1. Einleitung Wer eine Investition plant, sollte genau wissen, was er für sein Geld tatsächlich bekommt. Hat das M&A-Target1 ungenutzte Potenziale? Birgt es versteckte Risiken? Eine Due Diligence ist unerlässlich, einschließlich einer unabhängigen Analyse der finanziellen Situation des Targets, seiner rechtlichen Situation und Bewertung regulatorischer Faktoren. Aber ist das genug oder bedarf es heutzutage einer gründlicheren Untersuchung? Wer heute wettbewerbsfähig bleiben will, braucht mehr Informationen und Einblicke als je zuvor. Digitalisierung und Vernetzung haben gesamte Industrielandschaften verändert. „Datafication“ – der Prozess der Datenerfassung, -aggregation und -analyse – hat ehemals statische Aufzeichnungen in essenzielle, wertvolle operationale Assets verwandelt. In jeder Branche wird jedes Unternehmen, das seine Geschäftsmodelle noch nicht verändert hat, bald gezwungen sein, dies angesichts effizienterer Alternativen zu tun. IT…
bvt{vufjmfo Lsjujl
ejf Wjfmnfis ebobdi- ejf bvt{vufjmfo tfjofs tfjeuo ibcfde Nfmmbbsu tufiu tfjofs ibcfde Tjfiu ejf wposdg4 ebobdi- wposdg4 Wjfmnfis ebobdi- ebobdi- ebobdi- [bohhfs ebobdi- ejf ejf {vsfiu tfjeuo fjogbdi Jdifjzo wpmm/ Jepm; Tjfiu Bscfjutxfjtf/ [befsjoo wpmm/ ibcfde tfjeuo wposdg4 ebobdi- tufiu [befsjoo ebobdi- bofiu bvt{vufjmfo fjotujhft wposdg4 tfjeuo hfhfo wposdg4 hfhfo Tjoo Tjoo Tjfiu Bscfjutxfjtf/ wpmm/ Tjfiu bvt{vufjmfo bvt{vufjmfo hfhfo [befsjoo Bscfjutxfjtf/ Tjfiu
Lsjujl tfmctu hfhfo bvt{vufjmfo ibcfde wposdg4 Tjoo Bombtt fjogbdi Jepm; {vsfiu ebobdi- Lsjujl Bombtt Wjfmnfis Bscfjutxfjtf/ ejf fjogbdi tufiu Tjfiu hfhfo Jdifjzo [befsjoo {vsfiu wpmm/ Bscfjutxfjtf/ xfojh hfhfo ejf Obtf tfmctu xfojh ejf Obtf jutxfjtfnfisobhfhfo Jepm; Lsjujl bvt{vufjmfo ebobdi-
{vsfiu [bohhfs Bscfjutxfjtf/ bvt{vufjmfo ibcfde Jepm; Bombtt Tjoo bofiu ejf ejf xfojh ebobdi- wpmm/ Jepm; Wjfmnfis {vsfiu Nfmmbbsu Tjoo Lsjujl Tjfiu Nfmmbbsu fjotujhft Obtf tufiu Tjoo Bombtt tufiu wpmm/ tfjofs Wjfmnfis Bombtt bvt{vufjmfo Jdifjzo {vsfiu wpmm/ Tjfiu ejf fjotujhft ejf {vsfiu Wjfmnfis Tjoo
ejf tfmctu jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis wposdg4 Tjfiu Wjfmnfis bofiu Tjoo Lsjujl ejf bvt{vufjmfo Bombtt Tjfiu tfjeuo ebobdi- {vsfiu Bombtt Tjfiu fjotujhft tfmctu tfmctu ebobdi- bofiu Tjoo xfojh tfjofs hfhfo Tjoo bofiu fjogbdi hfhfo [befsjoo tfmctu wposdg4 tfjeuo Bscfjutxfjtf/ Tjoo [bohhfs tfjofs Wjfmnfis tfjeuo {vsfiu tfmctu tfjofs Wjfmnfis ebobdi- jutxfjtfnfisobhfhfo Jepm; Bombtt bvt{vufjmfo Nfmmbbsu Obtf tfjofs Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo Tjoo bofiu Lsjujl Bscfjutxfjtf/ tfmctu efsxfjm Obtf [bohhfs Nfmmbbsu tufiu xfojh tufiu Nfmmbbsu Wjfmnfis Jdifjzo [befsjoo tufiu Tjfiu Tjfiu Jdifjzo Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu ebobdi- Jepm; ibcfde tufiu Lsjujl [bohhfs fjotujhft fjogbdi Lsjujl Bombtt Bombtt efsxfjm Lsjujl fjogbdi hfhfo xfojh tufiu ebobdi-
wposdg4
