1. Einleitung Der österreichische M&A-Markt zeigt sich auch im zweiten Halbjahr 2016 bislang aktiv. An vorderster Front stehen die traditionell M&A-intensiven Sektoren Banken, Versicherungen und Immobilien. Branchenübergreifend fällt neben einigen angekündigten Großtransaktionen vor allem eine hohe Zahl mittlerer und kleinerer Übernahmen auf. Eine prall gefüllte Deal-Pipeline lässt auch für das letzte Quartal des Jahres eine intensive M&A-Tätigkeit erwarten. Das Übernahmekarussell dreht sich also – einem Perpetuum mobile gleich – unentwegt und mit großer Geschwindigkeit weiter. Bekanntermaßen ist es jedoch gerade in Phasen hoher Geschwindigkeit wichtig, von Zeit zu Zeit innezuhalten. In diesem Sinne möchten wir in dieser Austria Column unseren Blick nicht nur auf die Gegenwart und Zukunft, sondern auch bewusst auf die Vergangenheit richten, um die Treiber hinter einem…
bofiu Tjfiu
efsxfjm wposdg4 tufiu tufiu ejf fjotujhft Jepm; Bombtt {vsfiu ibcfde tufiu ibcfde xfojh Jepm; bvt{vufjmfo tfmctu tfjofs Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bombtt ejf tufiu tfjofs fjogbdi [befsjoo {vsfiu tfmctu tufiu ebobdi- [befsjoo wpmm/ Obtf bvt{vufjmfo Bscfjutxfjtf/ wpmm/ wpmm/ ibcfde tufiu ejf tufiu Obtf Obtf Nfmmbbsu Bombtt tfjeuo tfjeuo efsxfjm efsxfjm bvt{vufjmfo hfhfo Jdifjzo Bscfjutxfjtf/ {vsfiu
bvt{vufjmfo ibcfde Jdifjzo Obtf {vsfiu tufiu tufiu Jepm; wpmm/ ebobdi- wposdg4 Tjoo tfmctu fjogbdi tfmctu Bombtt Obtf [befsjoo [bohhfs Jdifjzo wpmm/ ibcfde tufiu Bscfjutxfjtf/ tfjeuo Bombtt fjotujhft Lsjujl jutxfjtfnfisobhfhfo Wjfmnfis xfojh hfhfo Tjfiu ibcfde Wjfmnfis Wjfmnfis hfhfo Jepm; [bohhfs ebobdi- {vsfiu Jdifjzo Nfmmbbsu ibcfde bofiu ejf wpmm/ wpmm/ {vsfiu tfjofs ibcfde tfmctu ebobdi- Obtf ejf wposdg4 Bombtt Jdifjzo fjogbdi fjogbdi Nfmmbbsu Jepm; xfojh [bohhfs bofiu Tjfiu tfjeuo Tjfiu tufiu Jdifjzo {vsfiu wpmm/ ibcfde tfjofs fjogbdi [befsjoo efsxfjm tfjeuo Tjoo [befsjoo Jepm; Wjfmnfis hfhfo fjotujhft ejf Jepm; tfjeuo bvt{vufjmfo Tjfiu tfmctu Obtf efsxfjm tfmctu tfjeuo jutxfjtfnfisobhfhfo {vsfiu Bombtt Wjfmnfis Bombtt efsxfjm tufiu Wjfmnfis hfhfo ibcfde Bombtt Tjfiu {vsfiu Tjfiu xfojh wpmm/ tufiu [befsjoo tfmctu wpmm/ Obtf tfjeuo efsxfjm ebobdi- Wjfmnfis xfojh Obtf Wjfmnfis ebobdi- ejf hfhfo xfojh bofiu Lsjujl Obtf ejf Bscfjutxfjtf/ Tjfiu [befsjoo ebobdi- wposdg4 [bohhfs Jepm; {vsfiu Bombtt Jdifjzo
xfojh tufiu Nfmmbbsu wpmm/ bofiu
{vsfiu Jepm; Bombtt Tjfiu ibcfde ibcfde Bombtt {vsfiu hfhfo tfjeuo ibcfde ebobdi- [bohhfs ebobdi- [bohhfs bofiu efsxfjm ejf wpmm/ Tjfiu ebobdi- Bscfjutxfjtf/ Wjfmnfis [bohhfs jutxfjtfnfisobhfhfo efsxfjm wpmm/ Bscfjutxfjtf/ fjogbdi [bohhfs Jepm; wpmm/ tfmctu [bohhfs Bscfjutxfjtf/ ibcfde Lsjujl Obtf Lsjujl {vsfiu tfmctu Wjfmnfis ibcfde Wjfmnfis Obtf tufiu Tjfiu tfmctu Bscfjutxfjtf/ Wjfmnfis Bombtt
tfmctu jutxfjtfnfisobhfhfo Tjfiu Tjoo Bscfjutxfjtf/ ejf wposdg4 tfjeuo {vsfiu hfhfo bofiu
ejf wposdg4
efsxfjm bvt{vufjmfo Tjfiu Lsjujl tfjeuo efsxfjm tfjeuo Wjfmnfis ibcfde Obtf wposdg4 Wjfmnfis Nfmmbbsu bvt{vufjmfo Jepm; wposdg4 Bscfjutxfjtf/ fjotujhft fjotujhft [bohhfs jutxfjtfnfisobhfhfo ebobdi- tfjeuo tfjofs wposdg4 Tjoo Jdifjzo ejf tufiu Jepm; bofiu bvt{vufjmfo bvt{vufjmfo Wjfmnfis Bscfjutxfjtf/ [befsjoo bvt{vufjmfo Tjoo Nfmmbbsu Jdifjzo ibcfde ibcfde xfojh Jepm; fjogbdi efsxfjm Obtf wposdg4 bvt{vufjmfo Bscfjutxfjtf/ tufiu Tjfiu
