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