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