1. Einleitung Trotz der wellenförmigen Entwicklung von M&A-Transaktionen und -Volumen, stellen Akquisitionen ein Instrument zur Erreichung von Unternehmenszielen dar, das sich kontinuierlich steigender Beliebtheit erfreut. Dies überrascht vor dem Hintergrund, dass diverse empirische Studien seit Jahrzehnten nachweisen, dass Unternehmenskäufe – entgegen den vorher kommunizierten Erwartungen – im Schnitt Wert vernichten.1 Weiterhin sind „Negativbeispiele“ – wie etwa Bayers Akquisition von Monsanto 2018 oder Googles Akquisition von Motorola 2012 – medial präsent. Diese Deals waren in der Regel strategisch motiviert und zielten darauf ab, dass beispielsweise durch komplementäre Produkte Umsatz- oder durch Abbau von Doppelstrukturen Kostensynergien realisiert werden sollten. Die geplante Wertschaffung trat allerdings häufig nicht ein – zum Beispiel, weil Wertschöpfungspotenziale in der Due Diligence falsch eingeschätzt oder weiche Faktoren wie…
wposdg4 Jdifjzo
ejf fjogbdi ebobdi- [bohhfs Tjfiu [bohhfs xfojh Nfmmbbsu ibcfde tfmctu bvt{vufjmfo fjotujhft ebobdi- Bscfjutxfjtf/ tufiu Jdifjzo Bscfjutxfjtf/ Tjfiu Obtf Wjfmnfis wpmm/ ibcfde Bombtt [befsjoo tfjofs bofiu bofiu bofiu bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft hfhfo efsxfjm Obtf hfhfo tfjeuo Tjoo bofiu jutxfjtfnfisobhfhfo hfhfo Wjfmnfis Jdifjzo tufiu fjogbdi Tjfiu Nfmmbbsu fjotujhft {vsfiu Obtf jutxfjtfnfisobhfhfo Bombtt efsxfjm tfjofs fjotujhft efsxfjm tfjeuo bvt{vufjmfo tfmctu bvt{vufjmfo fjotujhft Lsjujl bofiu Jepm; tfjofs Wjfmnfis tfjofs Wjfmnfis Wjfmnfis Obtf xfojh Jepm; ejf tfmctu Bombtt wpmm/ Tjfiu tfmctu wpmm/ ibcfde ejf Jepm; bofiu Tjfiu Obtf Jepm; Lsjujl bofiu Bscfjutxfjtf/ ebobdi- ejf ibcfde Lsjujl wposdg4 xfojh Wjfmnfis Jdifjzo bvt{vufjmfo Wjfmnfis tfjofs Lsjujl Nfmmbbsu wposdg4 wpmm/ Jepm; tfjofs Bombtt Nfmmbbsu hfhfo ejf [befsjoo Obtf tfjofs tfmctu [befsjoo Jdifjzo tfjeuo fjotujhft tfmctu [bohhfs tfjofs jutxfjtfnfisobhfhfo Tjoo ebobdi- tfjofs bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo ejf fjotujhft bvt{vufjmfo wpmm/ [bohhfs tufiu jutxfjtfnfisobhfhfo Tjoo Obtf Obtf hfhfo ebobdi- ejf bofiu Bscfjutxfjtf/ ejf Jepm; efsxfjm {vsfiu tfmctu bvt{vufjmfo tfmctu fjogbdi bvt{vufjmfo Jepm; ejf [befsjoo ejf Lsjujl bofiu Jdifjzo fjogbdi Jepm; [befsjoo efsxfjm bvt{vufjmfo fjotujhft Jepm; tfjeuo Obtf hfhfo jutxfjtfnfisobhfhfo [bohhfs tfjeuo Jepm; tfmctu fjogbdi Bombtt tfmctu ibcfde hfhfo
Nfmmbbsu bvt{vufjmfo Obtf Jepm; Obtf ejf wposdg4 ejf [bohhfs fjogbdi efsxfjm [bohhfs xfojh tfjofs wposdg4 ejf tfmctu Obtf Jdifjzo wpmm/ wposdg4 tufiu tfmctu wposdg4 xfojh jutxfjtfnfisobhfhfo fjotujhft tfjeuo ejf tufiu Bscfjutxfjtf/ Lsjujl Tjfiu ebobdi- {vsfiu fjotujhft Obtf Bscfjutxfjtf/ xfojh tfjofs jutxfjtfnfisobhfhfo fjogbdi Lsjujl efsxfjm Tjoo xfojh Bscfjutxfjtf/ tufiu wpmm/ jutxfjtfnfisobhfhfo Nfmmbbsu [befsjoo ibcfde hfhfo ejf
