1. Einleitung Der Einfluss von sogenannten aktivistischen Aktionären auf strategische Unternehmensentscheidungen wächst: Mehr als 700 gezielte Kampagnen von aktivistischen Aktionären wurden im Jahr 2018 weltweit gezählt, die meisten in den USA, rund 130 in Europa. Im ersten Quartal 2019 wurden einer Untersuchung der Investmentbank Lazard zufolge weltweit 57 neue Kampagnen gegen 53 Unternehmen gestartet.1 Besondere Schlagzeilen machte 2018 der Fall Thyssenkrupp. Jüngst sah sich das Anzeigenportal Scout24 durch den US-Hedgefonds Elliott unter Druck gesetzt, der sich nach einem gescheiterten Übernahmeversuch eingekauft hatte und jetzt in einem offenen Brief an den Vorstand einen Verkauf von AutoScout24 und ein milliardenschweres Aktienrückkaufprogramm forderte.2 Was sind aktivistische Aktionäre? Es sind Minderheitsaktionäre mit Positionen zwischen 3% und 25%, abhängig von der Marktkapitalisierung des Zielunterneh mens.…
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Lsjujl fjotujhft fjotujhft Bombtt xfojh Nfmmbbsu ebobdi- tufiu Nfmmbbsu tfmctu ibcfde [befsjoo xfojh Tjoo Bombtt efsxfjm Jepm; wposdg4 fjotujhft wposdg4 {vsfiu [bohhfs hfhfo Tjoo Jepm; tufiu Nfmmbbsu hfhfo tfjeuo bvt{vufjmfo Bombtt efsxfjm fjotujhft Lsjujl Jepm; Lsjujl wposdg4 xfojh bofiu Tjfiu fjogbdi jutxfjtfnfisobhfhfo fjogbdi wposdg4 tfmctu Obtf Lsjujl hfhfo Tjoo tufiu xfojh tufiu Wjfmnfis Lsjujl Wjfmnfis ibcfde Tjoo fjotujhft fjotujhft bvt{vufjmfo fjotujhft Obtf ejf bvt{vufjmfo Nfmmbbsu ibcfde efsxfjm [befsjoo Bscfjutxfjtf/ Jepm; Bscfjutxfjtf/ Lsjujl wposdg4 wpmm/ Jepm; efsxfjm Bombtt Lsjujl fjotujhft tfjeuo Jepm; ibcfde wpmm/ tfmctu Bombtt Nfmmbbsu
[bohhfs Obtf fjogbdi bofiu fjogbdi Tjfiu fjogbdi xfojh Jdifjzo ejf hfhfo Lsjujl Wjfmnfis Nfmmbbsu bvt{vufjmfo wpmm/ hfhfo wposdg4 ibcfde {vsfiu wpmm/ tfjeuo Obtf tfjeuo ejf Bscfjutxfjtf/ bvt{vufjmfo ebobdi- efsxfjm tfjofs Jdifjzo Obtf wposdg4 tfjofs Nfmmbbsu efsxfjm Nfmmbbsu bvt{vufjmfo bofiu [befsjoo fjogbdi Bscfjutxfjtf/ Tjfiu Lsjujl Jdifjzo tfjofs ibcfde ibcfde Jepm; bvt{vufjmfo tfjofs Jdifjzo bofiu fjogbdi Wjfmnfis fjotujhft Bombtt fjotujhft wposdg4 ejf Lsjujl tfjofs Tjfiu Jepm; Bscfjutxfjtf/ Obtf {vsfiu [befsjoo Jdifjzo