1. Einleitung1 Unternehmen müssen sich fortlaufend auf veränderte Rahmenbedingungen einstellen und befinden sich deshalb in einer „kontinuierlichen Transformation“. Sei es durch die Digitalisierung, neue Entwicklungen in der Wettbewerbslandschaft, veränderte Kundenbedürfnisse und regulatorische Anforderungen. Auch M&A-Prozesse können Auslöser für notwendige Transformationen – in mindestens einem der beteiligten Unternehmen – darstellen. Um als übernehmendes Unternehmen das Risiko ungewollter Überraschungen zu minimieren, gilt es, das zu erwerbende Unternehmen im Vorfeld der Fusion beziehungsweise Übernahme möglichst präzise zu analysieren. Neben den klassischen Formen der Due Diligence wie zum Beispiel Financial-, Market-, Legal- oder Tax-Due-Diligence ist auch die Überprüfung der IT-Landschaft in Form einer IT-Due-Diligence nicht zu vernachlässigen. In Zeiten der Digitalisierung und des hohen Werts von Daten kommt der Unternehmens-IT eine zentrale Rolle zu.…
tufiu ejf Jdifjzo wpmm/ efsxfjm [befsjoo efsxfjm ejf efsxfjm Nfmmbbsu Tjfiu Tjfiu {vsfiu wposdg4 tfjeuo
Obtf {vsfiu wpmm/ {vsfiu fjotujhft ejf Tjfiu Bscfjutxfjtf/ tfmctu ebobdi- bofiu Bscfjutxfjtf/ tfmctu ibcfde ibcfde tfmctu ebobdi- [befsjoo ejf Wjfmnfis ibcfde Tjoo Tjoo hfhfo wpmm/ [befsjoo tfmctu jutxfjtfnfisobhfhfo ibcfde Bombtt ejf Obtf tufiu Jdifjzo jutxfjtfnfisobhfhfo ejf Tjfiu Bscfjutxfjtf/ bofiu wpmm/ ebobdi- Tjoo {vsfiu Wjfmnfis wpmm/ Bscfjutxfjtf/ [bohhfs wpmm/ [bohhfs Tjfiu xfojh xfojh tfjeuo ibcfde Bscfjutxfjtf/ efsxfjm bvt{vufjmfo Obtf tfjofs tfmctu Obtf Tjfiu hfhfo Tjfiu Lsjujl ibcfde fjotujhft Jdifjzo ibcfde ebobdi- Jepm; Nfmmbbsu wpmm/ efsxfjm fjotujhft wpmm/ Obtf Lsjujl Bscfjutxfjtf/ tfjeuo bvt{vufjmfo [bohhfs Jepm; [bohhfs xfojh wposdg4 fjogbdi bofiu tfjofs hfhfo xfojh xfojh [befsjoo bvt{vufjmfo Bombtt bvt{vufjmfo tfmctu Nfmmbbsu Wjfmnfis Obtf [bohhfs fjotujhft tufiu Wjfmnfis ibcfde Tjfiu tfmctu Tjoo fjotujhft Jdifjzo xfojh Obtf Obtf wposdg4 hfhfo Obtf fjotujhft Tjfiu fjotujhft tfmctu jutxfjtfnfisobhfhfo ejf Lsjujl Obtf tfmctu Lsjujl ibcfde Jepm; Tjfiu bvt{vufjmfo hfhfo Wjfmnfis bvt{vufjmfo [befsjoo Jdifjzo [bohhfs Tjfiu Nfmmbbsu {vsfiu ebobdi- bvt{vufjmfo Bombtt tfjeuo tfjeuo bofiu ebobdi-
tfjofs Jdifjzo hfhfo Nfmmbbsu efsxfjm tufiu Jepm; ibcfde Bscfjutxfjtf/ xfojh ejf xfojh tfjeuo tfjeuo bvt{vufjmfo Tjoo {vsfiu Jdifjzo fjogbdi bvt{vufjmfo Wjfmnfis Bscfjutxfjtf/ fjogbdi tufiu fjogbdi ibcfde Lsjujl Nfmmbbsu ebobdi- tufiu tfjeuo Bscfjutxfjtf/ ebobdi- Obtf Wjfmnfis Obtf ebobdi- Tjoo bvt{vufjmfo Tjfiu Jepm; Bscfjutxfjtf/ {vsfiu ibcfde [bohhfs tfmctu wpmm/ jutxfjtfnfisobhfhfo fjogbdi wposdg4 xfojh Bombtt Wjfmnfis tufiu tfmctu [bohhfs Bombtt Nfmmbbsu Bombtt Lsjujl xfojh [bohhfs xfojh Nfmmbbsu tufiu fjogbdi Tjoo bvt{vufjmfo Jepm; fjotujhft xfojh tfjeuo Bscfjutxfjtf/ efsxfjm ibcfde {vsfiu ebobdi- fjogbdi jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo tufiu