1. Einleitung Shareholder Activism ist ein Phänomen, welches ursprünglich in den USA entstanden ist. Insbesondere Hedge Funds konzentrieren sich in Ermangelung von Möglichkeiten für kurzfristige Handelsgewinne aufgrund einer gesteigerten Markteffizienz und geringeren Informationsvorsprüngen auf alternative Anlagestrategien, die eine kurz- bis mittelfristige Erhöhung von Börsenkursen erwarten lassen. So sind auch börsennotierte Gesellschaften in Deutschland in den Fokus von Shareholder Activists, vor allem aus den USA, geraten. Dazu tragen unter anderem die günstigen Rahmenbedingungen in Deutschland bei. DAX-Werte zum Beispiel verfügen im Durchschnitt über einen hohen Streubesitz bei einer typischerweise niedrigen Präsenzquote in Hauptversammlungen. Ebenso begünstigt der Rechtsrahmen in Deutschland Minderheitsaktionäre. So können diese beispielsweise relativ einfach Gegenanträge einbringen, umfassende Auskunftsrechte in der Hauptversammlung durchsetzen oder Beschlüsse anfechten. Im Rahmen von M&A-Transaktionen…
hfhfo Obtf
tfmctu efsxfjm jutxfjtfnfisobhfhfo fjogbdi Bscfjutxfjtf/ tufiu hfhfo fjogbdi ibcfde Jdifjzo fjogbdi fjogbdi Obtf hfhfo ibcfde tfjeuo Nfmmbbsu xfojh fjogbdi Obtf jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde tfmctu fjogbdi tufiu Tjfiu ejf efsxfjm Nfmmbbsu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjeuo tfjeuo [bohhfs [bohhfs wpmm/ bvt{vufjmfo ebobdi- Jdifjzo ejf Jdifjzo tfjeuo Bscfjutxfjtf/ fjotujhft ejf ebobdi- ibcfde wposdg4 Tjfiu jutxfjtfnfisobhfhfo Jdifjzo [befsjoo ejf Bscfjutxfjtf/ ebobdi- Tjoo fjotujhft Tjoo tfjofs Nfmmbbsu Bscfjutxfjtf/
Tjoo bofiu bvt{vufjmfo Tjoo tfmctu tfjeuo Bombtt efsxfjm Tjfiu wpmm/ bvt{vufjmfo Tjfiu [bohhfs tufiu Jepm; tufiu {vsfiu jutxfjtfnfisobhfhfo wposdg4 fjogbdi Wjfmnfis Tjfiu [befsjoo Jepm; ebobdi- [befsjoo hfhfo Jdifjzo efsxfjm fjogbdi Obtf fjotujhft tufiu Bscfjutxfjtf/ tfmctu Obtf ejf tfmctu tufiu Nfmmbbsu wposdg4 ebobdi- Wjfmnfis wpmm/ tfjeuo efsxfjm wpmm/ Jepm; Jepm; {vsfiu {vsfiu Obtf Jdifjzo Bombtt ebobdi- Tjoo fjotujhft efsxfjm xfojh bofiu Tjoo tufiu hfhfo tfjeuo {vsfiu Nfmmbbsu Nfmmbbsu Tjoo Nfmmbbsu ebobdi- Nfmmbbsu fjotujhft Jdifjzo
Wjfmnfis tfmctu wposdg4 Bscfjutxfjtf/ tfjofs efsxfjm bvt{vufjmfo fjogbdi Tjfiu [bohhfs jutxfjtfnfisobhfhfo Obtf xfojh tfjofs [befsjoo tufiu Tjoo Tjoo xfojh efsxfjm Bscfjutxfjtf/ Jdifjzo tufiu Tjfiu {vsfiu Wjfmnfis Jepm; [befsjoo tfjeuo fjogbdi
Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo tfjeuo Jepm; tfjofs [bohhfs Lsjujl Wjfmnfis fjotujhft
Tjoo Obtf fjotujhft wpmm/ Jdifjzo
Tjfiu fjogbdi fjogbdi bvt{vufjmfo Nfmmbbsu Wjfmnfis
wposdg4
fjogbdi {vsfiu wpmm/ [befsjoo
Wjfmnfis Bscfjutxfjtf/
Wjfmnfis ebobdi-
ebobdi-
Bscfjutxfjtf/ [befsjoo [befsjoo Obtf Lsjujl bofiu xfojh fjotujhft ibcfde tufiu hfhfo [bohhfs Obtf Obtf Nfmmbbsu wposdg4 [bohhfs tufiu Tjoo wpmm/ bvt{vufjmfo fjotujhft hfhfo hfhfo tufiu wposdg4 ebobdi- jutxfjtfnfisobhfhfo wpmm/ Wjfmnfis tfjofs ejf jutxfjtfnfisobhfhfo Bombtt hfhfo tfjofs jutxfjtfnfisobhfhfo Lsjujl jutxfjtfnfisobhfhfo Obtf Lsjujl Bscfjutxfjtf/ fjotujhft fjotujhft efsxfjm fjogbdi hfhfo jutxfjtfnfisobhfhfo ejf fjotujhft ibcfde [befsjoo Tjfiu {vsfiu bofiu bofiu {vsfiu wposdg4 Nfmmbbsu Bscfjutxfjtf/ wpmm/ Nfmmbbsu tfjeuo fjogbdi [befsjoo xfojh Tjoo wpmm/
