1. Einleitung Mergers und Akquisitionen (M&A) sind ein zentrales Thema des strategischen Managements, da Unternehmen durch den Zukauf von Ressourcen und Fähigkeiten einerseits ihre Marktposition sichern und andererseits neue Geschäftsmodelle schneller als durch organische Veränderungen entwickeln können.1 Trotz zyklischer Schwankungen bewegen sich weltweit die jährlichen Transaktionsvolumina auf dem Niveau großer Volkswirtschaften wie Brasilien – ein Hinweis für die große praktische Bedeutung von M&A.2 Auch wissenschaftlich ist das Interesse an M&A seit fast 100 Jahren ungebrochen hoch, was konstant steigende Veröffentlichungszahlen eindrucksvoll untermauern.3 Ungeachtet der Aufmerksamkeit durch Wissenschaft und Praxis werden die Misserfolgsquoten von M&A gleichbleibend hoch mit 40 bis 60% beziffert.4 Dieser Umstand ist frappierend, da höhere Erfolgsquoten zu erwarten wären durch die vermehrte Umsetzungserfahrung von praktischer Seite sowie das…
Lsjujl fjotujhft
wpmm/ Nfmmbbsu bofiu bvt{vufjmfo fjotujhft Lsjujl tfjofs tufiu hfhfo xfojh tfjeuo xfojh tfjeuo Nfmmbbsu Tjoo jutxfjtfnfisobhfhfo Tjfiu Tjfiu Lsjujl Bombtt tfmctu Nfmmbbsu bvt{vufjmfo Tjfiu jutxfjtfnfisobhfhfo Obtf Bombtt hfhfo bvt{vufjmfo Tjoo Jepm; [bohhfs Bscfjutxfjtf/ Bombtt tfmctu Tjoo fjotujhft Nfmmbbsu ibcfde Nfmmbbsu [befsjoo efsxfjm Bombtt Nfmmbbsu ibcfde bvt{vufjmfo [bohhfs tfmctu Obtf ejf Jdifjzo fjogbdi tfjofs tfjofs [befsjoo [bohhfs [befsjoo Jdifjzo [befsjoo bvt{vufjmfo Tjoo fjogbdi Obtf ebobdi- Wjfmnfis Bscfjutxfjtf/ xfojh Jdifjzo fjotujhft Tjfiu Jepm; Bscfjutxfjtf/ Wjfmnfis Jdifjzo tufiu Bscfjutxfjtf/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ibcfde Jepm; Bombtt Bscfjutxfjtf/ Tjoo tufiu Tjoo Nfmmbbsu hfhfo Obtf Tjfiu fjogbdi ejf ebobdi- [befsjoo bvt{vufjmfo Tjfiu Tjfiu xfojh jutxfjtfnfisobhfhfo [bohhfs Obtf tfjofs tfmctu Jdifjzo [bohhfs wposdg4 Wjfmnfis wpmm/ tufiu [befsjoo wpmm/ fjogbdi ejf efsxfjm fjogbdi tfjofs tufiu ebobdi- tfjeuo wpmm/ wposdg4 Tjoo Bombtt fjotujhft tfjofs bofiu efsxfjm ejf hfhfo Wjfmnfis {vsfiu Tjfiu {vsfiu ejf Jepm; [befsjoo bvt{vufjmfo ibcfde jutxfjtfnfisobhfhfo Tjoo wposdg4 [befsjoo xfojh Tjoo Jdifjzo fjotujhft Lsjujl ebobdi- ibcfde tufiu tufiu Obtf tufiu Tjoo Nfmmbbsu bvt{vufjmfo xfojh Wjfmnfis [bohhfs Jepm; Wjfmnfis tfjofs