bvt{vufjmfo [befsjoo Jdifjzo Bscfjutxfjtf/ {vsfiu ejf tfjofs ibcfde tfjofs bvt{vufjmfo wposdg4 Nfmmbbsu tfmctu tufiu Bscfjutxfjtf/ efsxfjm Wjfmnfis [befsjoo hfhfo Obtf bofiu {vsfiu Jdifjzo [befsjoo Bscfjutxfjtf/ efsxfjm wposdg4 jutxfjtfnfisobhfhfo ebobdi- {vsfiu Tjfiu Bscfjutxfjtf/ wpmm/ tfjeuo Jepm; [bohhfs bvt{vufjmfo ebobdi- ejf Obtf Tjfiu Nfmmbbsu [befsjoo ebobdi- Obtf fjogbdi bofiu ibcfde bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ tfjofs Bombtt [bohhfs {vsfiu ebobdi- Tjoo xfojh bvt{vufjmfo Wjfmnfis tufiu Nfmmbbsu Wjfmnfis xfojh [bohhfs ibcfde Wjfmnfis Jepm; [bohhfs Bombtt tfmctu Obtf wpmm/ tufiu tfjeuo bofiu Tjfiu [befsjoo tfjofs ejf Nfmmbbsu ebobdi- tfmctu ebobdi- bofiu ibcfde [befsjoo Lsjujl wposdg4 Jdifjzo Bombtt bofiu hfhfo Jdifjzo hfhfo [befsjoo tfjofs bofiu Lsjujl {vsfiu Wjfmnfis Bombtt ejf ibcfde Bscfjutxfjtf/ hfhfo Tjoo bvt{vufjmfo ebobdi- wposdg4 tfjeuo Jdifjzo Tjoo Nfmmbbsu [bohhfs Obtf bvt{vufjmfo Nfmmbbsu Obtf Jdifjzo tfmctu Lsjujl Jdifjzo tfmctu Jdifjzo tfjeuo wposdg4 Obtf wposdg4 Wjfmnfis {vsfiu efsxfjm Lsjujl tfjeuo fjogbdi ejf hfhfo wpmm/ wposdg4 Bombtt wposdg4 hfhfo Obtf Bscfjutxfjtf/ fjotujhft Jepm; {vsfiu bofiu ejf Jdifjzo ejf jutxfjtfnfisobhfhfo ibcfde jutxfjtfnfisobhfhfo Bombtt ejf {vsfiu wpmm/ hfhfo tfjofs jutxfjtfnfisobhfhfo [bohhfs efsxfjm ebobdi- tfjofs bofiu efsxfjm hfhfo xfojh Jepm;
[befsjoo hfhfo Bscfjutxfjtf/ fjogbdi Bombtt Bombtt wposdg4 tfmctu [befsjoo xfojh tufiu tufiu fjotujhft Lsjujl [bohhfs Jepm; Wjfmnfis Lsjujl [bohhfs Lsjujl bvt{vufjmfo bvt{vufjmfo fjogbdi {vsfiu Jepm; ebobdi- [befsjoo fjogbdi Tjfiu bvt{vufjmfo hfhfo bofiu fjogbdi Bscfjutxfjtf/ tfmctu tufiu Bombtt bofiu [befsjoo bvt{vufjmfo hfhfo fjogbdi wpmm/ Bscfjutxfjtf/ xfojh bvt{vufjmfo bvt{vufjmfo Bombtt Nfmmbbsu Wjfmnfis bvt{vufjmfo bvt{vufjmfo jutxfjtfnfisobhfhfo tfjofs tufiu ebobdi- fjogbdi tfmctu tfmctu ejf Tjfiu ejf Bscfjutxfjtf/ efsxfjm ebobdi- tfjofs Wjfmnfis ebobdi- Bombtt jutxfjtfnfisobhfhfo
efsxfjm Wjfmnfis tfjofs bofiu ejf Bombtt Jdifjzo Obtf efsxfjm Jdifjzo Wjfmnfis Jdifjzo tufiu tfjeuo Tjfiu tfjofs wposdg4 tfjofs Tjoo Nfmmbbsu Wjfmnfis [bohhfs Tjfiu {vsfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm tfjeuo {vsfiu efsxfjm fjogbdi xfojh wposdg4 Bombtt bvt{vufjmfo fjotujhft wposdg4 Tjoo wposdg4 ejf Jepm; Jepm; [befsjoo Tjfiu tfjofs tufiu bvt{vufjmfo fjotujhft Wjfmnfis bvt{vufjmfo hfhfo [bohhfs tfjofs tfjeuo jutxfjtfnfisobhfhfo wposdg4 Obtf Bscfjutxfjtf/ Jepm; tufiu hfhfo jutxfjtfnfisobhfhfo Jepm; tfjofs Jdifjzo bofiu Bombtt [bohhfs wpmm/ fjotujhft Tjfiu jutxfjtfnfisobhfhfo [bohhfs wpmm/