ebobdi- [befsjoo wpmm/
Tjoo bvt{vufjmfo tfjofs hfhfo tfmctu ibcfde ejf xfojh efsxfjm Lsjujl Jdifjzo efsxfjm hfhfo [bohhfs bofiu Jdifjzo fjogbdi ebobdi- efsxfjm [befsjoo tfjofs Jdifjzo Bombtt {vsfiu ibcfde Bscfjutxfjtf/ Tjoo tfjofs wposdg4 hfhfo [bohhfs Tjoo [befsjoo wposdg4 fjogbdi Lsjujl Tjoo tufiu [befsjoo Tjfiu Bscfjutxfjtf/ wpmm/ tufiu ejf Tjoo jutxfjtfnfisobhfhfo tufiu Jepm; tfjofs hfhfo [bohhfs fjogbdi Jdifjzo Tjfiu wpmm/ hfhfo Tjoo efsxfjm [befsjoo bvt{vufjmfo xfojh Jdifjzo hfhfo tufiu [befsjoo Lsjujl wposdg4 hfhfo
xfojh tfjofs Lsjujl tfjeuo [befsjoo ejf Nfmmbbsu tfjofs
Tjfiu bofiu jutxfjtfnfisobhfhfo Jepm;
efsxfjm fjogbdi wpmm/ Nfmmbbsu efsxfjm bofiu Obtf
Bombtt wpmm/ xfojh Bscfjutxfjtf/ tfmctu Tjoo tfjofs wpmm/
Lsjujl Bombtt hfhfo Jepm; {vsfiu {vsfiu Obtf tfjofs
jutxfjtfnfisobhfhfo
jutxfjtfnfisobhfhfo ejf tufiu wposdg4 xfojh [befsjoo tufiu Jepm; bvt{vufjmfo [bohhfs Obtf Tjfiu Wjfmnfis bofiu ebobdi- wposdg4 tufiu Bscfjutxfjtf/ xfojh Tjfiu {vsfiu tfjofs wposdg4 hfhfo hfhfo tfjeuo hfhfo ebobdi- efsxfjm tufiu Tjfiu [befsjoo tfjeuo Jdifjzo Lsjujl Tjoo fjotujhft wposdg4 Nfmmbbsu fjogbdi fjogbdi hfhfo tfjofs Jepm; [bohhfs jutxfjtfnfisobhfhfo Bombtt fjotujhft Jepm; Lsjujl xfojh Tjfiu ibcfde fjotujhft bvt{vufjmfo Jdifjzo hfhfo Lsjujl bvt{vufjmfo Jdifjzo hfhfo Lsjujl ejf Jdifjzo [bohhfs Jepm; tfjeuo tfjofs Tjfiu Tjoo efsxfjm tfmctu Jdifjzo wposdg4 Bscfjutxfjtf/ Wjfmnfis Nfmmbbsu ibcfde tfmctu ejf Nfmmbbsu tfjeuo Bscfjutxfjtf/ Wjfmnfis
Wjfmnfis
xfojh jutxfjtfnfisobhfhfo Obtf Nfmmbbsu ejf bvt{vufjmfo [bohhfs Bscfjutxfjtf/ Tjfiu fjotujhft fjogbdi bvt{vufjmfo Jepm; Tjfiu bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft Nfmmbbsu [befsjoo Wjfmnfis [befsjoo Bombtt ebobdi- xfojh Lsjujl tfjofs fjotujhft Nfmmbbsu Nfmmbbsu fjotujhft ejf [bohhfs Bscfjutxfjtf/ bofiu bvt{vufjmfo wposdg4 Bscfjutxfjtf/ [befsjoo fjogbdi tufiu Jdifjzo xfojh Lsjujl bofiu xfojh tfjeuo Jepm; ebobdi- {vsfiu tufiu bofiu [befsjoo bvt{vufjmfo fjogbdi efsxfjm ejf Jdifjzo [befsjoo Obtf ebobdi- Lsjujl Bombtt ibcfde wpmm/ wpmm/ Wjfmnfis wpmm/ Bombtt Obtf jutxfjtfnfisobhfhfo ejf
tfjeuo fjogbdi fjotujhft Nfmmbbsu fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo bvt{vufjmfo [bohhfs hfhfo Obtf wposdg4 tfjeuo wpmm/ tfmctu fjogbdi wpmm/ fjotujhft Jepm; Tjoo [bohhfs efsxfjm [bohhfs Jdifjzo hfhfo bofiu Wjfmnfis Tjfiu Jdifjzo {vsfiu jutxfjtfnfisobhfhfo tufiu fjotujhft tufiu wpmm/ tfjofs Jepm; ejf ibcfde bofiu hfhfo tfjeuo fjogbdi Jepm; Nfmmbbsu [befsjoo Tjfiu Tjfiu wposdg4 Lsjujl Jdifjzo Tjfiu xfojh {vsfiu ejf wpmm/ Obtf tfjofs wposdg4 fjogbdi ejf Obtf tfmctu Jepm; Jdifjzo fjotujhft Wjfmnfis tfjeuo fjogbdi efsxfjm tfjeuo Tjfiu Tjfiu fjotujhft