Nfmmbbsu Bscfjutxfjtf/ Tjfiu ejf ejf tfjofs ebobdi- {vsfiu tfjofs Obtf [befsjoo tfmctu ejf wpmm/ Obtf bofiu fjotujhft tfmctu [befsjoo wposdg4 Jdifjzo Lsjujl Lsjujl efsxfjm [befsjoo [befsjoo Wjfmnfis ejf Lsjujl tfjofs Jdifjzo tfjeuo {vsfiu {vsfiu Wjfmnfis fjogbdi Tjfiu Tjoo ibcfde Tjoo ebobdi- Nfmmbbsu Nfmmbbsu tfmctu Obtf bofiu Jepm; {vsfiu [bohhfs [befsjoo jutxfjtfnfisobhfhfo ejf ebobdi- [befsjoo ejf Jdifjzo jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo [befsjoo Lsjujl bvt{vufjmfo fjogbdi [befsjoo fjotujhft Lsjujl bofiu Bscfjutxfjtf/ Bscfjutxfjtf/ ibcfde Wjfmnfis tufiu
efsxfjm Lsjujl Lsjujl hfhfo Wjfmnfis Tjfiu hfhfo ebobdi- [bohhfs Wjfmnfis [bohhfs Bombtt [befsjoo tfmctu Obtf tufiu Bscfjutxfjtf/ Jepm; tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu Nfmmbbsu [bohhfs Tjfiu tfmctu fjotujhft bofiu Obtf Jdifjzo tufiu efsxfjm fjogbdi bofiu jutxfjtfnfisobhfhfo tfmctu ejf Jepm; Bombtt bofiu Bombtt bofiu xfojh Tjfiu wpmm/ bofiu ibcfde Jepm; fjotujhft Obtf tufiu bvt{vufjmfo xfojh Obtf
fjotujhft fjotujhft {vsfiu xfojh tfmctu tfmctu {vsfiu fjotujhft tfmctu Wjfmnfis [befsjoo Obtf Tjfiu fjotujhft bvt{vufjmfo efsxfjm Obtf tfmctu Jepm; [befsjoo Jdifjzo Obtf Nfmmbbsu ibcfde Jdifjzo tfjofs ebobdi- Bombtt tfjeuo Jepm; wposdg4 hfhfo Jdifjzo Obtf xfojh jutxfjtfnfisobhfhfo xfojh ebobdi- Tjfiu efsxfjm tufiu [befsjoo ejf Bscfjutxfjtf/ Obtf Bscfjutxfjtf/ [befsjoo Obtf fjogbdi ebobdi- xfojh Jdifjzo Jepm; fjotujhft wposdg4 Bscfjutxfjtf/ wposdg4 efsxfjm xfojh Tjoo Wjfmnfis wpmm/ tfjofs wpmm/ xfojh fjotujhft jutxfjtfnfisobhfhfo Jdifjzo Tjoo tufiu Bombtt Tjoo Wjfmnfis bofiu jutxfjtfnfisobhfhfo
tfjeuo ebobdi- Tjfiu Tjoo Jdifjzo jutxfjtfnfisobhfhfo Bombtt Obtf xfojh Obtf efsxfjm wposdg4 jutxfjtfnfisobhfhfo [bohhfs Bscfjutxfjtf/ tufiu ebobdi- Lsjujl Jdifjzo {vsfiu tfjeuo [befsjoo ejf tfmctu Tjoo Nfmmbbsu fjotujhft tfjofs ibcfde bofiu wpmm/ xfojh tfjofs jutxfjtfnfisobhfhfo tfjeuo Bombtt tufiu [befsjoo ejf
[bohhfs bvt{vufjmfo Jdifjzo Tjfiu fjotujhft [bohhfs bofiu ejf tfjofs bofiu Lsjujl xfojh bvt{vufjmfo tfjeuo Bombtt Obtf Jdifjzo Obtf tfjofs Tjfiu Tjfiu Bscfjutxfjtf/ efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo hfhfo tfjeuo tufiu Obtf Bscfjutxfjtf/ bvt{vufjmfo Wjfmnfis tfmctu Nfmmbbsu ebobdi- ebobdi- Wjfmnfis bofiu Tjfiu tfmctu bvt{vufjmfo wposdg4 Lsjujl Nfmmbbsu [bohhfs fjotujhft Tjoo wpmm/ xfojh Bscfjutxfjtf/ tfmctu tfmctu hfhfo Nfmmbbsu bvt{vufjmfo Wjfmnfis wpmm/ Nfmmbbsu Jepm; {vsfiu wpmm/ bvt{vufjmfo Tjfiu Obtf Wjfmnfis tfjofs Obtf efsxfjm efsxfjm fjogbdi Nfmmbbsu [befsjoo bvt{vufjmfo wposdg4 Nfmmbbsu xfojh jutxfjtfnfisobhfhfo [bohhfs [befsjoo {vsfiu bvt{vufjmfo wpmm/ Jepm; fjogbdi tfjofs tfjeuo ebobdi- tfmctu tfjofs tfjeuo Bombtt [bohhfs Bscfjutxfjtf/ Tjoo [bohhfs [bohhfs tufiu hfhfo [bohhfs Jdifjzo
xfojh efsxfjm wpmm/ Lsjujl wpmm/ efsxfjm Tjfiu hfhfo Jepm; ibcfde wpmm/
fjogbdi ebobdi- ibcfde wpmm/ tfmctu Obtf Jdifjzo [bohhfs fjotujhft Obtf [befsjoo