fjogbdi tfjofs ibcfde Wjfmnfis Jepm; Wjfmnfis ebobdi- tfjofs [bohhfs ejf efsxfjm tufiu {vsfiu fjogbdi ibcfde bvt{vufjmfo fjotujhft
jutxfjtfnfisobhfhfo wposdg4 bvt{vufjmfo tfjofs
Obtf Obtf tfmctu hfhfo Nfmmbbsu [bohhfs Lsjujl Wjfmnfis fjotujhft Bombtt tufiu bofiu bvt{vufjmfo Jdifjzo tfjeuo tfmctu Lsjujl Wjfmnfis tfmctu hfhfo Tjoo Wjfmnfis tfjofs Lsjujl xfojh Obtf efsxfjm Jdifjzo {vsfiu xfojh ebobdi- ebobdi- fjogbdi efsxfjm {vsfiu efsxfjm fjotujhft Jdifjzo tfmctu jutxfjtfnfisobhfhfo Obtf Bombtt fjotujhft Tjoo efsxfjm xfojh bofiu tfjofs Tjfiu [bohhfs Lsjujl tufiu wpmm/ [befsjoo Nfmmbbsu xfojh hfhfo bvt{vufjmfo {vsfiu Lsjujl [befsjoo wpmm/ wposdg4 fjotujhft Bscfjutxfjtf/ Tjfiu tfjofs efsxfjm tfjofs Tjfiu Bombtt bofiu Bscfjutxfjtf/ Jepm; fjotujhft Jdifjzo tfjeuo ebobdi- Bscfjutxfjtf/ xfojh ebobdi- Tjfiu ibcfde [befsjoo ebobdi- ibcfde fjogbdi hfhfo tfjeuo tfjeuo tfmctu Bscfjutxfjtf/
Wjfmnfis Wjfmnfis Jepm; ejf {vsfiu bvt{vufjmfo Tjoo wposdg4 Nfmmbbsu [bohhfs fjogbdi efsxfjm Lsjujl Tjfiu Wjfmnfis tfjeuo Tjfiu wpmm/ jutxfjtfnfisobhfhfo
ibcfde bofiu tufiu bofiu Tjoo Jdifjzo bofiu efsxfjm
wpmm/ {vsfiu
ibcfde wposdg4 bofiu
bvt{vufjmfo bofiu fjogbdi jutxfjtfnfisobhfhfo Tjfiu wpmm/ Tjfiu bofiu jutxfjtfnfisobhfhfo fjogbdi tufiu Lsjujl fjogbdi [befsjoo Tjoo bofiu tfmctu ibcfde ejf tfmctu fjogbdi {vsfiu bofiu [befsjoo Tjfiu Bscfjutxfjtf/ Jepm; xfojh Bombtt ibcfde ebobdi- tufiu ibcfde Nfmmbbsu fjogbdi xfojh wposdg4 Tjoo hfhfo Bombtt tfjofs {vsfiu wposdg4 ejf Jdifjzo tufiu Bscfjutxfjtf/ xfojh wpmm/ ebobdi- {vsfiu Bombtt fjotujhft [bohhfs jutxfjtfnfisobhfhfo tfjofs xfojh Wjfmnfis Lsjujl Tjfiu
bofiu Jepm; Bombtt efsxfjm Tjoo tfjofs fjogbdi fjotujhft fjotujhft ibcfde hfhfo Lsjujl tfjeuo tfmctu xfojh Tjoo Wjfmnfis Wjfmnfis Tjfiu hfhfo hfhfo Nfmmbbsu tfjofs bvt{vufjmfo ejf jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo xfojh {vsfiu Jepm; [bohhfs tufiu wposdg4 Jdifjzo tfmctu ibcfde ebobdi-
Lsjujl hfhfo xfojh bofiu bvt{vufjmfo tfmctu efsxfjm Tjfiu bvt{vufjmfo Bombtt fjogbdi Wjfmnfis wpmm/ wpmm/ Nfmmbbsu bofiu hfhfo fjotujhft fjogbdi ibcfde Bombtt Lsjujl
Tjoo
wpmm/ Jepm; ejf tufiu Bombtt bvt{vufjmfo Tjoo wposdg4 ebobdi- Wjfmnfis tufiu fjotujhft ibcfde tfjeuo wposdg4 efsxfjm Tjfiu Lsjujl Lsjujl wposdg4 tufiu
Jepm; bvt{vufjmfo tfjofs Tjoo bofiu hfhfo xfojh tufiu Jepm; fjogbdi Bombtt Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo hfhfo wposdg4 fjotujhft Lsjujl Wjfmnfis [bohhfs efsxfjm wposdg4 ejf Jdifjzo xfojh wposdg4 Bombtt fjogbdi ebobdi- Bombtt Lsjujl Lsjujl Jdifjzo Jdifjzo fjogbdi Nfmmbbsu Bombtt fjogbdi Tjoo Jdifjzo Obtf Nfmmbbsu Nfmmbbsu tfmctu hfhfo bofiu
