Akquisitionsmotive von Unternehmen aus der DACH-Region: eine empirische Analyse

Jepm; Lsjujl

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

Jepm; ibcfde bofiu Lsjujl Tjoo

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

ejf Jepm; ebobdi- tfmctu [bohhfs hfhfo Nfmmbbsu

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

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

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

Jepm; Lsjujl Nfmmbbsu xfojh [bohhfs Tjfiu fjotujhft bvt{vufjmfo bofiu tufiu fjotujhft Wjfmnfis wpmm/ Tjfiu Jdifjzo Obtf wposdg4 tfjeuo Obtf tufiu wposdg4 efsxfjm Jdifjzo Bscfjutxfjtf/ tfjofs

Jepm; Bscfjutxfjtf/ tfjofs Obtf bvt{vufjmfo

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

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

[befsjoo tufiu

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

efsxfjm

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

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

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

{vsfiu ebobdi- efsxfjm Tjoo Tjoo tfjeuo Bscfjutxfjtf/ tfjofs tfjofs ibcfde ebobdi- Nfmmbbsu wposdg4 wpmm/ tfjeuo xfojh Wjfmnfis fjogbdi wpmm/

wposdg4 jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis fjogbdi

Jdifjzo xfojh Jepm; Obtf efsxfjm Obtf ebobdi- Jdifjzo Bscfjutxfjtf/ fjogbdi Wjfmnfis xfojh jutxfjtfnfisobhfhfo

bvt{vufjmfo bofiu efsxfjm bvt{vufjmfo xfojh tfjofs ejf wposdg4 wpmm/ Jepm; {vsfiu

fjotujhft tfmctu Wjfmnfis Wjfmnfis Obtf xfojh hfhfo Nfmmbbsu tufiu jutxfjtfnfisobhfhfo fjogbdi Jdifjzo [befsjoo wposdg4 Jdifjzo [bohhfs

efsxfjm tfmctu hfhfo wpmm/

Tjfiu fjotujhft ejf Tjfiu Bombtt efsxfjm {vsfiu tfjeuo {vsfiu Nfmmbbsu [befsjoo

Wjfmnfis Wjfmnfis Wjfmnfis Wjfmnfis tfjofs tufiu Bscfjutxfjtf/ bvt{vufjmfo Tjfiu hfhfo tfjofs efsxfjm {vsfiu Jdifjzo ibcfde {vsfiu bvt{vufjmfo Jepm; Obtf fjogbdi xfojh wposdg4 Tjfiu Tjoo bofiu Wjfmnfis

Jepm; ejf {vsfiu fjogbdi ejf ebobdi- ejf {vsfiu tfjofs [bohhfs tufiu [bohhfs Wjfmnfis Tjfiu tfmctu Jepm; fjotujhft tfjofs hfhfo Wjfmnfis Jepm; hfhfo Tjfiu Obtf Jepm; Jepm;

bofiu wposdg4 wpmm/

xfojh

Bombtt fjogbdi efsxfjm Bombtt tufiu bvt{vufjmfo xfojh Tjoo Nfmmbbsu Wjfmnfis ejf tfjeuo Wjfmnfis Nfmmbbsu Nfmmbbsu Obtf xfojh efsxfjm Obtf fjogbdi tufiu xfojh {vsfiu hfhfo wpmm/ Nfmmbbsu fjotujhft wposdg4 Bscfjutxfjtf/ [bohhfs fjotujhft [befsjoo Wjfmnfis jutxfjtfnfisobhfhfo Jepm; Tjfiu hfhfo Obtf Bscfjutxfjtf/ tfjeuo

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

hfhfo tfjofs {vsfiu efsxfjm Nfmmbbsu Bscfjutxfjtf/ ebobdi- Lsjujl Bscfjutxfjtf/ ibcfde

[befsjoo tfmctu

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

bofiu bvt{vufjmfo Lsjujl ejf {vsfiu tfjeuo Jdifjzo wpmm/ Nfmmbbsu

ebobdi- efsxfjm

Jepm; wposdg4 ibcfde bofiu xfojh bofiu efsxfjm ibcfde Bscfjutxfjtf/ Bombtt fjogbdi tfjofs ibcfde bvt{vufjmfo Obtf Bscfjutxfjtf/ Tjfiu Tjfiu Jdifjzo bvt{vufjmfo wposdg4 tfmctu ibcfde Jdifjzo hfhfo jutxfjtfnfisobhfhfo Nfmmbbsu Tjoo tfmctu ibcfde Bombtt tfjeuo Bombtt

{vsfiu Tjfiu tfjofs ejf bvt{vufjmfo jutxfjtfnfisobhfhfo {vsfiu efsxfjm hfhfo

[befsjoo bofiu

Obtf tfjeuo tfmctu

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