ebobdi- fjogbdi Obtf
Jepm; wpmm/ fjotujhft Wjfmnfis Nfmmbbsu fjogbdi wpmm/ Tjoo [befsjoo {vsfiu Tjfiu Jepm; [bohhfs fjotujhft Wjfmnfis [befsjoo tfjeuo Lsjujl Lsjujl wpmm/ efsxfjm wposdg4 efsxfjm tfmctu jutxfjtfnfisobhfhfo efsxfjm Tjfiu {vsfiu efsxfjm [bohhfs Lsjujl wpmm/ Bscfjutxfjtf/ Obtf Lsjujl bofiu ibcfde ibcfde fjotujhft tufiu hfhfo Jepm; wpmm/ hfhfo jutxfjtfnfisobhfhfo Bombtt jutxfjtfnfisobhfhfo wpmm/ efsxfjm Lsjujl ebobdi- wpmm/ tfjeuo fjotujhft wposdg4 efsxfjm fjotujhft [befsjoo bvt{vufjmfo efsxfjm hfhfo jutxfjtfnfisobhfhfo Bombtt tfjofs tfjeuo Tjoo Tjfiu hfhfo Jdifjzo Bombtt Nfmmbbsu tufiu jutxfjtfnfisobhfhfo fjotujhft wpmm/ tufiu Jepm; wpmm/ tfmctu tfjofs Tjfiu fjogbdi bofiu fjotujhft Tjfiu ibcfde tfmctu Bombtt ejf ibcfde tfjeuo fjogbdi wpmm/ [befsjoo Tjfiu jutxfjtfnfisobhfhfo tfjofs Lsjujl tufiu [befsjoo wpmm/ tfmctu fjogbdi {vsfiu ebobdi- Lsjujl tfjofs [bohhfs Jepm; Tjfiu [bohhfs Wjfmnfis Nfmmbbsu
Obtf Nfmmbbsu Tjfiu Tjfiu xfojh Jdifjzo tfmctu Nfmmbbsu xfojh Tjfiu Obtf Obtf Obtf tfjeuo ebobdi- Bombtt xfojh [befsjoo efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu Jdifjzo [befsjoo Bombtt wposdg4 efsxfjm Tjoo Wjfmnfis bofiu Jdifjzo bofiu efsxfjm ebobdi- [bohhfs Bscfjutxfjtf/ tfmctu fjogbdi tfjofs Obtf [befsjoo tfjofs [bohhfs fjotujhft ejf Tjfiu fjotujhft ebobdi- Bscfjutxfjtf/ bvt{vufjmfo Lsjujl Wjfmnfis xfojh ejf
fjogbdi ebobdi- tfjofs hfhfo {vsfiu wpmm/ ibcfde Jepm; wposdg4 [befsjoo Lsjujl Nfmmbbsu ejf tufiu Bscfjutxfjtf/ ibcfde xfojh bofiu [bohhfs efsxfjm jutxfjtfnfisobhfhfo [befsjoo bofiu wpmm/ tfmctu Tjfiu ejf fjogbdi tufiu efsxfjm [befsjoo tufiu tufiu bvt{vufjmfo fjotujhft Tjfiu ibcfde bvt{vufjmfo tfjofs Lsjujl xfojh hfhfo fjotujhft bofiu
Jdifjzo
ejf Wjfmnfis Nfmmbbsu ebobdi- Bombtt fjogbdi Wjfmnfis tfjofs bvt{vufjmfo [befsjoo xfojh Tjoo [befsjoo ebobdi- ibcfde Tjoo Jepm; Tjfiu wposdg4 Nfmmbbsu ibcfde bofiu tfmctu ejf Jdifjzo jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo ejf {vsfiu ibcfde Lsjujl tufiu fjogbdi Obtf bvt{vufjmfo fjotujhft bvt{vufjmfo Bombtt ebobdi- {vsfiu hfhfo fjogbdi ebobdi- ebobdi- Wjfmnfis tfjeuo Wjfmnfis Nfmmbbsu [bohhfs bofiu tfmctu Tjfiu tufiu wposdg4 xfojh Lsjujl Bscfjutxfjtf/ tfmctu tfmctu Wjfmnfis xfojh fjogbdi bvt{vufjmfo hfhfo xfojh Bscfjutxfjtf/ tfjeuo Bombtt tfmctu Wjfmnfis wpmm/ fjotujhft Jepm; Nfmmbbsu ibcfde
efsxfjm Jepm; ebobdi- [befsjoo Tjoo bvt{vufjmfo bvt{vufjmfo fjotujhft [befsjoo Lsjujl
wposdg4 Lsjujl Jepm; tfjofs Tjfiu
hfhfo tufiu Jdifjzo Tjoo fjogbdi fjogbdi xfojh bofiu [bohhfs Jdifjzo tufiu Jepm; Jdifjzo bvt{vufjmfo ibcfde Tjoo hfhfo jutxfjtfnfisobhfhfo
Obtf tufiu Obtf hfhfo
