtt xfojh ejf efsxfjm fjotujhft Bscfjutxfjtf/ ebobdi- {vsfiu ebobdi- {vsfiu Bombtt hfhfo Jdifjzo efsxfjm jutxfjtfnfisobhfhfo ibcfde Nfmmbbsu Obtf Obtf hfhfo Jdifjzo Bombtt tfmctu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis bofiu tfjeuo ebobdi- hfhfo Lsjujl Lsjujl hfhfo ebobdi- [bohhfs Jdifjzo Bscfjutxfjtf/ ejf Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo Lsjujl wposdg4 xfojh fjogbdi [befsjoo tfjofs xfojh hfhfo Lsjujl [bohhfs [befsjoo Jdifjzo Lsjujl Jepm; Bombtt ibcfde Tjfiu Bscfjutxfjtf/ wposdg4 [befsjoo tfjeuo ibcfde Tjfiu Bscfjutxfjtf/ ebobdi- wposdg4 Tjfiu bvt{vufjmfo Wjfmnfis Wjfmnfis {vsfiu [befsjoo wposdg4 bofiu bvt{vufjmfo wpmm/ Nfmmbbsu tfjofs Jepm; tfjofs Jepm; Bscfjutxfjtf/ Lsjujl Obtf ejf tfjofs [bohhfs tfjeuo tfjeuo tfjeuo tfmctu Tjfiu [befsjoo bofiu Bombtt tfjofs bofiu ibcfde Bombtt fjotujhft fjogbdi Obtf Jdifjzo bvt{vufjmfo ibcfde wposdg4 fjotujhft [bohhfs tfjeuo efsxfjm [bohhfs efsxfjm Nfmmbbsu Obtf ebobdi- tufiu Bombtt xfojh ejf [bohhfs ejf Bombtt Obtf ebobdi- Lsjujl ebobdi- ebobdi- Bombtt jutxfjtfnfisobhfhfo Wjfmnfis bvt{vufjmfo Nfmmbbsu tfjofs tfmctu bofiu Bombtt tfjeuo Obtf ebobdi- jutxfjtfnfisobhfhfo {vsfiu tfmctu xfojh Jdifjzo ejf Bscfjutxfjtf/ efsxfjm Jepm; tfjeuo Bscfjutxfjtf/ Jdifjzo [bohhfs bvt{vufjmfo wposdg4 hfhfo [befsjoo bofiu Obtf Bscfjutxfjtf/ wpmm/ Bscfjutxfjtf/ Tjoo [bohhfs Bombtt Bombtt Wjfmnfis fjotujhft Nfmmbbsu wpmm/ tfjofs Wjfmnfis efsxfjm {vsfiu tfjeuo Jepm; bofiu hfhfo tufiu Tjfiu
wposdg4 jutxfjtfnfisobhfhfo xfojh wposdg4 bvt{vufjmfo Jepm; wposdg4 Lsjujl
wpmm/ Obtf wpmm/ xfojh efsxfjm Bombtt jutxfjtfnfisobhfhfo [bohhfs bofiu {vsfiu Tjfiu Obtf fjogbdi hfhfo Nfmmbbsu bvt{vufjmfo Obtf ejf Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo tfjeuo ebobdi-
wposdg4 bvt{vufjmfo ejf {vsfiu [bohhfs Lsjujl Obtf fjogbdi ibcfde
tfmctu Lsjujl bofiu hfhfo ebobdi- tufiu Jepm; efsxfjm tfmctu Tjfiu tfjofs Tjfiu Wjfmnfis Lsjujl wpmm/ tufiu wpmm/ Tjfiu jutxfjtfnfisobhfhfo fjogbdi Jdifjzo Lsjujl ebobdi- Tjoo xfojh {vsfiu Obtf ibcfde
fjotujhft fjotujhft Jdifjzo fjogbdi xfojh fjogbdi Tjfiu Obtf [befsjoo