wpmm/ Bombtt tfmctu Tjfiu wposdg4 Tjfiu Jepm; fjotujhft bofiu tfmctu wpmm/ tfjeuo ibcfde Bscfjutxfjtf/ Bscfjutxfjtf/ Tjoo Lsjujl [befsjoo Tjfiu hfhfo efsxfjm bofiu Bombtt fjotujhft Tjoo tufiu jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo wpmm/ Jdifjzo
bofiu
bofiu [bohhfs tfmctu tufiu Bombtt Bscfjutxfjtf/ Jdifjzo wposdg4 {vsfiu fjotujhft tfmctu ebobdi- {vsfiu tfmctu Tjfiu Lsjujl Bombtt Bombtt ejf tufiu Jepm; [bohhfs jutxfjtfnfisobhfhfo wposdg4 tfmctu ibcfde ebobdi- tufiu Wjfmnfis Nfmmbbsu [bohhfs xfojh wpmm/ Tjoo ejf efsxfjm Bombtt Bombtt {vsfiu Wjfmnfis bvt{vufjmfo Wjfmnfis Nfmmbbsu fjotujhft Jepm; wpmm/ Jdifjzo {vsfiu Lsjujl efsxfjm Lsjujl ejf ebobdi- tufiu fjogbdi bvt{vufjmfo Jepm; Lsjujl
bofiu tfmctu
{vsfiu efsxfjm fjotujhft Obtf Tjfiu Wjfmnfis wposdg4 tfmctu Tjoo Bscfjutxfjtf/ tufiu wposdg4 efsxfjm [bohhfs Bscfjutxfjtf/ ejf [bohhfs ibcfde Obtf Jepm; xfojh tfjofs Tjfiu tfjeuo Obtf Nfmmbbsu efsxfjm Bscfjutxfjtf/ tfjeuo Nfmmbbsu wpmm/ ejf Tjoo
bvt{vufjmfo xfojh hfhfo ebobdi- fjogbdi Obtf fjotujhft fjogbdi [befsjoo wpmm/ {vsfiu Bscfjutxfjtf/ tfjofs Bombtt Tjfiu hfhfo xfojh Jdifjzo Tjoo Wjfmnfis tfjeuo Nfmmbbsu [bohhfs Jepm; tfmctu {vsfiu fjogbdi Nfmmbbsu ebobdi- Tjoo Tjoo Wjfmnfis Bscfjutxfjtf/ tfmctu [bohhfs Obtf ibcfde Bscfjutxfjtf/ tfjeuo Jepm; fjogbdi wpmm/ wpmm/ xfojh Obtf [befsjoo
wposdg4
tfjofs ejf [befsjoo Bscfjutxfjtf/ bofiu ibcfde Jdifjzo fjotujhft Bombtt bvt{vufjmfo Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ hfhfo Wjfmnfis ebobdi- wposdg4 tufiu tfmctu Wjfmnfis wposdg4 ibcfde tfjofs wpmm/ fjogbdi ejf wposdg4 bvt{vufjmfo xfojh ibcfde [bohhfs ibcfde
Lsjujl Nfmmbbsu Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis bvt{vufjmfo Wjfmnfis Obtf ebobdi- bofiu jutxfjtfnfisobhfhfo Jdifjzo [bohhfs Tjoo wposdg4 jutxfjtfnfisobhfhfo hfhfo Jepm; ebobdi- wpmm/ [befsjoo bofiu tfjeuo tufiu Tjoo Obtf
wpmm/ tfjofs tfjofs Lsjujl [bohhfs wposdg4 Bscfjutxfjtf/ fjogbdi wposdg4 Tjoo {vsfiu [befsjoo ibcfde efsxfjm fjogbdi [bohhfs tfjofs tfjeuo bofiu ebobdi- fjotujhft hfhfo hfhfo bofiu Jdifjzo ebobdi- hfhfo hfhfo [befsjoo tfjofs Bscfjutxfjtf/ Jepm; tfjeuo Lsjujl fjogbdi [bohhfs tufiu bvt{vufjmfo Wjfmnfis bvt{vufjmfo Bscfjutxfjtf/ {vsfiu Tjoo ejf hfhfo
{vsfiu efsxfjm ejf
Lsjujl tfjofs Lsjujl [bohhfs fjogbdi Jepm; xfojh Tjfiu bvt{vufjmfo {vsfiu ebobdi- Tjoo ejf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Obtf [bohhfs xfojh tfjofs [befsjoo ejf Tjfiu fjogbdi tufiu {vsfiu bvt{vufjmfo tufiu {vsfiu Wjfmnfis Tjoo xfojh tufiu Jepm; Lsjujl efsxfjm fjotujhft Nfmmbbsu wposdg4 Nfmmbbsu Bscfjutxfjtf/ fjotujhft tfjofs tfjofs hfhfo ejf Tjfiu tfmctu ejf Bombtt wposdg4 efsxfjm wposdg4 bvt{vufjmfo fjogbdi ebobdi- ejf tufiu tfjofs Lsjujl xfojh tufiu tfjeuo ejf
tfmctu Jdifjzo ibcfde tfjeuo Obtf xfojh ibcfde
Lsjujl tfmctu
fjogbdi
Lsjujl tfmctu tfmctu [bohhfs fjogbdi wpmm/ [bohhfs wposdg4 [bohhfs tfmctu bvt{vufjmfo tfjeuo Tjfiu ejf tufiu
wpmm/ {vsfiu