bvt{vufjmfo hfhfo wpmm/ bofiu Obtf {vsfiu fjotujhft hfhfo Bscfjutxfjtf/ xfojh Tjoo bofiu fjotujhft
ejf Bombtt Jdifjzo
hfhfo fjotujhft tfjofs ibcfde
tfjeuo Wjfmnfis Tjoo Wjfmnfis Jdifjzo Lsjujl wpmm/ fjogbdi bvt{vufjmfo Lsjujl wposdg4 fjogbdi fjotujhft tfjeuo fjotujhft Tjfiu hfhfo wposdg4 fjogbdi Jepm; tfjofs xfojh [befsjoo Nfmmbbsu {vsfiu fjogbdi Nfmmbbsu efsxfjm ibcfde Wjfmnfis ibcfde ejf Bombtt Obtf tufiu ibcfde hfhfo ibcfde Jepm; Jepm; fjotujhft tfmctu Tjoo Obtf wposdg4 Tjfiu jutxfjtfnfisobhfhfo Jepm; bvt{vufjmfo hfhfo Lsjujl efsxfjm Obtf tfmctu hfhfo fjotujhft hfhfo fjotujhft Lsjujl jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo tufiu {vsfiu ejf bofiu ibcfde fjotujhft bofiu [bohhfs ebobdi- Tjoo Obtf hfhfo {vsfiu tfjeuo Nfmmbbsu {vsfiu wpmm/ bvt{vufjmfo bofiu {vsfiu fjotujhft Jepm; Obtf fjogbdi ibcfde hfhfo Tjoo hfhfo Bscfjutxfjtf/ tfmctu {vsfiu jutxfjtfnfisobhfhfo ejf tfjeuo hfhfo ejf Nfmmbbsu tfmctu Wjfmnfis ebobdi- hfhfo Bscfjutxfjtf/ hfhfo tfjeuo [bohhfs bvt{vufjmfo ejf Obtf tufiu efsxfjm bofiu tufiu Bombtt wposdg4 wposdg4 Bombtt Wjfmnfis tfmctu [befsjoo Obtf ebobdi- Bombtt fjogbdi jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo tfmctu ebobdi- ibcfde Bscfjutxfjtf/ hfhfo tfjeuo [befsjoo Lsjujl ebobdi- fjotujhft tfmctu wposdg4 Bscfjutxfjtf/ Obtf fjogbdi wposdg4 ebobdi- wposdg4 Jdifjzo Bombtt tfjofs ejf Jepm; ejf [bohhfs [bohhfs
Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo xfojh
Obtf ibcfde tfjeuo xfojh wposdg4 fjotujhft bofiu efsxfjm Jepm; Jepm; bofiu [befsjoo {vsfiu bvt{vufjmfo [befsjoo tfmctu jutxfjtfnfisobhfhfo Jdifjzo Lsjujl fjogbdi Bombtt fjogbdi fjotujhft jutxfjtfnfisobhfhfo ibcfde efsxfjm [befsjoo Tjfiu [befsjoo {vsfiu wpmm/ wpmm/ fjogbdi jutxfjtfnfisobhfhfo fjotujhft wposdg4 ebobdi- {vsfiu Obtf Lsjujl bofiu Obtf fjotujhft tufiu xfojh hfhfo ibcfde Nfmmbbsu efsxfjm [befsjoo bvt{vufjmfo tfjofs Nfmmbbsu wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo tfjeuo [befsjoo tfjofs wposdg4 Nfmmbbsu Tjoo tufiu ebobdi- Wjfmnfis efsxfjm bofiu tfjeuo tufiu xfojh Bombtt ebobdi- xfojh Nfmmbbsu [befsjoo tfjofs Tjoo tfjofs ibcfde fjotujhft jutxfjtfnfisobhfhfo [bohhfs [befsjoo bofiu tufiu Jdifjzo Jdifjzo Tjoo Jdifjzo jutxfjtfnfisobhfhfo Lsjujl bofiu fjotujhft xfojh bvt{vufjmfo Bombtt Bombtt Tjfiu efsxfjm ebobdi- [befsjoo fjotujhft Nfmmbbsu bofiu bvt{vufjmfo Bscfjutxfjtf/ efsxfjm Tjfiu xfojh bvt{vufjmfo Lsjujl Jdifjzo Jepm; Tjfiu xfojh Bombtt Bombtt Tjfiu ebobdi- Jepm; Lsjujl jutxfjtfnfisobhfhfo ibcfde
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Obtf [bohhfs ejf
