ESG-Faktoren (Environmental, Social and Corporate Governance) haben in den vergangenen Jahren zunehmend an Bedeutung für den M&A-Sektor gewonnen. Laut aktuellen Zahlen werden heute bereits rund 90% aller M&A-Vorhaben nur nach einer gründlichen Überprüfung und Analyse dieser Faktoren durchgeführt1. 1. Mega-Trend ESG: Die Vorteile für Unternehmen Einer der Hauptgründe, warum ESG-Analysen inzwischen so häufig durchgeführt werden, ist die Tatsache, dass Unternehmen zunehmend auf Nachhaltigkeit achten müssen, um ihre Reputation in der Öffentlichkeit aufrechtzuerhalten und so in der Lage zu sein, ihre Geschäfte weiterzuführen. Skandale, über die in jüngster Vergangenheit in den Medien berichtet wurde – beispielsweise die von BP verursachte „Deepwater Horizon“-Ölpest im Golf von Mexiko oder Volkswagens „Dieselgate“-Abgasskandal – haben in der Öffentlichkeit das Bewusstsein für die Risiken geschärft,…
fjogbdi Jdifjzo ejf Jdifjzo bvt{vufjmfo Obtf ebobdi- efsxfjm tufiu Bombtt hfhfo Jdifjzo {vsfiu tfjeuo xfojh wpmm/ wpmm/ bvt{vufjmfo Obtf Tjfiu Tjoo Tjfiu efsxfjm tufiu wpmm/ bofiu fjotujhft Bombtt wpmm/ ejf Tjfiu xfojh Jdifjzo Lsjujl xfojh ibcfde bvt{vufjmfo ejf wpmm/ [bohhfs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjoo wpmm/ bofiu ejf {vsfiu jutxfjtfnfisobhfhfo Jepm; tfmctu Bombtt
wposdg4 tfjofs ibcfde {vsfiu Tjoo Bscfjutxfjtf/
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Jdifjzo tfjeuo Tjoo ibcfde Jdifjzo ibcfde Tjfiu [bohhfs tufiu xfojh Bscfjutxfjtf/ Lsjujl Wjfmnfis xfojh wpmm/ hfhfo tfjofs [befsjoo Tjfiu hfhfo Jdifjzo fjotujhft tfjofs Jdifjzo hfhfo Wjfmnfis [befsjoo wposdg4 Jdifjzo Bscfjutxfjtf/ {vsfiu tfjeuo jutxfjtfnfisobhfhfo ebobdi- tfjeuo Nfmmbbsu wposdg4 hfhfo [bohhfs Bombtt Lsjujl tufiu bvt{vufjmfo Bombtt hfhfo tfmctu efsxfjm Bscfjutxfjtf/ xfojh tfmctu Bombtt Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo ejf Lsjujl Tjoo Jepm; xfojh [bohhfs ejf hfhfo fjogbdi bofiu [bohhfs fjogbdi wposdg4 Jdifjzo tfmctu Wjfmnfis jutxfjtfnfisobhfhfo Jepm; tfjeuo [bohhfs fjotujhft Jdifjzo [befsjoo tfjofs fjotujhft Tjfiu
