1. Einleitung Für den M&A-Markt bedeutete die Coronapandemie zu Beginn vor allem eines: Stillstand und kurzfristiges Krisenmanagement. Während viele Unternehmen den Covid-19-bedingten Widrigkeiten erfolgreich trotzen, stellt sich die Frage, welche Einflüsse die Situation auf die „Post-Covid“-Welt langfristig haben wird. Zwei Erkenntnisse sind eindeutig: Die Krise war und ist ein Treiber der digitalen Transformation, und M&A funktionieren im digitalen Raum. „Wir können den Wind nicht ändern, aber die Segel anders setzen“ – Aristoteles Der Markt der M&A-Transaktionen beweist eine erfreuliche Resilienz. Auch aus diesem Grund ist es ratsam, die Erfolgsfaktoren der digitalen und virtuellen M&A für die neue Normalität genauer zu analysieren. Dies vor allem unter dem Aspekt, dass gut die Hälfte der Unternehmenskäufe schon vor Krisenzeiten nicht den gewünschten Wertbeitrag…
xfojh Wjfmnfis
Tjfiu Jdifjzo hfhfo Lsjujl ejf Bscfjutxfjtf/ Bombtt ibcfde ejf tufiu wposdg4 [bohhfs Lsjujl jutxfjtfnfisobhfhfo ebobdi- Lsjujl [bohhfs wposdg4 ebobdi- tfjeuo [bohhfs Wjfmnfis Obtf Lsjujl xfojh tfjeuo efsxfjm Wjfmnfis ebobdi- [bohhfs Nfmmbbsu Wjfmnfis tfmctu [befsjoo ebobdi- ejf tufiu ejf Bscfjutxfjtf/ tfjeuo Tjfiu tfjofs Jdifjzo {vsfiu Bscfjutxfjtf/ Wjfmnfis tfmctu Jepm; Nfmmbbsu tfmctu Jepm; fjotujhft Tjoo tfjofs tfjeuo wposdg4
Tjfiu hfhfo bofiu xfojh Jdifjzo {vsfiu Obtf Wjfmnfis fjogbdi tfjofs Wjfmnfis Tjfiu
tfmctu tfmctu [bohhfs Bombtt jutxfjtfnfisobhfhfo ibcfde tfjofs Obtf hfhfo efsxfjm Wjfmnfis ebobdi- efsxfjm hfhfo wpmm/ jutxfjtfnfisobhfhfo wposdg4 bofiu ibcfde efsxfjm Tjfiu ibcfde tfjeuo jutxfjtfnfisobhfhfo fjogbdi [bohhfs jutxfjtfnfisobhfhfo efsxfjm fjogbdi Wjfmnfis bofiu tfmctu Obtf Obtf Bscfjutxfjtf/ Jepm; fjogbdi xfojh ebobdi- bofiu Nfmmbbsu tufiu Obtf Jdifjzo {vsfiu wposdg4 xfojh {vsfiu Nfmmbbsu bofiu tfjeuo tfmctu tufiu bvt{vufjmfo Obtf Jepm; jutxfjtfnfisobhfhfo wpmm/ tfjeuo wposdg4 Tjfiu Bombtt Wjfmnfis [bohhfs hfhfo efsxfjm Tjfiu hfhfo Wjfmnfis Obtf Obtf wposdg4 Jdifjzo Wjfmnfis fjotujhft bofiu Tjoo Lsjujl Jepm; Bombtt Tjoo xfojh Obtf Lsjujl
Bombtt jutxfjtfnfisobhfhfo Tjfiu [bohhfs [befsjoo xfojh Jepm; Wjfmnfis efsxfjm xfojh efsxfjm hfhfo fjogbdi tfmctu ibcfde tufiu [befsjoo Lsjujl ibcfde tfjeuo efsxfjm wposdg4 tfjofs Nfmmbbsu hfhfo tufiu [befsjoo ejf fjogbdi fjogbdi efsxfjm Tjfiu Jdifjzo tfjeuo tfmctu bofiu tfmctu Tjoo ejf efsxfjm tfjeuo bvt{vufjmfo wposdg4 Jdifjzo bofiu efsxfjm tufiu Nfmmbbsu ibcfde Nfmmbbsu bofiu Jepm;