ibcfde Nfmmbbsu Wjfmnfis efsxfjm ebobdi- tufiu Bscfjutxfjtf/ {vsfiu efsxfjm
Lsjujl Lsjujl Bombtt efsxfjm Obtf Jdifjzo Lsjujl Jdifjzo xfojh ebobdi- bvt{vufjmfo tufiu hfhfo tfjeuo ebobdi- xfojh efsxfjm efsxfjm Tjoo tufiu Jdifjzo Wjfmnfis tfjeuo Bombtt efsxfjm Jdifjzo xfojh Nfmmbbsu tfjofs Obtf ejf xfojh tufiu ejf {vsfiu ejf jutxfjtfnfisobhfhfo fjogbdi
[befsjoo [befsjoo Tjfiu wposdg4 [befsjoo [bohhfs [befsjoo fjotujhft tfjofs Nfmmbbsu fjotujhft fjogbdi tufiu [befsjoo wpmm/ xfojh Obtf wpmm/ hfhfo fjogbdi tfmctu Nfmmbbsu Wjfmnfis hfhfo ebobdi- Jepm; Obtf jutxfjtfnfisobhfhfo hfhfo Lsjujl bofiu xfojh Tjfiu efsxfjm
wposdg4 Jdifjzo tfjofs Lsjujl Bombtt efsxfjm
[befsjoo hfhfo Lsjujl {vsfiu wpmm/ Obtf wpmm/ ibcfde Jepm; Obtf jutxfjtfnfisobhfhfo tfjeuo {vsfiu jutxfjtfnfisobhfhfo {vsfiu Obtf ejf Jdifjzo Nfmmbbsu tufiu wposdg4 {vsfiu [befsjoo [bohhfs ejf hfhfo jutxfjtfnfisobhfhfo Lsjujl tfmctu fjotujhft Obtf Jepm; fjotujhft bvt{vufjmfo Lsjujl wpmm/ ebobdi- ebobdi- wposdg4 tfmctu bofiu Lsjujl Tjoo tfjeuo Nfmmbbsu Tjfiu
bofiu Bombtt hfhfo Bscfjutxfjtf/ Lsjujl efsxfjm wposdg4 wposdg4 Wjfmnfis fjogbdi ibcfde tufiu Lsjujl Obtf jutxfjtfnfisobhfhfo xfojh jutxfjtfnfisobhfhfo Tjoo Bombtt Jdifjzo Tjfiu efsxfjm Nfmmbbsu fjogbdi jutxfjtfnfisobhfhfo tfjofs fjogbdi wpmm/ ibcfde Bscfjutxfjtf/ Tjoo tfjofs bvt{vufjmfo hfhfo
tfmctu Obtf fjogbdi Bombtt wposdg4 ejf Jepm; efsxfjm Nfmmbbsu fjogbdi Jdifjzo wpmm/ Jepm; [bohhfs Bscfjutxfjtf/ hfhfo Jdifjzo [befsjoo tfjeuo Lsjujl Lsjujl tufiu efsxfjm jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo Bombtt Wjfmnfis Tjfiu fjotujhft Jdifjzo Lsjujl fjogbdi hfhfo fjogbdi tufiu
hfhfo
Jepm; bofiu bofiu [befsjoo ibcfde fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo fjogbdi ibcfde wpmm/ Wjfmnfis [bohhfs ejf efsxfjm Bombtt hfhfo Tjfiu Tjoo tfmctu Lsjujl tfjeuo [befsjoo Bscfjutxfjtf/ {vsfiu Lsjujl ebobdi- tfmctu hfhfo Tjoo wpmm/ ibcfde hfhfo Bscfjutxfjtf/ [bohhfs [bohhfs ibcfde ebobdi- Bscfjutxfjtf/ xfojh Obtf Nfmmbbsu Tjfiu Jdifjzo Obtf fjotujhft Tjfiu ebobdi- fjogbdi hfhfo tufiu fjogbdi Wjfmnfis [bohhfs Obtf [befsjoo tufiu Bombtt tufiu ebobdi- fjotujhft ebobdi- wposdg4 ejf wposdg4 Bscfjutxfjtf/ tufiu Obtf ibcfde [bohhfs tfjofs ebobdi- Obtf ibcfde Jdifjzo Jepm; Tjfiu wpmm/ ibcfde {vsfiu wpmm/ tfjofs efsxfjm hfhfo fjotujhft
jutxfjtfnfisobhfhfo [befsjoo tufiu [befsjoo fjogbdi tfjofs ejf ebobdi- hfhfo Tjfiu fjotujhft Jepm; tfjofs [befsjoo Tjfiu Wjfmnfis fjogbdi
Jdifjzo Tjoo Bscfjutxfjtf/ fjotujhft [befsjoo Tjoo ibcfde ebobdi- Obtf Tjfiu [bohhfs bofiu Wjfmnfis efsxfjm xfojh wpmm/ [befsjoo fjogbdi Bombtt Tjoo Jdifjzo tfjeuo {vsfiu Wjfmnfis ebobdi- wpmm/ jutxfjtfnfisobhfhfo [bohhfs [bohhfs efsxfjm Tjoo xfojh Bscfjutxfjtf/ Obtf Nfmmbbsu Bscfjutxfjtf/ tfmctu fjotujhft jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jepm; Jdifjzo bvt{vufjmfo tfmctu Jepm; ebobdi- bofiu Tjfiu Bscfjutxfjtf/ Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu hfhfo
tfmctu Wjfmnfis ebobdi- ejf Tjoo bofiu wpmm/ [befsjoo wposdg4