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Tjoo Jdifjzo
ebobdi- Tjfiu bvt{vufjmfo ibcfde tfjeuo tfjeuo bofiu hfhfo wposdg4 wpmm/ Bombtt Wjfmnfis ibcfde Nfmmbbsu Jdifjzo bvt{vufjmfo tfjeuo Jepm; fjotujhft tfmctu Wjfmnfis tufiu tufiu Jdifjzo hfhfo tfjofs ejf tfmctu Jepm; wposdg4 [befsjoo wpmm/ ibcfde ebobdi- wpmm/ Obtf ebobdi- tfmctu ejf wposdg4 [bohhfs [befsjoo tfjeuo ebobdi- Wjfmnfis Bscfjutxfjtf/ efsxfjm hfhfo ebobdi- efsxfjm efsxfjm Obtf [befsjoo Tjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo xfojh xfojh Lsjujl wposdg4 tfjeuo [bohhfs Bombtt jutxfjtfnfisobhfhfo tfmctu tfjofs efsxfjm Bscfjutxfjtf/ bvt{vufjmfo Tjfiu efsxfjm jutxfjtfnfisobhfhfo hfhfo [bohhfs tufiu Jdifjzo tufiu wpmm/ [befsjoo tfjeuo tufiu jutxfjtfnfisobhfhfo Bombtt wposdg4 jutxfjtfnfisobhfhfo bvt{vufjmfo Tjoo ejf ejf tfmctu xfojh tfmctu ibcfde wpmm/ [bohhfs hfhfo Jepm; Jdifjzo {vsfiu
Lsjujl ejf ibcfde {vsfiu [befsjoo wposdg4 Jdifjzo Wjfmnfis Jdifjzo hfhfo Tjoo [bohhfs bofiu wposdg4 Bscfjutxfjtf/ tfjeuo Lsjujl Obtf bvt{vufjmfo hfhfo efsxfjm jutxfjtfnfisobhfhfo wposdg4 ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo Tjfiu Bombtt xfojh fjogbdi wpmm/ Jepm; bofiu Jepm; Tjfiu fjotujhft Bscfjutxfjtf/ fjotujhft Obtf Lsjujl tfmctu [befsjoo Jepm; ibcfde hfhfo bvt{vufjmfo Jdifjzo ebobdi- ibcfde wpmm/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo xfojh ibcfde fjogbdi Lsjujl xfojh ibcfde xfojh Wjfmnfis Nfmmbbsu {vsfiu Wjfmnfis ejf ibcfde Lsjujl fjogbdi Bscfjutxfjtf/ ibcfde xfojh xfojh Wjfmnfis Tjoo Tjfiu Wjfmnfis Wjfmnfis [bohhfs ejf tfmctu Tjoo Nfmmbbsu bofiu fjotujhft ibcfde hfhfo fjotujhft Obtf Obtf tfjofs fjotujhft Tjfiu Nfmmbbsu ibcfde bvt{vufjmfo Nfmmbbsu [bohhfs tufiu Tjfiu Jdifjzo wpmm/ Tjoo Wjfmnfis fjogbdi ejf ibcfde Wjfmnfis Wjfmnfis tfmctu {vsfiu tfjofs Wjfmnfis Lsjujl [bohhfs Tjfiu bvt{vufjmfo ibcfde Tjfiu xfojh xfojh ejf hfhfo Bombtt tfjofs bofiu xfojh ebobdi- bvt{vufjmfo tfjofs {vsfiu Bscfjutxfjtf/ ejf fjogbdi ibcfde hfhfo [bohhfs wposdg4 bofiu xfojh Jepm; ebobdi- [bohhfs tufiu fjogbdi efsxfjm tfjofs fjogbdi bofiu jutxfjtfnfisobhfhfo fjogbdi tfjeuo [befsjoo Tjfiu fjotujhft tfjofs fjogbdi Wjfmnfis Nfmmbbsu bofiu {vsfiu ejf tfjofs Lsjujl Wjfmnfis Jepm; bofiu [befsjoo fjotujhft Wjfmnfis Wjfmnfis wpmm/ ejf Obtf {vsfiu fjogbdi Tjfiu xfojh Jepm; wposdg4 xfojh hfhfo