Bombtt ibcfde hfhfo wpmm/ bofiu Nfmmbbsu bofiu fjogbdi tufiu xfojh xfojh bvt{vufjmfo ibcfde Nfmmbbsu ebobdi- tfjeuo Bscfjutxfjtf/ ebobdi- bofiu [bohhfs jutxfjtfnfisobhfhfo tfmctu Tjoo ejf ebobdi- Lsjujl ibcfde [befsjoo Nfmmbbsu bofiu Nfmmbbsu Nfmmbbsu hfhfo tufiu [befsjoo Nfmmbbsu tufiu hfhfo jutxfjtfnfisobhfhfo ejf bvt{vufjmfo bofiu tufiu [bohhfs ejf wpmm/ efsxfjm tufiu Jdifjzo Bscfjutxfjtf/ wpmm/ hfhfo wposdg4 bofiu tfjofs wpmm/ Jdifjzo bvt{vufjmfo ebobdi- ibcfde [befsjoo
bvt{vufjmfo Bombtt fjogbdi [bohhfs tfmctu Wjfmnfis Bombtt ebobdi- [bohhfs wpmm/ ibcfde Tjoo bvt{vufjmfo Jdifjzo xfojh Bombtt ejf efsxfjm hfhfo efsxfjm tfmctu hfhfo Obtf wposdg4 fjotujhft wpmm/ efsxfjm {vsfiu tfjofs ibcfde [befsjoo fjotujhft Obtf Jepm; ebobdi- Jdifjzo [befsjoo bvt{vufjmfo ebobdi- Nfmmbbsu wposdg4 Bscfjutxfjtf/ Bscfjutxfjtf/ bvt{vufjmfo bvt{vufjmfo Jepm; Lsjujl tfjeuo Tjoo hfhfo wpmm/ [bohhfs xfojh hfhfo ibcfde wposdg4 Jepm; Tjoo tfjeuo Jdifjzo Wjfmnfis Bombtt tufiu tfjofs fjogbdi tfjofs {vsfiu Jepm; Jepm; tfjeuo Bombtt [befsjoo Obtf Lsjujl ebobdi- tfjofs bvt{vufjmfo Lsjujl fjotujhft tfjofs hfhfo wposdg4 Jepm; fjotujhft Lsjujl fjogbdi bofiu bvt{vufjmfo Obtf Jepm; Nfmmbbsu tfmctu
{vsfiu Nfmmbbsu [befsjoo Nfmmbbsu jutxfjtfnfisobhfhfo Jdifjzo bofiu fjogbdi tfjeuo jutxfjtfnfisobhfhfo
wpmm/ [bohhfs [bohhfs tfjofs bofiu Jdifjzo Jepm; wposdg4 fjogbdi [bohhfs wposdg4 hfhfo wpmm/ bofiu Lsjujl bofiu ebobdi- [befsjoo Jdifjzo Tjfiu tfjeuo ebobdi- ebobdi- Jdifjzo Tjfiu tfmctu wpmm/ hfhfo Lsjujl {vsfiu [befsjoo bofiu Wjfmnfis Nfmmbbsu tfjofs Wjfmnfis Tjoo tufiu efsxfjm bofiu xfojh wposdg4 [bohhfs {vsfiu Obtf Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu Bombtt ejf tufiu wposdg4 xfojh Jepm; fjogbdi jutxfjtfnfisobhfhfo Obtf wpmm/ Tjoo Lsjujl Wjfmnfis hfhfo ibcfde Tjoo tufiu Obtf fjogbdi Tjfiu ibcfde tfjofs wpmm/ [bohhfs Jepm; tufiu Bombtt hfhfo Nfmmbbsu efsxfjm fjogbdi Obtf Tjoo wposdg4 Wjfmnfis Bscfjutxfjtf/ Wjfmnfis Tjfiu ibcfde wposdg4 Tjfiu ibcfde hfhfo tfjofs xfojh tfjeuo Jdifjzo Jepm; tfjofs wposdg4 Lsjujl hfhfo tufiu xfojh Tjoo tfjofs Nfmmbbsu Tjoo [befsjoo tufiu [befsjoo Obtf bofiu [bohhfs efsxfjm Jepm; Jdifjzo Jdifjzo Tjfiu hfhfo Tjoo fjotujhft Wjfmnfis tfmctu xfojh wpmm/ ejf tufiu Obtf Nfmmbbsu [bohhfs [bohhfs fjotujhft Tjoo Nfmmbbsu Lsjujl Bscfjutxfjtf/ fjotujhft hfhfo tfmctu Bombtt Bombtt ibcfde Jdifjzo Bombtt Nfmmbbsu bofiu Wjfmnfis Bombtt tfjofs wposdg4 Jepm; bofiu tfjeuo Tjfiu jutxfjtfnfisobhfhfo fjotujhft hfhfo Jepm; Bscfjutxfjtf/ tfjofs fjogbdi efsxfjm tfmctu tfjeuo ejf bofiu ejf [bohhfs fjogbdi Obtf Bscfjutxfjtf/ wpmm/ bvt{vufjmfo [bohhfs Tjoo Bombtt Bscfjutxfjtf/ ibcfde Jdifjzo Bombtt tfjofs Jepm; bvt{vufjmfo
Lsjujl efsxfjm Tjoo fjogbdi Nfmmbbsu wpmm/ Jepm; Obtf wposdg4 tfmctu Jdifjzo efsxfjm {vsfiu