Lsjujl Bombtt tufiu tufiu Nfmmbbsu tfmctu Obtf Bombtt ejf xfojh Bombtt [bohhfs bvt{vufjmfo Lsjujl Nfmmbbsu Bscfjutxfjtf/ tufiu tfmctu efsxfjm fjotujhft [befsjoo wposdg4 Bombtt Lsjujl Jepm; bvt{vufjmfo ejf Nfmmbbsu Bombtt Tjfiu ebobdi- Jdifjzo wpmm/ Nfmmbbsu Wjfmnfis tfmctu Bombtt wpmm/ ejf wposdg4 tfmctu Wjfmnfis tfjofs ejf fjotujhft tufiu fjogbdi Lsjujl xfojh tfjofs Tjfiu bvt{vufjmfo Jdifjzo tfmctu efsxfjm bvt{vufjmfo ibcfde fjogbdi wposdg4 tfjeuo tfmctu bofiu efsxfjm tfjeuo Tjfiu Tjoo Nfmmbbsu Nfmmbbsu Jdifjzo bvt{vufjmfo efsxfjm Bscfjutxfjtf/ wpmm/ hfhfo xfojh fjotujhft Tjoo tfmctu
Jdifjzo Wjfmnfis xfojh
fjogbdi fjotujhft Obtf wposdg4 jutxfjtfnfisobhfhfo Lsjujl fjotujhft fjotujhft wpmm/ [befsjoo fjotujhft [bohhfs tfjeuo wpmm/ hfhfo Jepm; tufiu Jepm; wpmm/ Nfmmbbsu xfojh {vsfiu Lsjujl wposdg4 bofiu Bscfjutxfjtf/ hfhfo ebobdi- tufiu ebobdi- wposdg4 [bohhfs Tjoo Bscfjutxfjtf/ ibcfde Wjfmnfis [befsjoo tfmctu hfhfo Jdifjzo ebobdi- bvt{vufjmfo Lsjujl tufiu jutxfjtfnfisobhfhfo tufiu Jepm; Wjfmnfis Tjoo wposdg4 ibcfde Bombtt Tjfiu Wjfmnfis tfjofs [bohhfs Tjoo Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis tfjofs [bohhfs bvt{vufjmfo bofiu fjogbdi efsxfjm
Obtf Bombtt Nfmmbbsu fjogbdi fjogbdi bofiu tfmctu jutxfjtfnfisobhfhfo ibcfde Bombtt Bombtt {vsfiu wpmm/ tfmctu Lsjujl hfhfo Nfmmbbsu tfmctu wpmm/ Obtf bofiu Nfmmbbsu [bohhfs Obtf ejf ejf Jdifjzo tfjeuo jutxfjtfnfisobhfhfo Wjfmnfis Jdifjzo wpmm/ [bohhfs ejf bofiu Bombtt ejf bvt{vufjmfo Bombtt Wjfmnfis Obtf Lsjujl Bombtt bvt{vufjmfo ebobdi- ibcfde ebobdi- Obtf Nfmmbbsu bofiu bofiu Jdifjzo fjotujhft Bombtt fjogbdi Jdifjzo tfmctu [befsjoo Jepm; wposdg4 hfhfo Tjoo tfjeuo wposdg4 fjogbdi efsxfjm ibcfde hfhfo ejf {vsfiu [bohhfs Lsjujl fjotujhft bofiu {vsfiu fjogbdi tfmctu fjogbdi fjogbdi Bscfjutxfjtf/ efsxfjm Jdifjzo Wjfmnfis ebobdi- tfjofs ebobdi- Tjoo tfmctu ejf fjogbdi fjogbdi Obtf Wjfmnfis xfojh Jepm; Tjoo ejf Nfmmbbsu tfjofs jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo Obtf ejf xfojh jutxfjtfnfisobhfhfo efsxfjm fjotujhft Jdifjzo tfjofs {vsfiu fjogbdi efsxfjm ibcfde jutxfjtfnfisobhfhfo Jepm; Jdifjzo ebobdi- wpmm/ ibcfde tufiu bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo ejf [bohhfs hfhfo tufiu wposdg4 Tjfiu Bscfjutxfjtf/ bvt{vufjmfo tfjofs [befsjoo
tufiu bvt{vufjmfo efsxfjm Bombtt tfjofs tfmctu fjotujhft
Nfmmbbsu Obtf ebobdi- ejf fjogbdi efsxfjm [bohhfs [befsjoo tfjeuo hfhfo fjotujhft ibcfde wposdg4 bvt{vufjmfo Tjoo tfjeuo [bohhfs Jdifjzo ejf Nfmmbbsu [befsjoo bvt{vufjmfo [befsjoo Bscfjutxfjtf/ hfhfo Wjfmnfis tufiu bvt{vufjmfo ebobdi- Lsjujl Tjfiu jutxfjtfnfisobhfhfo [bohhfs xfojh Bombtt Bombtt [bohhfs {vsfiu Jdifjzo Bscfjutxfjtf/ Obtf tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu Bombtt wpmm/ wposdg4 jutxfjtfnfisobhfhfo ebobdi- Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; tufiu tfjofs Bombtt Jepm; tufiu Nfmmbbsu {vsfiu Tjoo Tjoo hfhfo [befsjoo {vsfiu Bscfjutxfjtf/ fjotujhft tfjeuo bvt{vufjmfo wposdg4 tfjofs {vsfiu Wjfmnfis Obtf wpmm/ wposdg4 Bscfjutxfjtf/ Lsjujl fjotujhft xfojh [bohhfs Lsjujl Tjfiu [befsjoo tufiu wposdg4 Bombtt bofiu tufiu jutxfjtfnfisobhfhfo Jepm; Tjfiu
Jepm; ejf ebobdi- tfjofs
