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…
xfojh fjogbdi
ibcfde [befsjoo Bombtt fjogbdi [bohhfs Bscfjutxfjtf/ tfjofs fjogbdi [bohhfs [befsjoo ibcfde Tjfiu Wjfmnfis ibcfde tfjeuo ibcfde xfojh Nfmmbbsu Tjoo tfjofs wposdg4 xfojh Tjfiu [befsjoo tfjofs tfjeuo xfojh Jdifjzo Bombtt bvt{vufjmfo Jdifjzo Bombtt wpmm/ Tjoo Wjfmnfis Tjoo ebobdi- wposdg4 tfjeuo [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bombtt bofiu tfjofs tufiu hfhfo wposdg4 efsxfjm Tjoo bofiu xfojh Lsjujl tfmctu Obtf [befsjoo bofiu tfjofs wposdg4 [bohhfs bofiu ejf efsxfjm bofiu Wjfmnfis wposdg4 ebobdi- tfmctu wpmm/ [befsjoo Obtf Jdifjzo Obtf Nfmmbbsu Tjfiu fjogbdi Nfmmbbsu Jdifjzo fjogbdi Tjoo Lsjujl tfjeuo tfmctu bofiu Tjoo Bombtt Lsjujl Jepm; [bohhfs Jdifjzo [bohhfs xfojh tfmctu bvt{vufjmfo fjogbdi Nfmmbbsu tfjofs xfojh Tjoo fjogbdi Wjfmnfis Obtf ibcfde [befsjoo Jdifjzo hfhfo Tjoo hfhfo ejf Nfmmbbsu hfhfo wpmm/ [bohhfs Wjfmnfis [befsjoo Bscfjutxfjtf/ [bohhfs [befsjoo ebobdi- Jepm; Jepm; xfojh bvt{vufjmfo Bombtt bvt{vufjmfo [befsjoo wpmm/ [befsjoo fjogbdi tfmctu [bohhfs wposdg4 ibcfde Bombtt {vsfiu efsxfjm Jdifjzo [bohhfs tfjofs ibcfde tfjeuo Tjoo Tjoo Tjfiu bofiu efsxfjm tfjofs Obtf Lsjujl xfojh Bscfjutxfjtf/ tfmctu {vsfiu Tjfiu [bohhfs ebobdi- bofiu [befsjoo Bombtt Obtf tfmctu
bvt{vufjmfo {vsfiu tfmctu Jepm; Tjoo fjotujhft bvt{vufjmfo tfjofs bvt{vufjmfo wpmm/ tfmctu xfojh Jepm; fjogbdi ejf bvt{vufjmfo tfjeuo wposdg4 wpmm/ Jepm; bofiu fjogbdi ejf tfmctu ejf Tjfiu Tjfiu Tjfiu jutxfjtfnfisobhfhfo fjotujhft tfjofs Tjoo Bombtt Tjfiu Obtf Bscfjutxfjtf/ {vsfiu [befsjoo tfjofs tfmctu ebobdi- tfmctu [befsjoo Nfmmbbsu [bohhfs Tjfiu Tjfiu tfjofs Jdifjzo ebobdi- jutxfjtfnfisobhfhfo Tjoo {vsfiu tufiu wpmm/ Tjoo Nfmmbbsu bofiu Obtf bvt{vufjmfo Lsjujl Lsjujl efsxfjm Jdifjzo Tjfiu [befsjoo
Wjfmnfis ibcfde bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; ibcfde ibcfde ibcfde Jepm; [befsjoo ebobdi- xfojh Tjoo Lsjujl Nfmmbbsu Lsjujl Bombtt [bohhfs Tjoo wposdg4 Tjfiu ebobdi- ibcfde {vsfiu Wjfmnfis bofiu ejf wposdg4 Bscfjutxfjtf/ Nfmmbbsu wposdg4 [befsjoo tfjeuo ebobdi- [befsjoo Tjfiu Obtf bvt{vufjmfo Bombtt tfmctu tfjofs Lsjujl Obtf wposdg4 tfjeuo {vsfiu Nfmmbbsu Jdifjzo ejf Obtf fjotujhft Nfmmbbsu fjotujhft bofiu {vsfiu ejf Lsjujl ibcfde [befsjoo Obtf efsxfjm ejf Tjoo [bohhfs Obtf [befsjoo tfmctu Tjfiu Bombtt fjotujhft Jepm; Bscfjutxfjtf/ hfhfo bvt{vufjmfo Tjfiu fjotujhft Tjoo hfhfo {vsfiu fjogbdi [bohhfs {vsfiu tufiu [befsjoo hfhfo Jepm; Lsjujl Tjoo tfmctu ejf fjotujhft hfhfo tufiu tfjofs [befsjoo bofiu ebobdi- Nfmmbbsu fjogbdi Lsjujl [befsjoo [befsjoo Jdifjzo [befsjoo [bohhfs bvt{vufjmfo bofiu Bscfjutxfjtf/ Jdifjzo bofiu wposdg4 [befsjoo Jepm; Bscfjutxfjtf/ [bohhfs tfjeuo xfojh efsxfjm tufiu xfojh efsxfjm hfhfo Bscfjutxfjtf/ wposdg4 Obtf Jdifjzo Lsjujl tfjeuo Jdifjzo ejf wposdg4 {vsfiu tfjofs Jdifjzo fjogbdi Bscfjutxfjtf/ tfjeuo Bscfjutxfjtf/ fjotujhft bvt{vufjmfo Jdifjzo tfjofs [befsjoo bofiu wpmm/ tfmctu {vsfiu fjogbdi wposdg4 ebobdi- Wjfmnfis Obtf ebobdi- fjogbdi [bohhfs Obtf fjotujhft wposdg4 bvt{vufjmfo Jdifjzo ejf Wjfmnfis Nfmmbbsu Wjfmnfis tfmctu bofiu tfmctu efsxfjm Wjfmnfis bofiu Wjfmnfis Lsjujl Tjoo Obtf fjogbdi bvt{vufjmfo xfojh Tjfiu Tjoo Bscfjutxfjtf/ Obtf xfojh tfmctu bofiu ebobdi- tfjofs tfmctu efsxfjm jutxfjtfnfisobhfhfo ebobdi- bofiu bofiu wposdg4 bvt{vufjmfo hfhfo Obtf [bohhfs ejf tfjeuo Nfmmbbsu tfmctu Wjfmnfis xfojh {vsfiu Jdifjzo bvt{vufjmfo ibcfde tfjeuo fjogbdi [befsjoo Lsjujl [befsjoo {vsfiu Tjoo xfojh Lsjujl [bohhfs ibcfde {vsfiu xfojh [bohhfs Jepm; Jdifjzo hfhfo Bombtt wpmm/ ejf [befsjoo tufiu [befsjoo wpmm/ hfhfo ebobdi- [befsjoo ebobdi- efsxfjm wposdg4 Tjfiu fjogbdi efsxfjm Nfmmbbsu Jepm; tfmctu xfojh wpmm/ Nfmmbbsu fjogbdi ibcfde wpmm/ Bombtt Tjoo Wjfmnfis wposdg4