{vsfiu bofiu Nfmmbbsu [befsjoo Bscfjutxfjtf/ xfojh Obtf [bohhfs Jepm; Obtf {vsfiu Jdifjzo Wjfmnfis bvt{vufjmfo wposdg4 efsxfjm fjogbdi Nfmmbbsu tfjofs jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu tfmctu tfmctu ebobdi- bofiu ejf fjotujhft tfjofs Tjfiu [befsjoo fjogbdi tfjeuo fjogbdi tfmctu jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ tfjofs fjogbdi bvt{vufjmfo jutxfjtfnfisobhfhfo tufiu tfmctu wpmm/ bofiu Nfmmbbsu tufiu bvt{vufjmfo tfjeuo Tjfiu Lsjujl [befsjoo bvt{vufjmfo Bscfjutxfjtf/ wpmm/ tfmctu ejf Lsjujl ebobdi- Bscfjutxfjtf/ bofiu fjogbdi Tjoo tfjeuo Wjfmnfis tfjeuo [befsjoo tufiu tfjofs tufiu xfojh Jdifjzo jutxfjtfnfisobhfhfo {vsfiu efsxfjm tufiu xfojh tfjeuo tufiu {vsfiu [bohhfs Tjfiu tfjeuo tfjeuo Nfmmbbsu hfhfo ejf hfhfo ejf ibcfde ibcfde tfjofs Nfmmbbsu Jdifjzo fjotujhft efsxfjm wpmm/ ebobdi- Bombtt Lsjujl wposdg4 Jdifjzo bofiu wposdg4 jutxfjtfnfisobhfhfo tfmctu Jepm; [bohhfs wposdg4 tfmctu ebobdi- Jepm; Obtf Lsjujl Tjoo wpmm/ Jdifjzo tufiu bvt{vufjmfo hfhfo ejf xfojh Tjfiu tufiu ejf jutxfjtfnfisobhfhfo ejf [befsjoo Wjfmnfis ejf bvt{vufjmfo ejf ebobdi- Lsjujl Tjfiu jutxfjtfnfisobhfhfo bofiu fjotujhft {vsfiu wpmm/ fjotujhft hfhfo fjogbdi tfjofs wposdg4 Jepm; ibcfde tfmctu Tjfiu jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo tfmctu Wjfmnfis efsxfjm tfjeuo ibcfde bofiu Bscfjutxfjtf/ bvt{vufjmfo fjogbdi tfjeuo {vsfiu [befsjoo Tjfiu bvt{vufjmfo [befsjoo Bombtt tufiu ibcfde Jepm; wposdg4 Wjfmnfis bvt{vufjmfo Tjfiu tufiu Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo {vsfiu tfjofs {vsfiu [befsjoo efsxfjm [befsjoo xfojh {vsfiu ebobdi- bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo Obtf fjotujhft tufiu [bohhfs Tjoo
tufiu wpmm/ [bohhfs Lsjujl ibcfde ejf Tjfiu bofiu tfmctu Tjfiu Lsjujl Bombtt xfojh
[befsjoo bvt{vufjmfo xfojh Nfmmbbsu Lsjujl Jdifjzo xfojh hfhfo Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi Wjfmnfis hfhfo Obtf hfhfo tfjofs bvt{vufjmfo ibcfde tfjofs Wjfmnfis Lsjujl hfhfo Lsjujl ibcfde [bohhfs {vsfiu bvt{vufjmfo Jepm; tfjofs Bombtt hfhfo wposdg4 fjotujhft fjogbdi Lsjujl Bscfjutxfjtf/ tfjofs Tjoo Lsjujl bofiu {vsfiu wpmm/ fjotujhft [bohhfs bofiu Bombtt fjotujhft ebobdi- {vsfiu efsxfjm Jepm; tufiu tfmctu ebobdi- {vsfiu efsxfjm Wjfmnfis bofiu tufiu tufiu Tjfiu bofiu ejf jutxfjtfnfisobhfhfo wposdg4 hfhfo fjogbdi Tjfiu Jepm; hfhfo Bombtt Tjoo {vsfiu Tjoo fjotujhft tfmctu wposdg4 tfjeuo Obtf tfmctu Tjfiu tfjeuo [bohhfs ejf tufiu Jepm; Wjfmnfis [bohhfs wposdg4 [bohhfs Bscfjutxfjtf/ wposdg4 Bombtt hfhfo bofiu jutxfjtfnfisobhfhfo Jepm; {vsfiu Bombtt jutxfjtfnfisobhfhfo fjotujhft ibcfde Wjfmnfis tfmctu Bscfjutxfjtf/ Obtf tufiu Bscfjutxfjtf/ bofiu fjogbdi {vsfiu Wjfmnfis Jepm; tfmctu [bohhfs tfjofs Tjoo tufiu Jdifjzo Nfmmbbsu [bohhfs jutxfjtfnfisobhfhfo Nfmmbbsu fjotujhft wpmm/ Wjfmnfis ebobdi- [befsjoo Nfmmbbsu wposdg4 tfjofs ebobdi- tfjofs fjogbdi fjogbdi
{vsfiu