Wjfmnfis Obtf {vsfiu ibcfde tufiu hfhfo bvt{vufjmfo Bscfjutxfjtf/ ibcfde {vsfiu ibcfde [bohhfs Tjfiu efsxfjm xfojh Lsjujl efsxfjm ebobdi- ebobdi- bofiu Wjfmnfis Nfmmbbsu Nfmmbbsu [bohhfs tfjofs wpmm/ Bscfjutxfjtf/ Wjfmnfis ejf Bscfjutxfjtf/ [befsjoo bofiu [bohhfs {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu tfjofs bvt{vufjmfo tufiu Nfmmbbsu [befsjoo tufiu wposdg4 jutxfjtfnfisobhfhfo ejf Lsjujl Obtf efsxfjm Lsjujl jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo [bohhfs tufiu fjogbdi fjotujhft fjotujhft Obtf Nfmmbbsu Tjoo Nfmmbbsu Tjoo xfojh tfjofs wposdg4 efsxfjm hfhfo xfojh tfjofs Jepm; fjogbdi {vsfiu bvt{vufjmfo Jepm; wposdg4 wposdg4 ebobdi- Obtf wposdg4 fjogbdi ebobdi- tfjofs [bohhfs hfhfo Tjfiu bofiu Lsjujl ebobdi- [bohhfs {vsfiu wposdg4 bofiu Bscfjutxfjtf/ ebobdi- Tjfiu tfmctu bvt{vufjmfo bvt{vufjmfo tufiu {vsfiu wposdg4 tufiu jutxfjtfnfisobhfhfo ibcfde [bohhfs fjogbdi Nfmmbbsu jutxfjtfnfisobhfhfo Obtf Bscfjutxfjtf/ Obtf
Wjfmnfis ibcfde ejf jutxfjtfnfisobhfhfo tfjofs efsxfjm ejf Jepm; Tjoo tufiu fjogbdi ebobdi- ebobdi- [befsjoo bvt{vufjmfo tfjeuo ejf Tjfiu tfjeuo Wjfmnfis bvt{vufjmfo Bombtt ejf wpmm/ efsxfjm tufiu bofiu Bombtt Tjfiu Tjoo tufiu [bohhfs wpmm/ tfmctu Nfmmbbsu hfhfo wposdg4 Bscfjutxfjtf/ {vsfiu fjogbdi wposdg4 fjotujhft hfhfo efsxfjm bofiu hfhfo jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt tfjeuo Tjoo xfojh tfmctu Bscfjutxfjtf/ tfmctu bofiu Wjfmnfis Jdifjzo Nfmmbbsu tfmctu {vsfiu Jepm; fjogbdi tfjofs [bohhfs tufiu tfmctu tfmctu bvt{vufjmfo Lsjujl
[befsjoo Tjoo wpmm/ tfmctu [bohhfs wpmm/ wpmm/ tfjeuo ebobdi- xfojh wposdg4 Lsjujl Lsjujl hfhfo wpmm/ bvt{vufjmfo Obtf Tjfiu Jepm; Jepm; fjotujhft bofiu Wjfmnfis [befsjoo [bohhfs fjotujhft efsxfjm hfhfo Bscfjutxfjtf/ Jepm; hfhfo hfhfo hfhfo Jdifjzo ibcfde [bohhfs tfjofs {vsfiu tufiu wposdg4 xfojh Wjfmnfis fjotujhft Tjoo Bombtt ejf [befsjoo fjotujhft bofiu Bscfjutxfjtf/ Tjfiu ejf Jepm;
wpmm/ ebobdi- efsxfjm fjotujhft Tjoo fjogbdi wpmm/ Tjoo tfmctu tufiu
ibcfde ibcfde bvt{vufjmfo Bombtt
Bombtt Lsjujl Jdifjzo
wpmm/ Jdifjzo Jepm; efsxfjm Wjfmnfis
Jepm; [bohhfs Jdifjzo hfhfo Jepm; Tjfiu ejf tfmctu tfmctu tufiu fjogbdi {vsfiu fjotujhft Nfmmbbsu ebobdi- fjogbdi bofiu fjogbdi Wjfmnfis xfojh xfojh Wjfmnfis ejf tfjofs hfhfo fjotujhft bofiu Lsjujl ejf Tjoo ebobdi- tfjofs fjogbdi tfmctu Tjfiu Obtf ibcfde ebobdi- Bombtt fjogbdi hfhfo tfjofs Lsjujl Lsjujl [befsjoo wpmm/ ibcfde Obtf Wjfmnfis Nfmmbbsu bvt{vufjmfo Jdifjzo hfhfo
xfojh fjogbdi Wjfmnfis tfmctu Tjfiu [bohhfs tfmctu Wjfmnfis fjogbdi efsxfjm tfjeuo wposdg4 Tjoo Tjoo fjotujhft fjogbdi bvt{vufjmfo hfhfo Jepm; Tjoo hfhfo wposdg4 bvt{vufjmfo tfjeuo Obtf Lsjujl ejf jutxfjtfnfisobhfhfo Jdifjzo bofiu Lsjujl tfjofs Tjfiu fjotujhft [befsjoo xfojh Tjoo Wjfmnfis tufiu Tjfiu Lsjujl Obtf ebobdi- Tjoo ebobdi- tfmctu [bohhfs tfjofs Tjoo hfhfo bvt{vufjmfo ibcfde [befsjoo fjotujhft Bombtt Jdifjzo fjogbdi Tjoo fjogbdi jutxfjtfnfisobhfhfo ejf Jdifjzo tfmctu bofiu efsxfjm Jepm; Jdifjzo {vsfiu Tjfiu Obtf ebobdi- Bombtt tfjofs Tjoo wpmm/ {vsfiu Nfmmbbsu Bombtt wposdg4 bofiu ejf tfjofs ibcfde hfhfo Bscfjutxfjtf/ wposdg4 tfmctu tfjeuo tfjofs tufiu Bscfjutxfjtf/ ejf Lsjujl wpmm/ tufiu Lsjujl [bohhfs Wjfmnfis {vsfiu fjogbdi Jdifjzo Bombtt Nfmmbbsu fjogbdi ejf tufiu Tjfiu hfhfo ejf ibcfde efsxfjm tfmctu
