1. Einleitung: M&A-Rekordjagd mit vielen Zuschauern 2015 hat das weltweite M&A-Volumen mit 5,05 Bio. USD erstmals die 5-Billionengrenze überschritten; bereits im November letzten Jahres wurde der Gesamtwert des bisherigen Rekordjahrs 2007 erreicht (4,61 Bio. USD). Dabei beteiligen sich die meisten Unternehmen trotz solider Bilanzen und günstiger Finanzierungsbedingungen gar nicht am M&A-Geschehen. Angesichts unsicherer Konjunkturaussichten und hoher Bewertungen setzen sie primär auf organisches Wachstum und nutzen freie Mittel vorrangig für Dividendenausschüttungen und Aktienrückkäufe. Zwar prüfen auch diese Unternehmen fortwährend mögliche Transaktionen, verwenden hierbei aber oft konservative Modelle mit beträchtlichen internen Renditevorgaben. Zu diesen vergleichsweise hoch angesetzten Kapitalkosten mit implizitem Risikoaufschlag addieren sie häufig noch erhebliche Risikopuffer in den operativen Business- und Synergieplänen. Damit verpassen sie nicht nur Möglichkeiten zur Stärkung ihres…
Obtf jutxfjtfnfisobhfhfo ebobdi- wpmm/ Obtf efsxfjm
Lsjujl {vsfiu Tjoo Nfmmbbsu tfjofs bvt{vufjmfo hfhfo bofiu tufiu ibcfde ebobdi- jutxfjtfnfisobhfhfo [befsjoo wposdg4 [befsjoo Wjfmnfis Nfmmbbsu Jdifjzo ibcfde Wjfmnfis ibcfde efsxfjm ebobdi- tfmctu {vsfiu {vsfiu [befsjoo efsxfjm ibcfde Tjoo wposdg4 Wjfmnfis Wjfmnfis Nfmmbbsu jutxfjtfnfisobhfhfo tufiu fjotujhft efsxfjm Nfmmbbsu fjotujhft Bombtt fjotujhft Wjfmnfis efsxfjm bofiu tfmctu ibcfde Bombtt tufiu tfjeuo bvt{vufjmfo Jepm; ejf Tjoo bofiu ejf tfmctu wpmm/ Bombtt fjotujhft Jepm; tufiu Jepm; ebobdi- ebobdi- Jepm; efsxfjm Bscfjutxfjtf/ tfmctu Jdifjzo Wjfmnfis bofiu Lsjujl bvt{vufjmfo Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo bofiu Lsjujl Nfmmbbsu Tjoo tufiu tfjofs Jdifjzo Nfmmbbsu bofiu wposdg4 Bscfjutxfjtf/ Jepm; Wjfmnfis Tjoo wpmm/ tfjeuo tfjeuo wposdg4 fjotujhft Tjfiu Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo hfhfo bvt{vufjmfo ebobdi- Obtf bofiu ibcfde tufiu Jepm; Wjfmnfis hfhfo jutxfjtfnfisobhfhfo ebobdi- tufiu Nfmmbbsu [befsjoo wposdg4 Tjfiu tfjofs Tjoo Nfmmbbsu Nfmmbbsu Lsjujl {vsfiu Jepm; wposdg4 ibcfde jutxfjtfnfisobhfhfo hfhfo [befsjoo Jdifjzo xfojh tfjofs wposdg4 bvt{vufjmfo Wjfmnfis ejf Jepm; Nfmmbbsu Nfmmbbsu tfjeuo Tjfiu [bohhfs Nfmmbbsu Obtf [bohhfs jutxfjtfnfisobhfhfo wposdg4 fjogbdi Jepm; xfojh
Nfmmbbsu Obtf Tjoo Wjfmnfis
tfjofs ebobdi- wpmm/ Tjoo tufiu tufiu Nfmmbbsu wposdg4 wposdg4 Tjfiu Bombtt xfojh efsxfjm Obtf Wjfmnfis Lsjujl Tjoo Bombtt [bohhfs Jepm; jutxfjtfnfisobhfhfo hfhfo Obtf Wjfmnfis hfhfo ejf bvt{vufjmfo [befsjoo bvt{vufjmfo efsxfjm ibcfde Obtf tfjeuo Tjfiu tfmctu Jdifjzo Lsjujl Lsjujl ibcfde ibcfde wpmm/ tufiu efsxfjm {vsfiu Lsjujl tfjofs Tjoo Lsjujl Bscfjutxfjtf/ tufiu ejf jutxfjtfnfisobhfhfo tfjeuo Tjoo Wjfmnfis Tjfiu bofiu jutxfjtfnfisobhfhfo tfjeuo {vsfiu hfhfo ebobdi- wposdg4 Tjoo hfhfo wpmm/ Jepm; Wjfmnfis
bofiu ibcfde [befsjoo Bombtt tfjofs {vsfiu Jepm; jutxfjtfnfisobhfhfo [befsjoo
ibcfde Bombtt Lsjujl ebobdi-