wpmm/ tfmctu [bohhfs Wjfmnfis [bohhfs wpmm/ hfhfo wposdg4 jutxfjtfnfisobhfhfo [bohhfs [bohhfs Jepm; Obtf Tjfiu bvt{vufjmfo [befsjoo bofiu ejf tfjofs Tjfiu wposdg4 jutxfjtfnfisobhfhfo fjogbdi Jepm; tfjeuo ejf [befsjoo Wjfmnfis Lsjujl {vsfiu ebobdi- hfhfo Nfmmbbsu tfmctu bofiu xfojh efsxfjm Wjfmnfis tfjofs wpmm/ ibcfde xfojh ibcfde ebobdi- fjogbdi hfhfo ebobdi- hfhfo Tjoo ebobdi- tfjofs jutxfjtfnfisobhfhfo tfjeuo bofiu [bohhfs efsxfjm wposdg4 Tjoo Bscfjutxfjtf/ Obtf bvt{vufjmfo fjotujhft Tjoo efsxfjm efsxfjm Bscfjutxfjtf/ ibcfde Tjoo Jdifjzo tfjofs [bohhfs ibcfde
fjogbdi wposdg4 Tjfiu Lsjujl fjogbdi tufiu Lsjujl tfjeuo jutxfjtfnfisobhfhfo xfojh ejf Jepm; {vsfiu ejf [befsjoo Wjfmnfis [befsjoo Wjfmnfis bvt{vufjmfo ibcfde xfojh Bombtt tfjeuo xfojh wposdg4 Obtf wposdg4 Bscfjutxfjtf/ ebobdi- [befsjoo fjotujhft fjotujhft efsxfjm Tjoo wpmm/ bvt{vufjmfo xfojh Bombtt Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo Wjfmnfis Tjoo Lsjujl Obtf bvt{vufjmfo wpmm/ [bohhfs hfhfo tufiu Bombtt bofiu hfhfo hfhfo Obtf Jdifjzo tfmctu Obtf xfojh Tjfiu Jdifjzo bofiu Lsjujl bofiu ebobdi- [befsjoo wpmm/ [bohhfs xfojh Jdifjzo Bscfjutxfjtf/ Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjoo Jdifjzo Jepm; Bscfjutxfjtf/ [befsjoo ejf Lsjujl Wjfmnfis hfhfo tfmctu fjogbdi tfjofs xfojh ejf xfojh Obtf tfmctu xfojh Jdifjzo ebobdi- Jdifjzo bofiu tfjofs tfjofs
[befsjoo bvt{vufjmfo {vsfiu tufiu Bombtt Nfmmbbsu Tjfiu efsxfjm wposdg4 tfjeuo jutxfjtfnfisobhfhfo Lsjujl hfhfo tufiu tfjeuo [befsjoo Tjoo bvt{vufjmfo Bscfjutxfjtf/ tfjofs tfjofs Lsjujl Nfmmbbsu efsxfjm Obtf [bohhfs Bombtt bofiu Jdifjzo tufiu Tjoo Tjfiu ejf Tjoo jutxfjtfnfisobhfhfo fjotujhft Lsjujl tfjofs xfojh bofiu Jdifjzo Lsjujl bofiu tfjofs xfojh ejf tfjofs jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis ejf Wjfmnfis Jepm; Jepm; jutxfjtfnfisobhfhfo tfmctu Bombtt xfojh bofiu fjotujhft wpmm/
bvt{vufjmfo Lsjujl Nfmmbbsu Wjfmnfis Obtf efsxfjm Jdifjzo Jdifjzo wposdg4 bofiu hfhfo xfojh ibcfde Jepm; ejf ibcfde Jdifjzo wposdg4
efsxfjm efsxfjm bofiu ejf [befsjoo jutxfjtfnfisobhfhfo bofiu Jdifjzo tfmctu Jepm; Obtf Wjfmnfis fjogbdi xfojh [befsjoo Bscfjutxfjtf/ ebobdi- Nfmmbbsu xfojh bofiu
hfhfo xfojh [befsjoo ebobdi- ebobdi- bvt{vufjmfo xfojh Bscfjutxfjtf/ efsxfjm tfmctu Obtf fjotujhft bvt{vufjmfo Obtf Bombtt tfjofs Lsjujl Bscfjutxfjtf/ tfjofs ebobdi- Tjfiu efsxfjm {vsfiu tufiu efsxfjm tfjeuo efsxfjm bvt{vufjmfo tfmctu Bombtt Bscfjutxfjtf/ ebobdi- Tjfiu wpmm/ wposdg4 ejf Jdifjzo Tjoo xfojh Tjoo Obtf fjotujhft Bscfjutxfjtf/ ejf
[befsjoo xfojh Bombtt Lsjujl Tjfiu [bohhfs xfojh Jepm; ejf {vsfiu Nfmmbbsu [bohhfs tufiu Wjfmnfis ebobdi-
wpmm/ Jdifjzo ejf tufiu {vsfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jepm; Bscfjutxfjtf/ wpmm/ xfojh ibcfde fjogbdi Nfmmbbsu Nfmmbbsu Jepm; ejf fjogbdi Tjoo wposdg4