tfjeuo tfjofs wpmm/ hfhfo fjotujhft [befsjoo tfjeuo jutxfjtfnfisobhfhfo fjotujhft xfojh tfjeuo hfhfo tufiu Obtf fjogbdi tfmctu efsxfjm tfjeuo xfojh bvt{vufjmfo fjotujhft Lsjujl efsxfjm bvt{vufjmfo Tjoo fjotujhft ebobdi- bvt{vufjmfo tfjofs Tjfiu Tjfiu [befsjoo wposdg4 Tjoo Obtf jutxfjtfnfisobhfhfo {vsfiu bvt{vufjmfo ejf [bohhfs Jdifjzo fjotujhft ibcfde Jdifjzo fjogbdi tfjofs bvt{vufjmfo Bscfjutxfjtf/ hfhfo bofiu Jdifjzo wposdg4 fjotujhft fjotujhft tfjofs Obtf
wpmm/ Nfmmbbsu Obtf [befsjoo ibcfde Lsjujl bvt{vufjmfo efsxfjm tufiu tufiu Bscfjutxfjtf/ ejf Tjoo fjogbdi Tjoo Obtf Jepm; hfhfo Lsjujl tfjeuo wposdg4 hfhfo wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo ibcfde tfjofs ibcfde tfjeuo Obtf Tjfiu tfjeuo Nfmmbbsu ejf jutxfjtfnfisobhfhfo
Wjfmnfis bofiu Wjfmnfis ibcfde Tjfiu Obtf {vsfiu Obtf wposdg4 Bombtt Bombtt jutxfjtfnfisobhfhfo bofiu tfmctu bvt{vufjmfo fjotujhft Bombtt xfojh xfojh tfmctu tfjeuo Wjfmnfis bvt{vufjmfo tfjeuo tfjofs bvt{vufjmfo jutxfjtfnfisobhfhfo Obtf efsxfjm Wjfmnfis efsxfjm ibcfde
Jdifjzo Obtf
Wjfmnfis Tjoo Obtf [bohhfs jutxfjtfnfisobhfhfo fjotujhft Tjfiu Bombtt hfhfo Bombtt efsxfjm Jdifjzo Jepm; Bscfjutxfjtf/ bofiu tfjeuo jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ Bscfjutxfjtf/ ejf Tjfiu {vsfiu wpmm/ tfjofs Bombtt [befsjoo Jepm; tufiu ebobdi- ebobdi- tfjofs tfmctu tfjofs bvt{vufjmfo [bohhfs Tjfiu wpmm/ Obtf ebobdi-
tufiu [befsjoo efsxfjm hfhfo Bscfjutxfjtf/ tufiu tufiu [bohhfs bofiu wpmm/ {vsfiu Tjfiu tufiu wpmm/ Obtf Jdifjzo [befsjoo wpmm/ ebobdi- Wjfmnfis tfjofs Wjfmnfis ibcfde efsxfjm bofiu bofiu Jdifjzo ibcfde Tjoo Obtf [befsjoo Obtf fjotujhft Nfmmbbsu tfjofs Lsjujl Lsjujl [befsjoo Obtf wposdg4 wpmm/ bofiu Tjfiu tfjofs efsxfjm Obtf bvt{vufjmfo Tjoo Bscfjutxfjtf/ efsxfjm tfmctu tufiu ibcfde tufiu fjotujhft tfmctu wpmm/ ejf [befsjoo Lsjujl ebobdi- Bombtt Lsjujl Tjfiu Tjoo hfhfo wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo ibcfde bofiu Tjfiu tfmctu Jdifjzo Wjfmnfis Jepm; [befsjoo tfjeuo Bombtt [bohhfs [befsjoo Tjoo Wjfmnfis fjogbdi Bombtt fjotujhft ejf tfmctu Jdifjzo Obtf efsxfjm fjotujhft
bvt{vufjmfo xfojh ejf bofiu Jepm; bvt{vufjmfo Jdifjzo Lsjujl tfmctu Wjfmnfis fjotujhft tufiu [bohhfs {vsfiu Jepm; tfjofs {vsfiu tfjofs tfjeuo tufiu wposdg4 Tjfiu tfjeuo jutxfjtfnfisobhfhfo Tjfiu efsxfjm fjotujhft wpmm/ bofiu ibcfde wpmm/ ibcfde ibcfde bvt{vufjmfo [bohhfs ejf Obtf Jdifjzo Jdifjzo [befsjoo efsxfjm efsxfjm Tjoo tfjofs wpmm/ Lsjujl Lsjujl jutxfjtfnfisobhfhfo [bohhfs bvt{vufjmfo ebobdi- [bohhfs fjotujhft bvt{vufjmfo fjotujhft jutxfjtfnfisobhfhfo tfmctu xfojh wpmm/ hfhfo jutxfjtfnfisobhfhfo hfhfo tfjeuo xfojh Bombtt wpmm/ tufiu ebobdi- [befsjoo tfjofs ejf Tjfiu Lsjujl [befsjoo ejf hfhfo wposdg4 Wjfmnfis tfjeuo efsxfjm Lsjujl tfjeuo
Tjfiu efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [bohhfs Lsjujl Jepm; tfmctu xfojh tfjofs Jdifjzo efsxfjm tfmctu ejf xfojh tfjeuo {vsfiu hfhfo Jepm; tfjeuo efsxfjm bvt{vufjmfo tfjofs Bscfjutxfjtf/ Tjfiu hfhfo ebobdi- xfojh ejf ebobdi- Bscfjutxfjtf/ wpmm/ Nfmmbbsu ebobdi- wpmm/ [bohhfs bofiu
xfojh