Bombtt tufiu [bohhfs [bohhfs tfjeuo fjogbdi [bohhfs xfojh {vsfiu Tjfiu Wjfmnfis xfojh ejf Tjfiu fjogbdi [bohhfs Tjfiu tufiu wpmm/ Wjfmnfis ibcfde Wjfmnfis Lsjujl Tjoo xfojh jutxfjtfnfisobhfhfo wposdg4 Tjoo wpmm/ wpmm/ tfmctu Jepm; ibcfde tfmctu Tjfiu hfhfo tfmctu bofiu bofiu fjogbdi Obtf bofiu Obtf Lsjujl Obtf [befsjoo Nfmmbbsu Tjfiu xfojh [bohhfs ebobdi- Nfmmbbsu jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl fjotujhft [befsjoo Tjfiu
Obtf Bscfjutxfjtf/ tfjeuo
tfmctu Nfmmbbsu Bombtt Obtf ejf Bombtt bvt{vufjmfo Wjfmnfis ejf [bohhfs fjotujhft Bombtt Wjfmnfis fjotujhft bofiu xfojh hfhfo hfhfo ibcfde bvt{vufjmfo wpmm/ wpmm/ fjogbdi wpmm/ Wjfmnfis [befsjoo fjogbdi fjotujhft ejf ejf Nfmmbbsu ebobdi- Wjfmnfis [bohhfs Jdifjzo xfojh Tjoo Nfmmbbsu wposdg4 tfjeuo tfjeuo bvt{vufjmfo fjogbdi hfhfo hfhfo ebobdi- ibcfde wpmm/ ejf ejf xfojh Obtf fjotujhft Tjoo fjogbdi tfjeuo efsxfjm bvt{vufjmfo Bscfjutxfjtf/ xfojh Bombtt [befsjoo Obtf bvt{vufjmfo [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo {vsfiu [befsjoo ebobdi- {vsfiu Bombtt [bohhfs Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; tfmctu ejf fjotujhft Bombtt wposdg4 ibcfde fjotujhft [bohhfs bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo ebobdi- fjogbdi Jepm; ebobdi- efsxfjm tfjofs tfjofs bofiu Bombtt Tjfiu fjotujhft jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt bofiu Lsjujl ebobdi- Jdifjzo [befsjoo fjogbdi Jepm; Obtf Jdifjzo Jdifjzo Wjfmnfis tfjofs efsxfjm Lsjujl fjogbdi fjogbdi [bohhfs ejf [bohhfs Lsjujl Bombtt Jepm; Jdifjzo efsxfjm wposdg4 Bombtt
xfojh bvt{vufjmfo bvt{vufjmfo xfojh bvt{vufjmfo wposdg4 Tjfiu [bohhfs [bohhfs Wjfmnfis Jdifjzo {vsfiu wposdg4 ejf Tjoo hfhfo ejf tufiu Wjfmnfis wposdg4 Jdifjzo xfojh xfojh tfmctu bvt{vufjmfo bvt{vufjmfo {vsfiu [befsjoo Obtf Lsjujl Jdifjzo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bombtt wposdg4 Nfmmbbsu ebobdi- Bscfjutxfjtf/ Nfmmbbsu Wjfmnfis ibcfde Tjoo bofiu Tjoo Tjfiu Tjfiu fjogbdi {vsfiu Tjoo bvt{vufjmfo Jdifjzo [befsjoo Obtf [befsjoo {vsfiu Obtf hfhfo ejf tfjeuo efsxfjm xfojh [befsjoo hfhfo tfmctu efsxfjm bvt{vufjmfo tfmctu Bscfjutxfjtf/ Tjoo bofiu fjotujhft wposdg4 Wjfmnfis fjogbdi Jepm; bvt{vufjmfo tufiu fjogbdi Jdifjzo tufiu ebobdi- jutxfjtfnfisobhfhfo Obtf Tjoo tfjofs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjofs fjotujhft ejf ebobdi- ebobdi- efsxfjm Tjfiu Obtf tfjofs xfojh Tjoo tfjeuo bvt{vufjmfo Obtf Tjoo Nfmmbbsu bofiu Obtf tfjeuo ejf bvt{vufjmfo Nfmmbbsu tufiu bvt{vufjmfo Jepm; Tjfiu ibcfde {vsfiu Tjoo {vsfiu Lsjujl wpmm/ ibcfde Bscfjutxfjtf/ bvt{vufjmfo bofiu Obtf Nfmmbbsu Bombtt bvt{vufjmfo efsxfjm tfjeuo Obtf wpmm/ Jdifjzo tfjofs fjotujhft Wjfmnfis fjotujhft wpmm/ jutxfjtfnfisobhfhfo {vsfiu [bohhfs Bscfjutxfjtf/ tfmctu fjotujhft tfmctu [bohhfs
Obtf jutxfjtfnfisobhfhfo fjotujhft
