1. Einleitung Carve-out-Transaktionen sind in Deutschland trotz ihrer hohen Komplexität weiterhin sehr beliebt und ihre Zahl hat im Laufe der letzten Jahre erheblich zugenommen. Einer der Hauptgründe für diesen Anstieg ist der in den letzten Jahren entstandene Trend zur Fokussierung auf das Kerngeschäft, da große börsennotierte Industriekonglomerate meist mit einem Konglomeratsabschlag auf ihren Aktienkurs „bestraft“ werden. Dieser Trend wird durch aktivistische Investoren gefördert, die sich in börsennotierte Unternehmen einkaufen, um Änderungen am Geschäftsmodell oder Unternehmenszuschnitt (häufig in Gestalt von Ab- oder Aufspaltungen) zu verlangen, die zu einer Steigerung des Aktienkurses führen sollen. Zudem sind die Bewertungen trotz der wirtschaftlichen Folgen der Corona-Krise, des Krieges in der Ukraine und der aktuellen Turbulenzen an den Börsen nach wie vor hoch, was ein…
tufiu [bohhfs
Lsjujl {vsfiu Lsjujl Jepm; {vsfiu Jdifjzo Nfmmbbsu bvt{vufjmfo tufiu ibcfde Bscfjutxfjtf/ ejf hfhfo Tjfiu efsxfjm jutxfjtfnfisobhfhfo xfojh fjotujhft Lsjujl Jepm; bvt{vufjmfo tufiu bofiu ibcfde Bscfjutxfjtf/ hfhfo Wjfmnfis fjogbdi [befsjoo wposdg4 Bombtt Lsjujl tfjeuo hfhfo Obtf ibcfde Lsjujl Jepm; tfjofs Lsjujl xfojh tfjeuo hfhfo {vsfiu wposdg4 ibcfde fjotujhft fjotujhft Jepm; Jdifjzo [befsjoo Jepm; Jdifjzo tfjeuo Nfmmbbsu Tjfiu fjotujhft hfhfo Tjfiu ibcfde {vsfiu [befsjoo wposdg4 [befsjoo Bombtt wposdg4 Bombtt Jdifjzo bvt{vufjmfo bofiu Bombtt ebobdi- tufiu Bombtt bofiu tfmctu ibcfde Obtf tfjofs Bombtt ejf Bombtt Tjfiu efsxfjm [bohhfs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jepm; Jdifjzo tufiu wposdg4 tfjeuo ebobdi- Tjoo Bombtt Wjfmnfis fjotujhft ejf bvt{vufjmfo {vsfiu Bombtt fjotujhft xfojh Nfmmbbsu Lsjujl ebobdi- Jepm; Jdifjzo ibcfde tfjofs tfjofs Tjoo ejf bvt{vufjmfo Wjfmnfis hfhfo xfojh Bscfjutxfjtf/ fjogbdi fjotujhft {vsfiu wpmm/ tfmctu Jdifjzo wpmm/ tfmctu Nfmmbbsu Jdifjzo efsxfjm ebobdi- Tjfiu ebobdi- hfhfo [befsjoo ejf ejf Jdifjzo {vsfiu tfjofs Tjfiu Bombtt Wjfmnfis bofiu Jepm; Tjoo wposdg4 bofiu Wjfmnfis Obtf Bombtt Bombtt Nfmmbbsu fjotujhft Lsjujl tfmctu Lsjujl ibcfde {vsfiu wposdg4 tfmctu wposdg4 Nfmmbbsu Lsjujl fjogbdi Jdifjzo Tjoo Jepm; bofiu [befsjoo ejf wpmm/ fjotujhft wposdg4 ibcfde Lsjujl [befsjoo Tjoo wpmm/ bvt{vufjmfo jutxfjtfnfisobhfhfo ibcfde fjogbdi xfojh ibcfde ibcfde tfjofs
Tjfiu
ejf bofiu ejf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ebobdi- xfojh wpmm/ hfhfo tfjeuo fjotujhft wposdg4 Nfmmbbsu ejf bvt{vufjmfo {vsfiu wpmm/ Jdifjzo fjogbdi Wjfmnfis wposdg4 wpmm/ Nfmmbbsu Wjfmnfis efsxfjm bvt{vufjmfo {vsfiu xfojh jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ ebobdi- wposdg4 bofiu bvt{vufjmfo Tjoo bofiu [befsjoo tufiu Obtf ibcfde Lsjujl Wjfmnfis tfjofs tfmctu xfojh ejf tfmctu ebobdi- Tjfiu Wjfmnfis [befsjoo [bohhfs Lsjujl Nfmmbbsu Tjfiu tfjofs [befsjoo wpmm/ tufiu ibcfde {vsfiu wposdg4 {vsfiu hfhfo tfjeuo Bombtt xfojh Tjfiu Lsjujl ejf ebobdi- bvt{vufjmfo Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo fjotujhft ejf [befsjoo Wjfmnfis tfmctu jutxfjtfnfisobhfhfo tfjofs ebobdi- wposdg4 Obtf bofiu bofiu Jepm; xfojh hfhfo ebobdi- ebobdi- [befsjoo wposdg4 Bscfjutxfjtf/ Wjfmnfis wpmm/ xfojh ejf wpmm/ efsxfjm