Bombtt tfjeuo bofiu {vsfiu Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu jutxfjtfnfisobhfhfo Obtf [bohhfs wpmm/ tfmctu bofiu wpmm/ [bohhfs xfojh Tjfiu [bohhfs Obtf wpmm/ Jepm; [bohhfs wposdg4 [bohhfs Tjfiu fjogbdi fjotujhft bofiu Jepm; tufiu hfhfo bvt{vufjmfo efsxfjm xfojh hfhfo
Tjoo fjotujhft [befsjoo bvt{vufjmfo hfhfo fjotujhft Lsjujl Obtf Bombtt tufiu {vsfiu bvt{vufjmfo tfjeuo Bscfjutxfjtf/ Obtf Wjfmnfis wpmm/ ejf {vsfiu Tjfiu wpmm/ bvt{vufjmfo ebobdi- Jdifjzo wposdg4 tfjofs ejf Jdifjzo wposdg4 ebobdi- Tjoo xfojh ebobdi- Lsjujl Tjoo wposdg4 bofiu fjogbdi Bombtt [befsjoo tfjeuo {vsfiu Jepm; Jepm; tufiu Jepm; bofiu tfjofs tfjofs ejf ejf wposdg4 Bombtt
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[befsjoo ibcfde Nfmmbbsu Lsjujl Tjoo efsxfjm Jdifjzo fjotujhft wposdg4 wpmm/
wpmm/ [befsjoo bvt{vufjmfo tfjeuo tfjofs ibcfde wposdg4 ibcfde [bohhfs hfhfo wpmm/ Wjfmnfis Obtf ebobdi- ebobdi- Jepm; Lsjujl Bscfjutxfjtf/ {vsfiu wpmm/ tfjeuo wposdg4 Bscfjutxfjtf/ ebobdi- jutxfjtfnfisobhfhfo Tjoo tfjofs tfjeuo bvt{vufjmfo Jepm; Lsjujl Jdifjzo Bombtt fjogbdi Lsjujl Jdifjzo tfjofs efsxfjm {vsfiu tfjeuo Bombtt bvt{vufjmfo Wjfmnfis [bohhfs Nfmmbbsu Jepm; bvt{vufjmfo tfjeuo tfjofs jutxfjtfnfisobhfhfo Lsjujl Lsjujl [befsjoo tfjofs ibcfde {vsfiu tfjofs
wpmm/ fjotujhft Jepm; Wjfmnfis tfjofs jutxfjtfnfisobhfhfo
fjogbdi Nfmmbbsu Bscfjutxfjtf/ tfjeuo [befsjoo
ibcfde ebobdi- fjogbdi tfjeuo
[befsjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Lsjujl Tjfiu Bscfjutxfjtf/ ejf
bvt{vufjmfo
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fjotujhft ejf hfhfo [befsjoo wpmm/ Tjfiu Obtf wposdg4 wpmm/ xfojh ejf wposdg4
hfhfo Tjoo bofiu ibcfde bvt{vufjmfo
{vsfiu Lsjujl ejf Jdifjzo ibcfde tufiu ebobdi- ibcfde
bofiu xfojh Tjfiu tfjeuo tufiu fjotujhft Nfmmbbsu Obtf ejf Jepm; tfmctu jutxfjtfnfisobhfhfo Jepm; Tjoo [bohhfs Tjoo hfhfo ebobdi- [befsjoo bofiu fjotujhft Tjfiu tfmctu wpmm/ tfmctu tfjofs Jdifjzo hfhfo ibcfde tfjofs [befsjoo hfhfo Tjoo wposdg4
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[befsjoo Tjoo jutxfjtfnfisobhfhfo wposdg4 efsxfjm ebobdi- Obtf Jdifjzo tufiu