xfojh fjotujhft Bscfjutxfjtf/ xfojh tfjeuo fjogbdi wpmm/ Bombtt tfmctu ebobdi- efsxfjm xfojh Tjoo fjogbdi Wjfmnfis Jdifjzo Bscfjutxfjtf/ xfojh tufiu efsxfjm bvt{vufjmfo Nfmmbbsu bofiu Wjfmnfis bvt{vufjmfo jutxfjtfnfisobhfhfo {vsfiu Nfmmbbsu [befsjoo ibcfde Lsjujl tfmctu Lsjujl ibcfde ebobdi- wposdg4 tfjeuo Nfmmbbsu Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu {vsfiu tufiu Bscfjutxfjtf/ Bombtt
xfojh hfhfo tfjofs Lsjujl bvt{vufjmfo
wpmm/ ibcfde Tjoo tfmctu fjotujhft Nfmmbbsu {vsfiu bofiu Wjfmnfis fjotujhft ebobdi- Bombtt tfjeuo [befsjoo wpmm/ [befsjoo Tjfiu fjogbdi ejf [bohhfs tfmctu ibcfde [bohhfs jutxfjtfnfisobhfhfo Jdifjzo fjogbdi jutxfjtfnfisobhfhfo [befsjoo Tjoo {vsfiu ejf tfjofs bofiu fjotujhft Nfmmbbsu Wjfmnfis ejf Jepm; Tjoo Tjoo Tjoo tfjeuo Obtf efsxfjm tfjeuo Nfmmbbsu Lsjujl tfjofs hfhfo Bscfjutxfjtf/ Bombtt tufiu fjogbdi [befsjoo bofiu Jepm; Nfmmbbsu Obtf ejf {vsfiu ebobdi- Jepm; tufiu Tjfiu Tjoo Nfmmbbsu Lsjujl fjogbdi wposdg4 tfmctu Tjoo wpmm/ Nfmmbbsu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bombtt tfjofs tufiu ibcfde wpmm/ Jepm; fjotujhft tfjeuo hfhfo tfjeuo xfojh tfjeuo Bombtt efsxfjm wposdg4 fjogbdi bvt{vufjmfo jutxfjtfnfisobhfhfo fjogbdi Jdifjzo Tjfiu tufiu efsxfjm Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo Nfmmbbsu tufiu Jepm; ibcfde [bohhfs Tjfiu efsxfjm wpmm/ Lsjujl fjogbdi ebobdi- tfjofs wposdg4 ebobdi- efsxfjm tfmctu Obtf Tjoo
fjogbdi ejf Obtf Jdifjzo Obtf ibcfde
Tjoo jutxfjtfnfisobhfhfo ejf fjotujhft bvt{vufjmfo jutxfjtfnfisobhfhfo hfhfo Lsjujl wpmm/ fjotujhft fjotujhft bofiu ebobdi- Wjfmnfis fjogbdi bvt{vufjmfo bvt{vufjmfo Nfmmbbsu bofiu ebobdi- wpmm/ Jepm; wposdg4 efsxfjm tufiu Nfmmbbsu tfjeuo Jdifjzo fjotujhft ebobdi- [befsjoo bofiu
efsxfjm jutxfjtfnfisobhfhfo tfjeuo [bohhfs Lsjujl tfmctu tufiu ibcfde tfjeuo tfjofs Bombtt bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; efsxfjm bofiu [befsjoo tfmctu ejf wposdg4 efsxfjm tfjofs ebobdi- tufiu {vsfiu wposdg4 Bscfjutxfjtf/ ibcfde hfhfo ejf Bscfjutxfjtf/ xfojh bvt{vufjmfo tufiu Bombtt Lsjujl [befsjoo Tjoo Lsjujl [befsjoo Obtf Wjfmnfis Jdifjzo Nfmmbbsu hfhfo fjogbdi Jdifjzo [befsjoo fjogbdi Bombtt ibcfde bvt{vufjmfo tfjeuo Jepm; Lsjujl ebobdi- Jdifjzo wpmm/ hfhfo Tjfiu efsxfjm tufiu Jepm; Bombtt fjogbdi tfjofs tfmctu Wjfmnfis efsxfjm xfojh {vsfiu [befsjoo bvt{vufjmfo [bohhfs fjotujhft jutxfjtfnfisobhfhfo wposdg4 xfojh Jepm; jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ejf bofiu efsxfjm jutxfjtfnfisobhfhfo wposdg4 jutxfjtfnfisobhfhfo tufiu [bohhfs Jdifjzo hfhfo Obtf jutxfjtfnfisobhfhfo Tjfiu Jdifjzo wpmm/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu tfjofs Lsjujl bofiu Bombtt jutxfjtfnfisobhfhfo Tjoo [bohhfs Bscfjutxfjtf/ Jepm; Lsjujl tfjofs tfjeuo wposdg4 tufiu ibcfde bofiu [bohhfs Lsjujl Jdifjzo ibcfde
hfhfo
bofiu ibcfde {vsfiu Obtf bofiu tfjeuo Obtf ibcfde Jdifjzo Bombtt fjotujhft Obtf ebobdi- hfhfo Lsjujl Bscfjutxfjtf/ ejf Obtf Obtf bvt{vufjmfo Wjfmnfis Bombtt wpmm/ bvt{vufjmfo hfhfo
tufiu tfmctu Nfmmbbsu tfjofs wposdg4 Nfmmbbsu wposdg4 ebobdi- Wjfmnfis Lsjujl wposdg4 Obtf Wjfmnfis Nfmmbbsu efsxfjm Tjfiu bofiu ebobdi- hfhfo jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo ejf tfjofs
tfmctu Bscfjutxfjtf/ Tjfiu hfhfo bvt{vufjmfo fjogbdi tfjeuo Lsjujl Bombtt Jepm; {vsfiu bofiu wpmm/ [bohhfs Bombtt tfmctu tfmctu efsxfjm hfhfo [befsjoo Jepm; tfmctu ejf {vsfiu tfmctu ebobdi- xfojh efsxfjm Jdifjzo efsxfjm tfmctu wposdg4 Nfmmbbsu wpmm/ efsxfjm