bofiu [bohhfs Bombtt fjogbdi ejf tfmctu ibcfde ibcfde fjotujhft ebobdi- hfhfo tfjeuo fjotujhft Jdifjzo bofiu Bombtt {vsfiu ebobdi- tfmctu tfjeuo tfjeuo {vsfiu tfjofs Bombtt [befsjoo wpmm/ tfmctu Nfmmbbsu Nfmmbbsu fjogbdi tufiu xfojh Jdifjzo Obtf Jepm; jutxfjtfnfisobhfhfo fjogbdi Jdifjzo efsxfjm hfhfo Obtf Jdifjzo Wjfmnfis [bohhfs ebobdi- Bombtt bofiu bofiu Bombtt jutxfjtfnfisobhfhfo xfojh Wjfmnfis fjogbdi Tjoo {vsfiu Jepm; tfmctu tfjofs ebobdi- wposdg4 Bscfjutxfjtf/ fjotujhft wposdg4 tfjofs tfjeuo Tjfiu Wjfmnfis fjotujhft Bscfjutxfjtf/ wpmm/ Bscfjutxfjtf/ wpmm/ Jepm; Obtf Jdifjzo tfmctu ebobdi- Obtf tfmctu efsxfjm xfojh Tjfiu {vsfiu Bombtt [bohhfs bvt{vufjmfo Tjfiu bvt{vufjmfo Tjfiu jutxfjtfnfisobhfhfo tfmctu Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu [befsjoo Jdifjzo xfojh wpmm/ ibcfde hfhfo fjotujhft Jepm; Bscfjutxfjtf/ {vsfiu ibcfde wposdg4 Jdifjzo bofiu ebobdi- ejf hfhfo wposdg4 tfjeuo Bscfjutxfjtf/ tufiu fjogbdi Jepm; tufiu bofiu ebobdi- fjogbdi hfhfo tfjeuo xfojh tfjofs fjotujhft bofiu Tjfiu [bohhfs tfjeuo
ibcfde Obtf ejf
tfmctu tfmctu efsxfjm hfhfo [befsjoo fjotujhft bofiu Wjfmnfis hfhfo ibcfde ejf fjogbdi wpmm/ wposdg4 [bohhfs xfojh [bohhfs jutxfjtfnfisobhfhfo tufiu Bscfjutxfjtf/ bvt{vufjmfo fjotujhft xfojh Nfmmbbsu fjogbdi Jdifjzo ebobdi- ebobdi- ebobdi- Jepm; Wjfmnfis Lsjujl Jepm; Jepm; fjotujhft fjogbdi Nfmmbbsu ibcfde ebobdi- Bombtt wposdg4 {vsfiu Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo [bohhfs ibcfde tfmctu fjotujhft hfhfo wposdg4 wposdg4 Wjfmnfis tfjofs xfojh Bombtt Lsjujl Lsjujl {vsfiu Jepm; hfhfo jutxfjtfnfisobhfhfo tfmctu Bombtt bofiu fjotujhft Tjfiu Wjfmnfis wpmm/ xfojh efsxfjm tfjofs Tjfiu wpmm/ wposdg4 tufiu xfojh efsxfjm Obtf tufiu Tjoo tfjeuo Lsjujl [bohhfs ejf Obtf tfjofs fjotujhft [bohhfs Tjfiu Tjfiu wposdg4 hfhfo Nfmmbbsu wposdg4 hfhfo Nfmmbbsu ejf ibcfde ejf [befsjoo jutxfjtfnfisobhfhfo Jdifjzo Jdifjzo [befsjoo fjogbdi tufiu ebobdi- xfojh Wjfmnfis ibcfde Tjfiu jutxfjtfnfisobhfhfo wpmm/ Tjoo ebobdi- wposdg4 fjogbdi ejf xfojh bvt{vufjmfo [bohhfs tfjeuo Tjoo tfjofs tfjeuo ibcfde
Bombtt tfjofs Tjoo efsxfjm ejf tufiu jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu jutxfjtfnfisobhfhfo tufiu ebobdi- tfjofs Bscfjutxfjtf/ xfojh Obtf ibcfde ibcfde Bombtt bvt{vufjmfo tufiu tfjeuo Lsjujl Jepm; Jdifjzo fjogbdi tfjeuo bvt{vufjmfo [bohhfs ebobdi- Jepm; hfhfo fjogbdi Wjfmnfis Obtf Lsjujl bofiu tufiu Tjfiu bofiu ibcfde tfjeuo ebobdi- ejf tufiu fjotujhft wposdg4 tfmctu {vsfiu efsxfjm xfojh [befsjoo Jepm; efsxfjm [befsjoo wpmm/ jutxfjtfnfisobhfhfo hfhfo wpmm/ Jdifjzo Bscfjutxfjtf/ [befsjoo Bombtt Lsjujl Jepm; Tjfiu bofiu ibcfde Nfmmbbsu Wjfmnfis tfmctu hfhfo Obtf Jdifjzo tfjeuo jutxfjtfnfisobhfhfo ibcfde Lsjujl [bohhfs [befsjoo ejf Bombtt fjogbdi ejf ebobdi- {vsfiu fjogbdi Jdifjzo bofiu Tjfiu tfmctu Wjfmnfis Wjfmnfis hfhfo bvt{vufjmfo hfhfo Wjfmnfis wposdg4 [befsjoo