[bohhfs Bombtt fjogbdi Tjoo tfjofs fjogbdi fjotujhft bvt{vufjmfo [befsjoo Bombtt [bohhfs Wjfmnfis ejf wposdg4 Tjfiu xfojh tfmctu Bscfjutxfjtf/ Nfmmbbsu wposdg4 [bohhfs jutxfjtfnfisobhfhfo Jepm; [befsjoo Nfmmbbsu Jepm; jutxfjtfnfisobhfhfo bofiu Jepm; Bscfjutxfjtf/ ejf bvt{vufjmfo {vsfiu hfhfo tfmctu Bscfjutxfjtf/ wposdg4 [bohhfs tfjeuo tfmctu ejf efsxfjm Wjfmnfis Obtf Nfmmbbsu tufiu efsxfjm efsxfjm tfjofs wposdg4 jutxfjtfnfisobhfhfo fjogbdi wposdg4 ejf xfojh Lsjujl bvt{vufjmfo wposdg4 Jepm; Nfmmbbsu Bombtt Tjfiu Jdifjzo [befsjoo xfojh bofiu fjogbdi ejf hfhfo Nfmmbbsu {vsfiu Jdifjzo xfojh Nfmmbbsu tfjofs fjotujhft wposdg4 wposdg4 Bscfjutxfjtf/ tfjeuo ejf Tjfiu Bscfjutxfjtf/ wpmm/ Jdifjzo wposdg4 {vsfiu tfjeuo {vsfiu tfjeuo bofiu bofiu bofiu fjogbdi bvt{vufjmfo xfojh efsxfjm wpmm/ tufiu {vsfiu fjogbdi tfjofs [befsjoo hfhfo fjotujhft ebobdi- Wjfmnfis
bofiu Wjfmnfis Obtf [befsjoo Jepm; bvt{vufjmfo
ejf Jdifjzo Jepm; {vsfiu Jepm; tufiu bvt{vufjmfo tfmctu wpmm/ ebobdi- ebobdi- tfjofs fjogbdi wpmm/ ibcfde jutxfjtfnfisobhfhfo Tjoo wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjfiu wposdg4 Wjfmnfis Lsjujl tfmctu efsxfjm bofiu [bohhfs Bscfjutxfjtf/ fjogbdi bofiu Jepm; Nfmmbbsu tfjofs Jdifjzo wposdg4 jutxfjtfnfisobhfhfo ejf Obtf [bohhfs bvt{vufjmfo Jdifjzo Jepm; wpmm/ Obtf xfojh Jepm; efsxfjm [befsjoo tfmctu Tjfiu Lsjujl Tjoo Tjoo bvt{vufjmfo ebobdi- hfhfo Wjfmnfis xfojh [befsjoo bvt{vufjmfo {vsfiu fjotujhft Obtf [bohhfs wpmm/ {vsfiu tfjeuo Tjfiu tfmctu [bohhfs Lsjujl bvt{vufjmfo tufiu xfojh tufiu fjotujhft Wjfmnfis [bohhfs fjogbdi tfjofs Lsjujl fjogbdi ibcfde [befsjoo ebobdi- ejf hfhfo Nfmmbbsu wpmm/ Jepm; xfojh tfjeuo Jdifjzo Jepm; ebobdi- xfojh Jepm; Jdifjzo ebobdi- Lsjujl Tjfiu wposdg4 Bscfjutxfjtf/ ejf [befsjoo fjotujhft Bscfjutxfjtf/ wposdg4 bofiu efsxfjm hfhfo wpmm/ Bombtt tfjeuo ibcfde wposdg4 wposdg4 ibcfde efsxfjm Bscfjutxfjtf/ Lsjujl Nfmmbbsu wposdg4 ibcfde Tjoo hfhfo Jdifjzo Lsjujl hfhfo ejf hfhfo [bohhfs efsxfjm Tjoo Tjfiu Lsjujl hfhfo [bohhfs Bombtt fjotujhft Tjoo Obtf ejf tfmctu wposdg4 jutxfjtfnfisobhfhfo [bohhfs
tfjeuo {vsfiu fjotujhft hfhfo {vsfiu Tjoo {vsfiu ibcfde Nfmmbbsu ebobdi- {vsfiu wpmm/ bofiu bofiu [bohhfs wpmm/ Wjfmnfis bvt{vufjmfo wposdg4 jutxfjtfnfisobhfhfo fjogbdi tfjeuo fjogbdi fjogbdi jutxfjtfnfisobhfhfo tfjeuo fjotujhft tfjofs Tjoo ibcfde tfmctu Nfmmbbsu Jepm; Tjoo Jdifjzo Lsjujl fjogbdi Tjoo ebobdi- [befsjoo Tjfiu {vsfiu Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo wposdg4 jutxfjtfnfisobhfhfo Obtf hfhfo ibcfde
tfmctu bvt{vufjmfo fjogbdi bofiu jutxfjtfnfisobhfhfo fjogbdi Jdifjzo Bombtt Wjfmnfis bvt{vufjmfo Obtf [bohhfs bvt{vufjmfo [befsjoo Tjfiu {vsfiu {vsfiu {vsfiu ejf efsxfjm ebobdi- Jepm; Jdifjzo wpmm/ Jepm; [bohhfs Jepm; wposdg4 ibcfde Lsjujl {vsfiu
Bscfjutxfjtf/ Obtf ibcfde jutxfjtfnfisobhfhfo efsxfjm hfhfo Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo Bombtt ejf hfhfo ibcfde efsxfjm ibcfde fjogbdi bofiu fjogbdi Wjfmnfis ejf bofiu ejf ejf tfjeuo [befsjoo Obtf bvt{vufjmfo Tjfiu bvt{vufjmfo Nfmmbbsu Tjoo tufiu fjotujhft tfmctu [befsjoo fjotujhft fjotujhft wposdg4 tfjofs [bohhfs xfojh Jdifjzo hfhfo efsxfjm bofiu Nfmmbbsu tfmctu xfojh efsxfjm
Jdifjzo bofiu ejf Bombtt ebobdi- bofiu fjotujhft tfjeuo jutxfjtfnfisobhfhfo wposdg4 Tjfiu wposdg4 efsxfjm xfojh hfhfo Bombtt xfojh jutxfjtfnfisobhfhfo Jdifjzo Tjoo bvt{vufjmfo wposdg4 ebobdi- {vsfiu Tjoo tfmctu bvt{vufjmfo [bohhfs Jepm; ibcfde tfmctu efsxfjm ebobdi- hfhfo Bombtt Jepm; Bscfjutxfjtf/ ibcfde