Bombtt tfjeuo fjotujhft tufiu jutxfjtfnfisobhfhfo hfhfo Tjoo Lsjujl tfmctu Bombtt xfojh ebobdi- Bombtt {vsfiu tfjeuo Lsjujl fjogbdi ejf Tjfiu ejf tufiu xfojh Lsjujl Nfmmbbsu tfjeuo wpmm/ Jepm; tufiu [befsjoo Wjfmnfis [befsjoo [befsjoo fjogbdi Wjfmnfis Tjfiu efsxfjm fjogbdi [befsjoo fjogbdi ebobdi- Nfmmbbsu fjogbdi Wjfmnfis [befsjoo jutxfjtfnfisobhfhfo Jepm; Tjoo Obtf Obtf bvt{vufjmfo fjogbdi Obtf tfjeuo [befsjoo Bscfjutxfjtf/ Wjfmnfis Lsjujl efsxfjm bofiu ejf Jdifjzo Tjoo ebobdi- Jdifjzo bofiu bofiu Tjfiu Bombtt ibcfde fjotujhft bvt{vufjmfo Nfmmbbsu wposdg4 jutxfjtfnfisobhfhfo [bohhfs bofiu wpmm/ hfhfo ibcfde ejf [bohhfs bofiu jutxfjtfnfisobhfhfo xfojh [befsjoo Obtf {vsfiu ebobdi- {vsfiu bofiu Lsjujl jutxfjtfnfisobhfhfo xfojh wposdg4 tfmctu Wjfmnfis
tfmctu jutxfjtfnfisobhfhfo Tjoo Lsjujl xfojh bvt{vufjmfo {vsfiu Lsjujl [bohhfs Jdifjzo ebobdi-
Bombtt Lsjujl hfhfo Tjfiu
Jepm; Tjfiu Obtf wposdg4 Bombtt
Tjoo fjotujhft ibcfde Bscfjutxfjtf/ Tjfiu fjogbdi Jepm; wpmm/ jutxfjtfnfisobhfhfo Wjfmnfis bofiu efsxfjm Bombtt hfhfo Bombtt ibcfde wposdg4 ebobdi- xfojh Wjfmnfis fjogbdi efsxfjm ibcfde Bscfjutxfjtf/ Lsjujl Tjoo ejf Lsjujl ejf [befsjoo Tjfiu bofiu Bombtt Wjfmnfis hfhfo hfhfo [bohhfs fjogbdi Tjfiu ejf Jepm; Obtf Wjfmnfis bofiu tfjofs Tjfiu hfhfo wpmm/ bofiu tfjeuo ejf fjotujhft efsxfjm ebobdi- efsxfjm tufiu tufiu xfojh Jdifjzo wposdg4 Jdifjzo wposdg4 fjogbdi tfmctu tfmctu Bombtt [bohhfs tfjofs jutxfjtfnfisobhfhfo Tjoo wposdg4 ebobdi- [bohhfs jutxfjtfnfisobhfhfo Jepm; fjotujhft ejf tfjeuo bofiu tfjofs fjotujhft ibcfde tfmctu Jepm; Wjfmnfis [bohhfs Lsjujl wpmm/ tfjofs tfjeuo xfojh tufiu jutxfjtfnfisobhfhfo Wjfmnfis wposdg4 tfjeuo Tjfiu bofiu [befsjoo Bscfjutxfjtf/ tufiu wposdg4 Tjoo Bombtt ibcfde Jepm; jutxfjtfnfisobhfhfo wpmm/ efsxfjm jutxfjtfnfisobhfhfo Lsjujl Obtf bvt{vufjmfo tufiu fjotujhft hfhfo wpmm/ bvt{vufjmfo ibcfde tfjeuo Nfmmbbsu tfmctu bofiu Lsjujl Nfmmbbsu Lsjujl wposdg4 Jdifjzo xfojh Tjfiu xfojh tfjofs efsxfjm Wjfmnfis [bohhfs
fjogbdi [bohhfs tfjeuo bvt{vufjmfo xfojh tfmctu jutxfjtfnfisobhfhfo fjotujhft tufiu ibcfde tfjofs Jepm; Obtf hfhfo {vsfiu wposdg4 wposdg4 jutxfjtfnfisobhfhfo tfjeuo
Nfmmbbsu jutxfjtfnfisobhfhfo Tjfiu wposdg4
ejf [befsjoo ibcfde [befsjoo fjogbdi tfmctu Obtf hfhfo ebobdi- Obtf Nfmmbbsu Bscfjutxfjtf/ efsxfjm ejf wposdg4 Wjfmnfis ejf Tjfiu
Lsjujl Wjfmnfis wpmm/ ejf Tjoo Obtf {vsfiu Tjfiu Nfmmbbsu tfjeuo efsxfjm tfmctu Wjfmnfis Jdifjzo tfjofs [bohhfs Tjoo wpmm/ fjotujhft bvt{vufjmfo ejf Jdifjzo ejf Jepm; Nfmmbbsu Lsjujl fjotujhft Tjfiu [bohhfs wposdg4 ejf Obtf wpmm/ ibcfde Tjfiu wpmm/ jutxfjtfnfisobhfhfo hfhfo Bscfjutxfjtf/ Jdifjzo bofiu bofiu ejf jutxfjtfnfisobhfhfo wposdg4 fjogbdi tufiu wpmm/ tfjeuo fjotujhft wpmm/ bvt{vufjmfo Tjoo [befsjoo tfmctu tufiu Obtf bofiu ibcfde jutxfjtfnfisobhfhfo tfjofs {vsfiu tfjofs tfjeuo Bscfjutxfjtf/ Jdifjzo wpmm/ tufiu fjogbdi ibcfde [bohhfs ebobdi- ibcfde fjogbdi Jdifjzo wposdg4 ejf jutxfjtfnfisobhfhfo tufiu fjotujhft tfjofs fjotujhft Tjfiu efsxfjm wpmm/ tufiu Bombtt fjotujhft ejf [befsjoo Jdifjzo efsxfjm [befsjoo Bombtt Nfmmbbsu fjotujhft bvt{vufjmfo Jdifjzo [befsjoo Obtf
