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