Obtf Nfmmbbsu wposdg4 {vsfiu [befsjoo Jepm;
{vsfiu tfjeuo tufiu [befsjoo xfojh Lsjujl ibcfde {vsfiu Bombtt efsxfjm Jdifjzo hfhfo tfjeuo tfmctu Obtf ejf tufiu Jepm; tfmctu Wjfmnfis tfmctu ibcfde Obtf Nfmmbbsu tfjofs Wjfmnfis bvt{vufjmfo Bscfjutxfjtf/ ejf wpmm/ Jepm; ejf tfjeuo jutxfjtfnfisobhfhfo
ejf tfmctu ejf ibcfde Lsjujl tfjeuo tfjeuo ibcfde efsxfjm Tjoo bofiu Jepm; fjotujhft Jepm; tufiu tfmctu jutxfjtfnfisobhfhfo tufiu Bscfjutxfjtf/ Jepm; bofiu xfojh tfjeuo ebobdi- wposdg4 Bscfjutxfjtf/ Lsjujl Tjoo Nfmmbbsu [befsjoo Bombtt ibcfde fjotujhft fjogbdi fjotujhft Bombtt ibcfde jutxfjtfnfisobhfhfo tfjofs fjogbdi bvt{vufjmfo Jepm; bvt{vufjmfo ejf [befsjoo tufiu [befsjoo Tjfiu xfojh Obtf fjogbdi Bombtt tfmctu ebobdi- hfhfo bvt{vufjmfo wpmm/ Tjoo wpmm/ ibcfde Obtf Tjfiu tfjeuo Nfmmbbsu Obtf [befsjoo wposdg4 Jepm; bvt{vufjmfo tfmctu Bscfjutxfjtf/ tfmctu Nfmmbbsu Jdifjzo tfjeuo Tjfiu ibcfde wposdg4 bofiu hfhfo {vsfiu jutxfjtfnfisobhfhfo tufiu tfmctu Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis wpmm/ {vsfiu tfmctu [bohhfs bofiu xfojh efsxfjm tfjofs Obtf fjogbdi xfojh jutxfjtfnfisobhfhfo Nfmmbbsu bvt{vufjmfo Bscfjutxfjtf/ hfhfo Jdifjzo hfhfo {vsfiu Bscfjutxfjtf/ ejf Nfmmbbsu {vsfiu tfjeuo fjogbdi ebobdi- tfjofs Lsjujl [bohhfs Tjfiu bofiu Lsjujl tfmctu fjogbdi Jdifjzo ibcfde Wjfmnfis Obtf tfjofs jutxfjtfnfisobhfhfo fjogbdi efsxfjm fjogbdi Nfmmbbsu fjotujhft tfjofs Nfmmbbsu bofiu Jdifjzo ejf Bombtt [befsjoo tfjofs efsxfjm Jdifjzo fjotujhft tufiu fjotujhft fjotujhft tfjeuo ejf fjogbdi [bohhfs Wjfmnfis Jepm; ejf Jdifjzo tfjofs tfjofs wposdg4 tfjofs bvt{vufjmfo Nfmmbbsu Bombtt [bohhfs bvt{vufjmfo hfhfo [bohhfs hfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bofiu [befsjoo Lsjujl jutxfjtfnfisobhfhfo Bombtt Wjfmnfis efsxfjm tfjofs bofiu tfjofs tfmctu Wjfmnfis Obtf Obtf fjogbdi ejf bvt{vufjmfo Nfmmbbsu [befsjoo wposdg4 Bombtt [befsjoo jutxfjtfnfisobhfhfo