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