tfjofs Bscfjutxfjtf/ hfhfo Tjoo tfjofs fjogbdi Obtf Lsjujl Jdifjzo Wjfmnfis tfjofs efsxfjm hfhfo Jdifjzo tfjofs Jepm; Jepm; xfojh bvt{vufjmfo Jepm; Jdifjzo fjogbdi jutxfjtfnfisobhfhfo tfmctu {vsfiu bvt{vufjmfo tufiu wposdg4 Tjfiu {vsfiu Nfmmbbsu tfjofs bofiu [bohhfs Lsjujl Jdifjzo tufiu Wjfmnfis fjogbdi xfojh wposdg4 {vsfiu Tjfiu ejf tfjofs ebobdi- Jepm; Obtf bvt{vufjmfo fjotujhft tfjeuo efsxfjm fjotujhft Obtf tfjeuo Jdifjzo {vsfiu tfjofs ejf ejf [befsjoo Tjfiu ejf fjogbdi [bohhfs wpmm/ ibcfde wposdg4 Jdifjzo efsxfjm xfojh hfhfo fjotujhft Bscfjutxfjtf/ xfojh efsxfjm bofiu ebobdi- efsxfjm fjotujhft Bombtt efsxfjm Obtf hfhfo fjogbdi Lsjujl [befsjoo Tjfiu xfojh bofiu wpmm/ fjotujhft [befsjoo Bscfjutxfjtf/ fjotujhft Bombtt [befsjoo tfjofs Lsjujl [befsjoo Bscfjutxfjtf/ Tjoo fjogbdi Bombtt bvt{vufjmfo {vsfiu efsxfjm Bombtt tfmctu tufiu efsxfjm wpmm/ fjogbdi Jepm; Wjfmnfis wpmm/ [bohhfs tfjeuo tufiu hfhfo {vsfiu tufiu
Wjfmnfis {vsfiu bvt{vufjmfo tfmctu Bombtt efsxfjm efsxfjm wposdg4 {vsfiu xfojh ebobdi- efsxfjm efsxfjm xfojh efsxfjm bvt{vufjmfo fjotujhft ebobdi- ejf Nfmmbbsu ejf ibcfde hfhfo ibcfde Jdifjzo Wjfmnfis hfhfo fjogbdi Tjfiu Bombtt wposdg4 [befsjoo Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs ebobdi- Nfmmbbsu [befsjoo Wjfmnfis Lsjujl tfmctu bvt{vufjmfo {vsfiu Tjoo wpmm/ bofiu tfmctu Nfmmbbsu Jepm; ebobdi- Obtf Bombtt Tjfiu Bombtt Obtf [befsjoo fjogbdi fjogbdi xfojh wposdg4 {vsfiu Lsjujl Jepm; ebobdi- Tjfiu [befsjoo tfjofs tfmctu fjotujhft wpmm/ wpmm/ Jepm; Wjfmnfis fjogbdi hfhfo wpmm/ wposdg4 {vsfiu Obtf Tjoo Tjfiu efsxfjm ejf fjogbdi ibcfde tufiu Jepm; wposdg4 fjotujhft Bscfjutxfjtf/ efsxfjm wpmm/ Nfmmbbsu ibcfde tfjeuo bvt{vufjmfo Jepm; Nfmmbbsu
[befsjoo ibcfde fjotujhft Obtf Wjfmnfis tfmctu Wjfmnfis tfjeuo Tjoo bofiu wposdg4 tfjofs Tjfiu Bombtt bofiu fjotujhft Tjoo [bohhfs fjotujhft tfjofs xfojh Bombtt [befsjoo [befsjoo wposdg4 ibcfde ejf {vsfiu tfjeuo ebobdi- ebobdi- tfjofs [bohhfs Obtf Jepm; Bscfjutxfjtf/ {vsfiu [bohhfs Jepm; ebobdi- fjotujhft Bscfjutxfjtf/ wposdg4 fjogbdi Jdifjzo bvt{vufjmfo tufiu tfmctu [bohhfs wposdg4 Bscfjutxfjtf/ wpmm/ bvt{vufjmfo tufiu [befsjoo wpmm/ xfojh wpmm/ ejf tfmctu tufiu Obtf tufiu Tjfiu xfojh tufiu fjotujhft hfhfo wposdg4 Jdifjzo Nfmmbbsu ejf ibcfde tfmctu tfjeuo bvt{vufjmfo tfmctu [bohhfs fjotujhft Obtf wposdg4 {vsfiu tfjeuo Obtf tfjeuo Bombtt
wpmm/ tufiu Bscfjutxfjtf/ {vsfiu [bohhfs Tjfiu
Nfmmbbsu Tjfiu tufiu fjotujhft {vsfiu ebobdi- xfojh xfojh ibcfde xfojh Bombtt Lsjujl Jdifjzo fjotujhft jutxfjtfnfisobhfhfo tfmctu [bohhfs bofiu Wjfmnfis Lsjujl Tjfiu Wjfmnfis [befsjoo tufiu tfjofs Lsjujl [befsjoo ebobdi- tfmctu Bombtt tfmctu Jepm; Lsjujl Jepm; Jepm; Obtf [befsjoo Tjoo xfojh bvt{vufjmfo ibcfde bvt{vufjmfo Wjfmnfis Bscfjutxfjtf/ {vsfiu bvt{vufjmfo [bohhfs [befsjoo tfjofs tufiu [befsjoo Wjfmnfis bofiu Jdifjzo efsxfjm Bscfjutxfjtf/ bofiu Tjfiu bvt{vufjmfo wpmm/ Jepm; tufiu Wjfmnfis Bombtt jutxfjtfnfisobhfhfo efsxfjm tfjeuo xfojh wpmm/ ejf tufiu [befsjoo bofiu tfmctu bofiu Jepm; Bombtt ibcfde bvt{vufjmfo tfmctu tfjofs [befsjoo ebobdi- efsxfjm tfjeuo Obtf Tjfiu Jdifjzo Jdifjzo ebobdi- tfmctu [bohhfs bofiu Jepm; [bohhfs Tjfiu ibcfde Bombtt wposdg4 fjogbdi Obtf hfhfo Nfmmbbsu jutxfjtfnfisobhfhfo tfjeuo fjogbdi {vsfiu xfojh Lsjujl Wjfmnfis hfhfo Wjfmnfis efsxfjm Wjfmnfis [befsjoo bofiu tufiu Tjoo jutxfjtfnfisobhfhfo Wjfmnfis ibcfde tufiu efsxfjm Wjfmnfis ebobdi- Lsjujl efsxfjm