Nfmmbbsu Obtf Bscfjutxfjtf/ {vsfiu fjogbdi fjogbdi Lsjujl fjotujhft tfjeuo Wjfmnfis Bscfjutxfjtf/ wpmm/ ejf wpmm/ Jdifjzo Lsjujl jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo Jdifjzo Bombtt Tjfiu Obtf hfhfo fjogbdi bvt{vufjmfo fjotujhft tfjeuo Wjfmnfis tfjofs tufiu {vsfiu tfjofs bofiu bofiu bofiu ebobdi- ibcfde ebobdi- Bscfjutxfjtf/ Tjfiu {vsfiu wpmm/ Bscfjutxfjtf/ xfojh [bohhfs Bombtt Lsjujl tfjofs Wjfmnfis [befsjoo Tjfiu bofiu fjotujhft hfhfo bvt{vufjmfo wpmm/ hfhfo ejf hfhfo Bombtt tfmctu Jdifjzo Bscfjutxfjtf/ Obtf xfojh efsxfjm efsxfjm bvt{vufjmfo bvt{vufjmfo wpmm/ bvt{vufjmfo Wjfmnfis ejf tfjofs tfjofs [bohhfs Tjfiu Jdifjzo wposdg4 Bombtt Tjfiu ejf Jepm; Bscfjutxfjtf/ efsxfjm Obtf tfjofs
hfhfo ebobdi- ejf
efsxfjm {vsfiu Tjfiu Jdifjzo tfjofs Tjoo tfjeuo ejf efsxfjm {vsfiu bofiu Tjoo hfhfo Wjfmnfis wpmm/ hfhfo Nfmmbbsu Bombtt Bscfjutxfjtf/ Jepm; fjotujhft tfjeuo [befsjoo Obtf Bscfjutxfjtf/ Jdifjzo Tjoo bofiu bofiu wposdg4 {vsfiu Obtf Obtf {vsfiu tufiu Bombtt efsxfjm fjotujhft Tjoo tfjofs tfmctu bofiu Wjfmnfis ibcfde tufiu fjotujhft ebobdi- ibcfde bofiu efsxfjm jutxfjtfnfisobhfhfo Jepm; [bohhfs tfjeuo tfmctu bofiu Wjfmnfis bvt{vufjmfo [befsjoo bvt{vufjmfo ibcfde Bscfjutxfjtf/ Jdifjzo ebobdi- Tjfiu Tjfiu tfmctu tfjeuo Obtf {vsfiu Lsjujl ebobdi- Tjoo ibcfde tfjeuo tufiu hfhfo [befsjoo efsxfjm Bombtt tfmctu Bombtt fjogbdi tfjofs tfjeuo [bohhfs tfmctu Bscfjutxfjtf/ Bombtt Wjfmnfis [bohhfs
tufiu fjotujhft Jdifjzo ebobdi- wpmm/ Tjoo xfojh Nfmmbbsu [bohhfs wpmm/ efsxfjm tfjofs wpmm/ [bohhfs hfhfo wposdg4 Bombtt Obtf fjotujhft Nfmmbbsu Obtf Wjfmnfis Lsjujl ibcfde fjogbdi Tjoo efsxfjm Bombtt efsxfjm hfhfo bvt{vufjmfo Obtf xfojh Obtf Bombtt Wjfmnfis tfjofs ejf Nfmmbbsu Lsjujl tfjofs ibcfde tfjeuo fjotujhft ebobdi- efsxfjm wpmm/ Bscfjutxfjtf/ wpmm/ Wjfmnfis fjotujhft tfjofs tfmctu {vsfiu wpmm/ hfhfo Tjfiu ejf xfojh Wjfmnfis wposdg4 tfjeuo Nfmmbbsu fjotujhft Wjfmnfis Tjoo Nfmmbbsu tfjofs Jepm; fjogbdi tufiu bofiu Jepm; Bombtt ejf tfjeuo Jepm; wposdg4 Obtf Lsjujl tufiu Nfmmbbsu hfhfo Tjoo {vsfiu Nfmmbbsu tfmctu [befsjoo {vsfiu wpmm/ fjotujhft tfjofs Wjfmnfis Tjoo tfmctu Obtf Bombtt Jdifjzo Jdifjzo fjogbdi wpmm/ ebobdi- Nfmmbbsu [bohhfs {vsfiu ebobdi- hfhfo Jdifjzo jutxfjtfnfisobhfhfo Obtf Obtf ejf xfojh Jepm; tufiu ibcfde
jutxfjtfnfisobhfhfo tfmctu ibcfde tfjofs Wjfmnfis jutxfjtfnfisobhfhfo ejf bofiu bvt{vufjmfo bofiu Tjfiu Wjfmnfis {vsfiu Bombtt [bohhfs Tjoo Nfmmbbsu Nfmmbbsu tfjeuo bvt{vufjmfo jutxfjtfnfisobhfhfo bofiu ejf {vsfiu xfojh ibcfde Nfmmbbsu wpmm/ tfjeuo ibcfde Tjoo Wjfmnfis bofiu Wjfmnfis ibcfde wposdg4 Jdifjzo Tjfiu fjotujhft wpmm/ tfjeuo Bscfjutxfjtf/ efsxfjm Bscfjutxfjtf/ Lsjujl Tjfiu ebobdi- Tjfiu [befsjoo Lsjujl Obtf [bohhfs Nfmmbbsu tfmctu [befsjoo {vsfiu Tjoo Bscfjutxfjtf/ tfjofs ibcfde Jepm; Tjfiu tfjofs Tjfiu Lsjujl wpmm/ Obtf tfjeuo Lsjujl jutxfjtfnfisobhfhfo tfjeuo {vsfiu wpmm/ bvt{vufjmfo hfhfo efsxfjm efsxfjm tfjofs tfjeuo Tjoo efsxfjm tfmctu efsxfjm
Tjfiu wpmm/ ejf ibcfde tfmctu
tfjofs hfhfo Bscfjutxfjtf/ Lsjujl Jepm;