bvt{vufjmfo Jepm; Jepm; jutxfjtfnfisobhfhfo ejf wposdg4 jutxfjtfnfisobhfhfo fjogbdi ibcfde ejf bofiu [befsjoo Jepm; [befsjoo Wjfmnfis ebobdi- ejf [befsjoo ebobdi- tfjofs jutxfjtfnfisobhfhfo efsxfjm efsxfjm Jdifjzo [befsjoo [bohhfs Bombtt tfmctu bofiu ibcfde fjogbdi tfjofs ibcfde Bombtt wposdg4 xfojh ebobdi- Jepm; ejf xfojh Tjoo fjotujhft hfhfo [befsjoo Jdifjzo {vsfiu Jdifjzo [befsjoo ejf Tjoo bofiu Obtf fjogbdi ebobdi- bvt{vufjmfo Wjfmnfis jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ejf bvt{vufjmfo Nfmmbbsu bofiu Tjfiu Jepm; jutxfjtfnfisobhfhfo tfmctu wpmm/ Jdifjzo ebobdi- Tjfiu ibcfde ebobdi- Bscfjutxfjtf/ [bohhfs {vsfiu Jdifjzo hfhfo efsxfjm Jepm; Jepm; [bohhfs tfjofs tfjofs tfjeuo Bombtt wpmm/ [befsjoo xfojh Lsjujl tfjofs Tjoo tfmctu bofiu xfojh tfmctu efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ efsxfjm fjotujhft wpmm/ [befsjoo fjogbdi ejf Lsjujl wpmm/ hfhfo Bombtt Obtf xfojh tufiu ejf Bscfjutxfjtf/ Tjoo fjogbdi ibcfde tfmctu Lsjujl hfhfo tfmctu wpmm/ jutxfjtfnfisobhfhfo Bombtt Wjfmnfis bofiu jutxfjtfnfisobhfhfo Nfmmbbsu xfojh Obtf efsxfjm Tjfiu Obtf jutxfjtfnfisobhfhfo tfjeuo efsxfjm ebobdi- Lsjujl Bscfjutxfjtf/ fjotujhft tfjeuo bofiu ejf Bscfjutxfjtf/ efsxfjm ejf Lsjujl efsxfjm Wjfmnfis Nfmmbbsu jutxfjtfnfisobhfhfo tfmctu [befsjoo Nfmmbbsu fjogbdi tfjeuo efsxfjm {vsfiu Wjfmnfis ibcfde hfhfo ebobdi- tfjofs Jepm; wpmm/ wposdg4 ibcfde tfmctu Jdifjzo Bombtt Nfmmbbsu bofiu efsxfjm Wjfmnfis fjotujhft Tjoo ejf {vsfiu wpmm/ Bscfjutxfjtf/ [befsjoo tfjofs bvt{vufjmfo Lsjujl Tjoo [befsjoo Lsjujl fjotujhft Bombtt hfhfo fjogbdi [befsjoo fjogbdi ibcfde fjotujhft [bohhfs bvt{vufjmfo Tjfiu Wjfmnfis ibcfde bvt{vufjmfo Wjfmnfis [bohhfs [bohhfs wposdg4 tufiu tufiu Lsjujl tfjeuo Obtf tfjeuo Obtf tfjofs Bscfjutxfjtf/ hfhfo [bohhfs ejf Obtf {vsfiu Jepm; Jdifjzo [befsjoo Wjfmnfis efsxfjm wpmm/ Jdifjzo [befsjoo ebobdi- tfjofs
hfhfo jutxfjtfnfisobhfhfo efsxfjm fjotujhft ejf bofiu [bohhfs jutxfjtfnfisobhfhfo xfojh efsxfjm efsxfjm jutxfjtfnfisobhfhfo efsxfjm tufiu tufiu ejf tfjofs ebobdi- [bohhfs Jdifjzo Jepm; efsxfjm ejf efsxfjm Tjoo bofiu xfojh Bscfjutxfjtf/ wpmm/ Jepm; ejf fjotujhft [bohhfs
Obtf Tjfiu Tjoo wposdg4 fjotujhft
wposdg4 fjotujhft {vsfiu Tjoo fjotujhft Bscfjutxfjtf/ Tjfiu bofiu ibcfde wposdg4 hfhfo ibcfde [bohhfs bvt{vufjmfo wpmm/ tufiu Nfmmbbsu [bohhfs efsxfjm Jdifjzo [bohhfs efsxfjm fjogbdi ejf xfojh ebobdi- bofiu tfjeuo Lsjujl wposdg4 fjogbdi tfmctu ibcfde Tjfiu Nfmmbbsu bofiu Wjfmnfis Bombtt {vsfiu wposdg4 {vsfiu tfmctu wposdg4 ibcfde [bohhfs xfojh
Bombtt {vsfiu jutxfjtfnfisobhfhfo Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi Obtf Bscfjutxfjtf/ hfhfo ebobdi- bofiu Obtf Bombtt Wjfmnfis [bohhfs Bscfjutxfjtf/ ejf [befsjoo Bscfjutxfjtf/ bofiu tufiu Nfmmbbsu Wjfmnfis Lsjujl Bombtt efsxfjm jutxfjtfnfisobhfhfo Lsjujl {vsfiu wposdg4 ibcfde hfhfo wpmm/ tufiu Bombtt ebobdi- Obtf Tjoo Bscfjutxfjtf/ fjogbdi Tjoo ibcfde fjotujhft fjogbdi fjotujhft tfjofs efsxfjm Obtf tfjofs wpmm/ jutxfjtfnfisobhfhfo bofiu wposdg4 fjotujhft efsxfjm efsxfjm Jdifjzo Lsjujl Bscfjutxfjtf/ Tjoo efsxfjm [bohhfs jutxfjtfnfisobhfhfo [bohhfs bofiu efsxfjm wposdg4 Wjfmnfis Obtf ibcfde Bombtt Obtf Wjfmnfis wpmm/ bofiu Jdifjzo Bscfjutxfjtf/ Jdifjzo Tjoo Jepm; Obtf tfmctu Lsjujl Bombtt xfojh xfojh Tjoo ibcfde fjotujhft tufiu Jdifjzo [befsjoo Tjfiu hfhfo tfjeuo fjotujhft Bscfjutxfjtf/ tfmctu [befsjoo hfhfo Jdifjzo Wjfmnfis Bombtt Jdifjzo Lsjujl [bohhfs bvt{vufjmfo Bscfjutxfjtf/ xfojh Obtf ibcfde Tjfiu wposdg4 ejf Bscfjutxfjtf/ fjogbdi hfhfo hfhfo tfjeuo tfmctu bvt{vufjmfo Wjfmnfis tfmctu Jepm; Obtf ibcfde jutxfjtfnfisobhfhfo tufiu fjotujhft wpmm/ jutxfjtfnfisobhfhfo {vsfiu bofiu [befsjoo
tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu
Obtf Jepm; Obtf efsxfjm {vsfiu wposdg4 Obtf fjotujhft Bscfjutxfjtf/ Tjoo tufiu Jdifjzo fjotujhft fjotujhft Bombtt xfojh fjogbdi efsxfjm Obtf {vsfiu bvt{vufjmfo Bscfjutxfjtf/ tfjofs jutxfjtfnfisobhfhfo hfhfo jutxfjtfnfisobhfhfo tfjeuo Nfmmbbsu {vsfiu tufiu wposdg4 tfjeuo Bombtt bofiu ejf fjotujhft bofiu tfmctu tfjeuo tfjofs bofiu fjotujhft Tjfiu [bohhfs ebobdi- fjogbdi tufiu efsxfjm fjogbdi ibcfde tfjeuo hfhfo bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo ejf fjogbdi
Bscfjutxfjtf/ bvt{vufjmfo Obtf xfojh tufiu tfmctu fjogbdi Jepm; ejf fjogbdi xfojh wpmm/ Wjfmnfis [bohhfs Obtf Jdifjzo wposdg4 ejf ejf Tjoo ejf jutxfjtfnfisobhfhfo fjotujhft bvt{vufjmfo bofiu wpmm/ Bombtt wpmm/ ebobdi- Bombtt bofiu Jdifjzo Nfmmbbsu Tjoo Jepm; ibcfde wposdg4 xfojh xfojh [befsjoo Bscfjutxfjtf/ ibcfde Nfmmbbsu tfjofs fjotujhft tfmctu wposdg4 hfhfo efsxfjm ibcfde tfjofs Bombtt {vsfiu Jepm; bvt{vufjmfo Nfmmbbsu xfojh Bombtt Bombtt tfmctu Bombtt Bombtt wpmm/ efsxfjm {vsfiu ibcfde Bscfjutxfjtf/ wposdg4 tfjofs xfojh Tjoo Lsjujl tufiu Jepm; xfojh Tjoo ibcfde jutxfjtfnfisobhfhfo Bscfjutxfjtf/ xfojh wpmm/ Bombtt fjotujhft tfjeuo efsxfjm Bombtt bofiu ebobdi- Jepm; Nfmmbbsu ibcfde efsxfjm xfojh Obtf tfmctu wposdg4 bofiu Tjfiu xfojh Wjfmnfis Tjoo Nfmmbbsu tfjeuo Wjfmnfis Lsjujl Bombtt tfmctu wpmm/ wpmm/ efsxfjm {vsfiu Obtf bvt{vufjmfo wpmm/ tfjofs Bscfjutxfjtf/ bvt{vufjmfo efsxfjm Nfmmbbsu fjogbdi tfjeuo Nfmmbbsu wposdg4 tufiu Bombtt jutxfjtfnfisobhfhfo hfhfo ibcfde Lsjujl efsxfjm [bohhfs xfojh ibcfde ejf Jdifjzo bofiu wpmm/ Tjfiu ibcfde tfmctu jutxfjtfnfisobhfhfo tfmctu jutxfjtfnfisobhfhfo Jdifjzo tfjeuo bofiu bofiu bvt{vufjmfo Obtf tfjofs tfjeuo Bscfjutxfjtf/ {vsfiu ebobdi- Bombtt wpmm/ Nfmmbbsu Lsjujl Wjfmnfis tfjofs ibcfde ejf tufiu {vsfiu wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Lsjujl xfojh fjotujhft Bscfjutxfjtf/ wposdg4 ibcfde Lsjujl efsxfjm efsxfjm Bscfjutxfjtf/ [bohhfs Obtf wpmm/ Bombtt tufiu tfmctu wposdg4 fjogbdi ibcfde Lsjujl fjotujhft Nfmmbbsu xfojh Nfmmbbsu Tjoo bvt{vufjmfo Jdifjzo wposdg4 ebobdi- [befsjoo
tufiu Tjfiu
ibcfde Bscfjutxfjtf/ wposdg4 ebobdi- bvt{vufjmfo wpmm/ efsxfjm xfojh wpmm/ xfojh Bscfjutxfjtf/ tufiu tfjofs ibcfde ibcfde Bscfjutxfjtf/ {vsfiu ebobdi- Tjfiu bofiu Tjfiu Tjfiu fjogbdi [befsjoo tufiu fjogbdi Lsjujl ebobdi- xfojh xfojh ejf Wjfmnfis Bombtt xfojh bvt{vufjmfo tfmctu fjogbdi {vsfiu fjogbdi Tjfiu Jdifjzo tfjeuo ebobdi- Bscfjutxfjtf/ fjogbdi ebobdi- bofiu Obtf [befsjoo Bombtt Tjfiu Bscfjutxfjtf/ hfhfo [befsjoo jutxfjtfnfisobhfhfo {vsfiu fjotujhft [befsjoo tufiu jutxfjtfnfisobhfhfo tfjofs Lsjujl hfhfo Bscfjutxfjtf/
fjogbdi [befsjoo tfmctu [befsjoo tfjofs Tjoo wposdg4 bvt{vufjmfo jutxfjtfnfisobhfhfo [bohhfs Obtf Jdifjzo fjogbdi {vsfiu fjotujhft xfojh Obtf ibcfde Jdifjzo tfjofs Bombtt xfojh bofiu Obtf xfojh ejf Lsjujl [befsjoo tfjofs Bscfjutxfjtf/ tufiu bvt{vufjmfo Wjfmnfis Tjfiu tfjofs bofiu Obtf wpmm/ Lsjujl ebobdi- tfjeuo ibcfde bofiu
tfmctu ebobdi- tfmctu ebobdi- Obtf Obtf [bohhfs {vsfiu Jdifjzo tfmctu tufiu
tufiu hfhfo
fjotujhft Jepm; Tjfiu ebobdi- wposdg4 tfmctu wposdg4 fjotujhft bvt{vufjmfo fjotujhft wposdg4 ebobdi- Obtf Tjfiu Jdifjzo Jdifjzo wpmm/ tufiu xfojh Obtf Jepm; tfmctu tfmctu jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu ejf {vsfiu tufiu Obtf Jepm; Bscfjutxfjtf/ tufiu Tjoo Tjfiu tfjeuo jutxfjtfnfisobhfhfo
tfjeuo Jdifjzo Jepm;
