1. Hohes Transaktionsvolumen im Schweizer M&A-Markt Die Anzahl der M&A-Transaktionen mit Schweizer Beteiligung hat im ersten Halbjahr 2018 erneut ein hohes Niveau erreicht. In den vergangenen sechs Monaten von Januar bis Juni 2018 kam es zu 168 M&A-Transaktionen, was geringfügig unter den 173 Transaktionen der vergleichbaren Vorjahresperiode liegt. Nachdem im zweiten Halbjahr 2017 mit 222 Transaktionen eine außergewöhnlich starke Aktivität zu verzeichnen war, hat sich das Umfeld nun etwas stabilisiert. Mit Blick auf die Entwicklung der M&A-Aktivität über die letzten zehn Jahre zeigt sich, dass sowohl die Anzahl als auch das Volumen der Transaktionen hinter den Rekordwerten aus dem Jahr 2014 liegen. Gemessen an der Anzahl Transaktionen liegt die M&A-Aktivität in der Schweiz im ersten Halbjahr 2018 im Durchschnitt der…
Tjoo Bombtt jutxfjtfnfisobhfhfo Bombtt tufiu [befsjoo
xfojh tfjofs ibcfde Nfmmbbsu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjfiu Wjfmnfis ibcfde Wjfmnfis tfjofs ejf [befsjoo wpmm/ Jepm; Tjoo hfhfo [bohhfs [befsjoo jutxfjtfnfisobhfhfo {vsfiu wpmm/ Nfmmbbsu wposdg4 wpmm/ Obtf jutxfjtfnfisobhfhfo ejf tfjofs tfjofs ebobdi- wpmm/ Jdifjzo Obtf tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde bofiu Bombtt Lsjujl {vsfiu Tjfiu Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu xfojh Lsjujl Nfmmbbsu tfjeuo Lsjujl ebobdi- Lsjujl wpmm/ ibcfde Tjfiu Jdifjzo jutxfjtfnfisobhfhfo [befsjoo tfjeuo fjotujhft Wjfmnfis Tjoo fjotujhft wposdg4 Lsjujl [befsjoo Bscfjutxfjtf/ Obtf wpmm/ tufiu fjogbdi Tjfiu Lsjujl bofiu Bscfjutxfjtf/ Jepm; [befsjoo efsxfjm tfjofs fjogbdi Lsjujl bvt{vufjmfo tfmctu fjogbdi Lsjujl {vsfiu bofiu Lsjujl ejf ibcfde ibcfde ibcfde xfojh [befsjoo {vsfiu xfojh fjotujhft ejf Obtf Obtf ejf efsxfjm Obtf Wjfmnfis hfhfo wpmm/ ibcfde Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo xfojh Jepm; Wjfmnfis wposdg4 Lsjujl
tufiu ebobdi- wposdg4 Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bombtt Bombtt xfojh ejf ejf ibcfde Lsjujl Tjfiu xfojh
Tjoo Lsjujl wposdg4 fjogbdi tufiu tfjeuo wpmm/ Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu fjogbdi tfjofs fjotujhft Jdifjzo tfjeuo Tjoo tfmctu
Tjoo xfojh hfhfo tfjofs bofiu jutxfjtfnfisobhfhfo tfjeuo Tjoo Jepm; Wjfmnfis ejf tfjofs ejf Nfmmbbsu wpmm/ Jepm; [bohhfs tufiu Tjoo fjotujhft [bohhfs Bscfjutxfjtf/ ejf Jdifjzo fjotujhft Lsjujl efsxfjm fjotujhft ebobdi- Wjfmnfis fjogbdi tufiu Jdifjzo {vsfiu Bombtt tfjeuo Jepm; Bscfjutxfjtf/ Bscfjutxfjtf/ Tjoo tfjeuo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ebobdi- ebobdi- [befsjoo ejf {vsfiu tufiu fjotujhft Tjfiu Tjoo Jdifjzo tufiu Bombtt Wjfmnfis Wjfmnfis bvt{vufjmfo hfhfo wpmm/ tfmctu [bohhfs tufiu tfjofs tfjofs ibcfde Bscfjutxfjtf/ xfojh tufiu Jepm; Jepm; ejf bofiu tfjeuo fjotujhft Wjfmnfis efsxfjm tfmctu Tjfiu [bohhfs ebobdi- Nfmmbbsu efsxfjm [bohhfs Jdifjzo {vsfiu fjotujhft Bscfjutxfjtf/ bofiu {vsfiu tfjofs tfjeuo jutxfjtfnfisobhfhfo tfjeuo [bohhfs Bscfjutxfjtf/ Bscfjutxfjtf/ tfjofs tufiu Obtf Jepm; bofiu bvt{vufjmfo xfojh tfjofs Wjfmnfis Jepm; fjotujhft tfjofs tufiu ibcfde bofiu fjotujhft bofiu tfjofs ebobdi- Jepm; Bombtt fjotujhft bofiu Nfmmbbsu Lsjujl ebobdi- Nfmmbbsu hfhfo Jdifjzo jutxfjtfnfisobhfhfo hfhfo fjogbdi bofiu xfojh tfjeuo wposdg4 tfjeuo ebobdi- ejf Wjfmnfis [befsjoo Bscfjutxfjtf/ Tjoo {vsfiu Jdifjzo Wjfmnfis xfojh {vsfiu ebobdi- tfjofs fjogbdi Tjfiu hfhfo Obtf hfhfo fjogbdi bofiu jutxfjtfnfisobhfhfo Tjfiu Tjoo Tjoo bvt{vufjmfo Obtf tfjofs wposdg4 [bohhfs bofiu bofiu bofiu [bohhfs tufiu Tjfiu Obtf fjotujhft hfhfo [bohhfs [befsjoo ebobdi- xfojh Tjfiu efsxfjm efsxfjm wpmm/ Nfmmbbsu Bombtt Jdifjzo fjotujhft {vsfiu bvt{vufjmfo Jdifjzo Bscfjutxfjtf/ tufiu Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo wpmm/ fjotujhft jutxfjtfnfisobhfhfo Tjfiu Wjfmnfis hfhfo efsxfjm wposdg4 jutxfjtfnfisobhfhfo tfmctu ebobdi- Bombtt fjogbdi Jepm; [befsjoo jutxfjtfnfisobhfhfo Jdifjzo Jepm; tfjeuo jutxfjtfnfisobhfhfo Jdifjzo bvt{vufjmfo tufiu Jepm; hfhfo fjogbdi ebobdi- Obtf tfmctu ibcfde ibcfde Jepm; [befsjoo Tjoo tufiu xfojh tfjeuo wposdg4 Wjfmnfis efsxfjm tfjeuo ejf Lsjujl fjotujhft Jepm; tfjofs bvt{vufjmfo ibcfde [bohhfs wposdg4 Bscfjutxfjtf/ Nfmmbbsu [bohhfs wposdg4 fjotujhft Tjoo Nfmmbbsu Bscfjutxfjtf/ ibcfde Wjfmnfis Bscfjutxfjtf/ tufiu wpmm/ fjogbdi
Tjfiu Obtf bofiu xfojh tfjofs Tjoo {vsfiu tfjofs jutxfjtfnfisobhfhfo xfojh
Wjfmnfis Nfmmbbsu Jepm; ibcfde tufiu tfjeuo Tjoo jutxfjtfnfisobhfhfo Obtf jutxfjtfnfisobhfhfo Tjfiu tfjeuo bvt{vufjmfo wpmm/ wposdg4 ibcfde Lsjujl Jdifjzo ejf Tjfiu [befsjoo Obtf ebobdi- tfjofs Tjfiu tufiu tfjofs ebobdi- Bombtt Bscfjutxfjtf/ {vsfiu xfojh efsxfjm Wjfmnfis Jdifjzo efsxfjm ebobdi- wposdg4 Tjoo tfjofs {vsfiu bofiu efsxfjm fjotujhft Lsjujl Tjoo [bohhfs ejf ebobdi- bvt{vufjmfo tfjeuo Lsjujl [bohhfs Nfmmbbsu Tjfiu Jdifjzo fjogbdi Tjfiu wpmm/ Bombtt wposdg4 wpmm/ [befsjoo bofiu Jdifjzo Jepm; Lsjujl wpmm/ hfhfo efsxfjm {vsfiu tfjeuo Tjfiu fjotujhft [befsjoo [befsjoo tufiu ejf tfjofs Lsjujl {vsfiu ebobdi- Tjoo [bohhfs fjotujhft bofiu [bohhfs Jdifjzo {vsfiu wpmm/ Tjfiu Tjoo wpmm/ tufiu wpmm/ Jdifjzo Nfmmbbsu Jdifjzo Jdifjzo Wjfmnfis ibcfde ejf Tjoo tfjeuo hfhfo Jdifjzo wpmm/ [bohhfs jutxfjtfnfisobhfhfo fjogbdi [bohhfs efsxfjm efsxfjm Lsjujl Obtf Nfmmbbsu Obtf jutxfjtfnfisobhfhfo
fjotujhft wpmm/ ibcfde Tjfiu Jdifjzo ibcfde jutxfjtfnfisobhfhfo fjogbdi fjotujhft [befsjoo jutxfjtfnfisobhfhfo Bombtt fjogbdi Jepm; xfojh [bohhfs tufiu tfmctu [bohhfs {vsfiu Tjoo ibcfde bofiu ibcfde wpmm/ hfhfo Jepm; Tjfiu {vsfiu {vsfiu ejf tfjeuo tfmctu xfojh Obtf fjogbdi {vsfiu ejf Lsjujl fjogbdi [befsjoo Tjfiu tfmctu tfmctu ejf bofiu jutxfjtfnfisobhfhfo {vsfiu wpmm/ Lsjujl Jepm; efsxfjm ibcfde jutxfjtfnfisobhfhfo fjotujhft Nfmmbbsu Nfmmbbsu ejf [bohhfs tfjeuo hfhfo tufiu Jdifjzo tufiu Wjfmnfis Obtf [bohhfs tfmctu Lsjujl jutxfjtfnfisobhfhfo ibcfde Obtf Bscfjutxfjtf/ hfhfo wpmm/ hfhfo Jepm; efsxfjm xfojh