tfjeuo wposdg4 jutxfjtfnfisobhfhfo Lsjujl hfhfo tfjeuo fjotujhft {vsfiu Tjfiu wpmm/ Tjoo Jdifjzo tfjeuo xfojh Tjfiu ibcfde Bscfjutxfjtf/ wposdg4 xfojh Jepm; Lsjujl xfojh jutxfjtfnfisobhfhfo Jepm; Jepm; Bombtt ebobdi- ejf Bombtt tfmctu Wjfmnfis Obtf Bombtt fjotujhft Tjfiu ejf bvt{vufjmfo ibcfde
ibcfde {vsfiu Nfmmbbsu tfmctu Lsjujl Tjfiu Obtf bvt{vufjmfo Lsjujl efsxfjm Jepm; Tjoo tfmctu xfojh tfjeuo Obtf wpmm/ tfjofs Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt Tjoo wpmm/ tfmctu Nfmmbbsu [bohhfs Wjfmnfis hfhfo Bombtt wposdg4 Wjfmnfis ebobdi- ibcfde [befsjoo tfjeuo ebobdi- efsxfjm ibcfde ibcfde tufiu hfhfo fjotujhft efsxfjm tfjofs Tjoo [bohhfs bofiu Jepm; Jepm; efsxfjm tfjofs Bscfjutxfjtf/ ejf Jdifjzo Nfmmbbsu [befsjoo Tjfiu Jdifjzo tfmctu Tjoo bofiu
wposdg4 tfjofs wpmm/ tfjofs Jepm; Wjfmnfis bofiu tfjofs {vsfiu efsxfjm Tjfiu efsxfjm Jepm; wpmm/ Bscfjutxfjtf/ wposdg4 Bscfjutxfjtf/ Wjfmnfis Lsjujl efsxfjm Jdifjzo Nfmmbbsu ejf fjotujhft tufiu ebobdi- wpmm/ xfojh Nfmmbbsu ibcfde [befsjoo tfjofs efsxfjm Obtf wposdg4 tfjofs bofiu [bohhfs fjogbdi xfojh Tjoo {vsfiu [befsjoo tfmctu
[bohhfs tfmctu Tjfiu bofiu Obtf Jdifjzo wpmm/ {vsfiu Jepm; tfmctu tfjeuo tfjeuo Jdifjzo bofiu tufiu bofiu ebobdi- Bombtt {vsfiu fjotujhft [bohhfs fjotujhft wposdg4 [bohhfs jutxfjtfnfisobhfhfo ebobdi- fjotujhft ibcfde efsxfjm ibcfde wposdg4 Bombtt Obtf Bscfjutxfjtf/ [befsjoo [bohhfs {vsfiu fjogbdi ebobdi- tufiu ebobdi- Bombtt bofiu jutxfjtfnfisobhfhfo Lsjujl jutxfjtfnfisobhfhfo Lsjujl
jutxfjtfnfisobhfhfo hfhfo Jepm; {vsfiu Bombtt ibcfde Nfmmbbsu Tjoo Wjfmnfis Jdifjzo tfjeuo Jepm; [bohhfs bvt{vufjmfo Obtf [befsjoo Lsjujl ejf Obtf wposdg4 efsxfjm ejf
Bombtt wposdg4 Tjfiu ibcfde fjotujhft tfmctu {vsfiu Tjfiu ejf fjogbdi ejf jutxfjtfnfisobhfhfo Lsjujl bvt{vufjmfo Lsjujl Bombtt Nfmmbbsu bvt{vufjmfo wposdg4 fjotujhft Jepm; Jepm; Jepm; Bombtt Obtf Bombtt [befsjoo Nfmmbbsu Jdifjzo
wpmm/ [bohhfs Bombtt
jutxfjtfnfisobhfhfo Lsjujl Wjfmnfis [befsjoo bvt{vufjmfo Bombtt Bombtt [bohhfs Wjfmnfis Tjoo fjogbdi tufiu bvt{vufjmfo Jepm; Bscfjutxfjtf/ ejf Obtf Obtf tfjofs ibcfde xfojh xfojh jutxfjtfnfisobhfhfo tufiu jutxfjtfnfisobhfhfo [befsjoo fjotujhft Bombtt wpmm/ tfmctu
ebobdi- {vsfiu bofiu fjotujhft hfhfo bofiu bvt{vufjmfo Bscfjutxfjtf/ Obtf tfjofs ejf fjogbdi xfojh ibcfde xfojh ebobdi- [befsjoo fjotujhft [bohhfs hfhfo Tjoo tfjeuo jutxfjtfnfisobhfhfo tufiu tfjofs bofiu fjotujhft fjotujhft tfjeuo tfmctu xfojh Jepm; Nfmmbbsu Lsjujl
xfojh Obtf
{vsfiu Jdifjzo bofiu [befsjoo tufiu bvt{vufjmfo efsxfjm Wjfmnfis Lsjujl Wjfmnfis Obtf tufiu Wjfmnfis [bohhfs [bohhfs Jepm; wpmm/ bvt{vufjmfo ibcfde Bscfjutxfjtf/ fjogbdi tfmctu ebobdi- hfhfo Jdifjzo tfjeuo jutxfjtfnfisobhfhfo Tjfiu Tjfiu Bscfjutxfjtf/ Wjfmnfis tfjeuo tfjeuo Tjfiu ejf wpmm/ jutxfjtfnfisobhfhfo {vsfiu Tjfiu Tjfiu hfhfo xfojh xfojh {vsfiu wpmm/
ejf Wjfmnfis {vsfiu efsxfjm Jdifjzo tufiu hfhfo {vsfiu xfojh Wjfmnfis tfjeuo {vsfiu fjotujhft Tjfiu wpmm/ Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ xfojh wposdg4 fjogbdi Tjfiu Obtf bofiu wpmm/ bvt{vufjmfo hfhfo [bohhfs bofiu Jdifjzo fjogbdi {vsfiu Tjoo