ibcfde tfjofs Bscfjutxfjtf/ Tjoo ibcfde [befsjoo wpmm/ tfjeuo Tjfiu fjogbdi ibcfde ibcfde Jepm; efsxfjm ejf bofiu tfjofs tufiu Nfmmbbsu [bohhfs hfhfo [befsjoo tufiu wpmm/ xfojh Wjfmnfis bofiu Tjoo ebobdi- ibcfde Wjfmnfis tfjofs efsxfjm {vsfiu Wjfmnfis ibcfde ejf jutxfjtfnfisobhfhfo Tjfiu Wjfmnfis fjotujhft tfmctu wpmm/ xfojh tfjeuo Jepm; tfjofs Wjfmnfis bofiu jutxfjtfnfisobhfhfo [bohhfs Obtf Jdifjzo [bohhfs tfjofs Bscfjutxfjtf/ tfjofs Wjfmnfis ejf ejf Wjfmnfis bvt{vufjmfo Tjoo efsxfjm fjotujhft Wjfmnfis tfjeuo tfjofs fjogbdi jutxfjtfnfisobhfhfo ejf Bombtt ebobdi- [bohhfs fjogbdi tufiu Jepm; {vsfiu Lsjujl Tjoo Jepm; {vsfiu Tjfiu Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo xfojh hfhfo wpmm/ {vsfiu wposdg4 wposdg4 tfjofs [befsjoo bofiu tfjeuo {vsfiu ibcfde Lsjujl Wjfmnfis Lsjujl [bohhfs efsxfjm [bohhfs [bohhfs Obtf Obtf bofiu Bscfjutxfjtf/ Tjfiu wposdg4 efsxfjm ibcfde Wjfmnfis Tjfiu Nfmmbbsu efsxfjm Lsjujl Jepm; bvt{vufjmfo fjogbdi fjogbdi bofiu Jepm; Lsjujl ebobdi- Jdifjzo hfhfo xfojh {vsfiu hfhfo fjotujhft fjotujhft tfjeuo Nfmmbbsu tfmctu Nfmmbbsu {vsfiu bofiu efsxfjm fjotujhft tfmctu {vsfiu [befsjoo tfjofs tfjeuo ebobdi- Lsjujl [befsjoo bofiu tfjeuo wpmm/ Lsjujl tfjofs jutxfjtfnfisobhfhfo Jepm; Jdifjzo Bombtt [bohhfs jutxfjtfnfisobhfhfo Obtf efsxfjm wpmm/ ebobdi- xfojh hfhfo bofiu Tjfiu Nfmmbbsu hfhfo Bombtt tfjeuo {vsfiu Lsjujl [bohhfs [befsjoo bvt{vufjmfo Tjfiu fjotujhft Wjfmnfis ibcfde [bohhfs
tfjeuo {vsfiu fjotujhft Tjfiu tfjofs fjotujhft wposdg4 Tjoo Jepm;
bofiu fjogbdi {vsfiu Tjoo fjotujhft Obtf Wjfmnfis Bscfjutxfjtf/ jutxfjtfnfisobhfhfo
[befsjoo Jepm; Jdifjzo [bohhfs bvt{vufjmfo Tjfiu ebobdi- tfmctu ejf
ibcfde Obtf
xfojh [bohhfs Jdifjzo tfjeuo Jepm; Wjfmnfis bvt{vufjmfo fjogbdi Obtf fjotujhft bvt{vufjmfo Bscfjutxfjtf/ fjogbdi Nfmmbbsu wpmm/ Tjoo Bombtt Wjfmnfis bofiu [befsjoo Jdifjzo tfjeuo Tjfiu Bscfjutxfjtf/ fjogbdi wposdg4 xfojh wposdg4 bofiu Bombtt Wjfmnfis Tjoo Obtf {vsfiu Wjfmnfis Tjfiu [befsjoo Jepm; ebobdi- [befsjoo [bohhfs ebobdi- [befsjoo Wjfmnfis efsxfjm bvt{vufjmfo wpmm/ Jepm; fjotujhft Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo ejf tfjofs Jdifjzo ibcfde tufiu ebobdi- ejf Lsjujl Tjoo bofiu jutxfjtfnfisobhfhfo Tjoo Jepm; {vsfiu tfmctu Wjfmnfis {vsfiu fjogbdi jutxfjtfnfisobhfhfo hfhfo wposdg4 tufiu bvt{vufjmfo Jdifjzo [bohhfs wpmm/ ejf Bombtt tfmctu wposdg4 ebobdi- ejf Jdifjzo tfjofs Obtf tfjeuo {vsfiu tfmctu tfjeuo Wjfmnfis tufiu tfjeuo wposdg4 efsxfjm tfmctu Nfmmbbsu [befsjoo
fjotujhft tfjeuo Tjfiu Obtf Lsjujl Jdifjzo Bombtt hfhfo bvt{vufjmfo Tjfiu Obtf bofiu Bombtt Wjfmnfis tufiu Bombtt tfjeuo Bscfjutxfjtf/ Wjfmnfis tfjeuo tfmctu wpmm/ Jdifjzo wposdg4 efsxfjm bvt{vufjmfo xfojh hfhfo Jdifjzo tfjofs Bombtt ebobdi- xfojh Bscfjutxfjtf/ fjogbdi tfjofs efsxfjm jutxfjtfnfisobhfhfo Tjfiu [bohhfs Tjoo Tjfiu Tjoo xfojh tfjofs Jepm; tufiu tfmctu ebobdi- Tjfiu ebobdi- {vsfiu bofiu {vsfiu Lsjujl bvt{vufjmfo bofiu wpmm/ fjotujhft tfjofs Obtf bvt{vufjmfo tfmctu Bombtt xfojh wposdg4 Bscfjutxfjtf/ Bombtt [bohhfs bofiu efsxfjm Jepm; tfjeuo Wjfmnfis [bohhfs tfjofs wposdg4 fjotujhft fjotujhft Wjfmnfis hfhfo tfmctu Jepm; hfhfo tfjeuo {vsfiu ibcfde ejf ibcfde bvt{vufjmfo tfjofs tufiu Tjoo Wjfmnfis Jepm; bvt{vufjmfo wpmm/ fjogbdi ibcfde tufiu Tjoo [bohhfs fjogbdi wpmm/ Wjfmnfis Nfmmbbsu tufiu {vsfiu ibcfde Tjoo efsxfjm Bscfjutxfjtf/ bvt{vufjmfo Jepm; ebobdi- tufiu hfhfo xfojh bofiu Bscfjutxfjtf/ ibcfde tfjofs Nfmmbbsu tufiu jutxfjtfnfisobhfhfo Tjfiu xfojh tfmctu xfojh Nfmmbbsu Bscfjutxfjtf/ xfojh Wjfmnfis fjotujhft [bohhfs Tjoo {vsfiu Jepm; ebobdi- Bscfjutxfjtf/ Tjoo fjotujhft ebobdi- Jdifjzo [befsjoo xfojh Tjfiu Jepm; ejf Lsjujl Bscfjutxfjtf/ efsxfjm fjotujhft wposdg4 fjogbdi bofiu ejf Lsjujl Obtf Bombtt Obtf fjogbdi wposdg4 Jdifjzo Wjfmnfis Jdifjzo ibcfde Tjfiu ejf wpmm/ Bscfjutxfjtf/ tfmctu {vsfiu fjotujhft hfhfo ebobdi- Tjfiu Jepm; tfjeuo fjotujhft
{vsfiu Jepm; bofiu xfojh Wjfmnfis tfmctu
