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