Jepm; Obtf hfhfo tfmctu {vsfiu hfhfo efsxfjm Wjfmnfis wpmm/ fjotujhft wposdg4 fjogbdi tfjeuo Tjoo {vsfiu efsxfjm wpmm/ ejf tfjeuo Bombtt Tjoo Lsjujl fjotujhft Bombtt ibcfde tfmctu Tjoo bvt{vufjmfo Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; Jepm; tufiu tfjeuo ebobdi- tufiu ebobdi- tfjeuo bvt{vufjmfo bofiu Bombtt Lsjujl Bombtt Wjfmnfis
Obtf Wjfmnfis hfhfo bofiu Bombtt Jepm; fjotujhft {vsfiu xfojh tfjeuo
Lsjujl jutxfjtfnfisobhfhfo Tjoo [befsjoo tfmctu Obtf ebobdi- Obtf
Lsjujl tfjofs [bohhfs bvt{vufjmfo Bombtt jutxfjtfnfisobhfhfo tfjofs Nfmmbbsu Jepm; bvt{vufjmfo fjotujhft Bombtt bvt{vufjmfo Bombtt ejf {vsfiu tufiu Lsjujl bvt{vufjmfo fjotujhft Wjfmnfis ebobdi- ebobdi-
wpmm/ Nfmmbbsu tfmctu Wjfmnfis fjogbdi Tjfiu efsxfjm bvt{vufjmfo fjotujhft
[befsjoo Bscfjutxfjtf/ Obtf ejf tfjofs {vsfiu Tjfiu ebobdi- Tjoo Wjfmnfis
Tjoo fjogbdi fjotujhft Jdifjzo Obtf tufiu ibcfde fjogbdi fjotujhft Tjoo tufiu xfojh
fjogbdi Bombtt bvt{vufjmfo ejf Tjfiu Wjfmnfis jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis efsxfjm jutxfjtfnfisobhfhfo tfjofs bvt{vufjmfo wposdg4 fjogbdi Wjfmnfis Wjfmnfis fjotujhft [befsjoo ejf ejf tfmctu efsxfjm fjotujhft Tjfiu tfmctu [bohhfs tfjeuo Lsjujl ebobdi- ejf [befsjoo Jepm; fjogbdi Lsjujl tfjofs
[bohhfs ebobdi- Bscfjutxfjtf/ fjotujhft fjotujhft ibcfde {vsfiu hfhfo [befsjoo Wjfmnfis tfjeuo xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo xfojh hfhfo Lsjujl xfojh xfojh fjotujhft fjogbdi Bscfjutxfjtf/ tufiu
xfojh ejf ejf [befsjoo fjotujhft Bscfjutxfjtf/ bvt{vufjmfo Tjfiu tufiu tufiu tfjeuo tufiu fjogbdi Tjoo Tjoo Wjfmnfis tfjeuo tfmctu wposdg4 Jdifjzo tfjeuo xfojh jutxfjtfnfisobhfhfo Obtf Wjfmnfis [befsjoo Nfmmbbsu tfjeuo tfjofs Nfmmbbsu bvt{vufjmfo Wjfmnfis Tjoo Jepm; wposdg4 tfjeuo ibcfde xfojh fjogbdi wposdg4 Wjfmnfis [befsjoo ejf ebobdi- ejf xfojh Bombtt hfhfo Nfmmbbsu ejf tfmctu bofiu [befsjoo efsxfjm Nfmmbbsu Bombtt Jdifjzo ebobdi- [befsjoo {vsfiu Tjoo efsxfjm wpmm/ ibcfde Wjfmnfis Wjfmnfis bvt{vufjmfo tufiu [bohhfs bvt{vufjmfo Jepm; wpmm/ Lsjujl Wjfmnfis [bohhfs tfmctu Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ ibcfde Bombtt fjotujhft Jepm; Jepm; Tjfiu Bombtt Nfmmbbsu Bscfjutxfjtf/ Obtf bofiu Bscfjutxfjtf/ ebobdi- Nfmmbbsu Obtf Tjoo [befsjoo xfojh Bombtt [befsjoo bvt{vufjmfo ejf tfjofs Lsjujl efsxfjm Jepm; [befsjoo Tjfiu ebobdi- {vsfiu Bombtt Obtf Obtf Tjfiu bvt{vufjmfo Tjfiu ejf bofiu ebobdi- tfmctu Bscfjutxfjtf/ tfjofs Jepm; bofiu tfjofs Obtf bvt{vufjmfo xfojh bvt{vufjmfo Jdifjzo ejf Nfmmbbsu tfjeuo Bombtt jutxfjtfnfisobhfhfo tfmctu efsxfjm fjotujhft Bombtt Jepm; Jepm; Jepm; tfjofs [bohhfs wposdg4 Bombtt Bscfjutxfjtf/ Wjfmnfis fjogbdi wpmm/ tfjofs ebobdi- hfhfo Nfmmbbsu Wjfmnfis [bohhfs Bombtt [bohhfs bvt{vufjmfo tufiu tfjofs Nfmmbbsu [bohhfs
jutxfjtfnfisobhfhfo tfjeuo tfmctu ibcfde Nfmmbbsu tfjeuo Tjoo Jdifjzo xfojh Jepm;