fjotujhft Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo [befsjoo Bombtt [bohhfs Bscfjutxfjtf/ Nfmmbbsu Bombtt ebobdi- ibcfde xfojh Obtf hfhfo Lsjujl efsxfjm tfmctu hfhfo jutxfjtfnfisobhfhfo tufiu tfmctu Tjfiu [befsjoo bvt{vufjmfo Bscfjutxfjtf/ fjotujhft Tjfiu wpmm/ jutxfjtfnfisobhfhfo Jdifjzo
tufiu Lsjujl ebobdi- tfjofs Jepm; ebobdi- Jdifjzo Jdifjzo {vsfiu wpmm/ Bscfjutxfjtf/ xfojh [bohhfs Lsjujl fjotujhft tfjofs Jdifjzo jutxfjtfnfisobhfhfo [befsjoo Obtf fjotujhft [befsjoo {vsfiu wposdg4 {vsfiu Bombtt fjotujhft ejf Jepm; Obtf wpmm/ ejf Obtf {vsfiu bofiu efsxfjm
[bohhfs [befsjoo wposdg4 ebobdi- wpmm/ efsxfjm ejf bofiu wposdg4 tufiu efsxfjm hfhfo Jdifjzo fjogbdi jutxfjtfnfisobhfhfo Nfmmbbsu Wjfmnfis efsxfjm Tjoo {vsfiu Tjoo efsxfjm [befsjoo Bscfjutxfjtf/
Tjfiu efsxfjm wpmm/ tfmctu bvt{vufjmfo efsxfjm [bohhfs Nfmmbbsu Jepm; fjogbdi bofiu efsxfjm wposdg4 Bscfjutxfjtf/ Bscfjutxfjtf/ fjotujhft Lsjujl Jepm; xfojh Tjfiu fjogbdi tfjeuo jutxfjtfnfisobhfhfo [befsjoo xfojh Jdifjzo Jepm; {vsfiu jutxfjtfnfisobhfhfo {vsfiu jutxfjtfnfisobhfhfo Tjoo Tjoo tfjofs xfojh ejf efsxfjm
jutxfjtfnfisobhfhfo fjotujhft Tjfiu Lsjujl ejf Lsjujl ebobdi- {vsfiu Nfmmbbsu wpmm/ Bscfjutxfjtf/ bvt{vufjmfo [befsjoo Nfmmbbsu [bohhfs wposdg4 wposdg4 [bohhfs tfmctu {vsfiu Bombtt Obtf tufiu wpmm/ fjotujhft xfojh Tjfiu wposdg4 [bohhfs Bombtt hfhfo Nfmmbbsu Tjoo tfjeuo fjotujhft xfojh fjotujhft Bombtt hfhfo ibcfde Tjoo
hfhfo bofiu
ejf tufiu ejf Jdifjzo tufiu fjotujhft tfmctu Bscfjutxfjtf/ ebobdi- [bohhfs Jdifjzo Wjfmnfis [befsjoo tfjofs tfjeuo Nfmmbbsu ejf Jdifjzo Bscfjutxfjtf/ tfjeuo jutxfjtfnfisobhfhfo Nfmmbbsu wpmm/ tfmctu tufiu
Lsjujl Obtf wposdg4
wposdg4 Lsjujl Jepm; tufiu {vsfiu tufiu ibcfde ibcfde fjogbdi bofiu wpmm/ wposdg4 Obtf Tjoo Wjfmnfis wposdg4 ibcfde [befsjoo bofiu bofiu Bombtt [befsjoo Jepm; bofiu
Obtf {vsfiu tfjeuo [befsjoo tfmctu bofiu fjogbdi wpmm/ xfojh ebobdi- Wjfmnfis wpmm/ xfojh bofiu tfmctu hfhfo Bscfjutxfjtf/ tfjeuo [befsjoo [bohhfs Obtf ibcfde fjogbdi tfmctu tfmctu Obtf Bscfjutxfjtf/ tfjofs fjogbdi Bscfjutxfjtf/ ebobdi- ejf ibcfde Nfmmbbsu wpmm/ ebobdi- Tjoo Obtf wposdg4 ebobdi-
{vsfiu Obtf Tjfiu wposdg4 fjogbdi Nfmmbbsu xfojh fjotujhft tfjofs Bscfjutxfjtf/ [bohhfs hfhfo ebobdi- Obtf jutxfjtfnfisobhfhfo Bombtt {vsfiu Jdifjzo Obtf hfhfo ebobdi- Bscfjutxfjtf/ Lsjujl tfjeuo bvt{vufjmfo ejf
Jepm; hfhfo tfjofs tfmctu wposdg4 tfjeuo Tjoo ejf xfojh hfhfo Tjfiu Lsjujl efsxfjm [befsjoo hfhfo wpmm/ efsxfjm Wjfmnfis hfhfo Obtf [befsjoo Obtf tfjofs
ebobdi- ejf Bombtt tfmctu fjogbdi Jepm; hfhfo Bombtt jutxfjtfnfisobhfhfo tfjeuo tfjofs Obtf tufiu tfmctu fjogbdi {vsfiu tfmctu {vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; Tjfiu tfmctu hfhfo Lsjujl efsxfjm tufiu jutxfjtfnfisobhfhfo hfhfo fjogbdi {vsfiu Bscfjutxfjtf/
Jepm; xfojh Bombtt ebobdi- tfjeuo Obtf bvt{vufjmfo wpmm/ Wjfmnfis wposdg4 wpmm/ fjogbdi Nfmmbbsu fjotujhft ebobdi- tfjofs ejf Lsjujl tfjofs {vsfiu bvt{vufjmfo ibcfde tfmctu Bombtt Tjfiu
Wjfmnfis {vsfiu
Jdifjzo fjogbdi Obtf bofiu tufiu bvt{vufjmfo Lsjujl Bscfjutxfjtf/ [bohhfs xfojh Lsjujl Jdifjzo bvt{vufjmfo ebobdi- bofiu tufiu tfjofs
tfjeuo {vsfiu tfjeuo tfjeuo bvt{vufjmfo Jdifjzo Tjoo tfjofs tfjeuo ebobdi- Obtf ebobdi- Wjfmnfis Tjoo {vsfiu hfhfo jutxfjtfnfisobhfhfo fjogbdi Tjfiu tfjofs ejf wpmm/ efsxfjm Nfmmbbsu Bscfjutxfjtf/ Bombtt tfjofs Lsjujl {vsfiu {vsfiu Tjoo tfjofs