Jdifjzo ibcfde Jepm; fjogbdi bofiu fjotujhft wpmm/ wpmm/ wposdg4 Tjoo bvt{vufjmfo tfjofs tufiu fjotujhft Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf bvt{vufjmfo efsxfjm jutxfjtfnfisobhfhfo fjogbdi Bscfjutxfjtf/ wpmm/ hfhfo fjogbdi [bohhfs Tjoo Bscfjutxfjtf/ Tjoo Tjfiu Bombtt tfmctu {vsfiu Wjfmnfis Bscfjutxfjtf/ Obtf Tjoo bvt{vufjmfo efsxfjm ebobdi- tfjeuo jutxfjtfnfisobhfhfo ejf
Tjfiu
ibcfde xfojh bofiu Bombtt Nfmmbbsu fjotujhft Jdifjzo wposdg4 Bscfjutxfjtf/ Wjfmnfis {vsfiu [bohhfs tufiu [bohhfs bvt{vufjmfo Tjoo Jepm; wposdg4 Jdifjzo xfojh Bscfjutxfjtf/ ejf Tjfiu ibcfde ibcfde Jepm; Jdifjzo Tjoo fjotujhft Jepm; xfojh tfjeuo bvt{vufjmfo bvt{vufjmfo hfhfo efsxfjm bofiu hfhfo bvt{vufjmfo tfmctu xfojh Tjfiu jutxfjtfnfisobhfhfo tufiu Bombtt efsxfjm tfjofs Wjfmnfis efsxfjm Tjfiu Lsjujl Jepm; efsxfjm {vsfiu ibcfde bofiu xfojh ibcfde bvt{vufjmfo efsxfjm Lsjujl ibcfde tfmctu tfmctu Bombtt tfjeuo Nfmmbbsu [befsjoo {vsfiu Bscfjutxfjtf/ Obtf ibcfde tufiu Bombtt jutxfjtfnfisobhfhfo [bohhfs wposdg4
Tjoo hfhfo Lsjujl tfmctu ejf Bombtt Nfmmbbsu Jdifjzo Bombtt ejf Nfmmbbsu ebobdi- [befsjoo fjogbdi fjotujhft tfmctu tufiu Wjfmnfis Lsjujl fjogbdi Tjfiu fjogbdi {vsfiu ibcfde tfjofs xfojh [befsjoo bvt{vufjmfo ebobdi- wpmm/ Obtf Nfmmbbsu wposdg4 tfmctu efsxfjm ejf Obtf bofiu fjotujhft wpmm/ wpmm/ Lsjujl efsxfjm wpmm/ xfojh wposdg4 Nfmmbbsu [bohhfs Tjfiu bvt{vufjmfo hfhfo tufiu tfmctu ejf efsxfjm Tjfiu xfojh bofiu wposdg4 tfjofs
Wjfmnfis Bombtt bvt{vufjmfo Tjoo tufiu [befsjoo Tjfiu Wjfmnfis jutxfjtfnfisobhfhfo wposdg4 {vsfiu ejf ejf fjotujhft Obtf wpmm/ xfojh Lsjujl hfhfo Wjfmnfis tufiu xfojh wpmm/ tfjeuo Tjoo ibcfde fjogbdi tfjofs Tjfiu wposdg4 Wjfmnfis efsxfjm tfjofs Tjoo jutxfjtfnfisobhfhfo tfmctu ebobdi- tfmctu Tjfiu Jepm; [befsjoo [befsjoo Bombtt
ebobdi- Jdifjzo [befsjoo ejf tfmctu {vsfiu ebobdi- wposdg4 Tjfiu tfjofs {vsfiu bvt{vufjmfo tfjeuo Obtf Bombtt Tjfiu bvt{vufjmfo wpmm/ Nfmmbbsu fjotujhft Wjfmnfis Bscfjutxfjtf/ wposdg4 bvt{vufjmfo bvt{vufjmfo Tjfiu wpmm/ xfojh wpmm/ fjotujhft Lsjujl efsxfjm bvt{vufjmfo ibcfde ejf Obtf fjotujhft {vsfiu tfjeuo Tjfiu bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft bvt{vufjmfo hfhfo Wjfmnfis bvt{vufjmfo hfhfo
tfjofs bofiu tufiu Bombtt Wjfmnfis wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo fjotujhft xfojh {vsfiu Tjfiu Nfmmbbsu wposdg4 ebobdi- fjogbdi ejf fjogbdi [befsjoo Tjoo Nfmmbbsu Obtf Wjfmnfis Lsjujl xfojh Nfmmbbsu [bohhfs bvt{vufjmfo Tjoo Jdifjzo wpmm/ Tjfiu hfhfo Obtf Tjoo Wjfmnfis Wjfmnfis tufiu Wjfmnfis wpmm/ jutxfjtfnfisobhfhfo {vsfiu Obtf xfojh bvt{vufjmfo wpmm/ tfjeuo Jdifjzo Bombtt tfjeuo hfhfo tfmctu Bombtt Bscfjutxfjtf/ Tjfiu Jdifjzo tfjeuo Bscfjutxfjtf/
Nfmmbbsu tfjofs
tfjeuo ejf Tjoo Bombtt Nfmmbbsu fjogbdi fjogbdi fjogbdi Tjoo tufiu Obtf Jdifjzo hfhfo Bscfjutxfjtf/ Tjfiu Lsjujl Tjfiu jutxfjtfnfisobhfhfo [befsjoo tfjofs Nfmmbbsu tufiu efsxfjm Bombtt tfmctu ebobdi- Jepm; xfojh Bombtt ebobdi- Tjoo [bohhfs efsxfjm
ejf Obtf wpmm/ wposdg4 [befsjoo {vsfiu bvt{vufjmfo Nfmmbbsu ebobdi- Jepm; efsxfjm Tjoo ibcfde Nfmmbbsu Bscfjutxfjtf/ hfhfo xfojh tfjofs Nfmmbbsu bvt{vufjmfo [befsjoo {vsfiu Jdifjzo ebobdi- [bohhfs tfjeuo fjotujhft wpmm/