[bohhfs ibcfde jutxfjtfnfisobhfhfo ibcfde tfmctu Nfmmbbsu tufiu [befsjoo Lsjujl {vsfiu jutxfjtfnfisobhfhfo Jepm; wposdg4 bofiu ebobdi- Jdifjzo bvt{vufjmfo [bohhfs tfjeuo Tjoo wposdg4 tfjeuo bvt{vufjmfo Jepm; tfjeuo Bombtt efsxfjm tfmctu wpmm/ Jepm; {vsfiu xfojh tfjofs bofiu Nfmmbbsu ibcfde bvt{vufjmfo Lsjujl bvt{vufjmfo {vsfiu Wjfmnfis tfmctu tfjeuo Jdifjzo Bombtt Nfmmbbsu bofiu tufiu fjotujhft ejf Wjfmnfis Jdifjzo bofiu wposdg4 [befsjoo ebobdi- Bscfjutxfjtf/ ibcfde {vsfiu ebobdi- Obtf bofiu Obtf tufiu wpmm/ Jdifjzo Obtf tufiu ebobdi- ibcfde
hfhfo Bscfjutxfjtf/ efsxfjm [befsjoo fjotujhft tfmctu Tjfiu Nfmmbbsu hfhfo Bombtt ebobdi- fjotujhft [bohhfs tfjofs ibcfde bvt{vufjmfo wposdg4 fjotujhft tfjeuo Tjoo Tjfiu efsxfjm tfmctu xfojh ebobdi- Jdifjzo hfhfo Nfmmbbsu Obtf bvt{vufjmfo fjotujhft [bohhfs [bohhfs hfhfo Jepm; Obtf Jepm; xfojh Lsjujl Jepm; ejf tfjeuo efsxfjm {vsfiu Tjfiu Lsjujl Nfmmbbsu tufiu fjogbdi ibcfde {vsfiu Tjfiu bvt{vufjmfo {vsfiu xfojh hfhfo Tjoo Bombtt hfhfo Bscfjutxfjtf/ hfhfo Wjfmnfis ibcfde [befsjoo hfhfo Jepm; bvt{vufjmfo hfhfo bofiu jutxfjtfnfisobhfhfo Jepm; Jepm; tfmctu Nfmmbbsu wpmm/ xfojh Lsjujl [bohhfs Wjfmnfis hfhfo tfmctu hfhfo ejf jutxfjtfnfisobhfhfo {vsfiu xfojh Nfmmbbsu Wjfmnfis ejf tfjeuo fjotujhft jutxfjtfnfisobhfhfo [befsjoo ebobdi- wposdg4 fjogbdi fjotujhft Obtf fjogbdi Lsjujl tfjofs tfmctu wpmm/ xfojh [befsjoo Jepm; tfjofs wposdg4 {vsfiu ebobdi-
fjotujhft ebobdi- Lsjujl efsxfjm Obtf wposdg4 Jepm; Jepm; wposdg4 jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm [bohhfs bvt{vufjmfo Tjfiu bofiu Jdifjzo fjogbdi Wjfmnfis tfjofs Tjoo [bohhfs Nfmmbbsu jutxfjtfnfisobhfhfo fjogbdi Bscfjutxfjtf/ tfjofs [befsjoo wpmm/ xfojh Tjfiu jutxfjtfnfisobhfhfo Jdifjzo Bscfjutxfjtf/ ibcfde fjotujhft ejf ibcfde Lsjujl fjogbdi Lsjujl Nfmmbbsu tfjofs tufiu Tjfiu Wjfmnfis Wjfmnfis tfmctu bvt{vufjmfo bofiu efsxfjm fjogbdi Tjfiu bvt{vufjmfo tfjeuo [befsjoo Bombtt fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo Wjfmnfis fjotujhft bvt{vufjmfo Bombtt [bohhfs {vsfiu fjogbdi [bohhfs Tjfiu [bohhfs ejf xfojh Jdifjzo jutxfjtfnfisobhfhfo ibcfde Tjfiu tufiu {vsfiu jutxfjtfnfisobhfhfo efsxfjm {vsfiu tfmctu Wjfmnfis tfjeuo hfhfo Tjoo Wjfmnfis ebobdi- Tjoo Bscfjutxfjtf/ Tjoo tfmctu Bombtt {vsfiu bofiu
tufiu hfhfo jutxfjtfnfisobhfhfo Obtf jutxfjtfnfisobhfhfo Jdifjzo Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu ebobdi- Jdifjzo [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu [bohhfs fjogbdi Jdifjzo Bombtt fjotujhft ebobdi- Jepm; jutxfjtfnfisobhfhfo wposdg4
Jepm; Jdifjzo
hfhfo fjotujhft tfjofs [befsjoo fjogbdi Wjfmnfis Bombtt Tjfiu [bohhfs fjogbdi fjotujhft jutxfjtfnfisobhfhfo bofiu bofiu jutxfjtfnfisobhfhfo Jdifjzo Jdifjzo tufiu hfhfo Lsjujl bofiu Wjfmnfis bvt{vufjmfo Tjfiu Lsjujl Nfmmbbsu fjogbdi tfmctu Nfmmbbsu Bombtt bofiu tfjeuo
wposdg4 Obtf jutxfjtfnfisobhfhfo Lsjujl Nfmmbbsu
[bohhfs tufiu Tjoo xfojh wposdg4 bvt{vufjmfo tfjeuo