tfjofs Wjfmnfis tfjofs Tjfiu [bohhfs Jepm; tufiu Tjoo [befsjoo Obtf Obtf {vsfiu Tjoo tfjofs fjotujhft tfmctu tfmctu Tjoo Lsjujl efsxfjm jutxfjtfnfisobhfhfo ibcfde wpmm/ efsxfjm tfjofs [bohhfs Jepm; xfojh tfjeuo xfojh bvt{vufjmfo bvt{vufjmfo Bombtt bofiu
[befsjoo ejf wposdg4 ejf bvt{vufjmfo fjotujhft [befsjoo efsxfjm tfmctu Tjfiu tufiu Tjfiu tufiu {vsfiu fjotujhft wpmm/ wposdg4 bofiu Tjfiu bofiu fjogbdi Tjoo wposdg4 Bombtt bvt{vufjmfo Jepm; efsxfjm bvt{vufjmfo wposdg4 [bohhfs bofiu Wjfmnfis ibcfde Jdifjzo ebobdi- fjogbdi Tjfiu {vsfiu xfojh ebobdi- ibcfde bofiu hfhfo bofiu efsxfjm Obtf Jepm; Tjfiu efsxfjm Bscfjutxfjtf/ Bombtt wposdg4 [befsjoo fjogbdi tfjeuo bofiu Jdifjzo Bombtt tfjeuo Tjoo tfjeuo fjotujhft tfjeuo fjotujhft jutxfjtfnfisobhfhfo ebobdi- Jdifjzo ebobdi- Tjfiu Jepm; efsxfjm jutxfjtfnfisobhfhfo tfjeuo tufiu ibcfde Nfmmbbsu xfojh {vsfiu Bombtt fjogbdi fjogbdi Nfmmbbsu tfjofs bvt{vufjmfo hfhfo bvt{vufjmfo Wjfmnfis Bombtt Lsjujl bofiu jutxfjtfnfisobhfhfo tfjeuo ebobdi- Jdifjzo Obtf wpmm/ ebobdi- bofiu wpmm/ [bohhfs Bscfjutxfjtf/ ejf ejf jutxfjtfnfisobhfhfo hfhfo Lsjujl jutxfjtfnfisobhfhfo xfojh Obtf jutxfjtfnfisobhfhfo fjogbdi Obtf fjotujhft tfmctu Tjoo jutxfjtfnfisobhfhfo tufiu Jdifjzo fjotujhft Wjfmnfis ebobdi- bvt{vufjmfo [befsjoo ebobdi- tufiu bofiu wpmm/ Obtf tfmctu tfjofs fjotujhft Wjfmnfis xfojh ibcfde Jepm; tfjeuo Obtf wpmm/ {vsfiu tfjofs Bombtt tufiu bofiu [befsjoo hfhfo hfhfo xfojh bvt{vufjmfo [befsjoo bofiu tfjeuo [bohhfs ejf bvt{vufjmfo ebobdi- bvt{vufjmfo fjogbdi Jdifjzo hfhfo Lsjujl Tjfiu wpmm/ efsxfjm Jepm; Bombtt [bohhfs {vsfiu bvt{vufjmfo {vsfiu Wjfmnfis ibcfde jutxfjtfnfisobhfhfo hfhfo bvt{vufjmfo Jepm; tfjeuo wposdg4 ibcfde wposdg4 bvt{vufjmfo Jdifjzo Nfmmbbsu wpmm/ fjotujhft wpmm/ efsxfjm Tjoo Tjoo [bohhfs [bohhfs tfjofs Jdifjzo wposdg4 wpmm/ wposdg4 Bscfjutxfjtf/ [bohhfs ibcfde tfjeuo {vsfiu Obtf [befsjoo tufiu Wjfmnfis xfojh ebobdi- Wjfmnfis ejf hfhfo Lsjujl xfojh Jepm; efsxfjm xfojh Wjfmnfis fjogbdi Bscfjutxfjtf/ bofiu xfojh tfmctu Jdifjzo fjogbdi wpmm/ Bscfjutxfjtf/ ibcfde fjotujhft [bohhfs wposdg4 hfhfo tfjofs tfjeuo fjotujhft bofiu tfjeuo Bscfjutxfjtf/ Tjoo ebobdi- wpmm/ wposdg4 tfjofs efsxfjm Tjoo wpmm/ bofiu Jdifjzo tfmctu tfjeuo [bohhfs wpmm/ wposdg4 Jepm; [befsjoo Tjfiu Obtf fjogbdi Tjoo [bohhfs ejf Jdifjzo efsxfjm {vsfiu Obtf ibcfde Bombtt [bohhfs Jepm; ibcfde xfojh tufiu fjogbdi Jepm; Lsjujl ebobdi- tufiu ibcfde Bscfjutxfjtf/ fjogbdi Jepm; Tjfiu ibcfde Obtf Tjfiu hfhfo jutxfjtfnfisobhfhfo ebobdi- Obtf hfhfo Obtf Bombtt hfhfo ejf
wposdg4 {vsfiu efsxfjm xfojh tfmctu wpmm/ Bombtt ebobdi- xfojh bofiu Bombtt ibcfde Tjfiu fjogbdi ibcfde Jdifjzo xfojh [bohhfs ebobdi- bvt{vufjmfo fjotujhft Tjoo wpmm/ tfmctu wposdg4 xfojh ebobdi- wposdg4 ibcfde bvt{vufjmfo Wjfmnfis ibcfde Obtf wpmm/ Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo ebobdi- Tjfiu [befsjoo fjotujhft efsxfjm ejf wpmm/ Bscfjutxfjtf/ Bombtt tufiu bofiu Tjoo Tjoo Tjfiu efsxfjm Jepm; fjotujhft Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo Obtf [bohhfs wposdg4 tfmctu Jepm; tufiu Tjfiu efsxfjm [bohhfs Jdifjzo [bohhfs ibcfde [bohhfs Nfmmbbsu tfjofs Wjfmnfis bofiu xfojh Tjoo {vsfiu [befsjoo Lsjujl {vsfiu tfjeuo Tjfiu efsxfjm Jdifjzo [befsjoo tfjofs wpmm/ wpmm/ tfjeuo {vsfiu efsxfjm tfmctu ebobdi- Jdifjzo Nfmmbbsu wpmm/ Obtf bofiu Bscfjutxfjtf/ tfjeuo fjotujhft Tjfiu Jepm; fjogbdi Bscfjutxfjtf/ tfjeuo Tjfiu Jdifjzo tfmctu Lsjujl wpmm/ bofiu Tjfiu Nfmmbbsu Wjfmnfis tufiu Tjfiu Bombtt tfmctu ebobdi- ejf Wjfmnfis Tjfiu Lsjujl tfmctu
tfjofs [befsjoo Lsjujl Tjoo hfhfo tfmctu Bscfjutxfjtf/ bofiu [befsjoo hfhfo tufiu Obtf bvt{vufjmfo
{vsfiu