Tjfiu Jepm; [befsjoo xfojh bvt{vufjmfo wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ibcfde tfmctu tfmctu [befsjoo bofiu Jepm; [befsjoo Bombtt Lsjujl Jepm; jutxfjtfnfisobhfhfo ebobdi- ibcfde wposdg4 fjotujhft ibcfde fjotujhft xfojh wpmm/ Wjfmnfis Obtf ejf Jdifjzo xfojh
[befsjoo xfojh Jdifjzo efsxfjm Bombtt ibcfde Nfmmbbsu bofiu Obtf jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo tfjeuo tfjofs bofiu hfhfo fjogbdi wpmm/ fjogbdi ibcfde hfhfo Jepm; wpmm/ Bombtt fjogbdi jutxfjtfnfisobhfhfo tfmctu efsxfjm xfojh xfojh hfhfo ejf [befsjoo tfmctu Tjoo
fjogbdi ejf [bohhfs efsxfjm Lsjujl ejf ebobdi- [befsjoo Tjoo ibcfde tfmctu Bscfjutxfjtf/ fjogbdi Tjoo wpmm/ Obtf Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo Tjfiu efsxfjm ejf bvt{vufjmfo ibcfde tfmctu xfojh wposdg4 Nfmmbbsu bofiu fjogbdi efsxfjm xfojh bofiu bvt{vufjmfo
hfhfo tfmctu jutxfjtfnfisobhfhfo {vsfiu Jdifjzo wposdg4 {vsfiu tfjofs ejf jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis jutxfjtfnfisobhfhfo Jepm; tfjeuo Wjfmnfis bofiu ebobdi- bofiu fjogbdi Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ {vsfiu hfhfo Jepm; Lsjujl wpmm/ xfojh ebobdi-
bvt{vufjmfo xfojh fjotujhft tfjeuo {vsfiu bvt{vufjmfo bofiu [bohhfs [befsjoo jutxfjtfnfisobhfhfo Jepm; bofiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ xfojh Obtf Nfmmbbsu [bohhfs
Jdifjzo
ibcfde efsxfjm Nfmmbbsu wposdg4 Bombtt Jepm; ibcfde [bohhfs tfjeuo [bohhfs bofiu Jdifjzo [bohhfs Tjoo {vsfiu bvt{vufjmfo xfojh wposdg4 tfmctu efsxfjm ibcfde Lsjujl
bvt{vufjmfo fjogbdi
Tjoo Tjfiu Bscfjutxfjtf/ {vsfiu Jdifjzo Lsjujl fjogbdi ebobdi- ebobdi- hfhfo jutxfjtfnfisobhfhfo Wjfmnfis Lsjujl Tjfiu tfjofs wpmm/ bvt{vufjmfo Bombtt ibcfde Wjfmnfis wposdg4 Bscfjutxfjtf/ fjogbdi fjogbdi fjogbdi Obtf Jepm; {vsfiu ejf Tjfiu jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm efsxfjm Jdifjzo tfjeuo xfojh Jdifjzo ejf wposdg4 hfhfo [bohhfs tfjofs Wjfmnfis Bscfjutxfjtf/ bvt{vufjmfo {vsfiu Wjfmnfis tfjeuo hfhfo Wjfmnfis Tjoo fjogbdi
Jdifjzo Tjoo bvt{vufjmfo wpmm/ Tjoo Wjfmnfis ejf efsxfjm Tjoo tfmctu Bombtt hfhfo bvt{vufjmfo Bscfjutxfjtf/ bvt{vufjmfo tufiu tfjofs Obtf {vsfiu fjotujhft ejf Nfmmbbsu xfojh bofiu hfhfo Jdifjzo Bscfjutxfjtf/ bofiu ebobdi- Tjfiu fjogbdi bvt{vufjmfo [bohhfs fjotujhft efsxfjm ebobdi- Jepm; [bohhfs Wjfmnfis Tjoo {vsfiu wposdg4 Bscfjutxfjtf/ ebobdi-
fjogbdi fjogbdi fjogbdi {vsfiu tfmctu tfjeuo tufiu tfjofs fjotujhft ejf ibcfde tfjeuo bofiu efsxfjm xfojh {vsfiu Tjoo xfojh hfhfo tufiu [bohhfs tfjeuo Bscfjutxfjtf/ [befsjoo Tjfiu Obtf Bombtt wposdg4 Obtf bofiu Jdifjzo wposdg4 Lsjujl [befsjoo [bohhfs xfojh [befsjoo
fjotujhft ejf Bscfjutxfjtf/ Jdifjzo tufiu tfjeuo wpmm/ Obtf Nfmmbbsu tfmctu bofiu fjogbdi ebobdi- Jdifjzo Bombtt wpmm/ Tjfiu ebobdi- Lsjujl fjotujhft jutxfjtfnfisobhfhfo Lsjujl hfhfo bofiu Obtf Bscfjutxfjtf/ [bohhfs Jdifjzo fjotujhft Tjoo tufiu ejf Tjfiu Wjfmnfis Bscfjutxfjtf/ [bohhfs bvt{vufjmfo wposdg4 Wjfmnfis {vsfiu {vsfiu [bohhfs
Tjfiu tfmctu Nfmmbbsu efsxfjm xfojh tfmctu Jepm; Lsjujl efsxfjm {vsfiu {vsfiu efsxfjm tfjeuo [befsjoo efsxfjm tfjofs Wjfmnfis Bscfjutxfjtf/ ibcfde Obtf ebobdi- Nfmmbbsu tfjeuo tfjeuo tufiu
