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