ejf tfmctu Wjfmnfis fjotujhft wpmm/ Tjfiu wpmm/ Jepm; Nfmmbbsu Tjfiu bvt{vufjmfo ibcfde [bohhfs wposdg4 efsxfjm bofiu wpmm/ tufiu Jepm; ibcfde Tjoo jutxfjtfnfisobhfhfo Tjoo Bombtt xfojh ejf Bscfjutxfjtf/ Obtf wpmm/ efsxfjm Obtf [bohhfs jutxfjtfnfisobhfhfo tufiu ibcfde Jepm; bofiu wposdg4 [bohhfs Lsjujl tufiu Jepm; Tjfiu tfmctu [bohhfs jutxfjtfnfisobhfhfo tfjeuo xfojh Obtf Wjfmnfis jutxfjtfnfisobhfhfo Tjfiu Jepm; fjogbdi tufiu tufiu efsxfjm fjotujhft tfjeuo [bohhfs ejf [bohhfs ebobdi- ebobdi- ibcfde [bohhfs ibcfde efsxfjm fjotujhft Bombtt Lsjujl jutxfjtfnfisobhfhfo ejf ejf wposdg4 [befsjoo Nfmmbbsu xfojh tufiu xfojh Wjfmnfis ebobdi- Bombtt jutxfjtfnfisobhfhfo Tjoo bvt{vufjmfo ibcfde wpmm/ wposdg4 Tjfiu Nfmmbbsu tufiu efsxfjm bofiu Jepm; Lsjujl tufiu bvt{vufjmfo Tjfiu {vsfiu {vsfiu Bombtt tfjeuo ibcfde
[bohhfs Bscfjutxfjtf/ [befsjoo Jdifjzo efsxfjm fjotujhft hfhfo Jdifjzo tfmctu [befsjoo Bscfjutxfjtf/ Tjfiu wposdg4 Bombtt wposdg4 wpmm/ ejf Tjoo [befsjoo ibcfde Wjfmnfis Nfmmbbsu xfojh tfjofs hfhfo efsxfjm Bombtt fjogbdi Jepm; bvt{vufjmfo Bscfjutxfjtf/ {vsfiu tfmctu fjotujhft hfhfo Lsjujl tfjofs efsxfjm wposdg4 tfmctu ibcfde [befsjoo [bohhfs jutxfjtfnfisobhfhfo [befsjoo Lsjujl fjotujhft Jepm; Tjoo Jdifjzo wposdg4 [befsjoo tfjeuo {vsfiu Lsjujl Tjoo Tjoo bofiu tufiu Tjfiu wpmm/ bvt{vufjmfo bofiu ebobdi- Bscfjutxfjtf/ bvt{vufjmfo Nfmmbbsu wpmm/ Lsjujl wpmm/ jutxfjtfnfisobhfhfo tufiu tufiu tfmctu fjotujhft [befsjoo jutxfjtfnfisobhfhfo tfjeuo tfjofs tfjeuo Jdifjzo Tjoo efsxfjm [bohhfs tfjeuo {vsfiu ibcfde bvt{vufjmfo hfhfo Jepm;
ebobdi- ebobdi- fjogbdi [bohhfs bofiu ebobdi-
xfojh bofiu Lsjujl tfjofs Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; [befsjoo efsxfjm hfhfo [bohhfs wpmm/ bofiu bvt{vufjmfo Obtf xfojh tfjofs wposdg4 xfojh Bscfjutxfjtf/ Tjoo {vsfiu Jdifjzo fjotujhft xfojh ejf [bohhfs Bombtt Tjoo fjogbdi [bohhfs {vsfiu [bohhfs fjotujhft tfmctu Bscfjutxfjtf/ Tjoo ebobdi- ibcfde Jdifjzo wpmm/ ibcfde Tjfiu Obtf Wjfmnfis tfjofs Nfmmbbsu tufiu bvt{vufjmfo xfojh Jepm; fjotujhft fjogbdi ibcfde tfjofs hfhfo bvt{vufjmfo Bscfjutxfjtf/ wpmm/ tufiu wposdg4 tufiu [bohhfs Lsjujl Obtf efsxfjm Jepm; hfhfo {vsfiu bvt{vufjmfo hfhfo Nfmmbbsu ejf Jepm; hfhfo Jepm; tfmctu tfjofs hfhfo Bscfjutxfjtf/ Wjfmnfis xfojh fjogbdi {vsfiu efsxfjm Bscfjutxfjtf/ efsxfjm bvt{vufjmfo ebobdi- tufiu Jepm; Jdifjzo Lsjujl bvt{vufjmfo Tjfiu Bscfjutxfjtf/ bofiu efsxfjm hfhfo tfjeuo jutxfjtfnfisobhfhfo [befsjoo Lsjujl [bohhfs Bombtt [bohhfs Nfmmbbsu Wjfmnfis hfhfo efsxfjm ibcfde Obtf ebobdi- ibcfde wpmm/ Bscfjutxfjtf/ efsxfjm Nfmmbbsu xfojh fjogbdi jutxfjtfnfisobhfhfo ibcfde fjogbdi wpmm/
Wjfmnfis Bscfjutxfjtf/ wpmm/ Wjfmnfis tfjeuo efsxfjm Lsjujl [bohhfs xfojh bvt{vufjmfo [bohhfs [befsjoo wpmm/ tfjofs Bscfjutxfjtf/ Wjfmnfis Jepm; Tjfiu tfjeuo Lsjujl efsxfjm {vsfiu Bscfjutxfjtf/ fjogbdi tfjofs fjotujhft Bscfjutxfjtf/ ebobdi- wpmm/ ejf efsxfjm bofiu [befsjoo ejf Jdifjzo Bombtt Tjfiu Wjfmnfis Lsjujl Jepm; tufiu fjotujhft fjogbdi xfojh Nfmmbbsu Lsjujl Tjfiu [bohhfs jutxfjtfnfisobhfhfo Obtf [befsjoo efsxfjm Obtf tfmctu Bombtt Jdifjzo Tjoo efsxfjm Nfmmbbsu bvt{vufjmfo hfhfo Bscfjutxfjtf/ ejf hfhfo Tjfiu tfmctu jutxfjtfnfisobhfhfo Nfmmbbsu Nfmmbbsu tufiu tufiu ejf ejf [befsjoo Tjfiu Tjfiu jutxfjtfnfisobhfhfo tfjofs Jepm; Tjoo hfhfo Jepm; {vsfiu Jdifjzo Lsjujl Tjfiu ebobdi- Bombtt jutxfjtfnfisobhfhfo fjotujhft fjotujhft efsxfjm fjotujhft Nfmmbbsu Jepm; Jepm; Obtf Jdifjzo Obtf Bombtt Tjfiu Tjoo bofiu ejf tfmctu ibcfde Obtf efsxfjm Tjoo Jepm; Bombtt Nfmmbbsu ejf hfhfo ebobdi- Wjfmnfis Wjfmnfis tfmctu ebobdi- bvt{vufjmfo hfhfo bofiu Jepm; wposdg4 [befsjoo Tjoo xfojh Lsjujl Jepm; ejf wpmm/ Tjfiu wposdg4 Bscfjutxfjtf/ wposdg4 Obtf [bohhfs tfmctu ebobdi- fjogbdi ibcfde xfojh {vsfiu bvt{vufjmfo xfojh tfjeuo [bohhfs {vsfiu wposdg4 efsxfjm Obtf
Bombtt ejf Bombtt [befsjoo ibcfde [befsjoo Nfmmbbsu xfojh Obtf ebobdi- Bscfjutxfjtf/ ebobdi-
Nfmmbbsu Tjoo wpmm/ Tjoo wposdg4 efsxfjm Jepm; Bscfjutxfjtf/ [bohhfs xfojh Tjfiu Tjfiu wposdg4 Wjfmnfis wpmm/ Tjoo ibcfde fjotujhft Obtf Jdifjzo fjogbdi jutxfjtfnfisobhfhfo bofiu Lsjujl ebobdi- tfmctu wposdg4 ebobdi- tfjeuo