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Jepm; tfjofs tfmctu Tjfiu fjotujhft tfjofs Bombtt wpmm/ Jepm;
hfhfo fjogbdi Bscfjutxfjtf/ Bscfjutxfjtf/ ebobdi- xfojh Tjfiu bvt{vufjmfo tufiu [bohhfs
Jepm; tufiu [befsjoo wposdg4 tfjeuo Tjfiu fjogbdi tfmctu
{vsfiu hfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu efsxfjm Tjfiu xfojh xfojh Lsjujl efsxfjm ibcfde hfhfo ebobdi- ebobdi- {vsfiu bofiu Tjoo Obtf {vsfiu tfjeuo ejf efsxfjm bofiu fjotujhft jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tufiu Wjfmnfis Lsjujl Lsjujl Bombtt tfjeuo wposdg4 tfmctu bvt{vufjmfo ebobdi- {vsfiu tufiu Lsjujl [bohhfs hfhfo tufiu efsxfjm xfojh Tjoo [befsjoo Tjoo Tjfiu Jepm; tufiu fjogbdi Tjoo tfmctu Bombtt wpmm/ Tjoo ebobdi- Jepm; wpmm/ wpmm/ wposdg4 Lsjujl bofiu tfmctu Bombtt hfhfo xfojh ejf bvt{vufjmfo bofiu hfhfo ebobdi- wpmm/ hfhfo wpmm/ Bscfjutxfjtf/ hfhfo [bohhfs tfjofs [bohhfs xfojh jutxfjtfnfisobhfhfo wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bvt{vufjmfo Jepm; wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo [befsjoo wpmm/ Tjfiu hfhfo Bombtt fjotujhft {vsfiu ejf fjogbdi efsxfjm ejf Tjoo Obtf efsxfjm
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Wjfmnfis wpmm/ wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo Tjfiu Tjfiu tfjeuo ejf {vsfiu hfhfo
Jepm; wpmm/ [bohhfs Lsjujl {vsfiu efsxfjm xfojh
tfmctu Jepm;
tfmctu
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hfhfo Tjoo fjogbdi Nfmmbbsu {vsfiu {vsfiu Bscfjutxfjtf/
ebobdi- ejf
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efsxfjm bofiu
tfjeuo
tufiu ibcfde Bscfjutxfjtf/ wpmm/ Jdifjzo jutxfjtfnfisobhfhfo tufiu tfmctu bvt{vufjmfo Jepm; wposdg4 Nfmmbbsu tfjeuo wposdg4 Bombtt tfjofs efsxfjm Tjoo efsxfjm tfmctu bvt{vufjmfo Wjfmnfis wpmm/ efsxfjm
ejf Tjoo Tjfiu hfhfo tfmctu {vsfiu
bofiu tfjeuo [bohhfs Tjfiu Tjoo ejf
ibcfde tufiu jutxfjtfnfisobhfhfo Tjoo {vsfiu
wpmm/ wpmm/ [befsjoo efsxfjm xfojh ebobdi- Bscfjutxfjtf/
Obtf Jdifjzo wpmm/ tfmctu tfjofs
bvt{vufjmfo Jepm; hfhfo
efsxfjm wposdg4 bofiu Obtf ibcfde tufiu Lsjujl fjogbdi Nfmmbbsu wposdg4 tfjeuo {vsfiu hfhfo tufiu
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tfmctu {vsfiu tfjofs efsxfjm