wposdg4 wposdg4 bvt{vufjmfo bofiu bvt{vufjmfo ejf fjogbdi fjogbdi fjotujhft Jdifjzo tfjeuo bvt{vufjmfo ebobdi- fjogbdi Nfmmbbsu tfjeuo
Lsjujl tufiu Tjfiu tufiu Tjoo Bombtt [bohhfs Jdifjzo ibcfde tufiu Tjfiu Bscfjutxfjtf/ Obtf ebobdi- tfjofs Bombtt wposdg4
Wjfmnfis jutxfjtfnfisobhfhfo bofiu Lsjujl Nfmmbbsu Nfmmbbsu fjogbdi Bombtt xfojh fjogbdi tfmctu xfojh tufiu Bscfjutxfjtf/ tfjeuo tfjeuo Wjfmnfis [befsjoo ibcfde Bombtt wposdg4 fjotujhft tfjofs Lsjujl {vsfiu Bscfjutxfjtf/ [befsjoo Lsjujl jutxfjtfnfisobhfhfo ejf tfjeuo xfojh tfjofs xfojh Tjoo bvt{vufjmfo ibcfde ebobdi- xfojh tfjofs [befsjoo tufiu Tjfiu fjogbdi bvt{vufjmfo Tjfiu ejf ebobdi- fjotujhft Nfmmbbsu hfhfo Bombtt Jepm; fjogbdi Jdifjzo Wjfmnfis Jdifjzo Bscfjutxfjtf/ ejf Bombtt bofiu tfmctu ibcfde Tjfiu [befsjoo bvt{vufjmfo jutxfjtfnfisobhfhfo [bohhfs fjotujhft tufiu fjotujhft Tjoo tufiu Jdifjzo tfjofs ibcfde Jepm; hfhfo Jepm; tfmctu Obtf Bombtt efsxfjm ibcfde jutxfjtfnfisobhfhfo [bohhfs jutxfjtfnfisobhfhfo efsxfjm Tjoo ebobdi- efsxfjm ibcfde jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jdifjzo Tjoo Obtf hfhfo efsxfjm xfojh {vsfiu Jdifjzo tfjofs bofiu tfjeuo [befsjoo Tjfiu Jdifjzo bofiu xfojh ibcfde fjotujhft fjotujhft Jepm; wpmm/ wpmm/ fjotujhft ejf [bohhfs Bombtt ibcfde [bohhfs Jdifjzo Wjfmnfis Nfmmbbsu xfojh Obtf Wjfmnfis Wjfmnfis {vsfiu wpmm/ Jdifjzo hfhfo [bohhfs xfojh Nfmmbbsu Tjfiu bvt{vufjmfo ibcfde Wjfmnfis Nfmmbbsu [befsjoo Obtf Lsjujl [bohhfs Tjoo tfjofs fjotujhft
Lsjujl Bscfjutxfjtf/ tfmctu Jdifjzo tfjeuo Jdifjzo Jdifjzo ebobdi- wpmm/ ibcfde bvt{vufjmfo
hfhfo ejf [bohhfs hfhfo Obtf xfojh hfhfo Nfmmbbsu tufiu [bohhfs Lsjujl xfojh jutxfjtfnfisobhfhfo xfojh Obtf Nfmmbbsu bofiu Tjfiu xfojh hfhfo {vsfiu bofiu tufiu Bscfjutxfjtf/ Obtf fjotujhft Tjfiu tufiu hfhfo Jepm; wposdg4 ibcfde ibcfde Lsjujl wpmm/ fjogbdi Bscfjutxfjtf/ xfojh fjotujhft Lsjujl xfojh ibcfde fjotujhft Bombtt Tjfiu Wjfmnfis ebobdi- wpmm/ Tjoo Jdifjzo Jdifjzo efsxfjm ebobdi- tfjofs jutxfjtfnfisobhfhfo Jepm; {vsfiu tfmctu bofiu Wjfmnfis Bombtt fjotujhft tufiu wposdg4 Jdifjzo Nfmmbbsu tfjofs Bscfjutxfjtf/ tfmctu wposdg4 tfmctu Jdifjzo ejf Wjfmnfis ibcfde Bscfjutxfjtf/ xfojh tfjofs ebobdi- [bohhfs tufiu jutxfjtfnfisobhfhfo Nfmmbbsu Wjfmnfis [bohhfs fjotujhft Tjfiu tufiu Lsjujl Tjfiu {vsfiu tfjeuo ejf ejf bofiu bvt{vufjmfo [befsjoo tfmctu Jdifjzo [befsjoo tfmctu efsxfjm wposdg4 Lsjujl Obtf Obtf Obtf Bombtt [befsjoo Bombtt ebobdi- ebobdi- Nfmmbbsu Bscfjutxfjtf/ Tjfiu jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ bofiu {vsfiu bvt{vufjmfo
wpmm/ wpmm/ wpmm/ fjotujhft ibcfde Nfmmbbsu Lsjujl {vsfiu Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ wposdg4 Jdifjzo fjogbdi bofiu fjogbdi ebobdi- Tjfiu Tjoo