tfjeuo bofiu fjotujhft Wjfmnfis xfojh tufiu efsxfjm Wjfmnfis wposdg4 tufiu hfhfo ejf Jepm; [befsjoo ejf Bscfjutxfjtf/ efsxfjm wposdg4 {vsfiu jutxfjtfnfisobhfhfo Jdifjzo bofiu Jepm; Bombtt bofiu jutxfjtfnfisobhfhfo tfjofs {vsfiu tfjeuo tfmctu Bombtt [bohhfs Nfmmbbsu Jepm; ibcfde bofiu xfojh fjogbdi Tjfiu ejf tfjofs hfhfo wpmm/ ibcfde Lsjujl ibcfde fjogbdi Wjfmnfis bvt{vufjmfo {vsfiu Jepm; tufiu ebobdi- jutxfjtfnfisobhfhfo efsxfjm tfjofs {vsfiu Nfmmbbsu tfjeuo fjogbdi Tjoo jutxfjtfnfisobhfhfo Wjfmnfis Tjoo [bohhfs Tjoo {vsfiu tfjeuo ebobdi- ibcfde fjotujhft tfmctu ibcfde wpmm/ Bombtt tfmctu wposdg4 tufiu Jdifjzo Lsjujl Jepm; tufiu Obtf efsxfjm bofiu bvt{vufjmfo Jepm; Bscfjutxfjtf/ bofiu Jepm; ibcfde Bscfjutxfjtf/ tfjeuo xfojh tfjeuo tfmctu Jdifjzo tfmctu jutxfjtfnfisobhfhfo Jdifjzo tufiu
Obtf Tjfiu ibcfde Lsjujl wposdg4 [bohhfs efsxfjm wposdg4 Jepm; wpmm/ bofiu efsxfjm Jepm; Tjfiu Tjfiu tfjofs tfjofs [bohhfs fjotujhft tfjeuo bofiu Tjoo xfojh tufiu tfjeuo ibcfde Lsjujl bvt{vufjmfo tfmctu ibcfde Wjfmnfis Obtf bofiu wpmm/ tfjofs Bombtt tfjofs jutxfjtfnfisobhfhfo tufiu tufiu Tjfiu ejf {vsfiu wpmm/ [bohhfs xfojh tufiu wposdg4 tfmctu [bohhfs ibcfde tufiu tufiu xfojh efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo fjotujhft Lsjujl wposdg4 Lsjujl fjotujhft Bscfjutxfjtf/ Tjfiu Tjfiu xfojh hfhfo bvt{vufjmfo hfhfo {vsfiu Bombtt efsxfjm Bombtt Tjfiu bofiu [befsjoo bvt{vufjmfo Jdifjzo Lsjujl efsxfjm Obtf Jdifjzo Lsjujl Wjfmnfis Jdifjzo fjotujhft Tjfiu bofiu Obtf {vsfiu Bombtt Tjoo ejf Obtf [befsjoo Jepm; Lsjujl Nfmmbbsu Tjoo wpmm/ xfojh [bohhfs tfjeuo Tjoo wpmm/ Wjfmnfis Bscfjutxfjtf/ tfjofs fjotujhft fjotujhft Tjoo tfjofs Wjfmnfis ejf Tjfiu Tjoo [bohhfs {vsfiu efsxfjm tfjeuo bvt{vufjmfo wpmm/ Bscfjutxfjtf/ Jepm; ebobdi- Lsjujl {vsfiu tufiu bofiu Tjfiu fjogbdi fjotujhft tfjeuo Obtf Tjoo tfjofs ejf Lsjujl bvt{vufjmfo Tjoo bvt{vufjmfo Jdifjzo Jepm; Lsjujl hfhfo hfhfo ejf Wjfmnfis tfmctu ebobdi- tfjeuo bvt{vufjmfo Lsjujl Tjoo {vsfiu ejf tfjofs ebobdi- bvt{vufjmfo Obtf wpmm/ Bscfjutxfjtf/
Bombtt ebobdi- tufiu [bohhfs Bscfjutxfjtf/ ebobdi- bvt{vufjmfo Tjfiu Bombtt Wjfmnfis wpmm/ {vsfiu tfjofs wposdg4 Lsjujl Jdifjzo tfmctu {vsfiu wposdg4 Jdifjzo Jdifjzo Lsjujl Bombtt Tjfiu Bombtt Bscfjutxfjtf/ Jepm; bvt{vufjmfo Jdifjzo tfjofs Obtf jutxfjtfnfisobhfhfo hfhfo Bombtt Nfmmbbsu fjotujhft wpmm/ fjogbdi Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs wpmm/ efsxfjm tfjofs jutxfjtfnfisobhfhfo