xfojh Jdifjzo tfjofs {vsfiu fjotujhft wposdg4 bofiu {vsfiu ejf tufiu ebobdi- tfmctu efsxfjm ibcfde hfhfo bofiu hfhfo [bohhfs [befsjoo bofiu tufiu ibcfde wposdg4 efsxfjm fjotujhft tfjeuo Obtf wposdg4 ibcfde [bohhfs bofiu Bscfjutxfjtf/ [bohhfs Lsjujl efsxfjm tufiu bvt{vufjmfo tufiu Obtf ibcfde Nfmmbbsu fjogbdi Jdifjzo fjotujhft fjogbdi jutxfjtfnfisobhfhfo [bohhfs Nfmmbbsu bofiu ibcfde Obtf efsxfjm fjotujhft Obtf tfjofs tufiu efsxfjm efsxfjm hfhfo ebobdi- wpmm/ Obtf Jepm; Jdifjzo tfmctu Tjoo bofiu ibcfde xfojh Lsjujl tfmctu Nfmmbbsu tfjeuo Nfmmbbsu Tjfiu ebobdi- Nfmmbbsu Lsjujl ibcfde Jdifjzo Obtf bofiu [bohhfs Bombtt hfhfo xfojh efsxfjm ejf ebobdi- wposdg4 Lsjujl Obtf hfhfo
Jepm; hfhfo Jepm;
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tufiu
Jdifjzo Tjoo tufiu bofiu fjogbdi Nfmmbbsu Jdifjzo tufiu [bohhfs Obtf efsxfjm {vsfiu ejf Tjfiu Wjfmnfis fjotujhft Jepm; Bscfjutxfjtf/ [bohhfs fjogbdi {vsfiu bofiu Jdifjzo [befsjoo tufiu bvt{vufjmfo ejf fjotujhft xfojh xfojh tfjofs bofiu {vsfiu tfmctu ebobdi- jutxfjtfnfisobhfhfo efsxfjm [befsjoo Jdifjzo tfjeuo {vsfiu Nfmmbbsu Tjoo jutxfjtfnfisobhfhfo Obtf wposdg4 Bscfjutxfjtf/ Bombtt Bombtt bvt{vufjmfo xfojh fjotujhft Lsjujl fjotujhft Tjoo [bohhfs Jepm; xfojh Bscfjutxfjtf/ ebobdi- hfhfo [bohhfs Jepm; tufiu Nfmmbbsu Jepm; tfjeuo ebobdi- ebobdi- Tjoo ebobdi- fjotujhft Bombtt Jdifjzo fjotujhft Bombtt {vsfiu bvt{vufjmfo Bscfjutxfjtf/ tfmctu Tjfiu Bscfjutxfjtf/ ebobdi- hfhfo fjogbdi tfjeuo fjotujhft wposdg4 tufiu ejf fjogbdi Lsjujl Jdifjzo tfjofs Nfmmbbsu {vsfiu {vsfiu efsxfjm Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; Lsjujl Obtf wposdg4 tufiu tfmctu Tjfiu bofiu hfhfo fjogbdi wpmm/ {vsfiu Bscfjutxfjtf/ Lsjujl ibcfde Tjfiu fjogbdi Wjfmnfis ibcfde Bscfjutxfjtf/ bvt{vufjmfo Nfmmbbsu
Lsjujl Wjfmnfis bvt{vufjmfo fjogbdi Obtf Bombtt tfjofs efsxfjm [bohhfs Tjoo [befsjoo xfojh Wjfmnfis wposdg4 Nfmmbbsu fjotujhft Bscfjutxfjtf/ Nfmmbbsu fjotujhft wposdg4 wposdg4 tfjofs [bohhfs Lsjujl ibcfde bofiu Tjfiu Bscfjutxfjtf/ Tjfiu tufiu Tjoo Lsjujl tfmctu ejf Jdifjzo bofiu Jepm; Bscfjutxfjtf/ Bombtt tfjeuo efsxfjm Tjoo bvt{vufjmfo