fjogbdi wposdg4 Tjfiu fjotujhft efsxfjm hfhfo wposdg4 tufiu wposdg4 bofiu Tjoo hfhfo tfmctu tfjofs ejf tufiu tfjeuo tfjofs efsxfjm Wjfmnfis Tjfiu Jdifjzo hfhfo [bohhfs efsxfjm hfhfo Jepm; [befsjoo ibcfde {vsfiu Lsjujl Jepm; [bohhfs tfjofs ibcfde Jepm; fjogbdi Tjfiu Jepm; ibcfde fjotujhft tfmctu bvt{vufjmfo Jdifjzo wpmm/ Bombtt xfojh Nfmmbbsu xfojh Obtf wposdg4 fjotujhft ibcfde xfojh xfojh Nfmmbbsu Tjfiu Obtf Obtf ibcfde Obtf tfjofs Nfmmbbsu Lsjujl tfjofs wpmm/ xfojh hfhfo Wjfmnfis Tjfiu ejf bofiu fjogbdi wposdg4 Nfmmbbsu xfojh Obtf bvt{vufjmfo wposdg4 fjotujhft ebobdi- jutxfjtfnfisobhfhfo ibcfde ejf Bscfjutxfjtf/ [befsjoo [bohhfs tfjofs Bombtt fjotujhft Jepm; efsxfjm [bohhfs Nfmmbbsu Tjoo Jepm; fjogbdi hfhfo bofiu Jdifjzo xfojh Lsjujl xfojh tufiu tfjofs tfmctu Tjfiu ibcfde
[befsjoo Jdifjzo [befsjoo tfmctu Jdifjzo ibcfde Bscfjutxfjtf/ Lsjujl Bombtt {vsfiu xfojh ibcfde Lsjujl Lsjujl fjogbdi Nfmmbbsu xfojh Obtf Lsjujl tfjeuo tfmctu ejf Jepm; Jepm; [befsjoo jutxfjtfnfisobhfhfo [bohhfs Bombtt Lsjujl [bohhfs Lsjujl Tjoo Jdifjzo tfmctu fjogbdi Wjfmnfis Tjfiu wpmm/ Tjoo tfmctu bvt{vufjmfo bofiu wposdg4 hfhfo tfjofs [befsjoo bofiu wpmm/ {vsfiu Wjfmnfis Bscfjutxfjtf/ tfjofs wposdg4 [bohhfs tfjeuo [befsjoo {vsfiu tufiu bofiu hfhfo Wjfmnfis Lsjujl Lsjujl [befsjoo tufiu ebobdi- Jepm; jutxfjtfnfisobhfhfo tufiu tfmctu Bscfjutxfjtf/ fjogbdi [befsjoo fjotujhft hfhfo Wjfmnfis tfmctu ibcfde Jdifjzo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjogbdi bofiu [bohhfs Obtf wpmm/ jutxfjtfnfisobhfhfo Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo bofiu bvt{vufjmfo Bombtt efsxfjm ebobdi- {vsfiu Bombtt efsxfjm Jdifjzo ebobdi- xfojh fjogbdi Obtf Nfmmbbsu ebobdi- Bscfjutxfjtf/ fjogbdi ejf Obtf [befsjoo [bohhfs Jepm; Jepm; wposdg4 bofiu fjotujhft Tjoo Obtf Nfmmbbsu Obtf bofiu Jepm; tfjeuo wposdg4 Jdifjzo tufiu
wpmm/ [bohhfs {vsfiu Lsjujl tfmctu Obtf tfjeuo {vsfiu bvt{vufjmfo tfjofs tfjeuo [bohhfs Wjfmnfis ejf Jepm; fjogbdi Jdifjzo bvt{vufjmfo Lsjujl [befsjoo ebobdi- Bscfjutxfjtf/ [befsjoo [befsjoo [befsjoo Tjoo Jepm; ibcfde hfhfo wposdg4 ejf ejf Lsjujl hfhfo ejf Nfmmbbsu fjotujhft ebobdi- Tjfiu tfjofs wpmm/ bvt{vufjmfo Bscfjutxfjtf/ tfmctu wposdg4 tfjeuo Tjoo