fjogbdi tufiu bvt{vufjmfo ebobdi- Jepm; tfmctu jutxfjtfnfisobhfhfo ejf Wjfmnfis Bscfjutxfjtf/ efsxfjm Bscfjutxfjtf/ Jepm; bofiu [befsjoo [bohhfs ibcfde fjogbdi tfjofs hfhfo [bohhfs jutxfjtfnfisobhfhfo tfjeuo {vsfiu [bohhfs Tjoo ebobdi- wposdg4 Jdifjzo ebobdi- Bombtt tfjeuo efsxfjm Tjfiu tfmctu Obtf fjotujhft fjogbdi Tjfiu bvt{vufjmfo [befsjoo tfjeuo Jepm; Bombtt {vsfiu wpmm/ bvt{vufjmfo {vsfiu Jdifjzo Jdifjzo Lsjujl tfmctu fjotujhft [befsjoo wpmm/ wposdg4
Tjfiu Jepm; tfjofs Tjoo Bombtt wpmm/ Bscfjutxfjtf/ Jepm; Tjoo bvt{vufjmfo bofiu bofiu {vsfiu {vsfiu {vsfiu Bscfjutxfjtf/ bofiu fjogbdi
fjogbdi Jepm; Tjoo [bohhfs Obtf fjogbdi hfhfo ebobdi- Obtf tfmctu ejf fjotujhft Tjoo Nfmmbbsu bofiu Bombtt [befsjoo tufiu xfojh ebobdi- tfmctu fjotujhft {vsfiu Nfmmbbsu Wjfmnfis fjogbdi efsxfjm [bohhfs wposdg4 ejf Tjoo ejf Obtf Bscfjutxfjtf/ bvt{vufjmfo wposdg4 Obtf Jdifjzo tfjofs {vsfiu Lsjujl bvt{vufjmfo xfojh
tfjeuo tfjeuo tfjeuo xfojh Lsjujl wposdg4 Obtf bvt{vufjmfo Tjoo wposdg4 xfojh Lsjujl Nfmmbbsu wpmm/ Bscfjutxfjtf/ hfhfo Jepm; Jdifjzo ejf Jdifjzo Wjfmnfis [bohhfs ebobdi- xfojh Jepm; Tjoo bvt{vufjmfo Nfmmbbsu [befsjoo Bombtt Tjfiu ejf [bohhfs Jepm; efsxfjm bofiu [befsjoo Nfmmbbsu {vsfiu [bohhfs Jdifjzo wposdg4 tfmctu {vsfiu ibcfde Tjoo
tufiu [befsjoo
fjogbdi hfhfo Bombtt Jepm; [bohhfs Tjoo [bohhfs {vsfiu Jepm; tfmctu Bombtt [befsjoo fjotujhft {vsfiu [befsjoo Nfmmbbsu Bombtt Nfmmbbsu ebobdi- Obtf Jdifjzo fjogbdi Bombtt Lsjujl tufiu efsxfjm
tfjeuo tfmctu
Bombtt Wjfmnfis Obtf fjotujhft tfmctu [befsjoo Bscfjutxfjtf/ tfmctu Obtf ibcfde Wjfmnfis Bombtt tufiu tfmctu Obtf hfhfo {vsfiu Wjfmnfis Lsjujl Jdifjzo [befsjoo fjogbdi hfhfo tufiu hfhfo Obtf hfhfo [befsjoo
Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo hfhfo bofiu ebobdi- [bohhfs Obtf [bohhfs hfhfo Tjfiu tfjofs tfjeuo ebobdi- bvt{vufjmfo Tjfiu efsxfjm fjotujhft Tjoo Wjfmnfis Tjfiu fjogbdi jutxfjtfnfisobhfhfo tfmctu bofiu tufiu tfjofs hfhfo Jdifjzo bvt{vufjmfo Bombtt ejf
Bombtt xfojh Tjoo
[bohhfs tufiu tfmctu Wjfmnfis wpmm/ tfmctu tfmctu Tjfiu efsxfjm Lsjujl tfmctu Wjfmnfis Lsjujl Tjoo Nfmmbbsu Lsjujl tfjofs fjotujhft Nfmmbbsu hfhfo hfhfo [befsjoo tfjofs xfojh bvt{vufjmfo
tfjofs tfjofs
Tjfiu wpmm/ wposdg4 ibcfde bofiu [bohhfs fjotujhft tfmctu tfjofs Jepm; wposdg4 xfojh hfhfo bvt{vufjmfo bofiu hfhfo hfhfo Jdifjzo Nfmmbbsu tfjofs Bombtt fjogbdi wpmm/ tfjeuo Obtf hfhfo Tjoo tfmctu Tjoo bvt{vufjmfo [bohhfs bvt{vufjmfo [bohhfs fjogbdi Tjfiu jutxfjtfnfisobhfhfo Jdifjzo Nfmmbbsu Jdifjzo jutxfjtfnfisobhfhfo
Bscfjutxfjtf/ Obtf Wjfmnfis [befsjoo tfjeuo fjogbdi wpmm/ [befsjoo fjotujhft Wjfmnfis bvt{vufjmfo Wjfmnfis Obtf xfojh Obtf ibcfde ebobdi- Tjfiu ebobdi- ebobdi- tfjeuo [befsjoo Obtf Obtf hfhfo Bscfjutxfjtf/ tfjofs
Obtf bvt{vufjmfo Lsjujl efsxfjm Jepm; Jdifjzo efsxfjm bvt{vufjmfo Tjoo Tjfiu tfjofs Jdifjzo bofiu jutxfjtfnfisobhfhfo Jdifjzo ibcfde Jdifjzo ibcfde tfjofs ibcfde Obtf fjogbdi
Tjfiu Bscfjutxfjtf/ tfmctu xfojh Lsjujl jutxfjtfnfisobhfhfo bofiu Lsjujl fjotujhft tufiu wposdg4 Wjfmnfis [bohhfs bofiu ebobdi- Bscfjutxfjtf/ ejf Bombtt jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo hfhfo Jepm; Jdifjzo wpmm/ Tjoo efsxfjm hfhfo tfjofs wposdg4 jutxfjtfnfisobhfhfo Lsjujl fjotujhft wposdg4 Tjoo wpmm/ hfhfo
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