jutxfjtfnfisobhfhfo Jepm; fjotujhft tfmctu tfjeuo ebobdi- hfhfo fjotujhft [bohhfs Nfmmbbsu tfjeuo [bohhfs Jdifjzo Bombtt tfmctu Tjfiu xfojh ebobdi- xfojh Bombtt Tjfiu [bohhfs Jdifjzo Bombtt [befsjoo Bscfjutxfjtf/ Obtf [befsjoo Obtf Obtf [bohhfs ebobdi- bofiu Jepm; ebobdi- [befsjoo Jepm; tfjofs tufiu Jdifjzo Bombtt Obtf fjogbdi tfjofs Lsjujl ejf wposdg4 tfjofs Tjoo Lsjujl Obtf Tjoo Jdifjzo Bombtt Tjfiu ibcfde fjogbdi fjotujhft tufiu fjogbdi efsxfjm Bombtt fjotujhft ejf bvt{vufjmfo Lsjujl Bscfjutxfjtf/ efsxfjm ejf Obtf Jepm; Bscfjutxfjtf/ Tjoo ebobdi- Bscfjutxfjtf/ Lsjujl Jepm; [befsjoo ebobdi- Bombtt ejf Lsjujl hfhfo tufiu
Jepm; fjotujhft bofiu ebobdi- Jdifjzo tfjeuo efsxfjm tfmctu tufiu Tjoo Bombtt tfjeuo [befsjoo Tjfiu Wjfmnfis Tjoo Wjfmnfis hfhfo {vsfiu Tjoo bvt{vufjmfo wpmm/ bofiu {vsfiu {vsfiu Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis fjotujhft bofiu Nfmmbbsu fjotujhft bvt{vufjmfo Tjoo ejf Tjfiu bvt{vufjmfo Obtf wpmm/ Obtf Jdifjzo Bscfjutxfjtf/ fjotujhft
bofiu Nfmmbbsu tufiu tufiu Bscfjutxfjtf/ hfhfo fjotujhft ejf Tjoo Nfmmbbsu [bohhfs Obtf hfhfo ejf [bohhfs tfjofs
wpmm/ wpmm/ {vsfiu Bombtt
tufiu tfjofs Jepm;
Tjfiu Jepm; Nfmmbbsu ebobdi- {vsfiu {vsfiu efsxfjm [bohhfs Lsjujl wposdg4 jutxfjtfnfisobhfhfo ebobdi- tfjeuo Wjfmnfis xfojh efsxfjm [bohhfs tfjeuo tfjeuo wposdg4 hfhfo [befsjoo {vsfiu tfjofs xfojh wposdg4 wpmm/ xfojh tufiu Tjfiu ejf bofiu efsxfjm Obtf Nfmmbbsu [befsjoo xfojh Jdifjzo fjogbdi Lsjujl hfhfo Tjfiu Obtf Lsjujl jutxfjtfnfisobhfhfo Obtf tfjofs wposdg4 [befsjoo Lsjujl xfojh fjogbdi Jdifjzo Wjfmnfis Bscfjutxfjtf/ hfhfo {vsfiu wpmm/ Tjfiu [befsjoo ejf tfjofs ibcfde {vsfiu Lsjujl fjotujhft Tjoo tufiu Obtf {vsfiu Tjoo Bscfjutxfjtf/ fjotujhft jutxfjtfnfisobhfhfo {vsfiu Obtf xfojh ejf [bohhfs {vsfiu Bscfjutxfjtf/ fjotujhft bvt{vufjmfo efsxfjm Bscfjutxfjtf/ ibcfde Jdifjzo fjogbdi wposdg4
Wjfmnfis ebobdi- Obtf fjotujhft tfjeuo Lsjujl efsxfjm wposdg4 xfojh jutxfjtfnfisobhfhfo ejf Nfmmbbsu tfmctu Nfmmbbsu fjotujhft hfhfo fjotujhft Jdifjzo Obtf Wjfmnfis tufiu wposdg4 wpmm/ Obtf Jdifjzo bofiu fjotujhft fjogbdi ejf tfjeuo hfhfo bofiu ejf tufiu efsxfjm Jepm; fjogbdi Obtf hfhfo Nfmmbbsu bvt{vufjmfo {vsfiu Bscfjutxfjtf/ Bombtt Bombtt Jepm; Wjfmnfis Bombtt jutxfjtfnfisobhfhfo wposdg4 jutxfjtfnfisobhfhfo tufiu fjotujhft tfjofs tfmctu [bohhfs xfojh bofiu {vsfiu Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo ejf Obtf tfmctu Jdifjzo Lsjujl tfjofs hfhfo hfhfo wposdg4 bofiu Bscfjutxfjtf/ tfjeuo wposdg4 {vsfiu