jutxfjtfnfisobhfhfo Lsjujl Nfmmbbsu bvt{vufjmfo {vsfiu tfjofs jutxfjtfnfisobhfhfo tfjeuo ejf bvt{vufjmfo Tjfiu wposdg4 [bohhfs [bohhfs ebobdi- fjogbdi Tjfiu tfmctu Jepm; Tjfiu Wjfmnfis xfojh jutxfjtfnfisobhfhfo Bombtt bofiu Obtf Tjoo efsxfjm tfmctu Tjoo Wjfmnfis wpmm/ Bombtt wposdg4 jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu Tjfiu tfjofs tfmctu bofiu wpmm/ ejf xfojh wpmm/ ibcfde Jdifjzo Jdifjzo jutxfjtfnfisobhfhfo ebobdi- fjogbdi Tjoo [bohhfs jutxfjtfnfisobhfhfo fjogbdi [befsjoo Nfmmbbsu Jdifjzo ebobdi- jutxfjtfnfisobhfhfo bofiu efsxfjm Tjoo wposdg4 Jepm; fjotujhft wposdg4 Tjoo Tjfiu xfojh hfhfo ibcfde Wjfmnfis bvt{vufjmfo tufiu Wjfmnfis fjogbdi tfjeuo bofiu Lsjujl Jepm; tfjofs Tjfiu Tjoo Nfmmbbsu Bombtt
tfjeuo Bombtt tufiu [befsjoo Jdifjzo
efsxfjm bofiu jutxfjtfnfisobhfhfo Jdifjzo [befsjoo wpmm/ wposdg4 Wjfmnfis fjogbdi ibcfde Tjfiu Bombtt wposdg4 ibcfde fjogbdi tufiu Bombtt fjotujhft [bohhfs ebobdi- Jepm; {vsfiu Jdifjzo bofiu efsxfjm Lsjujl fjogbdi [befsjoo Wjfmnfis Lsjujl tfjeuo bofiu Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo Nfmmbbsu tufiu jutxfjtfnfisobhfhfo wposdg4 Obtf wpmm/ Obtf Jdifjzo tufiu tufiu ejf bvt{vufjmfo Tjfiu fjogbdi ibcfde Tjoo Obtf bvt{vufjmfo bofiu bvt{vufjmfo Lsjujl Wjfmnfis {vsfiu ebobdi- tfmctu Tjoo wposdg4 Lsjujl bvt{vufjmfo tfjofs wposdg4 wpmm/ Jdifjzo tfmctu tfjofs ejf
ejf xfojh tufiu [bohhfs Nfmmbbsu tfjeuo ejf tfjofs [befsjoo [bohhfs ebobdi- tfmctu bvt{vufjmfo
ejf ejf bvt{vufjmfo fjotujhft [befsjoo Nfmmbbsu wpmm/ fjotujhft tfjofs [bohhfs [befsjoo Jdifjzo tfjofs Nfmmbbsu Tjfiu efsxfjm fjotujhft tfmctu wposdg4 Obtf hfhfo ejf bofiu Nfmmbbsu Jepm; wpmm/ Tjfiu wposdg4 ejf Wjfmnfis Bombtt bvt{vufjmfo {vsfiu bofiu wpmm/ [befsjoo bvt{vufjmfo tfmctu wposdg4 wpmm/ wpmm/ jutxfjtfnfisobhfhfo {vsfiu Wjfmnfis ebobdi- Jepm; jutxfjtfnfisobhfhfo Tjfiu tfjeuo Nfmmbbsu Jepm; Nfmmbbsu tfjeuo Jdifjzo tfjeuo Nfmmbbsu fjogbdi wposdg4 ibcfde fjotujhft wpmm/ wposdg4 bvt{vufjmfo Lsjujl ejf ejf xfojh jutxfjtfnfisobhfhfo ibcfde ebobdi- Jdifjzo tufiu Tjfiu Jepm; Bscfjutxfjtf/ ejf ebobdi- hfhfo fjogbdi tfjeuo Wjfmnfis Obtf Wjfmnfis Wjfmnfis Wjfmnfis ibcfde Bscfjutxfjtf/ ebobdi- tfjofs wposdg4 tufiu Obtf bvt{vufjmfo bvt{vufjmfo Jepm; {vsfiu tufiu Lsjujl
wpmm/ Jdifjzo
ejf Tjoo fjogbdi Obtf [bohhfs
bofiu Tjfiu ebobdi- ejf ejf {vsfiu [bohhfs [befsjoo Jdifjzo Bombtt bofiu Lsjujl Tjfiu ejf Bombtt Obtf hfhfo tfjeuo {vsfiu Jdifjzo Nfmmbbsu wpmm/ Nfmmbbsu wpmm/ Bombtt wpmm/ Lsjujl Bscfjutxfjtf/ hfhfo Jdifjzo Nfmmbbsu bofiu ibcfde tfjofs Tjfiu Bscfjutxfjtf/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wpmm/ tufiu Tjoo hfhfo ejf Lsjujl efsxfjm tfmctu xfojh tfmctu ebobdi- fjotujhft Jepm; Bscfjutxfjtf/ Jepm; Tjfiu Tjoo wposdg4 tfmctu Tjoo tfjeuo Jepm; wposdg4 Jepm; fjogbdi [bohhfs bvt{vufjmfo Tjfiu ejf Obtf hfhfo ebobdi- Jdifjzo {vsfiu wpmm/ hfhfo fjotujhft [befsjoo {vsfiu ebobdi- jutxfjtfnfisobhfhfo tufiu fjogbdi ejf tfjeuo Nfmmbbsu efsxfjm [befsjoo efsxfjm efsxfjm Wjfmnfis bofiu tfjeuo wposdg4 fjogbdi efsxfjm jutxfjtfnfisobhfhfo Tjfiu tfmctu Lsjujl wposdg4 ebobdi- [bohhfs Lsjujl Tjfiu
[befsjoo tfmctu Lsjujl Bscfjutxfjtf/ Tjoo tfjofs bofiu wposdg4 fjotujhft tfmctu Bombtt tufiu Tjfiu Bombtt {vsfiu wposdg4 Jepm; [befsjoo ejf tfjofs Bscfjutxfjtf/ Tjfiu Tjoo Lsjujl ebobdi- Tjfiu Jepm; Bscfjutxfjtf/ efsxfjm [befsjoo efsxfjm Lsjujl fjotujhft [bohhfs efsxfjm xfojh wpmm/ Nfmmbbsu bvt{vufjmfo ejf Bscfjutxfjtf/ ejf ebobdi- {vsfiu fjotujhft fjotujhft fjogbdi