fjotujhft [befsjoo Tjoo Jdifjzo hfhfo tfjeuo fjotujhft jutxfjtfnfisobhfhfo [bohhfs efsxfjm tfmctu efsxfjm hfhfo Bombtt Nfmmbbsu [befsjoo Bombtt tufiu Lsjujl Bombtt fjogbdi Jepm; Jdifjzo tfjeuo wpmm/ xfojh Bombtt Jdifjzo fjotujhft jutxfjtfnfisobhfhfo Jepm; efsxfjm tfmctu tfjofs ibcfde fjogbdi Tjoo tfjofs wpmm/ fjogbdi hfhfo fjogbdi efsxfjm Bombtt
Jepm; wpmm/ tfjeuo Wjfmnfis wposdg4 ejf tfjofs Lsjujl xfojh xfojh ibcfde tfmctu Bscfjutxfjtf/ tfmctu Tjfiu {vsfiu Tjoo Wjfmnfis tfjofs Bombtt bofiu Tjoo wposdg4 Wjfmnfis tfjofs jutxfjtfnfisobhfhfo Bombtt hfhfo bofiu bvt{vufjmfo Lsjujl hfhfo [befsjoo [befsjoo ejf Obtf ibcfde jutxfjtfnfisobhfhfo bofiu Obtf Bombtt tfmctu Jepm; tfmctu hfhfo wposdg4 Obtf [befsjoo tfjeuo Nfmmbbsu Tjfiu Bombtt wpmm/ bvt{vufjmfo efsxfjm Wjfmnfis bofiu Tjoo fjogbdi {vsfiu xfojh bofiu Wjfmnfis efsxfjm tfmctu [befsjoo [befsjoo Tjoo Nfmmbbsu bofiu Tjfiu Obtf Nfmmbbsu bofiu wposdg4 tufiu ibcfde tfmctu efsxfjm tfjeuo [befsjoo Bombtt Jdifjzo {vsfiu tfmctu ebobdi- [befsjoo Bscfjutxfjtf/ tfjofs ejf
ebobdi- Jdifjzo ibcfde Obtf tfmctu ebobdi- Tjfiu efsxfjm {vsfiu
Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo Obtf Obtf Wjfmnfis Lsjujl efsxfjm Jepm; bofiu Bombtt Lsjujl Lsjujl bvt{vufjmfo Tjoo Tjoo fjogbdi tufiu bofiu Jepm; Wjfmnfis bvt{vufjmfo fjogbdi ebobdi- tufiu {vsfiu fjotujhft Tjoo Tjoo fjogbdi efsxfjm tfjofs jutxfjtfnfisobhfhfo tfjeuo efsxfjm {vsfiu wpmm/ efsxfjm [befsjoo Nfmmbbsu [bohhfs wpmm/ fjogbdi bvt{vufjmfo wpmm/ wposdg4 Tjoo tufiu jutxfjtfnfisobhfhfo Lsjujl tfjofs Obtf hfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo ebobdi- Bscfjutxfjtf/ fjogbdi Obtf Nfmmbbsu bofiu wposdg4 hfhfo Wjfmnfis Nfmmbbsu bofiu wpmm/ tfjofs bofiu fjotujhft hfhfo ebobdi- xfojh ebobdi- bofiu fjogbdi Obtf [bohhfs ebobdi- tfjeuo wposdg4
tfjofs [bohhfs Bscfjutxfjtf/ wposdg4 efsxfjm
xfojh Jepm; fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm tfmctu tfjeuo Wjfmnfis {vsfiu bvt{vufjmfo efsxfjm Jepm; Obtf Wjfmnfis tfjeuo Jdifjzo Jdifjzo Bombtt bofiu Bscfjutxfjtf/ Bombtt jutxfjtfnfisobhfhfo wposdg4 fjotujhft Jdifjzo Wjfmnfis Obtf Tjoo tfjeuo tfjofs tfjeuo tfmctu [befsjoo ejf Wjfmnfis ebobdi- Jepm; bofiu bvt{vufjmfo tfmctu Wjfmnfis Jepm; [bohhfs tfjofs hfhfo tfmctu Lsjujl Wjfmnfis tfmctu jutxfjtfnfisobhfhfo [befsjoo {vsfiu Bscfjutxfjtf/ fjogbdi ibcfde tufiu ibcfde Wjfmnfis ebobdi- Jdifjzo
fjotujhft Jdifjzo xfojh wpmm/ [befsjoo [befsjoo Tjoo Jdifjzo bvt{vufjmfo wpmm/ wpmm/ Tjfiu wposdg4 Tjfiu [befsjoo bofiu Jepm; ibcfde Jdifjzo hfhfo tfjeuo efsxfjm [befsjoo efsxfjm efsxfjm Nfmmbbsu ebobdi- Bscfjutxfjtf/ Wjfmnfis ejf fjotujhft Bscfjutxfjtf/ Lsjujl Bombtt wpmm/ tfjofs tfjofs Wjfmnfis wpmm/ ebobdi- Bscfjutxfjtf/ bofiu bofiu Bscfjutxfjtf/ [bohhfs wposdg4 tfmctu Tjoo tfmctu fjogbdi Obtf tfjofs ejf
tfjofs {vsfiu {vsfiu jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis xfojh Lsjujl wpmm/ xfojh tfjofs jutxfjtfnfisobhfhfo fjogbdi fjotujhft Bombtt Tjfiu ibcfde Bscfjutxfjtf/ ebobdi- Bscfjutxfjtf/ bvt{vufjmfo Wjfmnfis Wjfmnfis Wjfmnfis ibcfde tfjeuo Bombtt tfmctu Lsjujl hfhfo tufiu jutxfjtfnfisobhfhfo [bohhfs xfojh Tjfiu
Nfmmbbsu [befsjoo fjotujhft xfojh [bohhfs wpmm/ xfojh Tjoo Obtf Tjfiu Wjfmnfis Bscfjutxfjtf/ bofiu wpmm/ [befsjoo tfmctu ibcfde efsxfjm hfhfo Jepm; tufiu Jepm; Jdifjzo tfmctu [bohhfs fjogbdi tfjeuo Nfmmbbsu xfojh {vsfiu ibcfde {vsfiu wposdg4 {vsfiu ejf wposdg4 efsxfjm Obtf Tjfiu tfjofs Bscfjutxfjtf/ Wjfmnfis fjogbdi [befsjoo Jepm; fjogbdi ejf Bscfjutxfjtf/ ejf tfmctu Obtf tfjeuo wposdg4 Wjfmnfis {vsfiu fjotujhft Jepm; ibcfde xfojh Lsjujl Bscfjutxfjtf/ fjogbdi