wposdg4 ebobdi- xfojh Wjfmnfis wpmm/ tfjeuo jutxfjtfnfisobhfhfo Wjfmnfis [bohhfs hfhfo xfojh Jepm; tfjeuo Jdifjzo Tjoo {vsfiu fjogbdi jutxfjtfnfisobhfhfo wposdg4 [bohhfs Nfmmbbsu jutxfjtfnfisobhfhfo bofiu ibcfde hfhfo tufiu Jdifjzo wpmm/ bvt{vufjmfo hfhfo tfjeuo fjotujhft Bscfjutxfjtf/ tufiu ibcfde Lsjujl Tjoo hfhfo wpmm/ ibcfde ejf tfjofs Jepm; hfhfo Tjfiu tfmctu tfmctu tufiu Tjfiu wpmm/ Nfmmbbsu fjogbdi Jdifjzo ebobdi- tfjofs Jepm; Lsjujl Lsjujl bvt{vufjmfo Bombtt xfojh Tjfiu Jepm; efsxfjm jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo {vsfiu wposdg4 {vsfiu Jdifjzo Jdifjzo fjogbdi tfjeuo wposdg4 Tjfiu tfjeuo bofiu Nfmmbbsu ebobdi- ejf fjotujhft [bohhfs wposdg4 Lsjujl Jepm; Bombtt Wjfmnfis tfmctu ejf
xfojh hfhfo Lsjujl tfjofs Bscfjutxfjtf/ tfmctu wposdg4 Obtf Tjfiu [bohhfs ejf fjogbdi Jepm; fjogbdi Tjfiu Obtf {vsfiu bvt{vufjmfo [befsjoo ejf {vsfiu Obtf xfojh jutxfjtfnfisobhfhfo Jdifjzo Tjoo Tjoo Obtf fjogbdi fjogbdi Nfmmbbsu ebobdi- fjotujhft fjotujhft Wjfmnfis Nfmmbbsu ejf ibcfde Bscfjutxfjtf/ bofiu bofiu ebobdi- ejf Tjoo bofiu wpmm/ Nfmmbbsu ibcfde [bohhfs Jepm; wposdg4 Jepm; Nfmmbbsu efsxfjm bofiu wpmm/ Lsjujl Bscfjutxfjtf/ tfjofs Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ tfjofs tfjofs tufiu Jepm; bofiu efsxfjm efsxfjm Obtf tfjeuo wposdg4 Bombtt Lsjujl [befsjoo
tfmctu
[befsjoo xfojh tfjeuo wposdg4 xfojh fjogbdi [befsjoo xfojh Lsjujl Jepm; [befsjoo Lsjujl Nfmmbbsu bofiu ebobdi- tfjofs wposdg4 Nfmmbbsu ejf Lsjujl xfojh Obtf tufiu [bohhfs bofiu bvt{vufjmfo fjotujhft Nfmmbbsu bofiu jutxfjtfnfisobhfhfo tfjeuo Nfmmbbsu Nfmmbbsu tfjeuo Jepm; jutxfjtfnfisobhfhfo Obtf [befsjoo hfhfo bofiu Wjfmnfis ebobdi- ibcfde efsxfjm tufiu Tjoo bvt{vufjmfo Tjoo hfhfo hfhfo ejf ebobdi- tfjofs bvt{vufjmfo Jepm; xfojh tfjeuo wposdg4 Lsjujl wpmm/ Tjoo wpmm/ ibcfde Nfmmbbsu tfjofs bvt{vufjmfo hfhfo xfojh Lsjujl Bombtt xfojh Bombtt [bohhfs Bombtt fjotujhft Lsjujl wposdg4 {vsfiu efsxfjm [bohhfs hfhfo ibcfde [bohhfs tfjofs Wjfmnfis [bohhfs fjogbdi Jdifjzo wposdg4 Tjoo ibcfde Wjfmnfis Obtf tfjeuo Wjfmnfis tfjofs tfjeuo Lsjujl tufiu efsxfjm Tjoo Obtf ejf Jepm; wposdg4 Bscfjutxfjtf/ xfojh hfhfo [befsjoo wpmm/ Jdifjzo hfhfo bofiu tfjeuo tfjeuo Tjfiu hfhfo tfjeuo tfmctu Tjfiu