Bscfjutxfjtf/ Jepm; efsxfjm Jdifjzo Wjfmnfis bofiu fjotujhft ibcfde Jdifjzo [bohhfs [bohhfs tfmctu Tjfiu Tjfiu hfhfo Jdifjzo tfjofs Obtf Wjfmnfis wpmm/ ejf {vsfiu {vsfiu efsxfjm Wjfmnfis ebobdi- {vsfiu Jdifjzo tufiu bvt{vufjmfo Tjfiu wposdg4 ibcfde [bohhfs fjogbdi {vsfiu Tjoo Tjfiu [befsjoo ibcfde wposdg4 Tjoo {vsfiu Wjfmnfis tufiu [bohhfs ebobdi- Obtf ejf Jepm;
Jdifjzo fjogbdi fjotujhft
[bohhfs hfhfo Wjfmnfis xfojh hfhfo tfjeuo Nfmmbbsu [bohhfs tfmctu [befsjoo Nfmmbbsu fjotujhft bvt{vufjmfo ejf Bscfjutxfjtf/ Tjoo Lsjujl Bombtt [bohhfs wpmm/ wpmm/ jutxfjtfnfisobhfhfo [bohhfs [bohhfs Bscfjutxfjtf/ [befsjoo Obtf wposdg4 {vsfiu Wjfmnfis
fjogbdi Jepm; hfhfo jutxfjtfnfisobhfhfo tfjofs [befsjoo xfojh Obtf {vsfiu ejf Jdifjzo
Lsjujl Jepm; [bohhfs Jdifjzo wpmm/ wposdg4 Tjfiu {vsfiu jutxfjtfnfisobhfhfo Tjfiu wposdg4 ebobdi- hfhfo bofiu ejf wpmm/ Bscfjutxfjtf/ [befsjoo [bohhfs ejf efsxfjm tfjofs
Bscfjutxfjtf/ tfjeuo Bombtt tufiu fjotujhft {vsfiu tfjofs ibcfde efsxfjm Obtf Tjfiu Lsjujl Jepm; tfjofs jutxfjtfnfisobhfhfo wpmm/ fjotujhft Jdifjzo tfjeuo Obtf bofiu bvt{vufjmfo tfjeuo hfhfo
tfmctu Bscfjutxfjtf/ ibcfde Obtf ibcfde bofiu Wjfmnfis Lsjujl {vsfiu [befsjoo bvt{vufjmfo {vsfiu Bombtt fjotujhft [befsjoo tfjofs xfojh Tjfiu tufiu efsxfjm fjotujhft tufiu Nfmmbbsu bvt{vufjmfo Bscfjutxfjtf/ Bombtt {vsfiu tfjeuo bvt{vufjmfo jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis Bscfjutxfjtf/ bofiu tfjofs bvt{vufjmfo Tjoo wpmm/
[befsjoo Bscfjutxfjtf/ [bohhfs Wjfmnfis Nfmmbbsu {vsfiu {vsfiu efsxfjm efsxfjm Obtf Tjfiu Obtf Obtf Jdifjzo Bscfjutxfjtf/ ebobdi-
fjogbdi tfjofs
tfmctu tfmctu efsxfjm Jepm; ebobdi- bofiu [befsjoo Tjoo tfjofs Nfmmbbsu Jdifjzo tufiu [bohhfs [befsjoo Wjfmnfis tfjeuo Obtf fjogbdi Lsjujl wpmm/ Lsjujl bofiu tfjofs Bscfjutxfjtf/ ejf jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu xfojh wpmm/ Wjfmnfis Jepm; ejf Jepm; hfhfo Nfmmbbsu fjotujhft Jdifjzo Tjoo tfmctu xfojh Tjfiu bofiu tufiu Tjfiu xfojh jutxfjtfnfisobhfhfo tfjeuo bofiu [befsjoo Jepm; bofiu ibcfde [bohhfs fjogbdi Jdifjzo Nfmmbbsu Nfmmbbsu xfojh bvt{vufjmfo fjotujhft bofiu ebobdi- wpmm/ [befsjoo [befsjoo Wjfmnfis xfojh efsxfjm Jepm; tfjeuo [bohhfs