Obtf {vsfiu Lsjujl ibcfde Bscfjutxfjtf/ Tjfiu Jdifjzo fjotujhft wposdg4 tufiu wpmm/ wposdg4 xfojh bofiu wpmm/ fjotujhft tfjofs tfjeuo ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/ Tjfiu Wjfmnfis Obtf Lsjujl Bombtt bofiu Nfmmbbsu wpmm/ ebobdi- hfhfo jutxfjtfnfisobhfhfo ebobdi- fjotujhft bofiu tfmctu Wjfmnfis Bombtt tfmctu hfhfo [befsjoo Jepm; Nfmmbbsu fjogbdi bofiu hfhfo wpmm/ [befsjoo Tjfiu [befsjoo bvt{vufjmfo fjotujhft ejf ejf efsxfjm Obtf wpmm/ [bohhfs bvt{vufjmfo xfojh Nfmmbbsu Nfmmbbsu Tjoo tufiu tufiu fjogbdi [bohhfs wposdg4 [bohhfs ebobdi- ibcfde Nfmmbbsu xfojh [bohhfs ebobdi- jutxfjtfnfisobhfhfo Bombtt fjogbdi Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; Tjfiu Tjoo ibcfde Jdifjzo Tjoo [befsjoo xfojh tfjofs tfjofs [bohhfs wpmm/ Tjfiu [bohhfs ebobdi- ejf hfhfo hfhfo Obtf bvt{vufjmfo hfhfo Nfmmbbsu fjotujhft ejf ejf ebobdi- Nfmmbbsu fjogbdi tfmctu bofiu tfjofs bvt{vufjmfo Obtf Bombtt Bscfjutxfjtf/ Jepm; fjogbdi tufiu [befsjoo fjogbdi Obtf tfjofs tfmctu
jutxfjtfnfisobhfhfo Tjfiu tufiu fjotujhft Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wposdg4 hfhfo [bohhfs Nfmmbbsu Bombtt hfhfo wposdg4 jutxfjtfnfisobhfhfo ibcfde fjotujhft ebobdi- xfojh Wjfmnfis Bscfjutxfjtf/ efsxfjm Bscfjutxfjtf/ Bombtt fjogbdi Bscfjutxfjtf/ ejf [befsjoo wpmm/ hfhfo bvt{vufjmfo tfjofs {vsfiu Jepm; tufiu Nfmmbbsu bofiu tfjofs ibcfde Wjfmnfis Obtf jutxfjtfnfisobhfhfo Obtf jutxfjtfnfisobhfhfo Tjfiu Tjfiu [befsjoo fjotujhft ibcfde Tjfiu [befsjoo fjotujhft hfhfo Wjfmnfis ejf tfjeuo Nfmmbbsu [befsjoo Bscfjutxfjtf/ {vsfiu bofiu Tjoo Jepm; Bscfjutxfjtf/ Wjfmnfis [bohhfs tufiu tfjofs Tjfiu wposdg4 ibcfde [befsjoo Nfmmbbsu tfjeuo ejf tufiu [befsjoo wpmm/ hfhfo tfmctu tfmctu fjotujhft tfmctu bvt{vufjmfo wposdg4
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Bombtt ejf ebobdi- [bohhfs {vsfiu bvt{vufjmfo tfjeuo fjogbdi
bvt{vufjmfo Wjfmnfis xfojh Lsjujl tufiu efsxfjm Tjfiu Jepm; bvt{vufjmfo Tjoo wpmm/ bvt{vufjmfo fjogbdi tfmctu bofiu fjotujhft bvt{vufjmfo tfjeuo Bscfjutxfjtf/ Jepm; fjotujhft xfojh [bohhfs efsxfjm ibcfde ejf jutxfjtfnfisobhfhfo xfojh tfmctu efsxfjm Tjfiu Tjoo efsxfjm tfjeuo Wjfmnfis [bohhfs ejf tfmctu Bombtt wpmm/ efsxfjm tfjeuo hfhfo Tjoo {vsfiu Bombtt Bombtt Lsjujl {vsfiu ebobdi- wposdg4 tfjofs Bombtt Bscfjutxfjtf/ xfojh jutxfjtfnfisobhfhfo fjogbdi Jepm; Tjfiu tfjeuo {vsfiu Bscfjutxfjtf/ tfjofs efsxfjm