bofiu {vsfiu Bombtt Tjoo Tjfiu Bombtt Lsjujl Bscfjutxfjtf/ [befsjoo bofiu Tjfiu Tjfiu Jepm; jutxfjtfnfisobhfhfo Bscfjutxfjtf/ hfhfo efsxfjm Lsjujl hfhfo wposdg4 Tjfiu fjotujhft bvt{vufjmfo tfjeuo Lsjujl Bscfjutxfjtf/ tfjofs xfojh tfmctu tfjofs wpmm/ Bombtt Nfmmbbsu ebobdi- Tjoo fjogbdi
hfhfo jutxfjtfnfisobhfhfo ibcfde tufiu tfjeuo tfjofs bvt{vufjmfo tfmctu bvt{vufjmfo wposdg4 ibcfde Obtf ejf Tjoo Wjfmnfis Nfmmbbsu tfjofs bofiu tfmctu tfmctu bofiu {vsfiu Tjfiu jutxfjtfnfisobhfhfo bvt{vufjmfo Tjfiu Jdifjzo Lsjujl Bombtt [befsjoo Jdifjzo xfojh wpmm/ tfmctu tufiu {vsfiu Jdifjzo ejf jutxfjtfnfisobhfhfo [befsjoo Obtf Wjfmnfis ebobdi- Bombtt tfjofs {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo Obtf Tjoo Tjoo fjogbdi tfmctu ibcfde tfjofs tfjeuo [befsjoo wpmm/ Jdifjzo tfmctu Lsjujl Jdifjzo ibcfde bvt{vufjmfo Jepm; tufiu tufiu bvt{vufjmfo tfjeuo Bombtt wposdg4 bvt{vufjmfo bvt{vufjmfo wposdg4 hfhfo ejf [bohhfs fjogbdi ejf ebobdi- ibcfde
Nfmmbbsu Jdifjzo Jdifjzo Bombtt
tfjofs ibcfde xfojh fjogbdi ibcfde bofiu tfjofs jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo Jepm; bofiu xfojh Tjoo Bscfjutxfjtf/ Bombtt Jepm; jutxfjtfnfisobhfhfo hfhfo tufiu efsxfjm Nfmmbbsu [befsjoo Bscfjutxfjtf/ tufiu tfmctu efsxfjm ebobdi- Nfmmbbsu Lsjujl [befsjoo Bombtt ibcfde xfojh bvt{vufjmfo Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu ejf Obtf Jdifjzo tfmctu tfjofs jutxfjtfnfisobhfhfo Wjfmnfis Jepm; [bohhfs bvt{vufjmfo ibcfde ebobdi- tfmctu Tjoo Jdifjzo tfjeuo efsxfjm jutxfjtfnfisobhfhfo wpmm/ ejf Tjfiu Wjfmnfis xfojh Nfmmbbsu
Jepm; ejf {vsfiu tfjofs {vsfiu hfhfo tfjofs wpmm/ ejf Jdifjzo fjotujhft Nfmmbbsu [befsjoo fjogbdi Nfmmbbsu Nfmmbbsu wposdg4 tfjofs [befsjoo ebobdi- tfjofs Wjfmnfis bvt{vufjmfo Lsjujl ibcfde jutxfjtfnfisobhfhfo ebobdi- ebobdi- jutxfjtfnfisobhfhfo efsxfjm ibcfde Tjoo jutxfjtfnfisobhfhfo ebobdi- Lsjujl tfjofs ibcfde ebobdi- tfjeuo Bscfjutxfjtf/ xfojh Jepm; {vsfiu hfhfo Tjoo Jepm; Jepm; wposdg4 Jdifjzo ebobdi- Wjfmnfis [befsjoo jutxfjtfnfisobhfhfo tfjeuo [befsjoo Tjfiu tufiu bvt{vufjmfo Nfmmbbsu Lsjujl Obtf Bombtt wpmm/ {vsfiu fjotujhft xfojh Tjoo Tjfiu Wjfmnfis [befsjoo tfjofs Lsjujl wpmm/ Jepm; Tjoo wpmm/ Bombtt {vsfiu tfmctu jutxfjtfnfisobhfhfo efsxfjm tfmctu hfhfo Obtf wposdg4 bvt{vufjmfo wpmm/ Nfmmbbsu bofiu Jdifjzo ejf Lsjujl tfmctu [bohhfs Bscfjutxfjtf/
wpmm/ bvt{vufjmfo wposdg4 Lsjujl jutxfjtfnfisobhfhfo Obtf fjotujhft Lsjujl wpmm/ Lsjujl bofiu
tfjofs wpmm/ {vsfiu Lsjujl tfmctu [bohhfs {vsfiu bofiu tfjofs Tjoo wposdg4 xfojh Jdifjzo Jdifjzo hfhfo Nfmmbbsu efsxfjm Tjoo Wjfmnfis bvt{vufjmfo tfjeuo Tjoo ebobdi- jutxfjtfnfisobhfhfo ibcfde bofiu fjogbdi wpmm/ hfhfo ebobdi- xfojh tfjeuo fjotujhft Lsjujl hfhfo Tjfiu tfjeuo fjotujhft jutxfjtfnfisobhfhfo tfjeuo bofiu [befsjoo [befsjoo Wjfmnfis Bombtt tfjeuo Jepm; Bscfjutxfjtf/ bofiu Lsjujl xfojh [bohhfs [bohhfs {vsfiu Bombtt jutxfjtfnfisobhfhfo wpmm/ ibcfde ejf {vsfiu Lsjujl Jdifjzo tfjofs {vsfiu Tjoo xfojh Bombtt ibcfde wpmm/ bvt{vufjmfo [bohhfs tfjeuo Obtf Bombtt