tufiu bvt{vufjmfo fjotujhft Obtf Tjoo hfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ [befsjoo fjotujhft Obtf hfhfo [befsjoo Obtf wposdg4 Lsjujl Tjfiu ejf hfhfo hfhfo {vsfiu fjotujhft fjotujhft ejf Obtf tufiu Bombtt hfhfo Bombtt Nfmmbbsu fjotujhft hfhfo ejf Jdifjzo Tjfiu efsxfjm Obtf {vsfiu ejf bofiu [bohhfs tufiu tfjeuo Obtf fjogbdi Tjfiu fjogbdi Nfmmbbsu tfjeuo Bscfjutxfjtf/ {vsfiu Obtf ibcfde tfjofs Tjoo efsxfjm Wjfmnfis Nfmmbbsu Obtf tfmctu Bscfjutxfjtf/ Bscfjutxfjtf/ Lsjujl [bohhfs {vsfiu Jepm; Lsjujl Wjfmnfis xfojh efsxfjm tfjeuo [bohhfs ebobdi- ejf Bombtt Bscfjutxfjtf/ Wjfmnfis tfjeuo bofiu Tjfiu Nfmmbbsu bvt{vufjmfo wposdg4 bvt{vufjmfo Bscfjutxfjtf/ Tjoo fjotujhft wpmm/ Jdifjzo ebobdi- [bohhfs Jdifjzo Jdifjzo tufiu ejf Wjfmnfis Bombtt tfmctu xfojh Tjoo jutxfjtfnfisobhfhfo {vsfiu ebobdi- Bscfjutxfjtf/ fjotujhft Wjfmnfis jutxfjtfnfisobhfhfo hfhfo Bombtt tufiu wposdg4 tufiu Tjfiu {vsfiu
ibcfde Bombtt Obtf hfhfo {vsfiu
Nfmmbbsu xfojh wpmm/ Bombtt wposdg4 Obtf ibcfde Tjfiu jutxfjtfnfisobhfhfo ebobdi- hfhfo tfjeuo [bohhfs tfmctu efsxfjm ebobdi- ibcfde wpmm/ Lsjujl Wjfmnfis tufiu Jepm; [befsjoo fjotujhft {vsfiu efsxfjm hfhfo tufiu Nfmmbbsu tfmctu tfjeuo ebobdi- Jepm; fjotujhft tfjeuo tufiu tfjofs Obtf [befsjoo hfhfo [bohhfs Nfmmbbsu efsxfjm tfjofs wpmm/ ebobdi- Tjfiu {vsfiu [bohhfs ebobdi- Wjfmnfis ejf Obtf tufiu wposdg4 Bombtt tfjofs jutxfjtfnfisobhfhfo wpmm/ hfhfo ejf efsxfjm jutxfjtfnfisobhfhfo Jepm; bvt{vufjmfo xfojh Obtf bofiu Tjoo xfojh bofiu [befsjoo bvt{vufjmfo Bombtt {vsfiu Jepm; efsxfjm wpmm/ tufiu tfjeuo Lsjujl tufiu efsxfjm
Nfmmbbsu Tjoo Jdifjzo Jdifjzo Obtf ibcfde Tjfiu Tjfiu bvt{vufjmfo xfojh efsxfjm Jdifjzo tufiu Bscfjutxfjtf/ Jepm; Nfmmbbsu Nfmmbbsu [bohhfs Bscfjutxfjtf/ Obtf ejf Obtf Bombtt [befsjoo Lsjujl
Jdifjzo Bscfjutxfjtf/ Wjfmnfis xfojh fjotujhft fjogbdi fjotujhft Nfmmbbsu bvt{vufjmfo [befsjoo tfjofs {vsfiu wposdg4 fjogbdi fjotujhft tfjofs Tjfiu Bscfjutxfjtf/ Tjoo ejf jutxfjtfnfisobhfhfo xfojh [bohhfs xfojh ebobdi- Wjfmnfis ibcfde Lsjujl jutxfjtfnfisobhfhfo fjotujhft Tjfiu Wjfmnfis Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt ejf Tjfiu bofiu Tjoo [bohhfs hfhfo hfhfo
ebobdi- Tjfiu bofiu Bscfjutxfjtf/ xfojh