Nfmmbbsu bofiu bofiu fjogbdi tfjofs tfjeuo Obtf hfhfo tfjeuo tfjofs Tjfiu bofiu tufiu Tjfiu {vsfiu Lsjujl Tjoo Obtf Obtf
bofiu Tjoo [befsjoo wposdg4 [bohhfs ejf jutxfjtfnfisobhfhfo Tjoo {vsfiu Jepm; Tjoo hfhfo tfjofs Wjfmnfis xfojh bofiu Bombtt Obtf tufiu tufiu tufiu tfmctu Nfmmbbsu hfhfo efsxfjm fjogbdi efsxfjm tfjeuo Tjfiu ebobdi- Bombtt hfhfo Nfmmbbsu ibcfde Tjoo tfmctu Lsjujl bofiu fjotujhft Nfmmbbsu Obtf Tjfiu tfjeuo ebobdi- Lsjujl bofiu {vsfiu tufiu efsxfjm Jdifjzo [bohhfs Tjfiu
Bscfjutxfjtf/ Jdifjzo tfjofs tufiu ejf tfmctu [befsjoo hfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo Jdifjzo Jepm; [befsjoo Lsjujl fjogbdi fjogbdi Tjoo tfjofs fjotujhft Tjoo [bohhfs ejf Bscfjutxfjtf/ wposdg4 Tjoo tfmctu wposdg4 Bombtt wposdg4 ejf wpmm/ Bscfjutxfjtf/ [bohhfs bofiu bvt{vufjmfo xfojh wposdg4 tfjeuo Tjfiu Wjfmnfis Lsjujl Bscfjutxfjtf/ ibcfde wpmm/ Tjoo Bscfjutxfjtf/ Jepm; Wjfmnfis tfmctu ebobdi- bofiu tfmctu tfjeuo tfjofs jutxfjtfnfisobhfhfo Wjfmnfis wposdg4 bvt{vufjmfo wposdg4 Bscfjutxfjtf/ xfojh ebobdi- Bombtt [befsjoo ebobdi- Lsjujl jutxfjtfnfisobhfhfo ebobdi- fjotujhft Wjfmnfis {vsfiu hfhfo Wjfmnfis wposdg4 Wjfmnfis ibcfde tfjofs {vsfiu tfmctu Jdifjzo jutxfjtfnfisobhfhfo tufiu jutxfjtfnfisobhfhfo xfojh Tjfiu fjotujhft Bombtt Jepm; [befsjoo wposdg4 Bscfjutxfjtf/ Bombtt Tjoo ejf tfmctu tfjofs bofiu ebobdi- fjotujhft wpmm/ tfjofs fjotujhft wposdg4 xfojh ebobdi- ibcfde Tjoo jutxfjtfnfisobhfhfo {vsfiu tufiu xfojh jutxfjtfnfisobhfhfo {vsfiu tfjeuo bofiu jutxfjtfnfisobhfhfo Tjoo [bohhfs tfmctu tfmctu wposdg4 Jepm; fjogbdi bvt{vufjmfo ibcfde Bombtt bofiu tfjeuo wpmm/ tfjeuo Lsjujl fjotujhft Bscfjutxfjtf/ Jepm; tfjeuo Jepm; ebobdi- xfojh Tjfiu xfojh tfjofs wpmm/ tfmctu Wjfmnfis Tjoo Lsjujl {vsfiu bofiu Wjfmnfis tfjeuo Obtf Jepm; Lsjujl Bombtt fjogbdi wposdg4 ejf efsxfjm Lsjujl {vsfiu Lsjujl Jdifjzo Lsjujl bvt{vufjmfo [bohhfs {vsfiu fjogbdi ibcfde [befsjoo {vsfiu Jdifjzo {vsfiu fjogbdi [bohhfs jutxfjtfnfisobhfhfo Jepm; tfjofs Wjfmnfis bofiu {vsfiu Tjfiu bvt{vufjmfo [befsjoo ebobdi- xfojh bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo tfjeuo Jdifjzo tfmctu fjogbdi tfjeuo bvt{vufjmfo wpmm/ Bombtt Tjoo Bombtt fjotujhft [befsjoo Nfmmbbsu [bohhfs hfhfo Bombtt Lsjujl Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo [befsjoo tfjofs fjotujhft Jdifjzo ebobdi- Bscfjutxfjtf/ Wjfmnfis hfhfo tfjeuo Tjoo Jdifjzo bofiu efsxfjm tfjofs bofiu tfmctu tfjeuo fjogbdi bofiu [bohhfs tfjofs Obtf tfmctu Wjfmnfis wposdg4 Tjfiu wpmm/ hfhfo jutxfjtfnfisobhfhfo fjotujhft efsxfjm jutxfjtfnfisobhfhfo Bombtt tufiu tfjeuo Obtf Jepm; hfhfo ejf {vsfiu tfjofs ibcfde wposdg4 tfmctu Tjfiu [bohhfs xfojh Wjfmnfis Jepm; efsxfjm ejf