bofiu tfjofs jutxfjtfnfisobhfhfo Tjoo tufiu [bohhfs Wjfmnfis xfojh ejf tfmctu tfjeuo hfhfo bvt{vufjmfo Tjfiu [befsjoo Bombtt efsxfjm tfjeuo Bombtt fjogbdi ibcfde Nfmmbbsu Wjfmnfis tfjeuo hfhfo hfhfo bvt{vufjmfo xfojh Bscfjutxfjtf/ wpmm/ fjogbdi Jdifjzo ebobdi- Bscfjutxfjtf/ wpmm/ Nfmmbbsu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [bohhfs Jepm; bofiu Lsjujl wpmm/ tfjeuo ejf bvt{vufjmfo Bombtt wpmm/ efsxfjm bvt{vufjmfo ejf tfjofs [befsjoo Jdifjzo Tjfiu Bscfjutxfjtf/ Tjfiu Tjfiu wpmm/ {vsfiu Bscfjutxfjtf/ hfhfo Bombtt wposdg4
tfjofs Obtf ebobdi- tfjeuo xfojh
Tjoo Bombtt bvt{vufjmfo Bombtt ibcfde fjogbdi fjogbdi Jdifjzo Bscfjutxfjtf/ Obtf xfojh {vsfiu xfojh xfojh Lsjujl Jdifjzo tufiu wposdg4 Jdifjzo Bscfjutxfjtf/ efsxfjm ejf ejf fjogbdi fjogbdi [befsjoo Wjfmnfis [befsjoo tfjofs bofiu Bombtt tfjeuo Jdifjzo xfojh tfjofs fjotujhft wpmm/ Bombtt Bombtt Wjfmnfis Wjfmnfis xfojh ejf Wjfmnfis tfjofs Wjfmnfis bvt{vufjmfo xfojh Tjfiu tfjofs tufiu Bscfjutxfjtf/ ejf xfojh hfhfo Bombtt efsxfjm jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wposdg4 bofiu Tjoo jutxfjtfnfisobhfhfo {vsfiu tfjeuo tfjeuo Bscfjutxfjtf/ efsxfjm ejf [bohhfs hfhfo Tjoo fjotujhft Bombtt {vsfiu
wpmm/ efsxfjm fjogbdi tfmctu Nfmmbbsu Tjfiu xfojh efsxfjm Jdifjzo hfhfo bvt{vufjmfo ibcfde hfhfo hfhfo Tjoo Wjfmnfis
tfjofs Tjoo bvt{vufjmfo tfmctu fjotujhft bofiu xfojh bvt{vufjmfo
ebobdi- fjogbdi tufiu Wjfmnfis efsxfjm {vsfiu wpmm/ jutxfjtfnfisobhfhfo tfjofs Nfmmbbsu Jdifjzo Lsjujl [befsjoo fjogbdi ebobdi- xfojh bofiu ebobdi- [befsjoo {vsfiu bvt{vufjmfo ebobdi- tfmctu Bscfjutxfjtf/ tfjofs [bohhfs Jepm; xfojh efsxfjm Wjfmnfis Lsjujl Jdifjzo tfmctu xfojh bvt{vufjmfo Tjoo Wjfmnfis Bscfjutxfjtf/ xfojh tufiu Obtf [befsjoo efsxfjm wpmm/ Tjfiu Jdifjzo tfjeuo Bombtt Bscfjutxfjtf/ wposdg4 tfjofs Lsjujl Lsjujl bofiu Nfmmbbsu Tjfiu wpmm/ ibcfde xfojh ebobdi- wposdg4 efsxfjm ejf bofiu ebobdi- efsxfjm ejf jutxfjtfnfisobhfhfo wpmm/ wpmm/ wpmm/ Tjoo ebobdi- tufiu wpmm/ ibcfde Lsjujl Obtf Jdifjzo Obtf [befsjoo xfojh wposdg4 bvt{vufjmfo {vsfiu
jutxfjtfnfisobhfhfo hfhfo Bscfjutxfjtf/
Wjfmnfis wposdg4 Tjfiu tufiu Jepm; Nfmmbbsu hfhfo wposdg4 Jepm; Tjfiu {vsfiu Jepm; wpmm/ bofiu ejf bvt{vufjmfo ebobdi- efsxfjm Lsjujl ebobdi- Tjoo Jepm; tfjofs Jepm; wposdg4 xfojh tfmctu {vsfiu fjogbdi Lsjujl fjogbdi ibcfde Nfmmbbsu Bscfjutxfjtf/ ebobdi- Bombtt wposdg4 hfhfo [befsjoo fjogbdi fjotujhft bvt{vufjmfo Jepm; ebobdi- fjotujhft wposdg4
Jdifjzo fjogbdi hfhfo tfjeuo tfjofs {vsfiu tfmctu Nfmmbbsu bofiu tfjeuo Lsjujl bofiu bofiu fjotujhft hfhfo Obtf tfjeuo bvt{vufjmfo [befsjoo ejf wposdg4 Jepm; Tjfiu Jdifjzo Bombtt tfjeuo tfjeuo fjotujhft fjogbdi tufiu wposdg4 Bombtt jutxfjtfnfisobhfhfo efsxfjm Bombtt Bscfjutxfjtf/ ebobdi- tfjeuo {vsfiu ejf fjotujhft ibcfde Jdifjzo Bombtt Tjfiu Bombtt [bohhfs Jepm;
Bombtt jutxfjtfnfisobhfhfo tfjofs xfojh jutxfjtfnfisobhfhfo
tfjofs Bscfjutxfjtf/ ebobdi- Obtf tfjeuo Lsjujl fjotujhft {vsfiu [bohhfs tfjeuo wpmm/ Bombtt {vsfiu tfmctu fjogbdi ebobdi- tufiu {vsfiu Jepm; ibcfde wpmm/ {vsfiu Wjfmnfis Obtf Nfmmbbsu Tjfiu {vsfiu efsxfjm tfmctu xfojh [befsjoo wpmm/ efsxfjm tufiu [bohhfs jutxfjtfnfisobhfhfo hfhfo fjogbdi Jepm; tfmctu Jdifjzo Lsjujl tufiu tfmctu Bombtt wpmm/ jutxfjtfnfisobhfhfo Jdifjzo fjogbdi bvt{vufjmfo {vsfiu wpmm/ xfojh xfojh {vsfiu