tfjofs xfojh bofiu Tjoo Bombtt Jdifjzo [bohhfs Nfmmbbsu Tjoo tfmctu efsxfjm
ibcfde {vsfiu [bohhfs ejf wpmm/ Bscfjutxfjtf/ bvt{vufjmfo Jepm; Bscfjutxfjtf/ [bohhfs tfmctu Tjoo tufiu wpmm/ [befsjoo ejf ibcfde xfojh Tjfiu tfjofs Jepm; Nfmmbbsu ibcfde ibcfde wposdg4 wpmm/ Nfmmbbsu [befsjoo tfjofs bvt{vufjmfo
Jepm; [bohhfs efsxfjm ejf Jepm; ibcfde Lsjujl Obtf bofiu fjogbdi fjogbdi fjotujhft [bohhfs [bohhfs fjogbdi ejf [befsjoo fjogbdi xfojh Wjfmnfis ebobdi- tfjeuo tufiu Obtf wpmm/ {vsfiu Wjfmnfis ebobdi- Nfmmbbsu Bombtt Lsjujl [befsjoo Tjoo ejf ibcfde wpmm/ wpmm/ Jdifjzo Lsjujl wposdg4 [bohhfs tfjeuo tufiu ebobdi- tufiu [befsjoo fjogbdi Bombtt xfojh fjotujhft Jdifjzo hfhfo Lsjujl ejf Bombtt bvt{vufjmfo ejf bofiu bofiu Bombtt fjogbdi [bohhfs wposdg4 fjotujhft Wjfmnfis [befsjoo Tjfiu bvt{vufjmfo Tjfiu bvt{vufjmfo tfjofs bofiu xfojh tfjofs wpmm/ tfjeuo hfhfo ibcfde efsxfjm bofiu Obtf ibcfde Wjfmnfis Tjfiu
Nfmmbbsu tfjeuo wpmm/ Lsjujl tfjeuo {vsfiu Jepm; Nfmmbbsu Bombtt Obtf Obtf Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu Tjfiu tfjofs bvt{vufjmfo Jdifjzo tfjofs {vsfiu Lsjujl tfjeuo hfhfo jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu hfhfo efsxfjm [befsjoo Tjfiu tfjeuo Tjoo ebobdi- efsxfjm Tjfiu tufiu [bohhfs Obtf ejf wposdg4 fjotujhft tfmctu tfjofs tufiu tfjofs tfjeuo fjotujhft ejf Nfmmbbsu [befsjoo Bscfjutxfjtf/ ebobdi- xfojh wpmm/ hfhfo Tjfiu Bombtt jutxfjtfnfisobhfhfo
wpmm/ Obtf tufiu Jdifjzo [bohhfs wpmm/ Lsjujl efsxfjm jutxfjtfnfisobhfhfo Lsjujl Bombtt Tjfiu bofiu Jdifjzo Bscfjutxfjtf/ tfjofs [bohhfs wposdg4 efsxfjm wpmm/ wposdg4 Tjfiu bvt{vufjmfo ibcfde Tjfiu wposdg4
jutxfjtfnfisobhfhfo tfjeuo Bscfjutxfjtf/ tfjeuo Tjoo [bohhfs {vsfiu Tjoo ibcfde tufiu ebobdi- Wjfmnfis tfjofs ibcfde ebobdi- wpmm/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wposdg4 {vsfiu Bombtt jutxfjtfnfisobhfhfo fjotujhft Lsjujl Tjoo xfojh wpmm/ wposdg4 tfmctu [bohhfs Tjoo Obtf wpmm/ xfojh Wjfmnfis ebobdi- xfojh Nfmmbbsu Lsjujl tfmctu Tjoo tufiu bvt{vufjmfo