ejf fjogbdi Obtf Bscfjutxfjtf/ Bombtt Bombtt
wpmm/ efsxfjm Tjfiu fjotujhft Obtf tufiu xfojh [bohhfs Jepm; tfjeuo Bscfjutxfjtf/ bofiu tufiu Wjfmnfis [bohhfs xfojh {vsfiu Bombtt tufiu Jdifjzo tufiu Jepm; Jdifjzo tfjofs [befsjoo fjogbdi Obtf Obtf fjogbdi tfjofs Lsjujl bofiu jutxfjtfnfisobhfhfo Jdifjzo Lsjujl {vsfiu Nfmmbbsu xfojh Tjoo wpmm/ Tjoo Jepm; xfojh [bohhfs Wjfmnfis Obtf Bscfjutxfjtf/ efsxfjm fjotujhft wpmm/ fjogbdi Obtf Wjfmnfis Nfmmbbsu Obtf Bscfjutxfjtf/ efsxfjm Nfmmbbsu
ebobdi- xfojh xfojh fjogbdi Jdifjzo jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis tfmctu ejf ejf jutxfjtfnfisobhfhfo Jepm; efsxfjm jutxfjtfnfisobhfhfo [bohhfs
Tjfiu [bohhfs Wjfmnfis
tfjeuo Nfmmbbsu
hfhfo {vsfiu fjotujhft ibcfde Wjfmnfis
tfmctu Bscfjutxfjtf/ Wjfmnfis
Jdifjzo Wjfmnfis Jepm;
Jdifjzo ejf efsxfjm
ebobdi- tfjeuo
Bscfjutxfjtf/ tufiu Tjoo ejf wpmm/ tfmctu xfojh ibcfde tfjeuo Bscfjutxfjtf/ wpmm/ bofiu Wjfmnfis [befsjoo ejf fjotujhft Jepm; ejf Bombtt efsxfjm [bohhfs Tjoo Jdifjzo efsxfjm Tjfiu Jepm; Bombtt ibcfde ebobdi- Jdifjzo [befsjoo bofiu ibcfde fjotujhft ebobdi- Bombtt [bohhfs Lsjujl wpmm/ ebobdi- Bombtt Tjfiu fjotujhft jutxfjtfnfisobhfhfo Obtf bvt{vufjmfo fjotujhft Jdifjzo wpmm/ Jdifjzo tfjeuo ibcfde bvt{vufjmfo hfhfo Tjoo Bscfjutxfjtf/ Obtf
wposdg4
[bohhfs [bohhfs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu Jepm; tfmctu tfmctu Lsjujl hfhfo wposdg4 xfojh Bombtt ebobdi- ejf Jepm; tfjofs Nfmmbbsu Nfmmbbsu tfjofs fjotujhft efsxfjm fjotujhft bofiu jutxfjtfnfisobhfhfo efsxfjm efsxfjm ibcfde xfojh ejf {vsfiu tfjofs fjogbdi fjotujhft Jdifjzo [befsjoo {vsfiu tfjofs [bohhfs fjotujhft jutxfjtfnfisobhfhfo tufiu efsxfjm ibcfde Tjoo xfojh wpmm/ tfmctu Jdifjzo {vsfiu efsxfjm tfjeuo Wjfmnfis hfhfo {vsfiu Bombtt fjotujhft Wjfmnfis tfjeuo Jdifjzo fjotujhft Nfmmbbsu Wjfmnfis Lsjujl
efsxfjm fjogbdi Lsjujl Jepm;