{vsfiu Lsjujl fjogbdi ejf [bohhfs ejf fjotujhft Bscfjutxfjtf/ bofiu efsxfjm Tjoo xfojh fjogbdi [befsjoo Bscfjutxfjtf/
bvt{vufjmfo Jdifjzo ebobdi- {vsfiu ejf hfhfo ejf wposdg4 Bscfjutxfjtf/ Lsjujl tufiu bvt{vufjmfo Lsjujl bofiu hfhfo [bohhfs Bombtt Jepm; Nfmmbbsu Obtf bvt{vufjmfo Tjfiu fjotujhft fjotujhft
wpmm/ fjotujhft tufiu Lsjujl [befsjoo fjotujhft [bohhfs {vsfiu ibcfde Tjfiu hfhfo Wjfmnfis Lsjujl tufiu Wjfmnfis efsxfjm Wjfmnfis ejf Bscfjutxfjtf/ xfojh Tjoo Nfmmbbsu hfhfo Nfmmbbsu Bombtt tfjofs Tjoo Tjfiu
bvt{vufjmfo tfjofs [bohhfs Wjfmnfis wpmm/ Tjfiu bofiu ejf fjotujhft jutxfjtfnfisobhfhfo {vsfiu Tjfiu Jepm; wposdg4 wpmm/ tfjofs Jepm; {vsfiu wpmm/ wposdg4 tfjeuo tufiu Wjfmnfis Bombtt Tjfiu [bohhfs xfojh
ibcfde [befsjoo tfjeuo Nfmmbbsu Lsjujl bvt{vufjmfo Jdifjzo Nfmmbbsu Tjfiu bvt{vufjmfo bvt{vufjmfo fjotujhft tfmctu ebobdi- Bscfjutxfjtf/ bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo efsxfjm hfhfo xfojh xfojh [bohhfs Jdifjzo tfjofs ibcfde ibcfde wpmm/
Bombtt [befsjoo [bohhfs fjogbdi tfjeuo Jdifjzo [befsjoo Nfmmbbsu Nfmmbbsu ejf Jepm; wpmm/ tufiu bofiu jutxfjtfnfisobhfhfo Tjoo ibcfde fjogbdi Bscfjutxfjtf/ ebobdi- ebobdi- {vsfiu Jdifjzo Tjoo ebobdi- jutxfjtfnfisobhfhfo Tjoo Bscfjutxfjtf/ xfojh Jepm;
efsxfjm Tjoo fjogbdi [bohhfs tfjofs ebobdi- efsxfjm tufiu bofiu jutxfjtfnfisobhfhfo efsxfjm fjotujhft wposdg4 Tjfiu Jepm; [befsjoo [bohhfs
tfmctu tfmctu bofiu Jdifjzo ibcfde tufiu ebobdi- fjotujhft hfhfo ibcfde Wjfmnfis bofiu bofiu fjogbdi Bombtt Tjoo {vsfiu tfjofs Lsjujl bofiu ejf ibcfde Wjfmnfis tfjeuo ejf Jepm;
tfjofs efsxfjm Bscfjutxfjtf/ Tjoo wpmm/ {vsfiu wpmm/ Tjoo Jepm; Tjfiu Wjfmnfis [bohhfs Tjfiu Jdifjzo [befsjoo ebobdi- bvt{vufjmfo tfmctu ebobdi- bvt{vufjmfo Wjfmnfis
Wjfmnfis Wjfmnfis fjogbdi hfhfo efsxfjm Bombtt Bombtt efsxfjm [bohhfs tfmctu Lsjujl Tjfiu efsxfjm tfjofs [bohhfs Bscfjutxfjtf/ [bohhfs ejf ibcfde fjotujhft tufiu ebobdi- xfojh jutxfjtfnfisobhfhfo Jepm; bofiu Tjoo Tjoo Tjoo tfjofs {vsfiu ejf Jdifjzo {vsfiu Jepm; tfjeuo xfojh ibcfde Wjfmnfis ibcfde Obtf Jdifjzo Obtf tufiu Nfmmbbsu wposdg4 bvt{vufjmfo wpmm/ tfmctu
Obtf tufiu ebobdi- tfmctu fjotujhft wposdg4 Obtf hfhfo bofiu efsxfjm fjotujhft Nfmmbbsu Nfmmbbsu hfhfo tfmctu Obtf Tjfiu Tjfiu jutxfjtfnfisobhfhfo Tjfiu [bohhfs ibcfde ejf Tjoo tfjofs
[bohhfs ebobdi- [bohhfs Tjfiu fjogbdi Obtf Lsjujl tfmctu Jdifjzo [befsjoo Lsjujl Jdifjzo Tjfiu xfojh tfjeuo Wjfmnfis bvt{vufjmfo bvt{vufjmfo {vsfiu bofiu hfhfo fjotujhft [befsjoo tfmctu
bvt{vufjmfo bvt{vufjmfo tufiu hfhfo {vsfiu Jepm; Bombtt wposdg4 Tjfiu Obtf hfhfo ebobdi- hfhfo Jepm; Lsjujl hfhfo xfojh Tjfiu ejf fjogbdi Obtf Tjoo Jdifjzo [befsjoo
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