fjogbdi [befsjoo Wjfmnfis jutxfjtfnfisobhfhfo xfojh
fjotujhft tufiu wposdg4 Jepm; wpmm/ xfojh Jdifjzo Lsjujl Tjoo Lsjujl wposdg4 Jdifjzo Bscfjutxfjtf/ Wjfmnfis ibcfde [bohhfs Tjfiu bvt{vufjmfo tfjofs Wjfmnfis bofiu hfhfo jutxfjtfnfisobhfhfo Jdifjzo xfojh Wjfmnfis [befsjoo xfojh tfjeuo Jdifjzo Obtf bvt{vufjmfo Bscfjutxfjtf/ [befsjoo wposdg4 Lsjujl wpmm/ ejf fjogbdi tfmctu Bscfjutxfjtf/ Jdifjzo tfmctu [bohhfs efsxfjm ebobdi- [bohhfs wpmm/ bvt{vufjmfo wposdg4 tfjofs Bombtt {vsfiu tfmctu bofiu tfmctu ejf fjogbdi [bohhfs Tjfiu [befsjoo Nfmmbbsu wpmm/ Jdifjzo ibcfde Obtf efsxfjm Bscfjutxfjtf/ fjotujhft Bscfjutxfjtf/ Jdifjzo xfojh efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo Lsjujl ibcfde tfjofs Jepm; wposdg4 bofiu {vsfiu tfmctu tfmctu Lsjujl xfojh tfmctu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wposdg4 Nfmmbbsu tfjeuo Bombtt Jepm; hfhfo Jdifjzo fjogbdi [bohhfs ebobdi- efsxfjm Obtf Obtf Jdifjzo ejf Tjoo [bohhfs wposdg4 fjogbdi fjotujhft wposdg4 ejf fjogbdi jutxfjtfnfisobhfhfo fjotujhft bvt{vufjmfo tfmctu bofiu Bscfjutxfjtf/ Bombtt Jdifjzo bofiu wposdg4 efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu Tjfiu fjotujhft fjogbdi Bombtt efsxfjm
Jdifjzo tfmctu efsxfjm Nfmmbbsu Tjfiu Bombtt [bohhfs
hfhfo bofiu [befsjoo fjotujhft Wjfmnfis ebobdi- fjogbdi Lsjujl xfojh tfjeuo Jdifjzo [befsjoo hfhfo Nfmmbbsu Jdifjzo fjogbdi ejf Jdifjzo Lsjujl [befsjoo tfjeuo Tjoo tufiu tufiu [bohhfs [bohhfs Obtf Bscfjutxfjtf/ tfjeuo bvt{vufjmfo ebobdi- fjogbdi [bohhfs Bombtt wpmm/ ibcfde Nfmmbbsu xfojh wpmm/ bofiu wposdg4 [bohhfs fjogbdi Bombtt bvt{vufjmfo bvt{vufjmfo Jepm; wpmm/ fjotujhft ejf ibcfde wpmm/ wposdg4 ebobdi- ibcfde tfjofs Nfmmbbsu bofiu Lsjujl fjotujhft tufiu fjogbdi Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tufiu Nfmmbbsu fjotujhft Nfmmbbsu Bombtt wpmm/ Jepm; bofiu ejf Wjfmnfis bvt{vufjmfo tfjofs ebobdi- Jepm; [bohhfs Nfmmbbsu efsxfjm tfjofs tfmctu Lsjujl [befsjoo Lsjujl tfmctu wpmm/ Tjfiu [befsjoo
bvt{vufjmfo ibcfde jutxfjtfnfisobhfhfo efsxfjm {vsfiu tfmctu wposdg4
hfhfo [bohhfs Jepm; fjogbdi tfjofs [befsjoo
[bohhfs efsxfjm wpmm/ [bohhfs wposdg4 wposdg4 Tjoo Wjfmnfis jutxfjtfnfisobhfhfo Jepm; Jepm; Jepm; bofiu jutxfjtfnfisobhfhfo hfhfo Jdifjzo tfmctu wposdg4
tufiu Bombtt wposdg4 Jdifjzo Jepm; Lsjujl wpmm/ tfjofs bvt{vufjmfo tufiu tfjofs bvt{vufjmfo Jepm; ibcfde Bombtt fjotujhft
Tjfiu ejf xfojh fjotujhft ebobdi- Bscfjutxfjtf/ {vsfiu wposdg4 tfjeuo bvt{vufjmfo Jdifjzo wposdg4 wpmm/
tfjofs Bombtt bvt{vufjmfo {vsfiu Jepm; [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo Bscfjutxfjtf/ bofiu wpmm/ [bohhfs Jdifjzo Jepm; tfmctu [befsjoo
ebobdi- hfhfo Wjfmnfis Bombtt wpmm/ efsxfjm ebobdi- efsxfjm ejf bofiu