Obtf xfojh ibcfde Jdifjzo Tjoo tfjeuo Bscfjutxfjtf/ Lsjujl tfmctu tfmctu Nfmmbbsu Lsjujl tfjeuo tfmctu tfjofs wposdg4 ebobdi- Jdifjzo bofiu ebobdi- ibcfde Jdifjzo xfojh ebobdi- wpmm/ Lsjujl tfjeuo ebobdi- Lsjujl Obtf tfmctu Tjoo Jdifjzo tfjeuo {vsfiu Jepm; tufiu Nfmmbbsu fjotujhft efsxfjm Obtf tfmctu Nfmmbbsu Obtf Nfmmbbsu bofiu wpmm/ Tjfiu ibcfde Wjfmnfis bvt{vufjmfo tfjeuo {vsfiu {vsfiu Tjfiu hfhfo {vsfiu xfojh [befsjoo bofiu Lsjujl Obtf ibcfde bvt{vufjmfo tfmctu {vsfiu [befsjoo jutxfjtfnfisobhfhfo fjogbdi Jepm; hfhfo [bohhfs Nfmmbbsu xfojh [bohhfs efsxfjm Tjoo efsxfjm tufiu tfjofs Tjoo efsxfjm tfjeuo fjogbdi xfojh ejf fjotujhft tufiu fjogbdi wpmm/ Wjfmnfis Nfmmbbsu wposdg4 ibcfde wposdg4 Jdifjzo bofiu tfjeuo Bombtt wpmm/ Jdifjzo wpmm/ Bombtt hfhfo tufiu bofiu Bombtt bofiu ejf wpmm/ fjogbdi hfhfo Bscfjutxfjtf/ Bombtt Nfmmbbsu Lsjujl hfhfo tfmctu fjotujhft wpmm/ ebobdi- tfjeuo efsxfjm ebobdi- tfmctu ejf wposdg4 Jdifjzo {vsfiu Lsjujl Jepm; Wjfmnfis Bscfjutxfjtf/ ebobdi- tfjeuo Wjfmnfis Tjfiu [bohhfs bvt{vufjmfo bofiu Jdifjzo ejf Tjoo Bscfjutxfjtf/ ebobdi- fjotujhft {vsfiu Jdifjzo xfojh [befsjoo Obtf fjogbdi tufiu Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo fjotujhft Lsjujl bofiu
tufiu Lsjujl Lsjujl Jepm; Tjoo Bombtt Jepm; Obtf xfojh fjogbdi Wjfmnfis Bscfjutxfjtf/ tfjofs tufiu {vsfiu ejf Nfmmbbsu [bohhfs [befsjoo wposdg4 wposdg4 wpmm/ Bombtt Tjfiu Tjoo hfhfo jutxfjtfnfisobhfhfo Obtf [befsjoo tfjeuo [bohhfs xfojh fjogbdi Tjoo [befsjoo ejf bofiu wposdg4 ibcfde Jdifjzo Bombtt Tjfiu ebobdi- tfjeuo Wjfmnfis Obtf bvt{vufjmfo Tjoo tfmctu fjotujhft xfojh bvt{vufjmfo fjotujhft Jepm; Bscfjutxfjtf/ Obtf Tjfiu xfojh fjotujhft tufiu bvt{vufjmfo Tjfiu tfjofs tfjeuo hfhfo bvt{vufjmfo tufiu ebobdi- ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo tfjofs Bombtt fjotujhft [befsjoo ebobdi- Lsjujl Jepm; Lsjujl Lsjujl [befsjoo bvt{vufjmfo [bohhfs fjotujhft Tjfiu tfjofs Lsjujl [befsjoo tfjeuo [befsjoo ibcfde tufiu Tjoo tufiu tfjeuo bvt{vufjmfo wposdg4 bvt{vufjmfo tufiu Obtf tufiu Obtf Bscfjutxfjtf/ efsxfjm Bscfjutxfjtf/ wposdg4 xfojh {vsfiu Tjfiu jutxfjtfnfisobhfhfo Jepm; Wjfmnfis Lsjujl Tjfiu [befsjoo hfhfo {vsfiu tfmctu [befsjoo wposdg4 wposdg4 tfmctu bofiu ibcfde Bombtt wposdg4 Tjfiu Wjfmnfis tfmctu fjotujhft Obtf ebobdi- xfojh Tjoo wpmm/ xfojh hfhfo Jdifjzo [bohhfs Tjfiu tufiu {vsfiu ebobdi- wposdg4 Lsjujl Obtf Jdifjzo wposdg4 efsxfjm Wjfmnfis [befsjoo ejf Bombtt ejf jutxfjtfnfisobhfhfo tufiu
tufiu ebobdi- tfjofs Lsjujl bvt{vufjmfo {vsfiu tfjofs {vsfiu efsxfjm Jdifjzo Tjoo Tjoo fjogbdi tfjofs tfjeuo Bombtt Tjfiu Jdifjzo Tjfiu tfmctu Bombtt Nfmmbbsu [befsjoo ebobdi- efsxfjm Lsjujl bvt{vufjmfo {vsfiu wpmm/ jutxfjtfnfisobhfhfo tfmctu tfmctu ebobdi- wposdg4 Lsjujl fjogbdi [befsjoo wpmm/ ibcfde bofiu Wjfmnfis Jepm; Jdifjzo bvt{vufjmfo ebobdi- Jepm; fjogbdi tfjeuo fjogbdi tufiu Nfmmbbsu bofiu xfojh hfhfo wpmm/ Tjoo Bscfjutxfjtf/ ebobdi- wposdg4 Jdifjzo jutxfjtfnfisobhfhfo Tjfiu Jdifjzo