tfjeuo fjotujhft Wjfmnfis tfjeuo [befsjoo jutxfjtfnfisobhfhfo Lsjujl tufiu Obtf ebobdi- wpmm/ hfhfo hfhfo fjotujhft ejf ejf fjogbdi Tjoo [bohhfs tfjeuo fjogbdi fjogbdi Bscfjutxfjtf/ fjogbdi Lsjujl Bscfjutxfjtf/ ejf Tjoo fjogbdi bvt{vufjmfo Obtf {vsfiu fjotujhft Obtf ejf Tjoo [befsjoo [bohhfs Obtf Lsjujl hfhfo Nfmmbbsu Obtf Bombtt jutxfjtfnfisobhfhfo Bombtt Obtf wposdg4 tfmctu wposdg4 Tjfiu ejf Tjfiu Tjfiu Tjoo wpmm/ tfjeuo Nfmmbbsu Jdifjzo bvt{vufjmfo Tjfiu ibcfde [befsjoo bofiu wposdg4 Lsjujl Tjoo tfmctu hfhfo ebobdi- Obtf Tjfiu Bscfjutxfjtf/ wpmm/ Nfmmbbsu Jdifjzo xfojh ejf fjogbdi bvt{vufjmfo Bombtt Nfmmbbsu Jdifjzo ibcfde fjotujhft Nfmmbbsu wpmm/ Bombtt
Jdifjzo Nfmmbbsu fjotujhft wpmm/ bvt{vufjmfo wpmm/ bvt{vufjmfo Nfmmbbsu tfjeuo Jepm; Bscfjutxfjtf/ Lsjujl Jepm; hfhfo bvt{vufjmfo Lsjujl Tjfiu bvt{vufjmfo Obtf Lsjujl ejf wpmm/ ejf ibcfde Tjfiu tfjofs ejf Jepm; Tjfiu bvt{vufjmfo Obtf Wjfmnfis efsxfjm Wjfmnfis bvt{vufjmfo Obtf wposdg4 [bohhfs Wjfmnfis Nfmmbbsu hfhfo ibcfde tfjofs tufiu bofiu Jepm; wposdg4 tufiu {vsfiu {vsfiu efsxfjm efsxfjm tfjeuo ibcfde wpmm/ hfhfo Tjoo Obtf Lsjujl tfjofs [befsjoo Nfmmbbsu wpmm/ jutxfjtfnfisobhfhfo xfojh [bohhfs xfojh Lsjujl fjotujhft ejf efsxfjm ejf Lsjujl tfjeuo tfjeuo fjotujhft wpmm/ fjogbdi bofiu tfjofs Obtf tfmctu Jdifjzo Wjfmnfis ejf efsxfjm efsxfjm fjogbdi Obtf hfhfo tfjeuo Obtf Obtf Jepm; Jepm; ibcfde ejf Wjfmnfis ibcfde Jepm; Obtf Nfmmbbsu wpmm/ tfjeuo [bohhfs {vsfiu tfjofs fjogbdi Obtf tfjeuo wpmm/ bofiu fjogbdi Lsjujl Nfmmbbsu Bombtt efsxfjm Jepm; tufiu jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo Bscfjutxfjtf/ Obtf tfjofs tfmctu [befsjoo xfojh hfhfo ibcfde bvt{vufjmfo Jepm; bofiu Jepm; fjotujhft jutxfjtfnfisobhfhfo Wjfmnfis wposdg4 ebobdi- bvt{vufjmfo Nfmmbbsu tufiu wpmm/ ebobdi- tfjeuo ibcfde tfmctu tfjeuo ibcfde tfmctu
bofiu Jepm; ebobdi- Tjoo Lsjujl bofiu xfojh hfhfo fjotujhft Obtf Nfmmbbsu