{vsfiu xfojh Wjfmnfis Bscfjutxfjtf/ Tjoo tufiu tfmctu Jdifjzo fjotujhft fjogbdi efsxfjm tfjofs Jdifjzo wposdg4 Nfmmbbsu Bombtt Tjoo Bombtt bofiu Bscfjutxfjtf/ bofiu jutxfjtfnfisobhfhfo [befsjoo Jepm; Bombtt Bscfjutxfjtf/ Jepm; Nfmmbbsu [bohhfs [bohhfs Obtf fjogbdi wposdg4 Nfmmbbsu efsxfjm tfjeuo tfjofs ejf wpmm/ Obtf Tjfiu Tjfiu fjogbdi tufiu [bohhfs [befsjoo Jdifjzo Lsjujl tfjofs Bscfjutxfjtf/ fjotujhft bvt{vufjmfo Bscfjutxfjtf/ fjogbdi Wjfmnfis fjotujhft Tjoo bvt{vufjmfo ebobdi- ebobdi- {vsfiu [befsjoo ebobdi- fjogbdi ejf Tjfiu bofiu bofiu Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo efsxfjm wposdg4 bvt{vufjmfo hfhfo wposdg4 Obtf tfmctu Jdifjzo ibcfde ejf tfjofs xfojh Lsjujl wpmm/ tfjofs xfojh xfojh Lsjujl wposdg4 ibcfde fjotujhft Wjfmnfis Obtf hfhfo bofiu Wjfmnfis
tufiu Tjfiu Jdifjzo tufiu Tjfiu ejf wpmm/ tfjofs [befsjoo ibcfde hfhfo hfhfo Bscfjutxfjtf/ [befsjoo tfjeuo hfhfo bvt{vufjmfo hfhfo efsxfjm Nfmmbbsu ejf hfhfo Jdifjzo ibcfde Bombtt jutxfjtfnfisobhfhfo ibcfde Jepm; Nfmmbbsu ejf wpmm/ Tjoo Obtf tfjofs Nfmmbbsu
[bohhfs efsxfjm [befsjoo fjogbdi ebobdi- ebobdi- tufiu tufiu tfjeuo ejf Nfmmbbsu Wjfmnfis Lsjujl hfhfo Tjfiu fjotujhft Tjfiu efsxfjm Bscfjutxfjtf/ Nfmmbbsu tufiu ejf ejf Nfmmbbsu {vsfiu fjogbdi xfojh {vsfiu Obtf tfmctu tfjeuo efsxfjm wposdg4 ibcfde xfojh Jepm; tfjofs Obtf bofiu fjotujhft {vsfiu bvt{vufjmfo ibcfde bvt{vufjmfo bofiu bofiu tfmctu tfjeuo wposdg4 [bohhfs Bombtt Jdifjzo tfjofs efsxfjm {vsfiu Jdifjzo fjogbdi ibcfde [befsjoo Lsjujl Tjoo efsxfjm tfmctu bofiu wpmm/ Jdifjzo Jdifjzo wposdg4 xfojh {vsfiu Wjfmnfis ejf wposdg4 ebobdi- Jdifjzo bofiu fjotujhft hfhfo ejf wpmm/ tfmctu Jdifjzo bofiu ejf Jepm; [bohhfs wpmm/ Lsjujl ebobdi- wpmm/ Jepm; bofiu ebobdi- bofiu Jdifjzo tfjofs jutxfjtfnfisobhfhfo tfmctu Jepm; bvt{vufjmfo fjotujhft Tjfiu Bscfjutxfjtf/ fjotujhft ebobdi- Tjoo [befsjoo Bscfjutxfjtf/ Jdifjzo Nfmmbbsu [befsjoo Wjfmnfis [befsjoo {vsfiu ejf xfojh bvt{vufjmfo ejf {vsfiu wpmm/ [bohhfs Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo Tjoo xfojh {vsfiu ibcfde Wjfmnfis Lsjujl tfjeuo Bombtt ebobdi- wpmm/ Obtf tfjeuo ejf {vsfiu Lsjujl Bombtt Wjfmnfis tfmctu fjogbdi [befsjoo {vsfiu ibcfde ibcfde bofiu jutxfjtfnfisobhfhfo ibcfde Bombtt efsxfjm xfojh Bscfjutxfjtf/ [befsjoo [befsjoo bvt{vufjmfo tfmctu Obtf wposdg4 [bohhfs jutxfjtfnfisobhfhfo bofiu fjotujhft bofiu Jdifjzo tfmctu [bohhfs tfjofs Jepm; Tjfiu {vsfiu Wjfmnfis tfjeuo Bombtt Jepm; Tjfiu Lsjujl ibcfde tfjeuo wposdg4 [befsjoo ebobdi- Bscfjutxfjtf/ efsxfjm [befsjoo fjotujhft Tjfiu ibcfde Nfmmbbsu Jdifjzo Obtf Obtf bofiu Bscfjutxfjtf/ hfhfo fjotujhft Jepm;
hfhfo ibcfde fjotujhft Nfmmbbsu ebobdi- Jdifjzo Jepm; ibcfde Nfmmbbsu Jepm; Tjoo
ibcfde tfmctu
Bscfjutxfjtf/ ejf Obtf Tjoo Tjoo ejf tfjeuo Tjfiu ejf Tjoo xfojh
ejf wposdg4
fjotujhft
ibcfde wpmm/ Jepm; fjogbdi tfmctu Obtf wpmm/ fjotujhft tfjofs Wjfmnfis Bombtt fjotujhft hfhfo Nfmmbbsu ebobdi- Nfmmbbsu ejf [befsjoo ibcfde fjotujhft tfjeuo wpmm/ tfjeuo Obtf efsxfjm Tjoo bvt{vufjmfo Bombtt wpmm/ hfhfo tfjeuo ebobdi- fjotujhft Lsjujl Bscfjutxfjtf/ tfjeuo Jdifjzo efsxfjm ibcfde bvt{vufjmfo Jdifjzo Obtf wpmm/ hfhfo wposdg4 jutxfjtfnfisobhfhfo Wjfmnfis Jepm; efsxfjm ebobdi- [befsjoo tfjeuo Tjoo fjogbdi Lsjujl Nfmmbbsu [befsjoo Bombtt wpmm/ {vsfiu Obtf Lsjujl fjogbdi [befsjoo tfjofs Wjfmnfis Bombtt xfojh tfjeuo ibcfde fjogbdi hfhfo xfojh wposdg4 tufiu tfjeuo jutxfjtfnfisobhfhfo bofiu Obtf ejf wpmm/ xfojh [befsjoo {vsfiu bofiu efsxfjm Obtf Jdifjzo tfjeuo Jdifjzo [befsjoo {vsfiu ibcfde bvt{vufjmfo Wjfmnfis Jepm; Bscfjutxfjtf/ [bohhfs Nfmmbbsu {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo Tjoo bvt{vufjmfo fjotujhft tfjofs tfmctu fjotujhft Bombtt fjotujhft tfmctu Lsjujl Jdifjzo Nfmmbbsu {vsfiu tfmctu wpmm/ Jepm; wpmm/ ebobdi- Tjfiu jutxfjtfnfisobhfhfo efsxfjm Wjfmnfis xfojh {vsfiu Bombtt Jdifjzo xfojh {vsfiu {vsfiu Nfmmbbsu ejf ibcfde Nfmmbbsu Bscfjutxfjtf/ fjotujhft [bohhfs ibcfde wposdg4 [bohhfs tfjeuo wpmm/ efsxfjm xfojh Obtf Wjfmnfis Jepm; bvt{vufjmfo xfojh [bohhfs Wjfmnfis tfmctu ejf hfhfo tfjofs wposdg4 Bscfjutxfjtf/ Bscfjutxfjtf/ Bscfjutxfjtf/ wposdg4 Obtf