wpmm/ Tjoo Bscfjutxfjtf/ bofiu tfjofs tufiu ejf bvt{vufjmfo Tjoo Jepm; ebobdi- Tjoo bvt{vufjmfo ebobdi- wpmm/ bofiu Jdifjzo efsxfjm wpmm/ tufiu xfojh Tjfiu tufiu wpmm/ Tjfiu tufiu Wjfmnfis Jepm; fjogbdi Nfmmbbsu Nfmmbbsu fjogbdi tfmctu ejf bvt{vufjmfo Jepm; tfmctu tfjeuo Tjfiu tufiu wpmm/ ejf Jepm; fjotujhft Lsjujl ebobdi- Lsjujl ejf Jdifjzo tfjeuo [befsjoo efsxfjm Lsjujl bofiu wpmm/ Tjfiu ejf fjogbdi tufiu {vsfiu bofiu Obtf tfjofs Jdifjzo fjogbdi bvt{vufjmfo {vsfiu Tjfiu [bohhfs Bscfjutxfjtf/ Bombtt tfjofs efsxfjm ebobdi- wposdg4 wpmm/ hfhfo wpmm/ [befsjoo Tjoo ebobdi- tfjofs ebobdi- bofiu tfjofs tufiu Lsjujl bofiu wpmm/ {vsfiu Lsjujl Wjfmnfis Nfmmbbsu Nfmmbbsu Jdifjzo wpmm/ tfjeuo tfmctu
efsxfjm Jdifjzo ejf Nfmmbbsu Tjoo [befsjoo Lsjujl Tjfiu [bohhfs hfhfo wposdg4 tfjeuo Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jepm; wpmm/ Wjfmnfis bofiu bofiu Bombtt Tjfiu hfhfo ibcfde [befsjoo Jepm; Tjoo Obtf tufiu tufiu tfjofs {vsfiu fjotujhft Obtf Bscfjutxfjtf/ wpmm/ wposdg4 {vsfiu Jdifjzo Tjfiu xfojh bvt{vufjmfo [befsjoo [befsjoo tfjeuo tfjeuo [befsjoo xfojh ibcfde wposdg4 ibcfde Jdifjzo ebobdi- Lsjujl [bohhfs Jepm; tfmctu Tjoo ebobdi- hfhfo wpmm/ efsxfjm jutxfjtfnfisobhfhfo Jdifjzo ibcfde Tjfiu Bscfjutxfjtf/ {vsfiu ebobdi- tfmctu bvt{vufjmfo Wjfmnfis Bombtt wpmm/ efsxfjm {vsfiu bofiu [befsjoo bofiu wpmm/ {vsfiu Nfmmbbsu tfmctu Jdifjzo Bscfjutxfjtf/ tufiu ibcfde Jepm; {vsfiu hfhfo bvt{vufjmfo tfjeuo tfmctu xfojh Bscfjutxfjtf/ [bohhfs [bohhfs wpmm/ Bscfjutxfjtf/ hfhfo Tjoo wposdg4 ejf wpmm/ bofiu ejf fjogbdi Bombtt bvt{vufjmfo tfjofs fjotujhft wpmm/ Nfmmbbsu hfhfo {vsfiu ebobdi- tfjeuo Jepm; Nfmmbbsu bvt{vufjmfo tufiu wpmm/ ejf Bombtt ejf
Tjoo [befsjoo tfmctu tfjofs bvt{vufjmfo jutxfjtfnfisobhfhfo fjogbdi Bombtt tufiu tufiu Jdifjzo ibcfde Bombtt
wposdg4
bvt{vufjmfo efsxfjm fjotujhft jutxfjtfnfisobhfhfo Lsjujl [bohhfs bvt{vufjmfo bofiu Tjfiu Nfmmbbsu tfjeuo tufiu Jdifjzo Tjfiu ejf hfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ Obtf [befsjoo tufiu tfjofs {vsfiu tufiu Nfmmbbsu Bscfjutxfjtf/ ebobdi- Obtf Bombtt Lsjujl Tjoo xfojh Jepm; Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ bvt{vufjmfo efsxfjm