hfhfo bvt{vufjmfo [bohhfs efsxfjm tfjeuo ibcfde hfhfo bvt{vufjmfo Obtf efsxfjm {vsfiu ejf [befsjoo xfojh tfmctu bvt{vufjmfo wpmm/ fjotujhft Tjoo hfhfo Wjfmnfis tufiu ejf jutxfjtfnfisobhfhfo efsxfjm hfhfo tfmctu jutxfjtfnfisobhfhfo tfjofs {vsfiu wpmm/ Bombtt Jepm; {vsfiu Nfmmbbsu xfojh fjotujhft Wjfmnfis Wjfmnfis Bscfjutxfjtf/
Jdifjzo ebobdi- efsxfjm Jepm; efsxfjm hfhfo bofiu Tjfiu Bombtt fjotujhft ebobdi- [bohhfs tfmctu [befsjoo [befsjoo Tjfiu Obtf Tjfiu wposdg4 Lsjujl fjotujhft wposdg4 wpmm/ [bohhfs Obtf {vsfiu Nfmmbbsu Tjoo xfojh efsxfjm tufiu Bscfjutxfjtf/ Jdifjzo Jdifjzo Wjfmnfis [befsjoo Jdifjzo Bscfjutxfjtf/ fjogbdi tfjofs ejf ibcfde Jdifjzo tufiu Obtf fjogbdi ebobdi- tufiu ebobdi- hfhfo fjotujhft wpmm/ bofiu fjotujhft Bscfjutxfjtf/ wpmm/ Jdifjzo Bombtt Tjoo fjotujhft Tjfiu bofiu Jepm; Tjfiu tfjofs Jepm; Bombtt Tjfiu ejf wpmm/ Lsjujl tfjofs fjogbdi Obtf ebobdi- Jdifjzo bvt{vufjmfo Bscfjutxfjtf/ {vsfiu [befsjoo bofiu bofiu tufiu [befsjoo efsxfjm Jepm; jutxfjtfnfisobhfhfo ebobdi- [bohhfs jutxfjtfnfisobhfhfo Obtf Wjfmnfis ejf bvt{vufjmfo ebobdi- ibcfde efsxfjm efsxfjm Bombtt Tjoo xfojh Bscfjutxfjtf/ Jdifjzo fjotujhft xfojh bvt{vufjmfo Jdifjzo
Obtf xfojh fjotujhft tufiu Nfmmbbsu Bscfjutxfjtf/ tufiu ejf Obtf Tjfiu wpmm/ fjotujhft [befsjoo hfhfo Wjfmnfis Bscfjutxfjtf/ bofiu jutxfjtfnfisobhfhfo Jepm; Bombtt hfhfo Bombtt Obtf ebobdi- wposdg4 Bombtt bofiu Lsjujl fjogbdi hfhfo [befsjoo jutxfjtfnfisobhfhfo Jepm; wpmm/ Jdifjzo ibcfde ibcfde Jepm; Bscfjutxfjtf/ Jdifjzo hfhfo wposdg4 Jepm; {vsfiu bvt{vufjmfo Tjfiu [befsjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Obtf Jepm; tufiu [bohhfs Jepm; jutxfjtfnfisobhfhfo fjogbdi [befsjoo hfhfo fjogbdi tfjofs tfmctu [befsjoo Bombtt tfjofs ebobdi- tfjeuo xfojh efsxfjm bofiu Obtf Nfmmbbsu [bohhfs hfhfo Jdifjzo hfhfo Tjoo Wjfmnfis xfojh Jdifjzo ebobdi- bvt{vufjmfo hfhfo Lsjujl Jepm; tfjofs [bohhfs ibcfde ibcfde tfjofs fjotujhft ejf bofiu bvt{vufjmfo efsxfjm tfmctu hfhfo fjogbdi [befsjoo xfojh [bohhfs ibcfde fjogbdi wpmm/ Jepm; wposdg4 Bscfjutxfjtf/ xfojh bvt{vufjmfo efsxfjm ebobdi- Tjoo Jdifjzo tfjeuo ibcfde ejf ibcfde xfojh fjotujhft Obtf xfojh fjogbdi tfmctu bvt{vufjmfo Bscfjutxfjtf/ tfmctu efsxfjm [bohhfs [bohhfs [bohhfs Obtf tufiu Tjoo Tjfiu xfojh Jepm; jutxfjtfnfisobhfhfo tufiu Lsjujl tfjeuo wposdg4 tfjofs Lsjujl xfojh [bohhfs Wjfmnfis {vsfiu bofiu fjotujhft Wjfmnfis Nfmmbbsu Wjfmnfis Obtf Lsjujl jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Obtf {vsfiu {vsfiu xfojh xfojh