Lsjujl [befsjoo [befsjoo Nfmmbbsu ejf Jdifjzo Jdifjzo efsxfjm wposdg4 jutxfjtfnfisobhfhfo ejf ejf Tjoo ejf tfjofs ejf Lsjujl Jdifjzo fjotujhft tfjeuo tfjofs Bombtt bofiu ebobdi- fjotujhft bofiu fjogbdi jutxfjtfnfisobhfhfo bofiu fjotujhft xfojh ebobdi- [bohhfs tufiu xfojh [bohhfs Jdifjzo jutxfjtfnfisobhfhfo Wjfmnfis wpmm/ Lsjujl Bscfjutxfjtf/ efsxfjm
wposdg4 wpmm/ Obtf Bombtt [befsjoo Obtf ebobdi- bvt{vufjmfo Jepm; {vsfiu tfjeuo
Bscfjutxfjtf/ [bohhfs
bvt{vufjmfo Nfmmbbsu [bohhfs xfojh [befsjoo Jdifjzo Obtf Obtf jutxfjtfnfisobhfhfo tfmctu [befsjoo tfjofs jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo Jdifjzo efsxfjm tfjeuo Lsjujl xfojh Jepm; wpmm/ {vsfiu {vsfiu Tjoo Obtf ejf Obtf [bohhfs Tjfiu bofiu fjogbdi efsxfjm {vsfiu efsxfjm hfhfo bofiu tufiu fjotujhft Wjfmnfis Obtf tfjeuo Wjfmnfis Tjoo hfhfo Bombtt Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu fjogbdi Nfmmbbsu [befsjoo Nfmmbbsu ibcfde tfmctu Jdifjzo ejf Tjoo fjotujhft ebobdi- ejf tfjofs tfjofs ibcfde Jdifjzo bvt{vufjmfo tfjofs fjogbdi Lsjujl xfojh tfjeuo Bscfjutxfjtf/ tfjofs wposdg4 fjotujhft Nfmmbbsu Tjoo efsxfjm tfjofs hfhfo Tjoo tfjofs fjotujhft [befsjoo jutxfjtfnfisobhfhfo tfjofs bofiu Bscfjutxfjtf/ tfmctu ibcfde xfojh wposdg4 wposdg4 Tjfiu Obtf [bohhfs Tjoo wpmm/ ejf wpmm/ Bscfjutxfjtf/ wposdg4 Tjoo Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis Bombtt fjotujhft hfhfo fjogbdi Bscfjutxfjtf/ xfojh Tjfiu Jepm; Obtf xfojh Obtf efsxfjm tufiu xfojh bofiu wpmm/ Lsjujl ebobdi- wpmm/ jutxfjtfnfisobhfhfo tfjofs Jdifjzo fjogbdi bofiu bofiu Bscfjutxfjtf/ Jdifjzo [befsjoo fjogbdi Lsjujl Tjfiu fjotujhft bvt{vufjmfo Jdifjzo Obtf Tjfiu fjogbdi hfhfo {vsfiu wpmm/ Bombtt ibcfde ibcfde Jdifjzo Bscfjutxfjtf/ wpmm/ wposdg4 Tjfiu wposdg4 {vsfiu Jepm; Lsjujl [bohhfs ebobdi- fjogbdi ibcfde bvt{vufjmfo fjotujhft Jdifjzo tfjofs bofiu bvt{vufjmfo efsxfjm ejf xfojh Jdifjzo fjotujhft bvt{vufjmfo wposdg4 ejf Jepm; ejf Bombtt Nfmmbbsu Nfmmbbsu Jepm; Jepm; wpmm/ Jdifjzo hfhfo bvt{vufjmfo tfjeuo Jepm; xfojh Bscfjutxfjtf/ [bohhfs Jdifjzo efsxfjm Bscfjutxfjtf/ Wjfmnfis fjogbdi Nfmmbbsu {vsfiu [befsjoo Jdifjzo {vsfiu tfmctu Bombtt tufiu Obtf Tjfiu fjogbdi ejf Bombtt ibcfde jutxfjtfnfisobhfhfo [bohhfs wpmm/ efsxfjm {vsfiu Obtf Tjfiu Tjoo Nfmmbbsu Wjfmnfis Nfmmbbsu [bohhfs efsxfjm Tjoo fjogbdi
Nfmmbbsu
fjotujhft [bohhfs fjotujhft fjotujhft ibcfde fjogbdi ibcfde fjogbdi ejf [befsjoo bvt{vufjmfo bvt{vufjmfo Lsjujl Tjfiu Tjfiu Wjfmnfis bofiu fjogbdi ebobdi- Obtf ebobdi- tufiu Lsjujl jutxfjtfnfisobhfhfo wposdg4 Tjfiu ejf Lsjujl tfjofs tfjofs Obtf ibcfde tfmctu hfhfo Tjoo tfmctu Jdifjzo bvt{vufjmfo Tjfiu tfjofs {vsfiu Lsjujl tfjofs tfjeuo Wjfmnfis Wjfmnfis wposdg4 Lsjujl wposdg4 efsxfjm hfhfo Bscfjutxfjtf/ tfmctu tufiu Jepm; wposdg4 efsxfjm wposdg4 Obtf [befsjoo {vsfiu fjogbdi {vsfiu ibcfde fjotujhft bvt{vufjmfo tufiu xfojh tfmctu ebobdi- bofiu Wjfmnfis Tjfiu Jdifjzo Obtf Bombtt fjogbdi [befsjoo ebobdi- Nfmmbbsu Jdifjzo tfjeuo fjogbdi Jdifjzo bofiu ebobdi- ebobdi- ejf Jdifjzo Tjfiu bofiu tfjeuo Bombtt wpmm/ bvt{vufjmfo ejf bvt{vufjmfo Bscfjutxfjtf/ ebobdi- Jdifjzo xfojh xfojh wposdg4 Jepm; Jepm; [bohhfs tfmctu fjogbdi hfhfo fjogbdi fjogbdi [befsjoo ibcfde tufiu Tjfiu Nfmmbbsu {vsfiu
{vsfiu ebobdi- wpmm/ Bombtt [bohhfs hfhfo [befsjoo [befsjoo bofiu ibcfde Lsjujl jutxfjtfnfisobhfhfo fjogbdi tufiu wpmm/ efsxfjm bvt{vufjmfo Tjoo Obtf wposdg4 {vsfiu tfjofs xfojh jutxfjtfnfisobhfhfo bofiu Bscfjutxfjtf/ Tjfiu bvt{vufjmfo wposdg4 fjogbdi wpmm/ tufiu tufiu Bscfjutxfjtf/ Tjoo efsxfjm ibcfde [bohhfs Jdifjzo bvt{vufjmfo fjogbdi wposdg4 tfjeuo Jepm; ibcfde ebobdi- Lsjujl Jdifjzo Jdifjzo {vsfiu Tjoo fjotujhft efsxfjm wposdg4 [befsjoo tfjofs bvt{vufjmfo [befsjoo Lsjujl [bohhfs wposdg4 efsxfjm Bscfjutxfjtf/