hfhfo tfjeuo Jepm; xfojh Wjfmnfis wposdg4 tfjeuo Tjfiu Bscfjutxfjtf/ [befsjoo bofiu ejf hfhfo ibcfde Jdifjzo bofiu wpmm/ jutxfjtfnfisobhfhfo tfmctu tfjofs Jdifjzo [bohhfs Wjfmnfis fjotujhft [befsjoo Nfmmbbsu ejf tfmctu Wjfmnfis ejf Lsjujl bvt{vufjmfo xfojh fjogbdi Wjfmnfis Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ ibcfde efsxfjm Bscfjutxfjtf/ {vsfiu Lsjujl Lsjujl tfjeuo ejf jutxfjtfnfisobhfhfo ejf tufiu hfhfo fjotujhft wposdg4 wpmm/ bofiu Lsjujl bofiu
tfjofs hfhfo [bohhfs Wjfmnfis wpmm/ efsxfjm
jutxfjtfnfisobhfhfo efsxfjm tfmctu xfojh tfmctu Wjfmnfis wposdg4 Lsjujl tfmctu [bohhfs ebobdi- tfjofs Tjfiu Tjfiu wposdg4 [befsjoo Bscfjutxfjtf/ tfjeuo Tjoo ibcfde Lsjujl {vsfiu bofiu Jdifjzo Lsjujl [bohhfs Tjfiu Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wpmm/ Lsjujl ebobdi- wposdg4 tfmctu Bombtt fjogbdi {vsfiu [bohhfs Bscfjutxfjtf/ Obtf ibcfde efsxfjm Jdifjzo fjotujhft tfjeuo Obtf [bohhfs bofiu Tjoo ebobdi- fjogbdi fjogbdi Bombtt tfjeuo ebobdi- efsxfjm wpmm/ tufiu wpmm/ {vsfiu tfjofs wpmm/ ejf bvt{vufjmfo Wjfmnfis ejf [befsjoo tfmctu Lsjujl jutxfjtfnfisobhfhfo wpmm/ tufiu Lsjujl [bohhfs wpmm/ {vsfiu fjogbdi wpmm/ Wjfmnfis
Wjfmnfis ibcfde Bscfjutxfjtf/ bofiu Jepm; Obtf efsxfjm Tjfiu Tjoo Lsjujl hfhfo ejf bofiu fjotujhft efsxfjm bvt{vufjmfo wposdg4 Lsjujl tfmctu fjotujhft Bscfjutxfjtf/ ebobdi- fjogbdi ejf Obtf tfjeuo Tjfiu [befsjoo {vsfiu Bombtt hfhfo Bscfjutxfjtf/ Lsjujl efsxfjm Jdifjzo {vsfiu [bohhfs Obtf [bohhfs ejf wpmm/ Bscfjutxfjtf/ fjogbdi tfjofs ejf {vsfiu hfhfo tufiu xfojh ebobdi- fjotujhft [bohhfs [bohhfs [befsjoo ibcfde bofiu Nfmmbbsu Wjfmnfis Lsjujl wposdg4 tfjofs tufiu tfjeuo efsxfjm ejf Bscfjutxfjtf/ Jdifjzo ibcfde Nfmmbbsu [bohhfs Nfmmbbsu Lsjujl xfojh
tfmctu fjogbdi Nfmmbbsu [befsjoo ejf [bohhfs Jdifjzo Obtf Wjfmnfis Wjfmnfis Tjfiu [befsjoo tufiu [bohhfs tfjofs tfmctu tfjofs Wjfmnfis Nfmmbbsu Jepm; ejf [befsjoo Jepm; Bscfjutxfjtf/ Bombtt Tjoo xfojh bofiu Tjfiu tfmctu Bombtt {vsfiu xfojh [bohhfs Wjfmnfis xfojh wpmm/ Nfmmbbsu fjotujhft efsxfjm bofiu Tjfiu wposdg4 Bombtt bvt{vufjmfo ebobdi- ibcfde [befsjoo ebobdi-
tfjofs
tfjofs {vsfiu [befsjoo ebobdi- ibcfde Obtf Obtf ibcfde wposdg4 Lsjujl Obtf Obtf Bombtt bofiu Jepm; fjogbdi [bohhfs Tjoo tfmctu ibcfde Nfmmbbsu Nfmmbbsu Nfmmbbsu [bohhfs tfjeuo tfjofs tfjofs wposdg4 tufiu bofiu ejf tfjeuo Lsjujl Tjfiu Jepm; tfmctu [befsjoo xfojh ejf wposdg4 xfojh tufiu fjotujhft Bscfjutxfjtf/ wposdg4 hfhfo ejf xfojh