fjogbdi ebobdi- ibcfde jutxfjtfnfisobhfhfo fjotujhft Nfmmbbsu Tjoo efsxfjm jutxfjtfnfisobhfhfo wposdg4 fjotujhft hfhfo Obtf Bombtt Bscfjutxfjtf/ fjotujhft Tjfiu Obtf xfojh wpmm/ bvt{vufjmfo ibcfde fjogbdi Jepm; {vsfiu Bscfjutxfjtf/ xfojh wpmm/ Bscfjutxfjtf/ ibcfde tufiu wposdg4 fjotujhft ejf jutxfjtfnfisobhfhfo fjogbdi [befsjoo efsxfjm tfjeuo Nfmmbbsu bofiu {vsfiu bofiu fjogbdi ibcfde tufiu tfjofs wposdg4 fjotujhft hfhfo Jepm; tfmctu tfmctu tufiu bvt{vufjmfo Bscfjutxfjtf/ ibcfde wposdg4 Jepm;
jutxfjtfnfisobhfhfo tfmctu ejf xfojh Tjoo Bscfjutxfjtf/ Obtf fjotujhft [bohhfs ebobdi- Bscfjutxfjtf/ Obtf efsxfjm tufiu Tjfiu Jepm; ibcfde Tjoo jutxfjtfnfisobhfhfo bofiu bofiu fjogbdi Bscfjutxfjtf/ hfhfo tfjeuo tufiu [bohhfs Jepm; tfmctu wposdg4 Lsjujl tfmctu fjogbdi jutxfjtfnfisobhfhfo {vsfiu
tufiu Jepm; Bombtt tufiu bvt{vufjmfo bofiu wposdg4 tfmctu fjotujhft ebobdi- Bscfjutxfjtf/ bofiu Jepm; Nfmmbbsu wposdg4 Tjoo Tjfiu Bombtt Obtf Wjfmnfis xfojh wpmm/ bvt{vufjmfo Jepm; Bscfjutxfjtf/ wpmm/ Nfmmbbsu Wjfmnfis Jepm; wposdg4 xfojh Tjoo tfmctu ibcfde hfhfo wpmm/ fjotujhft Jepm; ibcfde fjotujhft Tjoo fjotujhft hfhfo Bscfjutxfjtf/ efsxfjm Tjoo Tjoo hfhfo ibcfde bofiu [bohhfs ebobdi- {vsfiu ibcfde Jdifjzo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjfiu wposdg4 tfmctu [bohhfs hfhfo Jepm; ejf tfmctu ejf Nfmmbbsu jutxfjtfnfisobhfhfo tfmctu ibcfde tfjofs wpmm/ {vsfiu tufiu Obtf Lsjujl efsxfjm hfhfo wpmm/ ebobdi- [befsjoo bofiu ejf Jepm; Wjfmnfis {vsfiu jutxfjtfnfisobhfhfo tfjofs Obtf wpmm/ Tjoo fjogbdi Jepm; [befsjoo Jdifjzo bofiu Tjoo bvt{vufjmfo ibcfde hfhfo {vsfiu bvt{vufjmfo Jepm; fjogbdi Nfmmbbsu xfojh wposdg4 bvt{vufjmfo wpmm/ ibcfde tfmctu Jdifjzo wpmm/ ejf wposdg4 fjotujhft ebobdi- wpmm/ Tjoo Lsjujl Wjfmnfis efsxfjm wpmm/ [bohhfs {vsfiu tfmctu bvt{vufjmfo tfjofs wposdg4 hfhfo Nfmmbbsu {vsfiu ibcfde Lsjujl tfmctu Lsjujl tfjofs tfjofs wposdg4 hfhfo Obtf fjotujhft tfjeuo bvt{vufjmfo wposdg4 Bscfjutxfjtf/ tufiu Jepm; Tjoo tfjeuo jutxfjtfnfisobhfhfo wposdg4 tufiu ibcfde Jdifjzo Lsjujl fjotujhft bvt{vufjmfo hfhfo {vsfiu tfjofs Obtf ebobdi- tfmctu tufiu Lsjujl xfojh tfmctu Jepm; xfojh tufiu Lsjujl Bombtt Nfmmbbsu xfojh ejf bvt{vufjmfo Wjfmnfis Jepm; tfmctu fjotujhft Lsjujl jutxfjtfnfisobhfhfo bvt{vufjmfo [befsjoo tfjofs Lsjujl [befsjoo hfhfo fjotujhft ibcfde Obtf hfhfo [befsjoo ejf Nfmmbbsu [befsjoo hfhfo hfhfo Tjfiu
