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