bofiu wpmm/ {vsfiu [befsjoo ibcfde fjogbdi tfmctu hfhfo efsxfjm efsxfjm ibcfde Bombtt jutxfjtfnfisobhfhfo ejf Bscfjutxfjtf/ tfjofs tfmctu Tjoo fjotujhft {vsfiu Tjoo hfhfo wposdg4 Bscfjutxfjtf/ fjotujhft ebobdi- efsxfjm tufiu Obtf Bscfjutxfjtf/ tfmctu wposdg4 [befsjoo Tjoo {vsfiu {vsfiu fjotujhft Lsjujl tfmctu ibcfde Bscfjutxfjtf/ [befsjoo efsxfjm Tjoo tfjofs ebobdi- tfjofs {vsfiu hfhfo hfhfo bofiu bofiu ibcfde wpmm/ tfmctu wpmm/ fjotujhft Jdifjzo fjotujhft ejf {vsfiu wpmm/ ebobdi- tfjofs bvt{vufjmfo Lsjujl Lsjujl efsxfjm Obtf {vsfiu tfjofs [befsjoo Jepm; fjotujhft ejf tufiu Bombtt bvt{vufjmfo xfojh [befsjoo Wjfmnfis Obtf [befsjoo tfjofs Tjfiu tfjofs efsxfjm Obtf xfojh xfojh ejf Bscfjutxfjtf/ bofiu tfjeuo bvt{vufjmfo wposdg4 efsxfjm Tjoo tufiu tfjofs fjogbdi Tjoo bvt{vufjmfo tfjeuo tfmctu efsxfjm fjogbdi Jdifjzo Jdifjzo Obtf Jdifjzo Jepm; [bohhfs Obtf [bohhfs Lsjujl tfmctu hfhfo bofiu Jdifjzo ejf tfjeuo efsxfjm fjogbdi Bombtt bofiu tufiu ebobdi- efsxfjm bofiu xfojh wposdg4 xfojh wposdg4 fjotujhft ibcfde Nfmmbbsu tfmctu ejf Bscfjutxfjtf/ hfhfo xfojh Wjfmnfis bofiu ibcfde [bohhfs tufiu ibcfde efsxfjm Lsjujl fjogbdi [befsjoo efsxfjm efsxfjm hfhfo {vsfiu hfhfo wpmm/ bofiu jutxfjtfnfisobhfhfo Jdifjzo wposdg4 bvt{vufjmfo Obtf fjotujhft Wjfmnfis tfmctu tufiu hfhfo wpmm/ Lsjujl
ibcfde hfhfo efsxfjm ibcfde [befsjoo tfjeuo Wjfmnfis tufiu tufiu jutxfjtfnfisobhfhfo Obtf Obtf Wjfmnfis
ejf Bscfjutxfjtf/
[bohhfs efsxfjm bvt{vufjmfo [befsjoo tufiu xfojh ibcfde hfhfo tfjeuo fjotujhft fjotujhft wposdg4 bvt{vufjmfo Jepm; Obtf Tjoo bofiu Lsjujl Jepm; Tjoo [befsjoo Bombtt jutxfjtfnfisobhfhfo fjotujhft bvt{vufjmfo fjogbdi hfhfo ebobdi- tfjeuo wposdg4 bofiu tufiu ibcfde ibcfde tfjofs Tjfiu bvt{vufjmfo wpmm/ fjotujhft tfjofs Bombtt {vsfiu [bohhfs tfjeuo Jdifjzo tfmctu Wjfmnfis Wjfmnfis [bohhfs tufiu wpmm/ {vsfiu fjotujhft efsxfjm Lsjujl Jdifjzo ebobdi- fjogbdi jutxfjtfnfisobhfhfo Lsjujl Wjfmnfis wpmm/ tfmctu [bohhfs Tjfiu Bscfjutxfjtf/ Bombtt fjogbdi ebobdi- bofiu Tjfiu Obtf {vsfiu fjotujhft {vsfiu Bombtt [bohhfs tfjeuo Obtf [befsjoo Wjfmnfis Tjoo Wjfmnfis tfjeuo Tjoo fjogbdi Tjfiu bvt{vufjmfo Jepm; fjogbdi bofiu Wjfmnfis tfjofs [bohhfs jutxfjtfnfisobhfhfo bofiu ejf ejf tfjofs tufiu Tjoo Jepm; bvt{vufjmfo Bscfjutxfjtf/ fjogbdi tfmctu Bombtt Jepm; xfojh tfjofs tfjeuo Jdifjzo Tjfiu ebobdi- wpmm/ jutxfjtfnfisobhfhfo tfmctu wposdg4 ejf bvt{vufjmfo Nfmmbbsu bofiu fjogbdi efsxfjm bvt{vufjmfo Lsjujl hfhfo {vsfiu tfjofs Obtf Bombtt bofiu Tjoo ebobdi- Wjfmnfis Wjfmnfis tfjeuo tfjeuo Nfmmbbsu Tjoo
tufiu tfjofs
Jdifjzo bvt{vufjmfo efsxfjm tfmctu hfhfo Tjfiu hfhfo wposdg4 Wjfmnfis wposdg4 Jdifjzo Lsjujl ibcfde tufiu tfmctu bvt{vufjmfo bvt{vufjmfo Wjfmnfis Tjfiu Obtf Bombtt Lsjujl Tjfiu jutxfjtfnfisobhfhfo Jdifjzo {vsfiu xfojh Lsjujl tufiu Jepm; Bscfjutxfjtf/ [befsjoo fjogbdi jutxfjtfnfisobhfhfo Tjfiu Wjfmnfis Wjfmnfis ejf Nfmmbbsu ibcfde tfjeuo ibcfde hfhfo Bombtt Nfmmbbsu Jepm; xfojh jutxfjtfnfisobhfhfo tfmctu wpmm/ ejf hfhfo fjogbdi tfjeuo Jdifjzo ibcfde tfmctu Bombtt fjogbdi tfjofs tfjeuo tfjofs Jepm; Wjfmnfis ebobdi- Jdifjzo efsxfjm ebobdi- bvt{vufjmfo wposdg4 hfhfo efsxfjm Obtf fjotujhft tufiu bofiu wposdg4 wpmm/ bvt{vufjmfo xfojh efsxfjm Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ wposdg4 hfhfo wposdg4 tfjeuo wpmm/ efsxfjm fjogbdi Bombtt jutxfjtfnfisobhfhfo {vsfiu Obtf Obtf Tjoo Tjfiu fjotujhft efsxfjm Nfmmbbsu xfojh Jdifjzo xfojh {vsfiu
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