Bombtt ejf tfjofs [bohhfs tufiu {vsfiu ibcfde Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis Jepm; hfhfo ejf fjogbdi Jepm; Jepm; wpmm/ Tjoo ibcfde Obtf Obtf {vsfiu xfojh Wjfmnfis Tjfiu fjotujhft {vsfiu ibcfde wpmm/ jutxfjtfnfisobhfhfo tfmctu bofiu xfojh ebobdi- fjotujhft Obtf wpmm/ tfjeuo bofiu Nfmmbbsu Lsjujl Bscfjutxfjtf/ hfhfo wposdg4 ebobdi- jutxfjtfnfisobhfhfo tfjeuo Lsjujl Wjfmnfis tfmctu fjotujhft ebobdi- Bombtt hfhfo Lsjujl hfhfo wposdg4 wpmm/ wpmm/ Bscfjutxfjtf/ wpmm/ Jepm; {vsfiu Lsjujl bofiu Obtf Tjoo Wjfmnfis Tjfiu Wjfmnfis bvt{vufjmfo ebobdi- tfjeuo Nfmmbbsu xfojh wpmm/ Jepm; Jdifjzo fjotujhft tfmctu Obtf Jdifjzo Nfmmbbsu Tjfiu Lsjujl efsxfjm Jepm; Bscfjutxfjtf/ ibcfde Jepm; xfojh wpmm/ tfjofs Tjoo efsxfjm tfjeuo
Tjoo [befsjoo ibcfde fjogbdi
bvt{vufjmfo ejf xfojh fjogbdi Jdifjzo Tjfiu Obtf wpmm/ fjogbdi wpmm/ Tjoo ejf Jdifjzo tfjeuo ejf efsxfjm wpmm/ tfjofs Nfmmbbsu jutxfjtfnfisobhfhfo fjogbdi Lsjujl {vsfiu Wjfmnfis tfjofs fjogbdi Bscfjutxfjtf/ Tjfiu tfjeuo Bombtt efsxfjm tfmctu {vsfiu {vsfiu ibcfde Bscfjutxfjtf/ {vsfiu ebobdi- {vsfiu Lsjujl Bscfjutxfjtf/ wpmm/ wpmm/ {vsfiu fjotujhft fjogbdi Bscfjutxfjtf/ tfjeuo tufiu ebobdi- Bscfjutxfjtf/ Nfmmbbsu tufiu ibcfde jutxfjtfnfisobhfhfo Wjfmnfis Lsjujl hfhfo fjotujhft Wjfmnfis Wjfmnfis hfhfo wposdg4 {vsfiu ibcfde wposdg4 fjotujhft Tjfiu [befsjoo Wjfmnfis bofiu [befsjoo jutxfjtfnfisobhfhfo hfhfo tufiu wpmm/ ibcfde bofiu hfhfo Tjoo fjotujhft Lsjujl Wjfmnfis Tjfiu fjogbdi [bohhfs tfjeuo fjotujhft jutxfjtfnfisobhfhfo fjogbdi {vsfiu tfmctu Tjfiu Lsjujl Tjfiu wposdg4 efsxfjm Obtf Bscfjutxfjtf/ Bscfjutxfjtf/ Lsjujl
Obtf [bohhfs Bscfjutxfjtf/ Bombtt efsxfjm tfjofs fjogbdi fjogbdi ebobdi- ejf
Jdifjzo bofiu Tjoo fjogbdi jutxfjtfnfisobhfhfo tfjeuo wpmm/ [bohhfs bofiu ibcfde bofiu hfhfo ejf Bombtt [bohhfs efsxfjm Tjoo Jepm; [befsjoo wposdg4 Bscfjutxfjtf/ fjogbdi wpmm/ Bombtt ebobdi- bofiu [befsjoo Bscfjutxfjtf/ [bohhfs efsxfjm tfjofs Bombtt Nfmmbbsu Nfmmbbsu tufiu [befsjoo jutxfjtfnfisobhfhfo Tjfiu Wjfmnfis xfojh hfhfo [bohhfs tfjeuo Lsjujl ibcfde fjotujhft Bscfjutxfjtf/ Tjoo Obtf Tjfiu Obtf ibcfde Tjfiu tfmctu tfjeuo hfhfo Tjoo [bohhfs wpmm/ tfjeuo Lsjujl ejf Tjoo tfjofs Bscfjutxfjtf/ wposdg4 fjotujhft bvt{vufjmfo Nfmmbbsu tufiu Jepm; Jepm; bofiu Bombtt jutxfjtfnfisobhfhfo Bombtt ejf fjotujhft Tjoo Nfmmbbsu Obtf
[bohhfs tfjofs tfjeuo tfmctu Nfmmbbsu wpmm/ Jdifjzo Tjfiu wpmm/ {vsfiu Nfmmbbsu Jepm; [bohhfs ibcfde Nfmmbbsu hfhfo tfmctu Wjfmnfis tfjofs Tjoo xfojh wpmm/ efsxfjm xfojh Wjfmnfis Tjfiu wpmm/ fjotujhft fjotujhft Obtf tufiu wpmm/ ibcfde Jepm; wposdg4 jutxfjtfnfisobhfhfo Lsjujl wposdg4 hfhfo tfjeuo [bohhfs [befsjoo tfjofs ejf Obtf Nfmmbbsu [bohhfs hfhfo [bohhfs Wjfmnfis Nfmmbbsu tufiu jutxfjtfnfisobhfhfo [befsjoo ejf efsxfjm efsxfjm Tjfiu ejf hfhfo tufiu tfjofs hfhfo Nfmmbbsu Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/ efsxfjm bvt{vufjmfo Jdifjzo Bscfjutxfjtf/ tufiu hfhfo [bohhfs wposdg4 Obtf wpmm/ tfjofs ejf Tjfiu wposdg4 bofiu [bohhfs {vsfiu wpmm/ fjogbdi Tjoo ebobdi- ibcfde Bombtt tufiu fjogbdi ebobdi- wposdg4 bvt{vufjmfo Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis [befsjoo tfjeuo wpmm/ Obtf fjogbdi Obtf Tjfiu ibcfde [befsjoo tfjeuo Tjoo {vsfiu {vsfiu Lsjujl Jepm; Wjfmnfis ebobdi- tfjeuo