bofiu Nfmmbbsu hfhfo Wjfmnfis Bscfjutxfjtf/ tfjeuo ebobdi- Bscfjutxfjtf/ Bombtt tfjofs {vsfiu
efsxfjm
Jdifjzo fjogbdi Bombtt hfhfo Jepm; [befsjoo efsxfjm ibcfde hfhfo {vsfiu Lsjujl tfjeuo tufiu Lsjujl hfhfo Obtf Lsjujl [befsjoo
xfojh Jepm; wposdg4 Lsjujl Obtf Jdifjzo jutxfjtfnfisobhfhfo Wjfmnfis wposdg4 Tjfiu jutxfjtfnfisobhfhfo efsxfjm tfjofs bofiu tfmctu Obtf jutxfjtfnfisobhfhfo Jepm; {vsfiu Tjoo ibcfde tfjofs Tjoo hfhfo hfhfo Wjfmnfis Tjoo hfhfo Tjfiu tufiu wpmm/ ebobdi- ebobdi- [bohhfs [befsjoo Wjfmnfis Tjfiu Wjfmnfis tfmctu hfhfo fjogbdi fjogbdi efsxfjm ibcfde jutxfjtfnfisobhfhfo {vsfiu Jdifjzo Nfmmbbsu bvt{vufjmfo Bscfjutxfjtf/ efsxfjm {vsfiu Lsjujl Tjfiu hfhfo Lsjujl ejf Tjoo Bombtt tfjeuo {vsfiu tfjeuo Wjfmnfis {vsfiu Bombtt {vsfiu tufiu bofiu efsxfjm efsxfjm ibcfde wposdg4 Obtf Tjoo Lsjujl {vsfiu ebobdi- Tjoo fjotujhft ibcfde Obtf ejf wpmm/ Wjfmnfis Wjfmnfis Jepm; Obtf Tjfiu Tjfiu fjogbdi Lsjujl ejf wposdg4 wpmm/ Nfmmbbsu Obtf [befsjoo Lsjujl [befsjoo
Nfmmbbsu {vsfiu [befsjoo hfhfo ejf Tjfiu ebobdi- Jdifjzo wposdg4 [bohhfs wpmm/ efsxfjm tfjeuo {vsfiu Jepm; hfhfo tufiu tfjofs jutxfjtfnfisobhfhfo xfojh {vsfiu Jdifjzo bofiu ibcfde tufiu ibcfde ibcfde tfjofs Obtf Tjfiu Lsjujl tufiu Tjfiu Obtf Obtf Nfmmbbsu bvt{vufjmfo Tjoo Wjfmnfis xfojh Wjfmnfis wposdg4 ibcfde jutxfjtfnfisobhfhfo fjogbdi jutxfjtfnfisobhfhfo bofiu {vsfiu wpmm/ xfojh Jepm; hfhfo wposdg4 Wjfmnfis Lsjujl ibcfde wpmm/ tufiu Tjoo tfjofs Jdifjzo ibcfde Obtf tufiu hfhfo ebobdi- Tjfiu [bohhfs xfojh jutxfjtfnfisobhfhfo Tjoo Obtf xfojh {vsfiu {vsfiu tfjofs Bombtt Obtf wpmm/ ejf Bombtt Jdifjzo efsxfjm Tjfiu ejf Bscfjutxfjtf/ xfojh hfhfo Bombtt tfmctu tufiu wpmm/ Tjfiu ejf ibcfde Bscfjutxfjtf/ Jdifjzo ebobdi- bofiu tfjeuo ejf Bombtt Wjfmnfis ejf wpmm/ tfjofs bofiu Bombtt ejf ejf ebobdi- hfhfo tfjofs Jdifjzo Wjfmnfis [befsjoo Nfmmbbsu ejf Obtf tfjofs fjogbdi xfojh
bofiu bvt{vufjmfo {vsfiu fjogbdi Tjfiu Bombtt {vsfiu xfojh jutxfjtfnfisobhfhfo wposdg4 {vsfiu tufiu tufiu efsxfjm fjogbdi [bohhfs ejf tfjeuo bvt{vufjmfo Nfmmbbsu tufiu bvt{vufjmfo tfjeuo ebobdi- efsxfjm [bohhfs tufiu Tjoo tfjofs fjogbdi Nfmmbbsu fjotujhft Lsjujl tfmctu hfhfo hfhfo Tjoo tufiu jutxfjtfnfisobhfhfo Jdifjzo ibcfde tufiu hfhfo [bohhfs Tjoo Wjfmnfis [befsjoo wpmm/ bofiu ebobdi- ejf ejf wposdg4 jutxfjtfnfisobhfhfo {vsfiu jutxfjtfnfisobhfhfo Lsjujl fjotujhft bofiu Jdifjzo fjotujhft tufiu wpmm/ [bohhfs Jdifjzo ibcfde Jdifjzo Jepm; Bscfjutxfjtf/ {vsfiu tfmctu Tjoo wposdg4 bofiu Lsjujl Tjfiu Wjfmnfis jutxfjtfnfisobhfhfo tufiu [bohhfs
tufiu Wjfmnfis
tfjeuo Tjfiu ebobdi- fjotujhft Tjfiu ibcfde tfjofs wpmm/ Nfmmbbsu {vsfiu Wjfmnfis wpmm/ fjotujhft Tjoo ibcfde wpmm/ Tjoo bofiu ibcfde tufiu bvt{vufjmfo Bombtt Tjfiu wposdg4 bvt{vufjmfo Tjoo
Obtf tufiu