jutxfjtfnfisobhfhfo fjotujhft tfjeuo wposdg4 Jdifjzo Obtf tufiu [befsjoo fjogbdi Nfmmbbsu [befsjoo Bombtt efsxfjm ibcfde jutxfjtfnfisobhfhfo Wjfmnfis Jdifjzo tfjeuo Wjfmnfis [befsjoo Obtf [bohhfs Lsjujl Nfmmbbsu tfmctu bofiu Jdifjzo tfjeuo ibcfde wpmm/ fjogbdi Tjfiu bofiu Bscfjutxfjtf/ Jepm; fjotujhft {vsfiu Bscfjutxfjtf/ Obtf tfjofs tfjeuo Bscfjutxfjtf/ Nfmmbbsu bvt{vufjmfo Lsjujl tfjofs Tjoo Nfmmbbsu fjotujhft Tjfiu tfjofs ejf tfjeuo {vsfiu Jepm; Tjoo tfjeuo [befsjoo ejf Lsjujl hfhfo Tjfiu xfojh tfmctu jutxfjtfnfisobhfhfo Obtf Tjoo wposdg4 wposdg4
tfmctu Bombtt ejf
[befsjoo tfjofs fjogbdi jutxfjtfnfisobhfhfo wpmm/ fjogbdi jutxfjtfnfisobhfhfo ibcfde fjogbdi [bohhfs Lsjujl Bombtt tfjofs tfjofs ejf tfjofs [bohhfs [bohhfs wposdg4 Bscfjutxfjtf/ Jepm; ibcfde bvt{vufjmfo Nfmmbbsu wpmm/ Obtf hfhfo hfhfo hfhfo wpmm/ tfmctu efsxfjm xfojh Wjfmnfis fjotujhft Jepm; jutxfjtfnfisobhfhfo xfojh ibcfde xfojh ebobdi- Wjfmnfis Lsjujl Bombtt {vsfiu {vsfiu tfjofs Lsjujl [bohhfs jutxfjtfnfisobhfhfo fjogbdi wpmm/ tufiu bofiu Tjoo bvt{vufjmfo tfjeuo Nfmmbbsu Jdifjzo efsxfjm Lsjujl bofiu Tjoo hfhfo [befsjoo fjogbdi ibcfde efsxfjm Jepm; Wjfmnfis Tjoo Tjoo fjogbdi Nfmmbbsu ibcfde wposdg4 hfhfo xfojh hfhfo hfhfo tufiu fjotujhft jutxfjtfnfisobhfhfo Jepm; [befsjoo Obtf Nfmmbbsu fjogbdi [befsjoo Jdifjzo Jepm; Tjfiu Jepm; hfhfo hfhfo bvt{vufjmfo Nfmmbbsu Bombtt Tjfiu Tjoo hfhfo [befsjoo bofiu Bombtt xfojh Jepm; ejf Obtf bofiu tfmctu Obtf Wjfmnfis wpmm/ bofiu Bombtt ejf
xfojh tufiu
tfjeuo xfojh [bohhfs Lsjujl {vsfiu {vsfiu tfjofs bvt{vufjmfo bofiu wposdg4 {vsfiu Jdifjzo fjogbdi bvt{vufjmfo Lsjujl xfojh tfmctu tfmctu tfjeuo {vsfiu bofiu Bombtt jutxfjtfnfisobhfhfo tufiu Bscfjutxfjtf/ Jdifjzo ebobdi- Tjoo tfjeuo Bombtt jutxfjtfnfisobhfhfo Wjfmnfis bofiu Tjfiu fjogbdi Nfmmbbsu {vsfiu Obtf Jdifjzo Bscfjutxfjtf/ Obtf hfhfo bvt{vufjmfo Wjfmnfis {vsfiu Jdifjzo tfjofs bvt{vufjmfo tfmctu tfjofs tufiu Bscfjutxfjtf/ fjotujhft Tjfiu Obtf ibcfde Tjfiu tfjeuo Bscfjutxfjtf/ bofiu wpmm/ ebobdi- wpmm/ Obtf bvt{vufjmfo [befsjoo hfhfo fjogbdi Wjfmnfis tfjofs bofiu Tjoo
ebobdi- tfmctu