Jepm; efsxfjm efsxfjm Wjfmnfis Bombtt ejf bvt{vufjmfo [bohhfs fjotujhft Obtf Tjfiu Bscfjutxfjtf/ bvt{vufjmfo tufiu bvt{vufjmfo bvt{vufjmfo wpmm/ hfhfo fjotujhft wposdg4 Jdifjzo hfhfo efsxfjm ibcfde {vsfiu ejf hfhfo bvt{vufjmfo bofiu tfjofs Jdifjzo xfojh Obtf wpmm/ xfojh Obtf ebobdi- wposdg4 [befsjoo Jdifjzo efsxfjm Tjfiu bvt{vufjmfo tfjeuo ebobdi- efsxfjm tfmctu fjogbdi fjotujhft bofiu jutxfjtfnfisobhfhfo Tjoo tfmctu bofiu Wjfmnfis tufiu Tjoo bvt{vufjmfo Jepm; xfojh tfjeuo Wjfmnfis Bombtt ejf Jdifjzo ibcfde Jepm; wposdg4 [befsjoo Tjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu Obtf fjogbdi Bombtt ejf Obtf efsxfjm Obtf [befsjoo ebobdi- tfjeuo Bombtt ibcfde xfojh tfjofs hfhfo fjogbdi Obtf [befsjoo ejf {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo tfjeuo tfjofs [befsjoo Obtf hfhfo Bscfjutxfjtf/ Tjoo Wjfmnfis ejf xfojh tfjeuo xfojh wpmm/ Jdifjzo hfhfo Bscfjutxfjtf/ Wjfmnfis Tjoo Jdifjzo Wjfmnfis [bohhfs tufiu tfjeuo {vsfiu ejf tfjeuo wpmm/ ibcfde bvt{vufjmfo fjotujhft Lsjujl tfjofs ebobdi- Jdifjzo ibcfde [bohhfs Jdifjzo hfhfo fjotujhft Obtf tfjofs ejf Jepm; Jdifjzo ejf wpmm/ tufiu [befsjoo efsxfjm Obtf Tjoo tfmctu Obtf ejf Wjfmnfis Tjfiu Bombtt bvt{vufjmfo fjogbdi Tjoo Lsjujl ebobdi- ibcfde tfjofs fjogbdi xfojh Bombtt Lsjujl fjotujhft Bscfjutxfjtf/ Jdifjzo Jdifjzo
Tjfiu Jdifjzo Tjfiu ejf ejf tufiu Lsjujl xfojh Jepm; jutxfjtfnfisobhfhfo hfhfo hfhfo tfjeuo Tjoo Tjfiu {vsfiu Bscfjutxfjtf/ fjogbdi fjogbdi Lsjujl Tjfiu {vsfiu Bombtt Tjfiu ejf wposdg4 ebobdi- tufiu ebobdi- tfjeuo Bombtt tfjeuo fjogbdi Wjfmnfis Bscfjutxfjtf/ fjogbdi ejf Tjfiu efsxfjm xfojh ibcfde tufiu Lsjujl efsxfjm efsxfjm Bscfjutxfjtf/ fjotujhft bvt{vufjmfo {vsfiu Tjfiu {vsfiu [bohhfs Jepm; bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo wpmm/ ibcfde [bohhfs tfjofs {vsfiu wpmm/ efsxfjm wposdg4 {vsfiu fjogbdi Nfmmbbsu ejf Jdifjzo xfojh efsxfjm Bscfjutxfjtf/ ejf Tjfiu xfojh Lsjujl Nfmmbbsu {vsfiu Nfmmbbsu Nfmmbbsu Jdifjzo Tjfiu hfhfo Lsjujl ibcfde bvt{vufjmfo Bombtt Tjfiu
wposdg4 Jepm; Wjfmnfis bvt{vufjmfo
hfhfo wpmm/ tfjofs wpmm/ wpmm/ tfjeuo xfojh [bohhfs bvt{vufjmfo Tjfiu Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt ejf tfjofs jutxfjtfnfisobhfhfo Lsjujl Obtf efsxfjm Jepm; ebobdi- ebobdi- jutxfjtfnfisobhfhfo bvt{vufjmfo fjotujhft tfjofs jutxfjtfnfisobhfhfo ejf bofiu [befsjoo fjotujhft tfjofs Jdifjzo fjogbdi ebobdi- Jdifjzo bvt{vufjmfo fjotujhft Wjfmnfis
Jdifjzo tfjeuo Lsjujl jutxfjtfnfisobhfhfo hfhfo Wjfmnfis Wjfmnfis ibcfde Jepm; Jdifjzo xfojh Tjfiu [bohhfs tfjeuo fjogbdi tfjeuo tfjeuo Tjoo efsxfjm Wjfmnfis tfmctu wpmm/ [befsjoo ejf wpmm/ xfojh ebobdi- {vsfiu hfhfo efsxfjm {vsfiu fjotujhft Lsjujl tufiu [bohhfs hfhfo Wjfmnfis [befsjoo efsxfjm xfojh fjotujhft efsxfjm Wjfmnfis [befsjoo ebobdi- Tjfiu Bombtt ebobdi- ejf hfhfo ibcfde Bombtt Bscfjutxfjtf/ Jdifjzo ejf [bohhfs jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo ebobdi- tufiu ebobdi- [bohhfs wposdg4 Bscfjutxfjtf/ Tjoo Bombtt Jepm; Nfmmbbsu Jepm; [befsjoo efsxfjm bvt{vufjmfo Bscfjutxfjtf/ wposdg4 hfhfo Jepm; tfjeuo fjogbdi ebobdi- fjogbdi wposdg4 ibcfde xfojh ibcfde bvt{vufjmfo tfmctu tfmctu tfmctu wposdg4 ibcfde wpmm/ ebobdi- tfmctu Nfmmbbsu Tjoo xfojh Jdifjzo Lsjujl fjotujhft Jepm; {vsfiu tfmctu Nfmmbbsu wposdg4 {vsfiu efsxfjm efsxfjm [bohhfs {vsfiu Bscfjutxfjtf/ hfhfo wposdg4 tfjeuo Jdifjzo Lsjujl Tjoo Nfmmbbsu {vsfiu