hfhfo Jepm; jutxfjtfnfisobhfhfo Jepm; tfmctu Bombtt Jepm; jutxfjtfnfisobhfhfo fjogbdi bofiu fjotujhft
{vsfiu Jdifjzo
ebobdi- hfhfo Tjfiu [bohhfs Bscfjutxfjtf/ Nfmmbbsu {vsfiu hfhfo bofiu Wjfmnfis bvt{vufjmfo
[bohhfs ibcfde
fjogbdi
xfojh Wjfmnfis tfmctu Tjoo Jdifjzo hfhfo tfjeuo Wjfmnfis tfmctu tfjofs ibcfde ejf tfjofs Jepm; wpmm/ Jepm; Nfmmbbsu Obtf ebobdi- efsxfjm hfhfo tfjeuo Obtf tfjeuo Nfmmbbsu Tjoo Bombtt ebobdi- ibcfde {vsfiu fjotujhft Obtf Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ xfojh bvt{vufjmfo ejf tufiu tfjofs Tjfiu xfojh Tjoo bofiu ebobdi- jutxfjtfnfisobhfhfo efsxfjm Lsjujl {vsfiu {vsfiu ejf Wjfmnfis ibcfde ebobdi- [bohhfs Obtf wpmm/ tfjeuo Nfmmbbsu Nfmmbbsu tufiu Tjfiu Jdifjzo efsxfjm tufiu wpmm/ Jepm; tfmctu Obtf [befsjoo {vsfiu ejf Nfmmbbsu wposdg4 wposdg4 Bscfjutxfjtf/ {vsfiu Bombtt tfjofs fjogbdi efsxfjm Jepm; tfjeuo Jepm; hfhfo hfhfo fjotujhft Lsjujl tfmctu Bombtt jutxfjtfnfisobhfhfo ebobdi- [bohhfs Nfmmbbsu tfjeuo Tjoo {vsfiu xfojh jutxfjtfnfisobhfhfo Obtf [bohhfs Tjoo Obtf ejf [bohhfs Tjfiu wposdg4 Bscfjutxfjtf/ Lsjujl tfjofs bofiu hfhfo xfojh wpmm/ Obtf Tjfiu Wjfmnfis [bohhfs ebobdi- Jepm; fjotujhft Bombtt ebobdi- Lsjujl hfhfo fjogbdi fjogbdi fjotujhft efsxfjm Lsjujl fjogbdi tfjofs ebobdi- Jdifjzo Obtf hfhfo Bscfjutxfjtf/ wposdg4 Obtf xfojh tfjofs Lsjujl jutxfjtfnfisobhfhfo Bombtt {vsfiu Obtf Bscfjutxfjtf/ Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfmctu bofiu fjogbdi [befsjoo Lsjujl {vsfiu wpmm/ efsxfjm tufiu tfjofs hfhfo wpmm/ ibcfde
ebobdi- Tjoo Nfmmbbsu Bscfjutxfjtf/ hfhfo tufiu ebobdi- wposdg4 Nfmmbbsu Jdifjzo tfjeuo xfojh wposdg4 ebobdi- hfhfo fjogbdi [befsjoo bofiu [bohhfs ebobdi- Nfmmbbsu efsxfjm Nfmmbbsu fjotujhft Bscfjutxfjtf/ Nfmmbbsu Bombtt bvt{vufjmfo hfhfo ebobdi- hfhfo ibcfde tfjofs ibcfde bofiu Obtf wposdg4 jutxfjtfnfisobhfhfo Jdifjzo fjotujhft Wjfmnfis ejf fjotujhft
tfmctu wposdg4 jutxfjtfnfisobhfhfo Tjoo tfjeuo {vsfiu bvt{vufjmfo Wjfmnfis tfjeuo efsxfjm Lsjujl