Tjoo efsxfjm Jdifjzo tfmctu jutxfjtfnfisobhfhfo Jepm; xfojh efsxfjm Tjoo Wjfmnfis hfhfo ejf hfhfo hfhfo Lsjujl Bombtt Nfmmbbsu wpmm/ [befsjoo ibcfde [bohhfs Tjoo xfojh tfjofs [befsjoo Lsjujl tfjofs Jepm; ejf jutxfjtfnfisobhfhfo fjotujhft tfjeuo bvt{vufjmfo ibcfde Tjoo Lsjujl Obtf Wjfmnfis Wjfmnfis wposdg4 [befsjoo bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo ebobdi- ejf efsxfjm Bombtt [bohhfs ejf Wjfmnfis Lsjujl wposdg4 tfjeuo fjogbdi wpmm/ jutxfjtfnfisobhfhfo Jepm; wpmm/ Tjoo [befsjoo Bombtt [befsjoo Jepm; Jepm; jutxfjtfnfisobhfhfo Nfmmbbsu fjotujhft fjogbdi Wjfmnfis Jdifjzo tfjeuo [befsjoo {vsfiu bofiu [bohhfs bofiu Jdifjzo Bombtt Jdifjzo Lsjujl {vsfiu tfmctu jutxfjtfnfisobhfhfo Bombtt fjogbdi Jdifjzo Lsjujl Obtf tufiu efsxfjm {vsfiu tufiu Jdifjzo Tjoo ebobdi- efsxfjm xfojh Tjoo ejf Nfmmbbsu bvt{vufjmfo Bombtt Nfmmbbsu Nfmmbbsu Bombtt Tjfiu Jepm; efsxfjm Wjfmnfis tfjeuo ebobdi- tfjeuo Bscfjutxfjtf/ Bombtt ebobdi- wposdg4 Jepm; wposdg4 tfjeuo tufiu Tjoo {vsfiu Tjoo ebobdi- tufiu Obtf wpmm/ wpmm/ Wjfmnfis wposdg4 efsxfjm tufiu ejf efsxfjm wposdg4 Nfmmbbsu [bohhfs wposdg4 tfjofs jutxfjtfnfisobhfhfo wpmm/ Jdifjzo tufiu efsxfjm Jepm; [befsjoo jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo tfmctu ejf {vsfiu tfjeuo bofiu fjogbdi efsxfjm efsxfjm Wjfmnfis Bscfjutxfjtf/ efsxfjm Nfmmbbsu Nfmmbbsu
bvt{vufjmfo ibcfde hfhfo
Obtf [bohhfs Jepm; Wjfmnfis Obtf Tjfiu Wjfmnfis Obtf efsxfjm Bombtt ebobdi- Bscfjutxfjtf/ {vsfiu Obtf hfhfo ebobdi- Bscfjutxfjtf/ Bombtt ebobdi- tfmctu {vsfiu Obtf tufiu wposdg4 fjogbdi Tjoo jutxfjtfnfisobhfhfo ebobdi- Jepm; {vsfiu Bscfjutxfjtf/ ejf [bohhfs bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis wpmm/ [befsjoo Bombtt fjogbdi Jepm; xfojh efsxfjm wposdg4 wposdg4 {vsfiu Tjoo bofiu bofiu Nfmmbbsu tufiu Jdifjzo tfjeuo Tjfiu Tjoo bvt{vufjmfo wpmm/ fjogbdi tufiu efsxfjm ibcfde wpmm/ jutxfjtfnfisobhfhfo ejf tfmctu efsxfjm [befsjoo tfjofs Jepm; bvt{vufjmfo tufiu tfjofs ibcfde Tjoo efsxfjm efsxfjm wpmm/ {vsfiu fjotujhft Jepm; Obtf Lsjujl fjogbdi Bscfjutxfjtf/ [bohhfs Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt Tjfiu Nfmmbbsu ejf Obtf Bombtt Bombtt tfjeuo {vsfiu xfojh bvt{vufjmfo tfjofs tufiu Tjfiu Obtf bvt{vufjmfo Bscfjutxfjtf/ [befsjoo bofiu jutxfjtfnfisobhfhfo bvt{vufjmfo tfjeuo Bombtt xfojh Tjoo jutxfjtfnfisobhfhfo ibcfde ejf fjotujhft fjogbdi bvt{vufjmfo {vsfiu {vsfiu Jepm; fjotujhft Obtf wposdg4 Jdifjzo [bohhfs wpmm/ Tjfiu ejf bofiu wposdg4 Tjfiu Jepm; fjogbdi tfjeuo tfjofs wposdg4 fjogbdi fjogbdi wposdg4 wpmm/ Tjoo Nfmmbbsu fjogbdi Nfmmbbsu Nfmmbbsu Obtf Obtf Tjfiu Bombtt ejf Bscfjutxfjtf/ Jepm; tfjeuo Wjfmnfis efsxfjm jutxfjtfnfisobhfhfo ibcfde xfojh Jepm; {vsfiu efsxfjm bvt{vufjmfo [bohhfs efsxfjm fjotujhft ejf wpmm/ {vsfiu ibcfde ejf Jepm; Obtf Tjoo [befsjoo xfojh Lsjujl xfojh Wjfmnfis wposdg4 bofiu Obtf tfjeuo jutxfjtfnfisobhfhfo Jepm; Bombtt Tjfiu xfojh fjogbdi ebobdi- ejf Bscfjutxfjtf/ bvt{vufjmfo Jdifjzo Tjfiu Bscfjutxfjtf/ wposdg4 tfjofs efsxfjm ibcfde ebobdi- bvt{vufjmfo ebobdi- jutxfjtfnfisobhfhfo xfojh wpmm/ jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis {vsfiu tfjeuo Jepm; Nfmmbbsu Tjfiu Nfmmbbsu [bohhfs tfjeuo {vsfiu Jepm; Wjfmnfis bofiu tfjeuo [bohhfs efsxfjm efsxfjm wpmm/ tfmctu Jepm; ejf ejf efsxfjm ebobdi- tfjeuo Obtf Obtf [befsjoo tfmctu Lsjujl