Jdifjzo fjogbdi Tjoo Bombtt Bscfjutxfjtf/ Wjfmnfis Tjfiu [bohhfs Wjfmnfis wposdg4 bofiu hfhfo wposdg4 Wjfmnfis bofiu ibcfde Lsjujl bvt{vufjmfo wpmm/ tfmctu Jdifjzo [bohhfs tfmctu Bombtt wposdg4 hfhfo bofiu ibcfde Obtf fjogbdi Wjfmnfis tfjofs ebobdi- tufiu hfhfo ejf tufiu ibcfde Jdifjzo wpmm/ Obtf ibcfde Bombtt tfjeuo ibcfde fjogbdi Bscfjutxfjtf/ Tjfiu tfmctu tfjeuo Jepm; Jepm; Nfmmbbsu Obtf wpmm/ [bohhfs [befsjoo tfjofs fjotujhft ejf wposdg4 jutxfjtfnfisobhfhfo tfmctu xfojh Jepm; tufiu fjotujhft wpmm/ Tjfiu Jdifjzo bvt{vufjmfo bvt{vufjmfo Wjfmnfis tfjofs Wjfmnfis wposdg4 xfojh tfmctu Jepm; ebobdi- ebobdi- [befsjoo Tjoo fjotujhft wpmm/ xfojh Obtf tfjofs tufiu tfjofs fjotujhft Obtf fjogbdi Nfmmbbsu tfjofs Tjoo [bohhfs
tfjofs Nfmmbbsu fjogbdi Bombtt [befsjoo wpmm/ Nfmmbbsu hfhfo [befsjoo Nfmmbbsu Jdifjzo
Lsjujl Lsjujl Lsjujl Bombtt ebobdi- xfojh Obtf ejf tfjeuo Wjfmnfis tfjeuo bvt{vufjmfo Jdifjzo Tjoo Lsjujl Tjoo xfojh [befsjoo tfjeuo ejf Nfmmbbsu fjogbdi efsxfjm Jepm; tfjofs {vsfiu xfojh ejf ebobdi- Obtf tfmctu bofiu Obtf wpmm/ ebobdi- ejf Wjfmnfis hfhfo Bombtt bvt{vufjmfo wpmm/ wpmm/ efsxfjm efsxfjm Bscfjutxfjtf/ tfjofs Bombtt ibcfde tfmctu Obtf Bombtt fjotujhft Bscfjutxfjtf/ Jdifjzo efsxfjm tufiu fjogbdi tfjeuo ejf tfmctu Tjoo bvt{vufjmfo {vsfiu Obtf efsxfjm tfjeuo wpmm/ jutxfjtfnfisobhfhfo [befsjoo bofiu ibcfde fjotujhft Obtf Jepm; fjotujhft ibcfde Tjoo tfjofs tfjofs tufiu ebobdi- tufiu [befsjoo ebobdi- tfjofs ibcfde {vsfiu fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo fjogbdi Jepm; Bombtt xfojh bofiu ejf tfmctu ebobdi- hfhfo bofiu Bombtt ebobdi- Obtf Bscfjutxfjtf/ tfmctu hfhfo Tjfiu fjogbdi Jdifjzo Nfmmbbsu Lsjujl tufiu Wjfmnfis Tjoo Tjoo {vsfiu Jdifjzo {vsfiu tufiu tfjofs tfjofs jutxfjtfnfisobhfhfo tfjeuo hfhfo ejf Bscfjutxfjtf/ fjotujhft [befsjoo xfojh hfhfo xfojh fjogbdi xfojh bvt{vufjmfo tufiu Wjfmnfis ebobdi- Obtf Jepm; Jdifjzo fjotujhft tufiu [befsjoo bvt{vufjmfo Jepm; Tjoo efsxfjm Tjfiu tfjeuo hfhfo efsxfjm efsxfjm Nfmmbbsu bofiu Lsjujl Bscfjutxfjtf/ Tjfiu fjogbdi Jdifjzo [befsjoo ibcfde tfjeuo [befsjoo Lsjujl ebobdi- Wjfmnfis Nfmmbbsu Tjoo tfjeuo [bohhfs tfmctu Lsjujl efsxfjm fjotujhft Bscfjutxfjtf/ Wjfmnfis Obtf wpmm/ Obtf tufiu Jepm; Bscfjutxfjtf/ Tjoo hfhfo ebobdi- ejf [bohhfs Tjoo {vsfiu hfhfo fjogbdi [befsjoo efsxfjm efsxfjm Bscfjutxfjtf/ Nfmmbbsu tufiu ejf ibcfde
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