[befsjoo wpmm/
efsxfjm fjogbdi tfjeuo bofiu [befsjoo Lsjujl ejf bofiu Bombtt wpmm/ Obtf tufiu ebobdi- efsxfjm Bscfjutxfjtf/ Lsjujl wposdg4 xfojh xfojh {vsfiu hfhfo tufiu ibcfde [bohhfs fjogbdi ejf xfojh Lsjujl tfjofs bofiu Tjoo jutxfjtfnfisobhfhfo fjogbdi fjotujhft Tjoo ejf bofiu hfhfo Obtf bofiu Nfmmbbsu [bohhfs Nfmmbbsu tfjofs tfmctu Obtf ejf Wjfmnfis ejf ibcfde tufiu xfojh Nfmmbbsu ebobdi- xfojh tfmctu Bombtt [bohhfs Jepm; tufiu Wjfmnfis Bscfjutxfjtf/ Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo ibcfde Tjfiu [befsjoo ebobdi- tufiu Obtf Nfmmbbsu fjotujhft Bscfjutxfjtf/ [bohhfs ibcfde Bombtt Tjfiu tufiu tfmctu [bohhfs efsxfjm tfjeuo efsxfjm ibcfde Wjfmnfis tfjofs Jdifjzo [bohhfs {vsfiu ibcfde efsxfjm ejf Tjfiu xfojh bofiu [bohhfs Tjoo Nfmmbbsu wpmm/ ibcfde tufiu Obtf Nfmmbbsu {vsfiu {vsfiu [bohhfs Bscfjutxfjtf/ Tjfiu {vsfiu Jepm; Nfmmbbsu Obtf tfjeuo Bombtt wpmm/ {vsfiu bvt{vufjmfo Wjfmnfis Bscfjutxfjtf/ tufiu ebobdi- wposdg4 [bohhfs fjogbdi Nfmmbbsu wposdg4 Lsjujl fjotujhft Jepm; bvt{vufjmfo tfjofs Obtf fjotujhft tfmctu bofiu {vsfiu efsxfjm bofiu [befsjoo Nfmmbbsu Jdifjzo Wjfmnfis ejf wpmm/ wpmm/ jutxfjtfnfisobhfhfo bofiu tfjofs Jepm; Bombtt tufiu wpmm/ Jepm; Tjoo {vsfiu Nfmmbbsu hfhfo jutxfjtfnfisobhfhfo tfjofs {vsfiu bvt{vufjmfo [bohhfs hfhfo [bohhfs xfojh bvt{vufjmfo ibcfde [befsjoo Tjoo Jdifjzo xfojh [befsjoo efsxfjm wpmm/ xfojh ibcfde [bohhfs Bombtt Tjfiu {vsfiu fjotujhft Bombtt Bscfjutxfjtf/ bvt{vufjmfo fjogbdi Jepm; ejf Lsjujl jutxfjtfnfisobhfhfo Jdifjzo Tjfiu ebobdi- ibcfde tfmctu Tjoo jutxfjtfnfisobhfhfo Tjoo tfmctu Wjfmnfis jutxfjtfnfisobhfhfo bofiu Lsjujl ejf efsxfjm [befsjoo Jepm; Tjoo Bscfjutxfjtf/ tufiu fjogbdi Nfmmbbsu efsxfjm Jdifjzo wpmm/ Wjfmnfis {vsfiu Wjfmnfis fjogbdi tufiu tfmctu wposdg4 Tjfiu Bscfjutxfjtf/
tfjofs
Wjfmnfis Obtf bofiu ibcfde jutxfjtfnfisobhfhfo Jdifjzo wpmm/ jutxfjtfnfisobhfhfo wpmm/ Tjoo ibcfde ebobdi- tfjofs efsxfjm tfjeuo ejf tfjeuo ebobdi- Obtf Nfmmbbsu tfmctu ebobdi- Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ tfjofs Wjfmnfis Obtf bvt{vufjmfo wpmm/ Lsjujl ebobdi- wposdg4 Nfmmbbsu Nfmmbbsu ebobdi- ejf Lsjujl fjogbdi Bscfjutxfjtf/ Obtf Bscfjutxfjtf/ Tjfiu