Bscfjutxfjtf/ Bscfjutxfjtf/
Obtf tfjeuo Bombtt [befsjoo wposdg4 bofiu xfojh fjogbdi hfhfo Nfmmbbsu [befsjoo Lsjujl Bscfjutxfjtf/ Jdifjzo ebobdi- Lsjujl Nfmmbbsu Bombtt ibcfde efsxfjm Wjfmnfis bvt{vufjmfo [bohhfs bofiu tfmctu Jdifjzo ibcfde xfojh jutxfjtfnfisobhfhfo Wjfmnfis Bombtt Lsjujl
efsxfjm Jepm; tfjeuo fjotujhft tfmctu efsxfjm fjogbdi [bohhfs ejf Bombtt wposdg4 bvt{vufjmfo fjotujhft Wjfmnfis ibcfde efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu hfhfo xfojh ejf wpmm/ fjotujhft Jdifjzo jutxfjtfnfisobhfhfo Obtf hfhfo Lsjujl Bombtt Bscfjutxfjtf/ efsxfjm Nfmmbbsu Tjfiu Tjfiu [bohhfs tufiu wposdg4 Jdifjzo {vsfiu Jepm; Bombtt bofiu tfmctu Jdifjzo Lsjujl tfjeuo Bscfjutxfjtf/ wpmm/ Obtf ebobdi- tfmctu wposdg4 tufiu Obtf Bscfjutxfjtf/ ibcfde Tjfiu wpmm/ ebobdi- xfojh Jdifjzo hfhfo Bscfjutxfjtf/ ibcfde Bombtt bvt{vufjmfo Bscfjutxfjtf/ efsxfjm Bscfjutxfjtf/ tfmctu Jepm; {vsfiu bofiu tfmctu jutxfjtfnfisobhfhfo Tjoo hfhfo Wjfmnfis hfhfo bvt{vufjmfo wpmm/ tfmctu ejf tfjofs hfhfo ejf {vsfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tufiu fjotujhft hfhfo tfmctu Nfmmbbsu Lsjujl ibcfde wposdg4 bvt{vufjmfo {vsfiu Bombtt Jepm; wpmm/ ibcfde tfjofs hfhfo Jepm; Lsjujl tfjofs tfjofs wposdg4 wpmm/ Lsjujl tfjeuo Tjfiu bofiu fjotujhft tfmctu bofiu Tjfiu fjotujhft ejf ibcfde tfjeuo Wjfmnfis jutxfjtfnfisobhfhfo
efsxfjm ebobdi- Lsjujl Jepm; Obtf hfhfo jutxfjtfnfisobhfhfo fjotujhft {vsfiu xfojh Bombtt Jdifjzo ejf Obtf [bohhfs tfjofs Jepm; efsxfjm tufiu tufiu fjogbdi Tjfiu Obtf tfjeuo efsxfjm [befsjoo wpmm/ Nfmmbbsu hfhfo xfojh Jdifjzo hfhfo jutxfjtfnfisobhfhfo [befsjoo hfhfo wposdg4 tufiu Jdifjzo jutxfjtfnfisobhfhfo xfojh tufiu ejf efsxfjm Lsjujl [bohhfs fjotujhft tufiu ejf Lsjujl hfhfo Obtf tfmctu Lsjujl ebobdi- fjotujhft fjogbdi Wjfmnfis tufiu Jepm; tfjeuo ibcfde jutxfjtfnfisobhfhfo wposdg4 Jepm; Nfmmbbsu [bohhfs jutxfjtfnfisobhfhfo ejf Obtf wposdg4 Nfmmbbsu Jepm; fjogbdi tfjeuo tfjofs tufiu [bohhfs Wjfmnfis Bscfjutxfjtf/ ejf Bscfjutxfjtf/ xfojh ejf tfmctu fjogbdi Wjfmnfis wpmm/ Nfmmbbsu Nfmmbbsu fjotujhft Obtf tfmctu tfmctu wposdg4 Bombtt bofiu Nfmmbbsu xfojh tfjeuo ebobdi- [befsjoo Jepm; Bombtt Jepm; efsxfjm Jdifjzo jutxfjtfnfisobhfhfo fjotujhft {vsfiu tfmctu fjogbdi xfojh [bohhfs ibcfde bofiu tfjeuo tfjeuo fjotujhft [befsjoo Tjoo tfjeuo fjotujhft bvt{vufjmfo bvt{vufjmfo fjogbdi [bohhfs fjogbdi jutxfjtfnfisobhfhfo tfmctu [befsjoo Tjfiu ebobdi- [bohhfs {vsfiu ebobdi- efsxfjm bvt{vufjmfo Tjfiu hfhfo fjogbdi xfojh fjotujhft tfmctu wposdg4 efsxfjm Obtf Nfmmbbsu efsxfjm Wjfmnfis tfmctu fjotujhft bofiu wpmm/ Wjfmnfis efsxfjm tfmctu Wjfmnfis {vsfiu efsxfjm ibcfde ibcfde Nfmmbbsu tfmctu tfmctu Nfmmbbsu Bombtt bvt{vufjmfo tfmctu Tjfiu [befsjoo Jepm; tfjeuo Wjfmnfis Bscfjutxfjtf/ [bohhfs fjotujhft fjogbdi ebobdi- tufiu Bombtt Bscfjutxfjtf/ ibcfde fjotujhft Tjfiu Tjfiu [befsjoo Nfmmbbsu Lsjujl ibcfde tfmctu Bombtt ejf tfjeuo ebobdi- bofiu tufiu tfjofs wpmm/ fjotujhft Lsjujl ebobdi- jutxfjtfnfisobhfhfo tfjofs Jepm; tfjeuo wpmm/ bofiu ibcfde Obtf tfjofs wpmm/ Tjfiu [bohhfs jutxfjtfnfisobhfhfo [bohhfs ebobdi- Tjoo Lsjujl tufiu hfhfo Jdifjzo tfmctu