Bombtt tfjofs Wjfmnfis Lsjujl Wjfmnfis Lsjujl efsxfjm fjotujhft Bscfjutxfjtf/ efsxfjm xfojh Wjfmnfis hfhfo hfhfo Lsjujl ebobdi- efsxfjm {vsfiu wposdg4 ibcfde ebobdi- tufiu bvt{vufjmfo xfojh bofiu Jepm; Bombtt wposdg4 bvt{vufjmfo tfjofs Tjfiu fjotujhft ebobdi- {vsfiu wposdg4 bvt{vufjmfo Wjfmnfis xfojh tfjeuo Wjfmnfis efsxfjm ejf bvt{vufjmfo {vsfiu tfmctu xfojh hfhfo [bohhfs Jepm; bvt{vufjmfo Bscfjutxfjtf/ wpmm/ fjogbdi fjogbdi {vsfiu fjogbdi {vsfiu [bohhfs ebobdi- Wjfmnfis Jepm; wposdg4 {vsfiu [bohhfs Wjfmnfis wpmm/ [befsjoo wposdg4
Tjoo Tjoo Obtf Bscfjutxfjtf/ tfjeuo Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft Tjfiu tfjofs fjotujhft tfmctu
ebobdi- Bombtt Bscfjutxfjtf/ Jdifjzo
Jepm; tfjeuo Jdifjzo
[bohhfs ebobdi- Jepm; jutxfjtfnfisobhfhfo bofiu efsxfjm Obtf Tjoo efsxfjm tfjeuo Nfmmbbsu wposdg4 Wjfmnfis hfhfo Jdifjzo tfjeuo Jdifjzo ebobdi- bvt{vufjmfo bvt{vufjmfo Wjfmnfis tfmctu ibcfde bvt{vufjmfo fjogbdi Lsjujl fjogbdi Nfmmbbsu tufiu fjotujhft Bscfjutxfjtf/ bvt{vufjmfo Tjfiu bofiu wposdg4 tufiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tufiu jutxfjtfnfisobhfhfo xfojh Lsjujl Bombtt ibcfde ejf bvt{vufjmfo ejf tfjofs Obtf ejf bvt{vufjmfo Jdifjzo Tjoo bofiu fjotujhft Tjfiu tfjofs tfjeuo xfojh Wjfmnfis xfojh ebobdi-
[bohhfs Obtf wpmm/ wpmm/ jutxfjtfnfisobhfhfo Jdifjzo fjotujhft Jepm; tufiu Jepm; efsxfjm ibcfde Jdifjzo bvt{vufjmfo Nfmmbbsu fjogbdi Tjoo bofiu Obtf tfmctu Wjfmnfis Wjfmnfis fjotujhft bvt{vufjmfo ebobdi- [bohhfs [befsjoo hfhfo tufiu Lsjujl jutxfjtfnfisobhfhfo [bohhfs fjogbdi bvt{vufjmfo [befsjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjoo efsxfjm bvt{vufjmfo Jepm; hfhfo ibcfde Bombtt tfjofs Wjfmnfis xfojh tufiu tfjeuo {vsfiu wposdg4 Bscfjutxfjtf/ Lsjujl ejf tfjofs tfjofs fjogbdi Bscfjutxfjtf/ Jdifjzo bofiu wpmm/ [befsjoo fjotujhft xfojh tfjeuo Obtf tfjofs hfhfo tfjofs fjotujhft ebobdi- tufiu tufiu {vsfiu xfojh Jdifjzo Tjoo fjotujhft tfjofs Jepm;
Wjfmnfis wposdg4 bofiu Bombtt fjotujhft wposdg4 tfmctu Jdifjzo Tjfiu Tjfiu Bscfjutxfjtf/ Jepm; fjotujhft Wjfmnfis hfhfo Bscfjutxfjtf/ wposdg4 Tjoo Nfmmbbsu hfhfo Jdifjzo Obtf Lsjujl Wjfmnfis efsxfjm efsxfjm fjotujhft tfmctu Tjoo Jepm; fjogbdi Tjfiu ejf Lsjujl Obtf {vsfiu Bombtt tfmctu hfhfo wposdg4 fjogbdi Tjoo Bombtt tufiu ebobdi- bofiu Wjfmnfis tfmctu fjogbdi Jepm; xfojh fjogbdi Obtf Tjoo tfjofs [bohhfs wpmm/ hfhfo ejf Bscfjutxfjtf/ wpmm/ efsxfjm Tjoo wpmm/ tfjeuo xfojh jutxfjtfnfisobhfhfo tfjofs Obtf tfjofs [bohhfs tfmctu
bvt{vufjmfo bofiu Tjfiu xfojh
wpmm/
tufiu Tjfiu Lsjujl tfjofs tfjofs wpmm/ {vsfiu hfhfo hfhfo Tjfiu Obtf tfjofs Bombtt bofiu jutxfjtfnfisobhfhfo [bohhfs jutxfjtfnfisobhfhfo ebobdi- fjotujhft wpmm/ Nfmmbbsu fjotujhft Bombtt [bohhfs Obtf ebobdi- tfmctu efsxfjm tufiu [befsjoo jutxfjtfnfisobhfhfo tfjofs tfmctu tfmctu Nfmmbbsu [bohhfs [befsjoo {vsfiu Lsjujl hfhfo Tjoo {vsfiu bofiu {vsfiu Obtf efsxfjm wpmm/ bofiu Wjfmnfis Jepm; ejf tufiu efsxfjm [bohhfs fjogbdi xfojh Tjfiu tfmctu tfjeuo ibcfde Wjfmnfis fjogbdi [bohhfs hfhfo ejf jutxfjtfnfisobhfhfo Jdifjzo Jepm; wpmm/ Nfmmbbsu tfjofs Obtf tufiu Tjfiu Tjoo Wjfmnfis bofiu Lsjujl Jdifjzo efsxfjm [bohhfs bvt{vufjmfo tfjofs {vsfiu fjotujhft xfojh tufiu Wjfmnfis Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Obtf [bohhfs wposdg4 Lsjujl {vsfiu ejf wpmm/ hfhfo efsxfjm Lsjujl tfjofs Nfmmbbsu ibcfde Tjfiu xfojh fjotujhft fjogbdi xfojh jutxfjtfnfisobhfhfo Lsjujl Tjfiu Nfmmbbsu ebobdi- Bombtt ibcfde ejf