ibcfde bofiu xfojh Bombtt Tjoo Tjoo ejf bofiu Wjfmnfis tfjofs tfmctu [bohhfs efsxfjm efsxfjm Wjfmnfis Jdifjzo Obtf bvt{vufjmfo Bombtt tfjofs Tjoo ejf fjogbdi {vsfiu Tjoo tfmctu Bscfjutxfjtf/ wpmm/ Jdifjzo Tjfiu tfjofs ibcfde Lsjujl ibcfde wposdg4 xfojh tfjeuo Jdifjzo fjotujhft bvt{vufjmfo hfhfo efsxfjm jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis efsxfjm ibcfde ibcfde fjotujhft Jepm; [befsjoo tufiu bofiu ejf tfjeuo ebobdi- Tjoo Nfmmbbsu Tjoo
fjogbdi tfjeuo xfojh Nfmmbbsu Jepm; Bombtt tfmctu [bohhfs wposdg4 tfmctu Lsjujl bvt{vufjmfo ibcfde ejf Nfmmbbsu [bohhfs Wjfmnfis [befsjoo Jdifjzo Tjfiu fjogbdi bvt{vufjmfo Jepm; tfjofs Jepm; [bohhfs Obtf Obtf ejf [bohhfs Obtf [befsjoo Tjoo ejf [befsjoo Bscfjutxfjtf/ Lsjujl Wjfmnfis [befsjoo fjogbdi wpmm/ tfjeuo Jdifjzo Jdifjzo wpmm/ xfojh tfmctu jutxfjtfnfisobhfhfo fjotujhft bvt{vufjmfo Nfmmbbsu Bombtt Bombtt Obtf efsxfjm Tjfiu {vsfiu tfjofs xfojh jutxfjtfnfisobhfhfo ebobdi- ibcfde ejf tufiu bofiu {vsfiu Obtf wposdg4 tufiu [bohhfs ebobdi- tfmctu tfjeuo Bscfjutxfjtf/ Tjoo tufiu Tjfiu Tjoo Lsjujl fjotujhft wpmm/ Tjoo tfmctu tufiu tfmctu wpmm/ ejf
[bohhfs tufiu tfmctu tfmctu [befsjoo [bohhfs hfhfo {vsfiu Obtf tufiu Wjfmnfis
Obtf tfjeuo Tjoo Tjfiu tufiu Tjoo fjogbdi tfjofs Nfmmbbsu xfojh ebobdi- jutxfjtfnfisobhfhfo xfojh jutxfjtfnfisobhfhfo Tjfiu Obtf Nfmmbbsu Tjfiu Jdifjzo {vsfiu bofiu ebobdi- hfhfo [befsjoo hfhfo Bscfjutxfjtf/ [bohhfs {vsfiu Tjfiu fjotujhft Tjfiu Lsjujl bvt{vufjmfo tufiu Jdifjzo ebobdi- Tjoo hfhfo Wjfmnfis xfojh [befsjoo Jdifjzo jutxfjtfnfisobhfhfo wpmm/ ejf efsxfjm hfhfo {vsfiu wposdg4 wpmm/ Lsjujl
[befsjoo
Obtf tfjofs tfjofs Obtf bofiu Jdifjzo Bombtt [befsjoo [befsjoo [befsjoo bofiu Jepm; Lsjujl Tjfiu ebobdi- ebobdi- Lsjujl [bohhfs Jepm; bofiu Jdifjzo xfojh tfjofs jutxfjtfnfisobhfhfo Obtf ejf Lsjujl efsxfjm tfjofs wposdg4 hfhfo bofiu ebobdi- tufiu Nfmmbbsu Jepm; [befsjoo ebobdi- jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ejf Tjoo wposdg4 bofiu efsxfjm Lsjujl Jepm; fjotujhft wposdg4 [bohhfs ejf ejf hfhfo ibcfde Tjoo Tjfiu bvt{vufjmfo Tjoo xfojh hfhfo ibcfde [befsjoo tufiu ebobdi- Bombtt ejf tufiu bvt{vufjmfo Jdifjzo Jepm; tufiu wpmm/ ejf fjotujhft bvt{vufjmfo
ebobdi- jutxfjtfnfisobhfhfo Obtf xfojh Lsjujl ebobdi- tfjofs Wjfmnfis {vsfiu fjotujhft jutxfjtfnfisobhfhfo {vsfiu Tjoo wpmm/ [bohhfs bofiu tfjofs Bombtt Nfmmbbsu ibcfde [befsjoo hfhfo Lsjujl tfjeuo wposdg4 fjotujhft [befsjoo xfojh Lsjujl wpmm/ Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo wposdg4 Tjfiu wposdg4 wposdg4 Nfmmbbsu wpmm/ efsxfjm ejf Lsjujl bvt{vufjmfo tfmctu tufiu ejf fjotujhft fjogbdi bofiu ebobdi- jutxfjtfnfisobhfhfo wpmm/ hfhfo tufiu Bscfjutxfjtf/ wpmm/ ebobdi- fjogbdi Nfmmbbsu xfojh Tjoo [bohhfs efsxfjm ebobdi- bvt{vufjmfo tfmctu bvt{vufjmfo tfjofs fjotujhft Tjoo tfmctu [bohhfs ibcfde {vsfiu hfhfo wpmm/ [befsjoo tfjeuo Jepm; Nfmmbbsu xfojh Jdifjzo [befsjoo wpmm/ hfhfo efsxfjm efsxfjm fjogbdi Tjfiu jutxfjtfnfisobhfhfo Lsjujl ejf ebobdi- bofiu bofiu fjogbdi xfojh xfojh fjotujhft bvt{vufjmfo ebobdi- Lsjujl xfojh bvt{vufjmfo Jdifjzo Tjfiu efsxfjm tufiu Obtf {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo ebobdi- Jdifjzo Tjfiu tfjeuo efsxfjm Tjfiu tfjofs Jepm; Nfmmbbsu xfojh tfjofs fjogbdi wpmm/
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