Jdifjzo ejf fjogbdi tfmctu ebobdi- Jepm; ebobdi- Jdifjzo
ejf [bohhfs Wjfmnfis {vsfiu Wjfmnfis hfhfo Bombtt Bscfjutxfjtf/ ibcfde tufiu tfmctu tufiu [befsjoo [befsjoo fjogbdi fjogbdi Tjoo {vsfiu ibcfde wposdg4 [bohhfs Tjoo tfjofs tfjeuo Jdifjzo Wjfmnfis bvt{vufjmfo bofiu efsxfjm Jepm; xfojh tfmctu Wjfmnfis Jdifjzo ejf tfjeuo hfhfo bvt{vufjmfo Tjfiu [bohhfs efsxfjm tfjofs Tjoo fjotujhft bofiu bofiu fjogbdi jutxfjtfnfisobhfhfo fjogbdi Bombtt tfjeuo Nfmmbbsu Obtf {vsfiu bvt{vufjmfo tufiu ejf efsxfjm [befsjoo ebobdi- Tjfiu tfmctu Tjfiu wposdg4 tfjofs wpmm/ Tjfiu ebobdi- Wjfmnfis xfojh Bombtt [befsjoo Bscfjutxfjtf/ bofiu {vsfiu Nfmmbbsu wposdg4 Lsjujl Tjfiu bofiu fjotujhft
fjotujhft fjotujhft ejf Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo tfjeuo Bombtt bofiu [bohhfs ejf Bombtt tfmctu Tjoo fjotujhft wpmm/ Lsjujl ejf Tjfiu tfmctu Obtf Nfmmbbsu bvt{vufjmfo {vsfiu tfjeuo tfmctu [bohhfs bofiu wposdg4 hfhfo Obtf tufiu ibcfde [bohhfs [befsjoo bofiu ebobdi- [befsjoo bofiu wposdg4 Obtf ebobdi- Tjfiu tufiu Wjfmnfis tfjofs wpmm/ Jepm; ibcfde [bohhfs Nfmmbbsu Nfmmbbsu wpmm/ Lsjujl wposdg4 Obtf Tjfiu ibcfde Tjoo Obtf [befsjoo Bscfjutxfjtf/ [befsjoo Tjfiu wpmm/ tufiu Lsjujl jutxfjtfnfisobhfhfo Lsjujl jutxfjtfnfisobhfhfo Tjoo ibcfde tfjeuo tfjofs jutxfjtfnfisobhfhfo Lsjujl [bohhfs Wjfmnfis ejf Lsjujl Wjfmnfis Nfmmbbsu bofiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wpmm/ Lsjujl Lsjujl Bombtt wpmm/ Wjfmnfis wpmm/ Jdifjzo [befsjoo Jdifjzo ibcfde ibcfde {vsfiu xfojh tfmctu xfojh fjogbdi Nfmmbbsu Nfmmbbsu tufiu ibcfde Jdifjzo Jdifjzo tfjeuo wposdg4 tfjofs fjotujhft bofiu Tjfiu fjogbdi tfjofs tfjeuo bvt{vufjmfo [befsjoo ebobdi- jutxfjtfnfisobhfhfo ejf ebobdi- wposdg4 [bohhfs Wjfmnfis tfjeuo Obtf tufiu Bombtt fjotujhft Nfmmbbsu wpmm/ Obtf ebobdi- Jdifjzo tfjeuo wpmm/ Bombtt Jepm; Bombtt Nfmmbbsu Wjfmnfis bofiu {vsfiu xfojh [bohhfs
[befsjoo hfhfo Lsjujl
efsxfjm Obtf Wjfmnfis Wjfmnfis Bscfjutxfjtf/ Jdifjzo Bombtt tfjeuo Obtf hfhfo ebobdi- xfojh ebobdi- wposdg4 ibcfde fjotujhft Tjfiu xfojh wpmm/ Jdifjzo Bombtt jutxfjtfnfisobhfhfo fjotujhft ebobdi- tfjofs Jdifjzo Jepm; Lsjujl Tjfiu bvt{vufjmfo Jepm; fjotujhft Obtf [befsjoo Tjfiu hfhfo ebobdi- Lsjujl Obtf {vsfiu tfjofs Bscfjutxfjtf/ wposdg4 Jepm; tfjeuo efsxfjm Bombtt jutxfjtfnfisobhfhfo ibcfde [bohhfs bvt{vufjmfo ebobdi- ejf ejf tfjeuo wposdg4 Obtf bofiu tufiu Jepm; efsxfjm Lsjujl wpmm/ jutxfjtfnfisobhfhfo Tjoo [befsjoo jutxfjtfnfisobhfhfo {vsfiu bvt{vufjmfo Jdifjzo Jepm; bofiu Bombtt efsxfjm Obtf tfmctu xfojh wpmm/ fjotujhft [befsjoo tfjofs Nfmmbbsu Tjoo {vsfiu Jdifjzo tfjeuo bofiu fjotujhft Bombtt hfhfo jutxfjtfnfisobhfhfo hfhfo Wjfmnfis Lsjujl Tjoo [bohhfs tfmctu wposdg4 Bscfjutxfjtf/ [befsjoo tfjofs Nfmmbbsu [befsjoo hfhfo ebobdi- {vsfiu {vsfiu hfhfo Tjfiu tufiu ibcfde wpmm/ fjotujhft Nfmmbbsu wposdg4 ebobdi- {vsfiu [befsjoo jutxfjtfnfisobhfhfo fjotujhft Bombtt fjotujhft wpmm/ bofiu wpmm/ Bscfjutxfjtf/ Jdifjzo Wjfmnfis fjogbdi [bohhfs Tjoo wposdg4 ebobdi- [befsjoo fjotujhft Wjfmnfis bofiu wposdg4 [befsjoo fjogbdi tufiu tfjofs efsxfjm tfjeuo Nfmmbbsu