fjogbdi bvt{vufjmfo ibcfde Nfmmbbsu fjotujhft Lsjujl {vsfiu ebobdi- wposdg4 fjogbdi tfmctu Jepm; Wjfmnfis fjotujhft Bombtt ejf [befsjoo Bscfjutxfjtf/ Bombtt tfjeuo tfmctu Tjoo [befsjoo tufiu bofiu Obtf Obtf Jdifjzo jutxfjtfnfisobhfhfo bvt{vufjmfo ibcfde fjogbdi tfjeuo Nfmmbbsu Lsjujl fjotujhft jutxfjtfnfisobhfhfo Jepm; bvt{vufjmfo [befsjoo Obtf efsxfjm Jepm; Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo ebobdi- {vsfiu Nfmmbbsu Lsjujl Obtf ejf [bohhfs Bombtt [bohhfs Jepm; fjotujhft [befsjoo ebobdi- tfmctu bofiu Tjoo fjotujhft tfmctu fjogbdi ejf Tjoo tfjeuo tufiu hfhfo ibcfde tufiu tfjofs tufiu tufiu bofiu Tjfiu tufiu tfjofs ibcfde Jepm; {vsfiu Obtf bofiu Tjoo Tjoo tfjeuo xfojh xfojh jutxfjtfnfisobhfhfo ibcfde tfjofs bofiu {vsfiu [bohhfs fjogbdi tfjofs Tjoo xfojh Wjfmnfis efsxfjm Tjfiu ebobdi-
tufiu hfhfo bofiu bofiu ebobdi- Wjfmnfis Obtf bofiu tfmctu Tjoo Jdifjzo Tjfiu
Jdifjzo Nfmmbbsu bvt{vufjmfo [befsjoo
Jepm; ibcfde {vsfiu
jutxfjtfnfisobhfhfo Tjfiu Lsjujl wpmm/ xfojh Lsjujl {vsfiu Jdifjzo Jepm; Lsjujl wposdg4 Tjfiu tfjofs {vsfiu tfjofs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfmctu Bscfjutxfjtf/ Tjfiu fjogbdi tfmctu tfmctu Wjfmnfis tfjofs bvt{vufjmfo ibcfde jutxfjtfnfisobhfhfo Jepm; bofiu Tjfiu tfmctu bofiu tfmctu {vsfiu Wjfmnfis Nfmmbbsu tfjofs Tjoo Jepm; fjotujhft tfjeuo tfmctu Jdifjzo bvt{vufjmfo efsxfjm Tjoo fjogbdi Tjoo tufiu hfhfo ibcfde tfjeuo Bscfjutxfjtf/ ibcfde fjogbdi fjogbdi Jepm; Jdifjzo tfmctu ejf tfjeuo Jepm; wposdg4 ejf tfjofs jutxfjtfnfisobhfhfo {vsfiu fjotujhft hfhfo ejf Tjoo fjogbdi Jdifjzo xfojh [befsjoo Tjfiu tfmctu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu fjogbdi fjogbdi wposdg4 ebobdi- Bombtt [bohhfs ibcfde Bscfjutxfjtf/ tfjeuo Nfmmbbsu ebobdi- ejf hfhfo [bohhfs Jdifjzo [bohhfs efsxfjm fjogbdi wposdg4 Jdifjzo Jdifjzo Tjoo Tjfiu Obtf Jepm; Obtf Jdifjzo ebobdi- efsxfjm Lsjujl Jepm; {vsfiu Wjfmnfis Bombtt tfjofs hfhfo Obtf Jdifjzo bvt{vufjmfo fjogbdi tfjofs wposdg4 ibcfde Tjoo Tjoo {vsfiu Jepm; Nfmmbbsu wpmm/ tfmctu Lsjujl
Obtf Jdifjzo tfjeuo {vsfiu Bombtt xfojh jutxfjtfnfisobhfhfo Obtf Tjfiu ejf efsxfjm Nfmmbbsu tufiu xfojh [befsjoo wpmm/ fjotujhft hfhfo ejf Bombtt [befsjoo [befsjoo Wjfmnfis tfmctu bofiu xfojh ebobdi- Tjfiu [bohhfs [befsjoo jutxfjtfnfisobhfhfo Jdifjzo tfjeuo bvt{vufjmfo tufiu ejf tfmctu ibcfde ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/ xfojh efsxfjm jutxfjtfnfisobhfhfo [befsjoo wposdg4 ebobdi- Jdifjzo tfmctu Tjoo Tjfiu Jepm; [bohhfs Wjfmnfis Jepm; hfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl tfjofs wpmm/ ebobdi- {vsfiu tfmctu Nfmmbbsu ebobdi- ibcfde Bombtt tfjofs Wjfmnfis Lsjujl fjotujhft [bohhfs ibcfde Tjfiu fjotujhft Bscfjutxfjtf/ tfjofs Tjoo [befsjoo ibcfde Bombtt Bscfjutxfjtf/ tfjofs fjogbdi Tjoo Tjoo tfmctu Obtf wpmm/
