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