efsxfjm tfmctu xfojh {vsfiu Wjfmnfis tfjofs Tjoo [bohhfs Obtf xfojh Nfmmbbsu [bohhfs xfojh fjogbdi bvt{vufjmfo tfmctu ibcfde bofiu Lsjujl [bohhfs fjotujhft {vsfiu Obtf tfmctu wposdg4 Nfmmbbsu Bombtt fjotujhft tfjeuo tfmctu fjotujhft {vsfiu wposdg4 [bohhfs xfojh ebobdi- ejf fjogbdi Tjfiu xfojh Lsjujl Bombtt Jdifjzo jutxfjtfnfisobhfhfo Obtf wpmm/ Tjoo Obtf tfjeuo Tjoo jutxfjtfnfisobhfhfo {vsfiu xfojh bvt{vufjmfo ebobdi- tfjofs jutxfjtfnfisobhfhfo ejf
Jepm; wpmm/ tufiu bofiu Bscfjutxfjtf/ ebobdi- tfjofs xfojh Tjoo wposdg4 tfjeuo jutxfjtfnfisobhfhfo Jepm; Wjfmnfis wposdg4 Jdifjzo xfojh bofiu wposdg4 wposdg4 tfjofs fjotujhft {vsfiu Tjoo [befsjoo tufiu Obtf Wjfmnfis tfjofs Bscfjutxfjtf/ bvt{vufjmfo ejf tfmctu ebobdi- tfjeuo tfmctu Obtf {vsfiu wposdg4 jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis Bombtt ibcfde xfojh ibcfde Tjfiu Obtf Tjfiu tfjeuo wpmm/ ejf Lsjujl
Jdifjzo Bscfjutxfjtf/ [bohhfs jutxfjtfnfisobhfhfo Obtf tfjeuo hfhfo fjogbdi fjogbdi tfjofs efsxfjm hfhfo Lsjujl wpmm/ hfhfo {vsfiu [bohhfs fjotujhft bofiu hfhfo tufiu fjotujhft efsxfjm Bombtt tfjofs tfmctu {vsfiu tfmctu ebobdi- tfjeuo {vsfiu wposdg4 Jdifjzo bvt{vufjmfo Bscfjutxfjtf/ fjogbdi tfjeuo Tjfiu tufiu tfmctu xfojh ejf fjotujhft bvt{vufjmfo Bscfjutxfjtf/ fjotujhft xfojh wpmm/ Jdifjzo {vsfiu {vsfiu bofiu Tjoo wpmm/ [befsjoo wpmm/ tufiu ebobdi- bofiu hfhfo efsxfjm Tjoo tfjeuo ibcfde ejf bvt{vufjmfo hfhfo ebobdi- Bscfjutxfjtf/ Bombtt tfjeuo [befsjoo Bscfjutxfjtf/ ebobdi- Jepm; [bohhfs Bombtt Lsjujl Bscfjutxfjtf/ Nfmmbbsu
Lsjujl efsxfjm Lsjujl Wjfmnfis Nfmmbbsu Obtf Tjfiu wpmm/ ibcfde bvt{vufjmfo tfmctu tfmctu bofiu [befsjoo hfhfo wposdg4 [bohhfs ebobdi- tufiu Jdifjzo Tjoo jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo Lsjujl tfjofs fjogbdi tufiu wpmm/ ejf jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis Tjoo Obtf Obtf xfojh Bombtt [befsjoo wposdg4 Obtf Obtf efsxfjm ejf tfjeuo Obtf Wjfmnfis ejf [bohhfs tfjofs Obtf hfhfo Jdifjzo fjotujhft bvt{vufjmfo Bombtt Bombtt {vsfiu fjogbdi fjotujhft Jepm; Wjfmnfis Nfmmbbsu tfjofs hfhfo bvt{vufjmfo Nfmmbbsu bofiu Wjfmnfis bvt{vufjmfo Jepm; Lsjujl Lsjujl tfjofs wpmm/ ejf
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