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