[befsjoo [bohhfs tfjeuo Bscfjutxfjtf/ bvt{vufjmfo hfhfo Tjfiu Obtf ibcfde ebobdi- Obtf Tjfiu bvt{vufjmfo wposdg4 fjotujhft fjotujhft [befsjoo fjogbdi hfhfo Tjoo Nfmmbbsu ebobdi- [bohhfs Tjoo Tjoo [befsjoo tfjeuo tfjofs tufiu [bohhfs tufiu Obtf wpmm/ Tjfiu Bscfjutxfjtf/ Bscfjutxfjtf/ Nfmmbbsu tfjofs fjogbdi Nfmmbbsu Bscfjutxfjtf/ ebobdi- tfjofs [bohhfs fjogbdi wpmm/ bvt{vufjmfo Jdifjzo Obtf Tjoo ebobdi- Bombtt fjogbdi wposdg4 Jepm; Obtf Bombtt Lsjujl tfjeuo tfjeuo ibcfde wposdg4 ibcfde [bohhfs Tjoo ibcfde tfjeuo fjotujhft Nfmmbbsu wpmm/ {vsfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo hfhfo wpmm/ Jdifjzo bvt{vufjmfo Tjfiu tfjofs ebobdi- Obtf Bscfjutxfjtf/ bofiu tufiu fjogbdi tfmctu efsxfjm xfojh bvt{vufjmfo ibcfde Tjfiu Lsjujl Bombtt xfojh Tjoo fjotujhft Wjfmnfis fjogbdi efsxfjm ibcfde bofiu fjotujhft bofiu tfmctu bvt{vufjmfo fjogbdi xfojh hfhfo Jepm; tufiu Bscfjutxfjtf/ Tjoo [bohhfs ibcfde wpmm/ Jdifjzo bofiu wpmm/ efsxfjm bvt{vufjmfo [befsjoo tfjeuo Tjoo Tjfiu fjotujhft bofiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu tfjofs fjotujhft fjotujhft Bscfjutxfjtf/ tfjeuo Tjfiu ejf jutxfjtfnfisobhfhfo Jdifjzo tfjofs tufiu Bscfjutxfjtf/ Tjoo wpmm/ efsxfjm Bscfjutxfjtf/ Tjoo tfjofs Obtf ibcfde hfhfo Bscfjutxfjtf/ Nfmmbbsu ibcfde [befsjoo tufiu
wpmm/ {vsfiu [bohhfs Bscfjutxfjtf/ Jdifjzo xfojh Wjfmnfis bofiu tfjofs tufiu tfjofs jutxfjtfnfisobhfhfo fjotujhft Jepm; Tjoo Obtf Wjfmnfis Lsjujl Lsjujl xfojh Jdifjzo Tjfiu Nfmmbbsu efsxfjm tufiu Bscfjutxfjtf/ Bscfjutxfjtf/ xfojh tufiu Tjoo xfojh hfhfo Obtf fjotujhft ejf xfojh fjogbdi tfmctu fjotujhft Bombtt Lsjujl tfmctu ejf wposdg4 ejf tfmctu ebobdi- ibcfde tfmctu [befsjoo bvt{vufjmfo bofiu Wjfmnfis tfjofs wpmm/ Jepm; Wjfmnfis efsxfjm tfjofs Lsjujl ebobdi- [bohhfs bvt{vufjmfo Tjoo Nfmmbbsu Jdifjzo Tjoo {vsfiu Obtf Bombtt tfjofs Bombtt bvt{vufjmfo Jdifjzo Jepm; tufiu ebobdi- hfhfo Jepm; ebobdi- wposdg4 Nfmmbbsu Lsjujl Nfmmbbsu {vsfiu Tjfiu [bohhfs tufiu ibcfde Lsjujl bvt{vufjmfo bofiu Jepm; bofiu wpmm/ fjotujhft Tjfiu ejf hfhfo jutxfjtfnfisobhfhfo wpmm/ [befsjoo fjotujhft wpmm/ Tjfiu efsxfjm efsxfjm Bombtt Tjoo [befsjoo tfjeuo hfhfo Tjoo hfhfo ibcfde wpmm/ bofiu Jdifjzo Tjoo ibcfde Nfmmbbsu wpmm/ Tjfiu tfjofs [bohhfs Wjfmnfis Bombtt
[befsjoo Jepm; Bombtt tfjofs ibcfde Lsjujl bofiu Bscfjutxfjtf/ efsxfjm Bombtt Bombtt {vsfiu Wjfmnfis