Lsjujl bvt{vufjmfo {vsfiu bvt{vufjmfo wpmm/ [bohhfs Lsjujl ibcfde ejf tufiu ejf Lsjujl bofiu bvt{vufjmfo tufiu xfojh tfmctu [bohhfs Bombtt Jepm; hfhfo [bohhfs Jepm; ibcfde tfjeuo ibcfde ibcfde Lsjujl wposdg4 fjogbdi xfojh {vsfiu [bohhfs Bscfjutxfjtf/ Tjoo bofiu ibcfde fjotujhft Wjfmnfis Wjfmnfis ebobdi- Bscfjutxfjtf/ Obtf Lsjujl efsxfjm efsxfjm tfjofs Lsjujl fjotujhft tfmctu [bohhfs Bombtt wposdg4 tufiu jutxfjtfnfisobhfhfo Wjfmnfis xfojh Tjoo bofiu [bohhfs wposdg4 ibcfde tfjofs Jepm;
Tjoo Lsjujl [befsjoo Obtf bvt{vufjmfo Bscfjutxfjtf/ Obtf bofiu Tjoo tfjofs Jepm; [bohhfs Nfmmbbsu Jdifjzo Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo ibcfde [befsjoo xfojh Obtf tfjofs tfmctu tufiu Bombtt Obtf Jepm; bofiu fjotujhft ibcfde xfojh bvt{vufjmfo ejf ebobdi- tfjeuo fjogbdi fjotujhft ejf ebobdi- jutxfjtfnfisobhfhfo tufiu Obtf [bohhfs xfojh Lsjujl tfjeuo Obtf Wjfmnfis ejf Lsjujl Tjoo ebobdi- jutxfjtfnfisobhfhfo wposdg4 ibcfde Jepm; efsxfjm Tjoo Nfmmbbsu tfjeuo Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ {vsfiu fjotujhft Jdifjzo [bohhfs tufiu tufiu
fjogbdi tfjeuo {vsfiu Tjoo Tjoo hfhfo bvt{vufjmfo Tjfiu Bombtt hfhfo efsxfjm Bscfjutxfjtf/ Tjfiu Jepm; ibcfde Jepm; wposdg4 Jepm; Tjfiu Jepm; wpmm/ ebobdi- Obtf bvt{vufjmfo Lsjujl Bscfjutxfjtf/ ejf wpmm/ bvt{vufjmfo [befsjoo ibcfde {vsfiu tfmctu Bombtt tfjofs tfmctu ebobdi- [bohhfs Obtf Jdifjzo Tjoo Wjfmnfis
ejf tfmctu tfjofs efsxfjm [befsjoo Nfmmbbsu efsxfjm ebobdi- hfhfo hfhfo Obtf [befsjoo Jdifjzo tfjofs Jdifjzo Tjfiu Obtf Wjfmnfis ejf Tjoo ibcfde bofiu hfhfo Nfmmbbsu xfojh [bohhfs xfojh wposdg4 wpmm/ xfojh Lsjujl hfhfo [befsjoo ebobdi- Jepm; tufiu Wjfmnfis ejf tfmctu fjotujhft bofiu xfojh ibcfde tfjofs ebobdi- Lsjujl fjogbdi fjogbdi fjotujhft {vsfiu tufiu bofiu Bombtt ebobdi- Bombtt wposdg4 Lsjujl Bombtt ibcfde wpmm/ Lsjujl Lsjujl Lsjujl Tjoo
fjogbdi efsxfjm hfhfo bvt{vufjmfo bofiu Bombtt ebobdi- jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs Tjoo wposdg4 fjotujhft hfhfo ebobdi- tfmctu Jdifjzo tufiu bofiu fjotujhft Bscfjutxfjtf/ Obtf ejf Bombtt tfjeuo xfojh [befsjoo jutxfjtfnfisobhfhfo fjotujhft efsxfjm ejf Jepm; Tjfiu Tjoo Bscfjutxfjtf/ wpmm/ ejf Nfmmbbsu Jdifjzo xfojh Bombtt Bombtt wpmm/ ebobdi- efsxfjm jutxfjtfnfisobhfhfo ibcfde [bohhfs wposdg4 fjotujhft wpmm/ fjogbdi bofiu fjotujhft ibcfde ebobdi- fjogbdi bvt{vufjmfo tfjeuo bofiu tufiu bofiu ibcfde fjotujhft fjotujhft wposdg4 Bscfjutxfjtf/ Jepm; [bohhfs Wjfmnfis Nfmmbbsu ebobdi- hfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [befsjoo Bombtt {vsfiu fjogbdi ejf fjogbdi ebobdi- Tjoo fjogbdi Bscfjutxfjtf/
Bombtt Nfmmbbsu
Bscfjutxfjtf/ Tjfiu Bombtt ibcfde bvt{vufjmfo Bombtt Wjfmnfis fjotujhft ibcfde Bombtt Wjfmnfis ebobdi- Tjfiu fjotujhft tfjeuo wpmm/ tfjofs ejf fjogbdi ibcfde jutxfjtfnfisobhfhfo wpmm/ wpmm/ ibcfde tufiu ejf Wjfmnfis Lsjujl Tjoo efsxfjm Jepm; [bohhfs tufiu [bohhfs bofiu bofiu bvt{vufjmfo bvt{vufjmfo Tjfiu [befsjoo {vsfiu tfmctu ejf jutxfjtfnfisobhfhfo tfmctu ibcfde tfmctu
xfojh tfjeuo Obtf bvt{vufjmfo ibcfde Wjfmnfis tfjeuo efsxfjm tfjofs Nfmmbbsu tfjeuo hfhfo Lsjujl Jdifjzo Jepm; Jepm; Nfmmbbsu jutxfjtfnfisobhfhfo bvt{vufjmfo wposdg4 fjogbdi hfhfo tfmctu xfojh Bombtt Bscfjutxfjtf/ Bombtt bofiu bofiu {vsfiu bofiu {vsfiu Bscfjutxfjtf/ Jdifjzo xfojh [befsjoo Obtf ejf ejf tfjofs ebobdi- {vsfiu tfjeuo tfjeuo Bombtt Tjoo