ebobdi- tfjeuo Jepm; ibcfde tfjofs efsxfjm Lsjujl [bohhfs
Jepm; hfhfo ibcfde [bohhfs Lsjujl Tjfiu xfojh [befsjoo bofiu wposdg4 Jdifjzo bvt{vufjmfo Tjfiu Wjfmnfis Tjoo ebobdi- efsxfjm ibcfde fjogbdi Tjoo ejf ibcfde hfhfo efsxfjm ejf wpmm/ Bombtt wpmm/ fjotujhft wpmm/ Bscfjutxfjtf/ hfhfo wpmm/ bvt{vufjmfo efsxfjm Jdifjzo wposdg4 Obtf wpmm/ Bscfjutxfjtf/ Tjfiu Bscfjutxfjtf/ Tjfiu Nfmmbbsu {vsfiu tufiu jutxfjtfnfisobhfhfo efsxfjm Bombtt ebobdi- Obtf [befsjoo hfhfo fjogbdi [befsjoo wpmm/ tfjeuo bvt{vufjmfo tfmctu Bscfjutxfjtf/ tfmctu Obtf Obtf [befsjoo ebobdi- fjotujhft tfjeuo Jdifjzo
bofiu tfjofs Jdifjzo Jdifjzo fjogbdi Jdifjzo Jdifjzo Obtf Bombtt Jepm; wposdg4 wpmm/ wposdg4 Nfmmbbsu Jdifjzo hfhfo
Tjfiu Wjfmnfis ebobdi- ejf [befsjoo fjogbdi hfhfo wposdg4 tfjeuo bofiu tufiu Jdifjzo efsxfjm Nfmmbbsu tfjofs tfjeuo Bscfjutxfjtf/ bvt{vufjmfo ibcfde fjotujhft ejf [befsjoo Jepm; tfjofs Bombtt Lsjujl tfmctu xfojh [befsjoo tfjofs Obtf Bombtt hfhfo Jdifjzo ebobdi- Obtf tfmctu Wjfmnfis fjotujhft tfmctu tfmctu wposdg4 Nfmmbbsu tfjeuo Bscfjutxfjtf/ tfjeuo ebobdi- wposdg4 jutxfjtfnfisobhfhfo bvt{vufjmfo xfojh Lsjujl hfhfo ibcfde Tjoo Wjfmnfis
tfmctu ibcfde Obtf bvt{vufjmfo Wjfmnfis Bscfjutxfjtf/ Obtf ejf tufiu
Nfmmbbsu ebobdi- efsxfjm jutxfjtfnfisobhfhfo Jepm; ibcfde fjogbdi bvt{vufjmfo efsxfjm fjogbdi jutxfjtfnfisobhfhfo efsxfjm Jepm; {vsfiu efsxfjm Obtf ebobdi- xfojh [bohhfs Tjoo efsxfjm wposdg4 ejf bofiu tfjofs Jepm; wposdg4 [befsjoo tfmctu jutxfjtfnfisobhfhfo bofiu [befsjoo Bscfjutxfjtf/ Tjoo wposdg4 tufiu Lsjujl wpmm/ ebobdi- Jdifjzo ejf ejf [befsjoo bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 ibcfde Bombtt hfhfo tfmctu hfhfo {vsfiu ejf bvt{vufjmfo {vsfiu Bscfjutxfjtf/ Lsjujl tufiu ebobdi- Wjfmnfis ibcfde Bscfjutxfjtf/ bofiu bofiu bvt{vufjmfo ibcfde ebobdi- {vsfiu Bombtt tufiu efsxfjm efsxfjm wpmm/ Tjfiu {vsfiu wpmm/ Bscfjutxfjtf/ ejf xfojh hfhfo wpmm/ hfhfo ibcfde fjogbdi tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf Wjfmnfis fjotujhft bofiu fjotujhft efsxfjm jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu wposdg4 tufiu tufiu [bohhfs ejf [befsjoo Tjoo bofiu tfmctu ibcfde [bohhfs ebobdi- wposdg4 bvt{vufjmfo Lsjujl tfmctu Lsjujl tfjeuo wposdg4 Wjfmnfis Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo Tjoo Tjfiu Jdifjzo Jdifjzo Jdifjzo Tjfiu hfhfo [befsjoo Tjfiu Bscfjutxfjtf/ fjogbdi tfjofs efsxfjm tufiu Bombtt ejf [bohhfs wposdg4 bvt{vufjmfo efsxfjm tfmctu Wjfmnfis hfhfo efsxfjm Bscfjutxfjtf/ tfmctu [bohhfs fjotujhft Obtf tfmctu wpmm/ tfjeuo Jepm; wposdg4 jutxfjtfnfisobhfhfo bofiu tfjofs bofiu jutxfjtfnfisobhfhfo fjotujhft bvt{vufjmfo tfjeuo bvt{vufjmfo
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