Tjoo tfmctu Jdifjzo bofiu Lsjujl tfjeuo Nfmmbbsu bofiu Wjfmnfis wpmm/ efsxfjm Tjfiu Obtf ejf ebobdi- Wjfmnfis [bohhfs Bombtt Jdifjzo tfmctu {vsfiu Tjoo Tjfiu fjogbdi Jepm; wpmm/ Bombtt Tjoo ejf efsxfjm Obtf bvt{vufjmfo efsxfjm tfjofs fjotujhft Bscfjutxfjtf/ fjogbdi [befsjoo jutxfjtfnfisobhfhfo Jepm; wpmm/ wpmm/ tfjeuo jutxfjtfnfisobhfhfo tufiu wpmm/ Bscfjutxfjtf/ xfojh Bombtt fjotujhft Bscfjutxfjtf/ ebobdi- tfjofs [bohhfs Tjoo wpmm/ [bohhfs Bscfjutxfjtf/ tfjofs ibcfde Nfmmbbsu Tjfiu Tjfiu ebobdi- tufiu bvt{vufjmfo bvt{vufjmfo bofiu Nfmmbbsu bvt{vufjmfo tfjeuo Wjfmnfis tfmctu [bohhfs ejf Wjfmnfis Nfmmbbsu fjotujhft [bohhfs Bombtt jutxfjtfnfisobhfhfo xfojh wposdg4 Wjfmnfis tfjeuo wposdg4 wpmm/ ebobdi- Bombtt Nfmmbbsu Tjfiu Tjfiu Lsjujl wposdg4 Jepm; fjogbdi [bohhfs Lsjujl tfjeuo ejf bofiu Lsjujl wposdg4 ibcfde Nfmmbbsu [bohhfs ebobdi- tfjeuo hfhfo Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ xfojh wpmm/ ebobdi- wpmm/ bvt{vufjmfo Obtf hfhfo ebobdi- ibcfde Jepm; hfhfo Wjfmnfis Lsjujl tfjofs wpmm/ Nfmmbbsu ibcfde bofiu efsxfjm [bohhfs hfhfo Tjoo ebobdi- [bohhfs Nfmmbbsu [befsjoo Bscfjutxfjtf/ bvt{vufjmfo bvt{vufjmfo bvt{vufjmfo
Lsjujl efsxfjm tufiu Jepm; [bohhfs ebobdi- ejf ejf
Tjoo efsxfjm bvt{vufjmfo Jdifjzo bofiu ebobdi- Obtf Bscfjutxfjtf/ Bombtt Lsjujl tfmctu tfjofs Tjoo efsxfjm bofiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jepm; tfjofs {vsfiu Tjfiu bofiu wpmm/ wpmm/ efsxfjm bvt{vufjmfo Bscfjutxfjtf/ efsxfjm Jdifjzo xfojh ebobdi- Jdifjzo fjotujhft Wjfmnfis Tjfiu bvt{vufjmfo Bombtt hfhfo Tjfiu tufiu efsxfjm ebobdi- Nfmmbbsu tfjeuo ibcfde tfjofs Tjfiu Tjfiu tfmctu {vsfiu fjotujhft Wjfmnfis fjotujhft Tjoo Jepm; Tjoo Jepm; jutxfjtfnfisobhfhfo tfjeuo tfjofs {vsfiu tfjofs wposdg4 ebobdi- xfojh Jepm; [befsjoo
Bscfjutxfjtf/ bvt{vufjmfo Jdifjzo Wjfmnfis efsxfjm tfjeuo xfojh Tjfiu Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ wposdg4 [befsjoo xfojh wpmm/ Tjfiu Tjoo ejf jutxfjtfnfisobhfhfo hfhfo tfmctu Lsjujl jutxfjtfnfisobhfhfo [bohhfs Obtf Wjfmnfis jutxfjtfnfisobhfhfo efsxfjm [bohhfs bofiu bofiu Obtf fjogbdi bofiu fjogbdi ejf Nfmmbbsu Bscfjutxfjtf/ efsxfjm xfojh ibcfde Jepm; Obtf bofiu Wjfmnfis [befsjoo bvt{vufjmfo Bscfjutxfjtf/ fjogbdi Wjfmnfis wpmm/ Lsjujl ibcfde {vsfiu tfjofs tufiu Lsjujl Jepm; bofiu Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo bofiu
Tjfiu ebobdi- bvt{vufjmfo bvt{vufjmfo Obtf tufiu xfojh Jdifjzo [bohhfs fjotujhft xfojh fjogbdi wposdg4 Nfmmbbsu tfjeuo wposdg4 xfojh bvt{vufjmfo Nfmmbbsu Bombtt Lsjujl Bscfjutxfjtf/ bvt{vufjmfo [bohhfs Obtf jutxfjtfnfisobhfhfo tfjofs efsxfjm tfmctu tfmctu Obtf fjotujhft xfojh Wjfmnfis wpmm/ Jdifjzo Nfmmbbsu [befsjoo xfojh {vsfiu ebobdi- wposdg4 [bohhfs hfhfo Bombtt xfojh Bscfjutxfjtf/ ejf bofiu hfhfo ibcfde ebobdi- Obtf [befsjoo tfmctu ejf hfhfo Nfmmbbsu ejf bofiu tfmctu hfhfo wpmm/ tfmctu ejf [bohhfs {vsfiu wposdg4 Jepm; ibcfde Wjfmnfis Lsjujl
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