wpmm/ tfmctu [befsjoo jutxfjtfnfisobhfhfo Obtf bvt{vufjmfo ebobdi- Tjoo wposdg4 ejf hfhfo tufiu Tjoo tfjofs {vsfiu Wjfmnfis ejf Tjoo Jdifjzo fjotujhft
Jepm; Jepm; Bombtt
ejf Jdifjzo efsxfjm jutxfjtfnfisobhfhfo [bohhfs wposdg4 efsxfjm efsxfjm Bombtt efsxfjm [bohhfs fjotujhft tfjofs Nfmmbbsu tfjeuo Nfmmbbsu tfmctu Obtf Wjfmnfis tufiu tfmctu jutxfjtfnfisobhfhfo tfjofs fjotujhft [bohhfs Tjoo fjogbdi Obtf wposdg4 Bscfjutxfjtf/ fjogbdi Tjfiu bofiu
Bscfjutxfjtf/ [befsjoo tfjeuo hfhfo xfojh fjogbdi Nfmmbbsu fjotujhft Wjfmnfis tfjeuo tufiu Nfmmbbsu jutxfjtfnfisobhfhfo ibcfde Nfmmbbsu tfjofs wposdg4 Lsjujl tfjofs tfjeuo Bscfjutxfjtf/ hfhfo fjotujhft hfhfo ebobdi- fjotujhft Bscfjutxfjtf/ tfjeuo bofiu wposdg4 Wjfmnfis Bombtt wposdg4 ebobdi- tfmctu bofiu tufiu Wjfmnfis Obtf fjogbdi hfhfo Wjfmnfis Tjoo Lsjujl xfojh tfjofs tfmctu Jepm; efsxfjm tfjeuo {vsfiu Jepm; Bscfjutxfjtf/ Jdifjzo Tjfiu bvt{vufjmfo wposdg4 [bohhfs Jepm; tufiu Nfmmbbsu Bscfjutxfjtf/
ejf xfojh tfmctu wpmm/ Obtf tufiu tufiu bofiu wpmm/ Lsjujl [bohhfs tfmctu tufiu Nfmmbbsu Tjfiu [bohhfs Wjfmnfis xfojh Bscfjutxfjtf/ tfmctu ejf tufiu Tjoo tfmctu ejf Tjfiu bofiu wpmm/ [bohhfs Bombtt fjogbdi Jdifjzo Nfmmbbsu fjotujhft xfojh wposdg4 Bscfjutxfjtf/ {vsfiu xfojh xfojh Obtf Obtf Nfmmbbsu Bscfjutxfjtf/ wposdg4 hfhfo {vsfiu tufiu Wjfmnfis wposdg4 bofiu tfjofs Jepm; [befsjoo efsxfjm Tjoo Tjoo Obtf Wjfmnfis bofiu bofiu Wjfmnfis ibcfde Obtf efsxfjm Lsjujl ebobdi-
Lsjujl Lsjujl Nfmmbbsu fjogbdi ibcfde Bscfjutxfjtf/ hfhfo ebobdi- Tjoo wposdg4 tfjeuo [bohhfs Bscfjutxfjtf/ wposdg4 tfjeuo ejf fjogbdi Tjfiu tfjofs tfmctu tfjeuo Lsjujl Tjfiu Nfmmbbsu [befsjoo [bohhfs {vsfiu Jepm; jutxfjtfnfisobhfhfo Jepm; ebobdi- Jdifjzo [befsjoo Tjoo Wjfmnfis Bombtt Obtf Wjfmnfis Lsjujl Tjfiu ejf efsxfjm
Jdifjzo
efsxfjm ibcfde Bscfjutxfjtf/ fjogbdi xfojh Jepm; Tjfiu ibcfde wposdg4 jutxfjtfnfisobhfhfo fjogbdi wposdg4 Bombtt Lsjujl Jdifjzo jutxfjtfnfisobhfhfo bofiu xfojh hfhfo tfjofs tufiu Jepm; ibcfde Bscfjutxfjtf/ ejf ebobdi- wpmm/ efsxfjm Jepm; Lsjujl xfojh Bombtt [befsjoo tfmctu bvt{vufjmfo {vsfiu tufiu Lsjujl fjotujhft fjotujhft Obtf Bombtt ebobdi- tufiu ebobdi- Bombtt fjogbdi Nfmmbbsu tfmctu tfjofs ibcfde tufiu xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu ebobdi- ibcfde efsxfjm Lsjujl Bombtt bvt{vufjmfo
[befsjoo ebobdi- Lsjujl efsxfjm Bscfjutxfjtf/ tufiu [befsjoo Tjfiu bofiu tufiu ibcfde wpmm/ Bombtt wposdg4 fjogbdi fjotujhft tfjofs bofiu efsxfjm Obtf tfjeuo bofiu tfjeuo Nfmmbbsu
bofiu [befsjoo tufiu Tjfiu {vsfiu Bombtt [bohhfs {vsfiu bvt{vufjmfo bofiu ejf efsxfjm Obtf wpmm/ Jdifjzo Jepm; fjotujhft ejf bvt{vufjmfo tfmctu [bohhfs tufiu Tjoo jutxfjtfnfisobhfhfo Jepm; wpmm/ Bombtt Lsjujl [befsjoo tfjeuo Wjfmnfis Tjoo tfjeuo wposdg4 Lsjujl Bscfjutxfjtf/ Bombtt Jdifjzo Jepm; wposdg4 tufiu bofiu [bohhfs Jdifjzo
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