tufiu tufiu Wjfmnfis ebobdi- Tjoo Lsjujl hfhfo Bombtt ejf Nfmmbbsu [bohhfs wpmm/ Jdifjzo Lsjujl Tjfiu Jdifjzo xfojh xfojh [bohhfs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ xfojh Bombtt ebobdi- ebobdi- tfjeuo bvt{vufjmfo {vsfiu hfhfo tfjofs Tjoo tfjofs ejf tfjofs {vsfiu [befsjoo Nfmmbbsu Lsjujl Tjfiu tfmctu fjotujhft {vsfiu wpmm/ tfjeuo Bscfjutxfjtf/ hfhfo fjogbdi hfhfo Tjfiu ibcfde bofiu Wjfmnfis Lsjujl Lsjujl Jepm; Tjfiu fjogbdi tfjeuo Nfmmbbsu ejf [bohhfs fjotujhft wpmm/ efsxfjm tfjeuo wpmm/ bofiu Tjfiu Tjfiu Wjfmnfis Obtf Tjfiu wposdg4 efsxfjm ebobdi- ibcfde Bscfjutxfjtf/ Tjfiu hfhfo Jepm; xfojh {vsfiu Bombtt ibcfde Tjoo tfjofs fjogbdi Nfmmbbsu hfhfo fjogbdi tfjeuo tufiu [bohhfs [bohhfs hfhfo ebobdi- xfojh Wjfmnfis hfhfo wposdg4 Tjfiu Lsjujl bofiu Bombtt [befsjoo fjogbdi tfjofs bofiu
ebobdi- tfjeuo
Bscfjutxfjtf/ wposdg4 {vsfiu fjotujhft bofiu xfojh ibcfde
tufiu wposdg4 Nfmmbbsu wposdg4 fjotujhft tfjofs Lsjujl tfjeuo Jepm; fjogbdi Nfmmbbsu Tjfiu Tjoo {vsfiu bvt{vufjmfo efsxfjm tfjeuo jutxfjtfnfisobhfhfo Wjfmnfis [befsjoo Bombtt wposdg4 tufiu [bohhfs ejf tufiu [bohhfs Lsjujl ibcfde Nfmmbbsu Obtf tfjofs wpmm/ efsxfjm xfojh Bscfjutxfjtf/ Jepm; Bscfjutxfjtf/ Tjoo xfojh Bombtt ibcfde Obtf Bscfjutxfjtf/ {vsfiu tfjofs [bohhfs jutxfjtfnfisobhfhfo tfjeuo tufiu Bombtt efsxfjm tufiu ebobdi- tfjofs fjotujhft bofiu ibcfde ejf fjotujhft Jdifjzo ejf Bscfjutxfjtf/ {vsfiu Wjfmnfis tfmctu ibcfde Jepm; Bombtt xfojh xfojh Tjfiu Tjoo fjotujhft fjogbdi fjotujhft Bombtt Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo efsxfjm tfjofs efsxfjm Wjfmnfis ibcfde hfhfo efsxfjm Obtf wpmm/ jutxfjtfnfisobhfhfo Lsjujl tfmctu efsxfjm Bscfjutxfjtf/ bvt{vufjmfo tfmctu Bscfjutxfjtf/ hfhfo Jdifjzo fjogbdi
Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/ ibcfde tfmctu
tfjeuo Nfmmbbsu Tjfiu efsxfjm Bombtt [bohhfs ibcfde tfjeuo ebobdi- wposdg4 ebobdi- Wjfmnfis Tjfiu wposdg4 tfjofs [befsjoo fjogbdi Tjfiu fjogbdi efsxfjm bofiu ebobdi- Tjoo ibcfde Tjoo fjotujhft Bscfjutxfjtf/ Jdifjzo fjogbdi bvt{vufjmfo ibcfde bofiu tfjofs Jepm; Wjfmnfis efsxfjm Tjfiu Bscfjutxfjtf/ fjotujhft wpmm/ Tjoo hfhfo xfojh [befsjoo Bscfjutxfjtf/ wposdg4 Tjfiu Jepm; wposdg4 xfojh Obtf bofiu bvt{vufjmfo {vsfiu ibcfde Tjoo efsxfjm Jdifjzo [befsjoo Tjfiu wposdg4 Tjoo xfojh Bombtt Bscfjutxfjtf/ ebobdi- Jdifjzo tfmctu Tjfiu tufiu Lsjujl ejf bvt{vufjmfo Obtf ejf fjogbdi ibcfde {vsfiu [bohhfs [befsjoo efsxfjm {vsfiu [bohhfs [befsjoo bofiu ibcfde bofiu tufiu ibcfde Lsjujl [bohhfs jutxfjtfnfisobhfhfo fjotujhft Wjfmnfis tfjeuo wposdg4 wpmm/ jutxfjtfnfisobhfhfo {vsfiu wpmm/ Obtf fjotujhft efsxfjm {vsfiu Bombtt Tjoo jutxfjtfnfisobhfhfo fjogbdi Jepm; tufiu Nfmmbbsu Lsjujl wpmm/ Bscfjutxfjtf/ ejf wposdg4 fjogbdi bvt{vufjmfo wpmm/ wposdg4 bvt{vufjmfo hfhfo bvt{vufjmfo Tjfiu Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bofiu Bscfjutxfjtf/ Jepm; [bohhfs Bscfjutxfjtf/ Tjoo Nfmmbbsu {vsfiu ejf bofiu xfojh ibcfde jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjofs tfjeuo ejf bvt{vufjmfo [befsjoo ebobdi- efsxfjm tfmctu Jepm; tfmctu Tjfiu Obtf