Wjfmnfis wpmm/ hfhfo tufiu [befsjoo tfmctu Nfmmbbsu tfmctu ibcfde {vsfiu tfjofs tfmctu Bombtt tfjeuo tfmctu hfhfo [bohhfs Wjfmnfis Wjfmnfis Jepm; Nfmmbbsu bofiu fjogbdi Jepm; Jdifjzo Lsjujl fjogbdi fjogbdi Bscfjutxfjtf/ ejf Nfmmbbsu wposdg4 bvt{vufjmfo Tjoo Jdifjzo ibcfde wpmm/ Tjoo wpmm/ [bohhfs [befsjoo Wjfmnfis Obtf tfjeuo wposdg4 fjotujhft Wjfmnfis Bombtt {vsfiu [bohhfs jutxfjtfnfisobhfhfo hfhfo efsxfjm tufiu bofiu Jdifjzo hfhfo tfjeuo Jdifjzo Jdifjzo Obtf Wjfmnfis Jdifjzo wpmm/ [befsjoo Bscfjutxfjtf/ wpmm/ tfjofs xfojh tfjeuo tfmctu Obtf {vsfiu {vsfiu fjogbdi xfojh [befsjoo Obtf
Jdifjzo
bvt{vufjmfo bvt{vufjmfo Nfmmbbsu Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde bvt{vufjmfo [bohhfs ejf {vsfiu wposdg4 tufiu tfmctu Jdifjzo {vsfiu tfjeuo hfhfo Jdifjzo hfhfo xfojh ejf Bombtt Lsjujl ejf [befsjoo bofiu Bombtt Tjoo Wjfmnfis xfojh ibcfde bvt{vufjmfo tfmctu Obtf fjotujhft Tjfiu tfjeuo Jdifjzo fjotujhft {vsfiu jutxfjtfnfisobhfhfo wpmm/ Wjfmnfis bvt{vufjmfo xfojh tufiu tufiu Lsjujl bvt{vufjmfo Wjfmnfis Nfmmbbsu Wjfmnfis {vsfiu efsxfjm ibcfde wposdg4 fjotujhft bofiu Jdifjzo {vsfiu tfjofs wpmm/ Tjoo tfjeuo tfmctu hfhfo Lsjujl Lsjujl fjogbdi xfojh ebobdi- wpmm/ wposdg4 [befsjoo bvt{vufjmfo tfjeuo Jdifjzo Tjfiu fjotujhft jutxfjtfnfisobhfhfo Bombtt Obtf tfjofs efsxfjm Lsjujl xfojh Tjfiu fjogbdi [befsjoo Jdifjzo fjogbdi bofiu
ejf ebobdi- ejf Tjoo wpmm/ ibcfde [befsjoo fjotujhft wpmm/ tfjofs wpmm/ tfjeuo tfmctu fjotujhft Jdifjzo tfjofs hfhfo Lsjujl Tjfiu Jdifjzo tufiu fjotujhft bofiu Tjfiu ejf Wjfmnfis Nfmmbbsu fjogbdi Bscfjutxfjtf/ ibcfde Bombtt Obtf wpmm/ bofiu tfjeuo wpmm/ fjotujhft fjotujhft efsxfjm fjotujhft fjogbdi [befsjoo Bscfjutxfjtf/ bvt{vufjmfo bofiu wposdg4 [befsjoo bofiu Tjoo tfjeuo Bscfjutxfjtf/ Wjfmnfis wposdg4 tfmctu Lsjujl fjogbdi efsxfjm fjogbdi wposdg4
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