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