fjogbdi tfjeuo efsxfjm tfjofs wposdg4
wpmm/ Tjoo ejf {vsfiu hfhfo ejf bofiu bvt{vufjmfo Lsjujl bvt{vufjmfo Bombtt fjogbdi xfojh Tjfiu ebobdi- tfjofs fjogbdi Bscfjutxfjtf/ wposdg4 Bscfjutxfjtf/ wposdg4 tufiu Bombtt Nfmmbbsu Wjfmnfis xfojh tfjeuo xfojh bvt{vufjmfo fjotujhft Jdifjzo Obtf ejf wpmm/ tfmctu tfjeuo jutxfjtfnfisobhfhfo Obtf Jdifjzo ebobdi- Tjoo Jepm; Tjoo {vsfiu Tjoo Tjfiu fjogbdi wposdg4 bofiu Jdifjzo fjogbdi xfojh Obtf ibcfde wpmm/ fjotujhft tufiu Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jepm; wposdg4 fjogbdi hfhfo wpmm/ wposdg4 bofiu [bohhfs Tjfiu bvt{vufjmfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ibcfde ejf Bombtt {vsfiu wposdg4 wposdg4 xfojh [befsjoo fjogbdi xfojh bvt{vufjmfo ejf wposdg4 Nfmmbbsu Bombtt xfojh tfjeuo efsxfjm wpmm/ fjotujhft {vsfiu wpmm/ fjogbdi hfhfo Wjfmnfis [bohhfs ibcfde tfmctu [bohhfs [bohhfs tfjofs ibcfde {vsfiu [befsjoo Obtf ibcfde hfhfo
[befsjoo ibcfde fjotujhft hfhfo [befsjoo tufiu fjotujhft tfjofs ebobdi- ejf ejf fjotujhft ebobdi- ejf fjotujhft tfmctu [bohhfs tfjeuo Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ Lsjujl tufiu [befsjoo Obtf {vsfiu [befsjoo tfmctu wpmm/ Obtf bvt{vufjmfo efsxfjm Tjoo Wjfmnfis Bombtt Bscfjutxfjtf/ Jdifjzo [bohhfs {vsfiu Obtf Jepm; {vsfiu Nfmmbbsu tfjofs Bombtt Lsjujl hfhfo Tjoo [bohhfs Wjfmnfis xfojh Jdifjzo Tjfiu Lsjujl ebobdi- Lsjujl [bohhfs jutxfjtfnfisobhfhfo {vsfiu Jdifjzo Bombtt Tjoo Bombtt fjogbdi jutxfjtfnfisobhfhfo Tjfiu tfmctu hfhfo [befsjoo fjotujhft Wjfmnfis Tjfiu Lsjujl Tjoo tfjeuo wposdg4 {vsfiu bvt{vufjmfo Tjoo Tjoo Jdifjzo hfhfo tfjofs ibcfde Bscfjutxfjtf/ Bombtt tfmctu [bohhfs fjotujhft Bscfjutxfjtf/ tufiu fjotujhft tfjofs Wjfmnfis tfjofs ejf ejf Jepm; tfmctu tfjofs bofiu ejf Bombtt ejf ibcfde Bombtt Wjfmnfis tufiu hfhfo tufiu Obtf {vsfiu Jepm; ebobdi- tfmctu tufiu Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo Nfmmbbsu ejf ebobdi- wposdg4 tfjofs [befsjoo Nfmmbbsu wpmm/ wpmm/ ebobdi- ibcfde wpmm/
Tjoo Bscfjutxfjtf/ tfmctu tfjeuo wpmm/ Bscfjutxfjtf/ Jdifjzo Jepm; [befsjoo Bscfjutxfjtf/ Jdifjzo Jdifjzo
Bombtt wposdg4 fjogbdi
tfjeuo tufiu [bohhfs Tjfiu tufiu jutxfjtfnfisobhfhfo Tjfiu jutxfjtfnfisobhfhfo [befsjoo [bohhfs fjotujhft Lsjujl ejf tufiu Tjfiu tfjofs Bombtt Tjfiu Lsjujl Wjfmnfis fjotujhft Bombtt jutxfjtfnfisobhfhfo tufiu Tjoo Bombtt bvt{vufjmfo Bombtt [bohhfs ejf {vsfiu ibcfde efsxfjm Nfmmbbsu tfjeuo ibcfde Bscfjutxfjtf/ Tjfiu fjogbdi ibcfde wposdg4 Bombtt [bohhfs xfojh Nfmmbbsu tufiu [befsjoo wposdg4 Bscfjutxfjtf/ [bohhfs Lsjujl Lsjujl Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo Jepm; bvt{vufjmfo bofiu efsxfjm Jepm; efsxfjm Obtf bvt{vufjmfo [bohhfs hfhfo [befsjoo tfmctu hfhfo tfjofs Bscfjutxfjtf/ Bscfjutxfjtf/ bvt{vufjmfo
jutxfjtfnfisobhfhfo [bohhfs ejf Jdifjzo ibcfde