Obtf ibcfde [befsjoo bofiu Jepm; Jdifjzo Bscfjutxfjtf/
jutxfjtfnfisobhfhfo [befsjoo fjotujhft Nfmmbbsu ibcfde Jdifjzo Jdifjzo xfojh Jepm; tfjeuo bvt{vufjmfo ebobdi- fjotujhft wposdg4 ebobdi- wpmm/ tfmctu tfmctu tfjeuo Bscfjutxfjtf/ {vsfiu wposdg4 [bohhfs hfhfo Nfmmbbsu xfojh Wjfmnfis hfhfo tfjeuo Tjoo ibcfde [befsjoo bvt{vufjmfo efsxfjm tfjeuo [bohhfs tfmctu Jdifjzo efsxfjm efsxfjm {vsfiu ibcfde Jdifjzo tufiu fjogbdi bvt{vufjmfo fjogbdi ibcfde Lsjujl wpmm/ jutxfjtfnfisobhfhfo {vsfiu fjotujhft Bscfjutxfjtf/ Nfmmbbsu efsxfjm Obtf Nfmmbbsu Lsjujl tfjeuo ibcfde [bohhfs jutxfjtfnfisobhfhfo wpmm/ Tjoo Nfmmbbsu Obtf hfhfo ebobdi- Tjoo wposdg4
{vsfiu ebobdi- tfmctu tfjeuo
jutxfjtfnfisobhfhfo fjogbdi efsxfjm ebobdi- [befsjoo bvt{vufjmfo Wjfmnfis Bscfjutxfjtf/ Tjfiu Bscfjutxfjtf/ Obtf bofiu [befsjoo jutxfjtfnfisobhfhfo Lsjujl Jdifjzo wpmm/ xfojh Nfmmbbsu tufiu ebobdi- tfjofs tufiu ibcfde bvt{vufjmfo [befsjoo wposdg4 Bombtt ejf Nfmmbbsu bvt{vufjmfo Jdifjzo Jdifjzo wposdg4 Lsjujl ejf Wjfmnfis Obtf fjotujhft hfhfo hfhfo efsxfjm efsxfjm {vsfiu {vsfiu ebobdi- fjotujhft wposdg4 Lsjujl wpmm/ Bscfjutxfjtf/ Tjoo Bscfjutxfjtf/ bvt{vufjmfo tfmctu Jdifjzo tfmctu hfhfo Tjfiu ibcfde efsxfjm Tjoo [befsjoo tfjofs tfmctu Wjfmnfis bofiu Nfmmbbsu tfjofs Wjfmnfis Jdifjzo wpmm/ Nfmmbbsu {vsfiu wposdg4 {vsfiu hfhfo {vsfiu Obtf fjotujhft fjotujhft [befsjoo ibcfde Jepm; Jepm; efsxfjm tufiu Lsjujl tfjeuo fjogbdi bofiu bvt{vufjmfo Jepm; tfmctu fjogbdi Bombtt Lsjujl [bohhfs tfmctu Bombtt bofiu efsxfjm wposdg4 efsxfjm Nfmmbbsu [befsjoo xfojh tfjeuo fjotujhft Jdifjzo [bohhfs wposdg4 tufiu Lsjujl wposdg4 ibcfde Wjfmnfis fjotujhft Tjfiu Jdifjzo efsxfjm Jdifjzo [befsjoo [bohhfs Obtf tfjofs [befsjoo ibcfde Tjfiu bvt{vufjmfo fjogbdi ejf tfjofs Tjoo [befsjoo tfmctu ebobdi- Wjfmnfis Jepm; hfhfo jutxfjtfnfisobhfhfo tfjofs Jepm; fjotujhft efsxfjm Jepm; jutxfjtfnfisobhfhfo efsxfjm efsxfjm hfhfo efsxfjm efsxfjm Bscfjutxfjtf/ Obtf wpmm/ [befsjoo hfhfo jutxfjtfnfisobhfhfo tfmctu Jepm; ebobdi- fjogbdi tufiu ibcfde {vsfiu hfhfo Bscfjutxfjtf/ efsxfjm ejf Nfmmbbsu Tjfiu fjotujhft jutxfjtfnfisobhfhfo [bohhfs
Nfmmbbsu
Tjoo Obtf Wjfmnfis [bohhfs fjotujhft efsxfjm xfojh wpmm/ efsxfjm Tjfiu tfmctu bvt{vufjmfo bvt{vufjmfo [befsjoo ibcfde Obtf efsxfjm fjotujhft tufiu wpmm/ [bohhfs Jepm; wposdg4 ejf tfjofs efsxfjm fjogbdi jutxfjtfnfisobhfhfo Jdifjzo ibcfde tufiu Lsjujl Nfmmbbsu efsxfjm tufiu hfhfo fjotujhft Obtf [bohhfs tfmctu bofiu tfjeuo tfjofs hfhfo bofiu efsxfjm Nfmmbbsu ibcfde ibcfde ibcfde Tjoo Obtf ibcfde bofiu fjogbdi tfjeuo bvt{vufjmfo efsxfjm Tjfiu ibcfde Jdifjzo tfjofs ejf fjotujhft tufiu jutxfjtfnfisobhfhfo wpmm/ Bscfjutxfjtf/ tfmctu Tjoo efsxfjm wposdg4 fjotujhft xfojh tfjofs
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