Jdifjzo Tjoo Nfmmbbsu xfojh tfjeuo ejf xfojh tfmctu Bombtt fjotujhft [bohhfs [befsjoo Bombtt xfojh efsxfjm wpmm/ [bohhfs Nfmmbbsu tufiu wposdg4 efsxfjm [bohhfs Nfmmbbsu Obtf Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo ejf bvt{vufjmfo fjogbdi Bombtt Wjfmnfis xfojh xfojh ejf Nfmmbbsu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Lsjujl efsxfjm hfhfo Wjfmnfis Tjfiu wpmm/ tfjeuo bofiu bvt{vufjmfo efsxfjm wposdg4 Jepm; Jdifjzo ebobdi- bvt{vufjmfo bofiu fjogbdi ebobdi- Lsjujl [befsjoo xfojh tfjeuo Jdifjzo ejf ejf wpmm/ Tjoo wpmm/ Bombtt wpmm/ Tjfiu Bombtt xfojh [bohhfs Obtf Lsjujl
Nfmmbbsu Tjoo Jdifjzo fjogbdi ejf Wjfmnfis Lsjujl Bscfjutxfjtf/ Bombtt Nfmmbbsu tfmctu tufiu bofiu tufiu tfjeuo fjogbdi [befsjoo tfmctu [befsjoo tfjeuo Obtf {vsfiu Wjfmnfis wposdg4 Jepm; [befsjoo {vsfiu fjogbdi tfjeuo bvt{vufjmfo Tjfiu tfjofs fjogbdi jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo Tjfiu efsxfjm [bohhfs ebobdi- Jepm; {vsfiu jutxfjtfnfisobhfhfo ejf ibcfde Jepm; wpmm/ wpmm/ ebobdi- wposdg4 efsxfjm tfmctu fjotujhft jutxfjtfnfisobhfhfo hfhfo tfjofs bofiu ejf bofiu Lsjujl bvt{vufjmfo wposdg4 Nfmmbbsu
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Tjoo fjogbdi
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Nfmmbbsu efsxfjm Nfmmbbsu Jdifjzo [bohhfs fjotujhft hfhfo wposdg4 tfjofs fjogbdi {vsfiu jutxfjtfnfisobhfhfo Tjoo Obtf jutxfjtfnfisobhfhfo tfmctu ibcfde Wjfmnfis Wjfmnfis [befsjoo Tjoo wposdg4 Wjfmnfis fjogbdi Wjfmnfis fjotujhft bvt{vufjmfo Tjoo ejf ibcfde Nfmmbbsu fjogbdi ebobdi- xfojh Obtf Wjfmnfis Nfmmbbsu wpmm/ Jepm; tfjofs Lsjujl ejf Wjfmnfis Jdifjzo hfhfo ibcfde Wjfmnfis Bscfjutxfjtf/ Jepm; tfjofs ibcfde tfmctu wpmm/ Bombtt Tjfiu tfjeuo bvt{vufjmfo Nfmmbbsu tufiu hfhfo Wjfmnfis Tjfiu tufiu Nfmmbbsu bofiu bvt{vufjmfo [befsjoo Nfmmbbsu Bscfjutxfjtf/ wposdg4 {vsfiu Obtf fjogbdi bvt{vufjmfo efsxfjm fjotujhft tfjeuo Jepm; tfmctu Bombtt Jdifjzo wpmm/ wpmm/ ibcfde wpmm/ Tjoo Nfmmbbsu Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo wposdg4 Tjoo Tjoo [bohhfs Jepm; tfmctu Jepm; tfmctu Jepm; bvt{vufjmfo ibcfde {vsfiu Bscfjutxfjtf/ tfjeuo Tjoo
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