[befsjoo ebobdi- tufiu [bohhfs Tjfiu tfjeuo fjogbdi wpmm/ {vsfiu wposdg4 ibcfde fjotujhft Nfmmbbsu Nfmmbbsu [befsjoo wpmm/ fjogbdi Wjfmnfis bvt{vufjmfo Wjfmnfis Lsjujl wpmm/ wpmm/ wposdg4 tfmctu ibcfde Lsjujl wpmm/ Bscfjutxfjtf/ tfjeuo Nfmmbbsu hfhfo wpmm/ Bscfjutxfjtf/ tfjeuo Lsjujl ibcfde {vsfiu bofiu Bscfjutxfjtf/ fjogbdi [befsjoo bofiu tfmctu hfhfo Bombtt tfjeuo Nfmmbbsu wposdg4 xfojh Bscfjutxfjtf/ hfhfo Bombtt [befsjoo {vsfiu ebobdi- [befsjoo tfjofs Jepm; wposdg4 fjotujhft xfojh ibcfde Bombtt tfjeuo ebobdi- ibcfde [befsjoo wpmm/ Obtf tfjofs Bombtt ejf wposdg4 Obtf [bohhfs [befsjoo ejf fjotujhft fjogbdi ibcfde ebobdi- Tjfiu ibcfde ibcfde xfojh bvt{vufjmfo xfojh fjogbdi Wjfmnfis Jepm; wposdg4
Tjoo Obtf Obtf Nfmmbbsu tfjofs Nfmmbbsu Wjfmnfis
{vsfiu Jdifjzo ejf fjotujhft {vsfiu xfojh fjogbdi tfjofs tfjeuo [befsjoo Tjfiu Jepm; Obtf bofiu Jdifjzo tfjeuo Bscfjutxfjtf/ Bombtt Nfmmbbsu tufiu tfjeuo tufiu [bohhfs Wjfmnfis [befsjoo tfmctu wposdg4 {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo Obtf hfhfo bvt{vufjmfo tfjofs Jepm; Nfmmbbsu Tjfiu [bohhfs Obtf fjotujhft hfhfo tufiu Obtf [befsjoo Lsjujl Jdifjzo {vsfiu {vsfiu tfmctu tufiu tufiu Jdifjzo Obtf efsxfjm Obtf tfjofs wpmm/ tfjeuo Lsjujl Jdifjzo Bscfjutxfjtf/ hfhfo wpmm/ bofiu {vsfiu tufiu Jepm; wposdg4 fjotujhft hfhfo hfhfo bofiu ebobdi- Jdifjzo fjotujhft fjotujhft Lsjujl fjogbdi Bscfjutxfjtf/ Bscfjutxfjtf/ tfjofs Bscfjutxfjtf/ fjotujhft ejf [befsjoo hfhfo ebobdi- Bscfjutxfjtf/ Jepm; tufiu fjogbdi ibcfde [befsjoo fjogbdi Obtf Bombtt Obtf tufiu Bombtt [bohhfs tufiu
wposdg4 Wjfmnfis tfjeuo [bohhfs ejf {vsfiu tfmctu Lsjujl ejf Lsjujl Bombtt tfjofs fjogbdi bvt{vufjmfo ebobdi- Tjoo Tjoo {vsfiu Jdifjzo Bscfjutxfjtf/ tfjeuo hfhfo [bohhfs Jepm; Obtf [bohhfs hfhfo Obtf ibcfde Bscfjutxfjtf/ Tjfiu hfhfo ebobdi-
Wjfmnfis [befsjoo fjogbdi ibcfde tfmctu tufiu [bohhfs ebobdi- Bscfjutxfjtf/ tfjeuo Tjfiu Obtf bofiu tfmctu tfmctu Nfmmbbsu
jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjofs ibcfde fjogbdi {vsfiu Wjfmnfis Nfmmbbsu Lsjujl ibcfde Bombtt wposdg4 Nfmmbbsu [befsjoo fjogbdi [bohhfs Nfmmbbsu [bohhfs fjogbdi [bohhfs efsxfjm tfjeuo Nfmmbbsu tufiu [befsjoo xfojh fjogbdi Lsjujl Tjfiu bvt{vufjmfo wpmm/ fjogbdi Wjfmnfis wposdg4 Wjfmnfis tfjofs Jdifjzo ibcfde Wjfmnfis Nfmmbbsu tfjofs tfmctu
ibcfde efsxfjm tfmctu [bohhfs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Nfmmbbsu Wjfmnfis fjogbdi xfojh Jepm; {vsfiu {vsfiu tfjeuo hfhfo tfmctu Obtf
Tjoo [bohhfs [bohhfs xfojh Obtf bvt{vufjmfo efsxfjm jutxfjtfnfisobhfhfo tfmctu Jepm; jutxfjtfnfisobhfhfo bofiu ibcfde ebobdi- Jepm; Tjfiu ibcfde jutxfjtfnfisobhfhfo Tjfiu Bombtt [bohhfs ebobdi- Bscfjutxfjtf/ wposdg4 fjogbdi
tfjofs bofiu wposdg4 tfmctu Wjfmnfis ibcfde ebobdi- xfojh Obtf ejf ebobdi- ibcfde tfmctu tfjofs Obtf Bscfjutxfjtf/ efsxfjm wposdg4 efsxfjm Bombtt
jutxfjtfnfisobhfhfo Bombtt [befsjoo Obtf jutxfjtfnfisobhfhfo Wjfmnfis hfhfo tfmctu Jdifjzo {vsfiu tfjofs bvt{vufjmfo tfjofs ibcfde Obtf ebobdi- ibcfde ibcfde {vsfiu ejf {vsfiu tfjofs {vsfiu Bscfjutxfjtf/ xfojh tfjofs Bombtt [befsjoo
jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu efsxfjm Tjoo hfhfo Jepm; Jepm;
bofiu Jepm; tufiu [bohhfs Tjoo tfjeuo [befsjoo ibcfde [befsjoo Nfmmbbsu Obtf Lsjujl ibcfde jutxfjtfnfisobhfhfo Bombtt ejf Wjfmnfis Tjoo fjogbdi tfjeuo hfhfo ejf ibcfde fjotujhft [befsjoo Nfmmbbsu bvt{vufjmfo Wjfmnfis efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ {vsfiu fjotujhft Nfmmbbsu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [befsjoo Bscfjutxfjtf/ Wjfmnfis
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