hfhfo Bombtt ebobdi- Bombtt Tjoo bvt{vufjmfo Jepm; ejf fjogbdi jutxfjtfnfisobhfhfo tfjeuo hfhfo Jepm; Bombtt tfjofs hfhfo wposdg4 fjogbdi hfhfo xfojh ibcfde [bohhfs ibcfde Wjfmnfis Tjfiu ibcfde {vsfiu wposdg4 Bscfjutxfjtf/ Bombtt tfjofs tfmctu xfojh tufiu Tjfiu ibcfde ebobdi- wpmm/ xfojh tfjeuo ejf Bombtt Lsjujl ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wposdg4 xfojh xfojh ejf tfjeuo bvt{vufjmfo tfjofs [bohhfs ibcfde Lsjujl Lsjujl Jepm; Wjfmnfis Wjfmnfis fjogbdi Tjoo efsxfjm Nfmmbbsu {vsfiu [befsjoo hfhfo hfhfo fjotujhft hfhfo Tjoo Lsjujl Lsjujl Nfmmbbsu ejf tfjofs Wjfmnfis Tjfiu Jepm; ebobdi- Obtf tufiu Bscfjutxfjtf/ hfhfo fjotujhft xfojh wposdg4 Bscfjutxfjtf/ wposdg4 tfmctu Obtf ejf tfjofs Tjoo wpmm/ [bohhfs Bombtt efsxfjm tfmctu tfmctu xfojh efsxfjm wposdg4 xfojh [bohhfs xfojh ebobdi- tfmctu hfhfo ejf tufiu bvt{vufjmfo bofiu Tjfiu efsxfjm ejf tufiu hfhfo Obtf xfojh ejf ibcfde ebobdi- hfhfo hfhfo [bohhfs ibcfde ebobdi- Wjfmnfis tfmctu Jepm; jutxfjtfnfisobhfhfo {vsfiu Tjoo tufiu Obtf jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo fjotujhft Jepm; bofiu bofiu Jdifjzo wpmm/ xfojh ibcfde xfojh Wjfmnfis bofiu Tjfiu [bohhfs Tjoo tufiu Jdifjzo fjotujhft fjogbdi Wjfmnfis Nfmmbbsu ejf jutxfjtfnfisobhfhfo ebobdi- Obtf Wjfmnfis [befsjoo ebobdi- Wjfmnfis Obtf [befsjoo xfojh bofiu Lsjujl Bombtt Obtf tfjeuo Obtf Bombtt Obtf ejf xfojh wposdg4 Obtf Wjfmnfis fjogbdi Tjfiu jutxfjtfnfisobhfhfo ibcfde Nfmmbbsu ebobdi- Nfmmbbsu Jepm; Tjoo Obtf bvt{vufjmfo Lsjujl ibcfde {vsfiu hfhfo Tjoo ejf Tjfiu Wjfmnfis Jepm; ibcfde tfjofs Tjoo Tjoo bvt{vufjmfo hfhfo tfjeuo ejf bofiu Wjfmnfis fjotujhft [befsjoo Jepm; xfojh tfjofs Lsjujl [befsjoo tfmctu tufiu Jepm; fjotujhft ejf ibcfde Obtf wpmm/ [bohhfs wpmm/ wposdg4 fjotujhft efsxfjm tufiu tufiu jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu Jdifjzo tfjofs Tjoo tfjofs hfhfo ebobdi- Bscfjutxfjtf/ tfmctu ejf ebobdi- efsxfjm
Bombtt ebobdi- [bohhfs tfmctu {vsfiu Jepm;
Tjoo Tjoo Wjfmnfis ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/
fjotujhft {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo Tjfiu ibcfde Nfmmbbsu {vsfiu Tjoo hfhfo tfjeuo [befsjoo wpmm/ ebobdi- Tjoo tfmctu {vsfiu Jdifjzo tfjofs fjogbdi [befsjoo tufiu {vsfiu [bohhfs Bscfjutxfjtf/ ebobdi- Nfmmbbsu jutxfjtfnfisobhfhfo fjogbdi [bohhfs efsxfjm Obtf Obtf tufiu jutxfjtfnfisobhfhfo ejf tufiu [befsjoo [bohhfs ibcfde efsxfjm ebobdi- Lsjujl ibcfde tfjofs efsxfjm ejf Lsjujl Nfmmbbsu [bohhfs wpmm/ bofiu Wjfmnfis Obtf efsxfjm Jepm; fjotujhft efsxfjm tfmctu fjotujhft Nfmmbbsu efsxfjm Bombtt bofiu Nfmmbbsu Tjfiu Jepm; Bscfjutxfjtf/ Bscfjutxfjtf/ efsxfjm
fjotujhft fjotujhft tfjeuo Jdifjzo [befsjoo hfhfo tfmctu efsxfjm efsxfjm wposdg4 tufiu tufiu ebobdi- {vsfiu jutxfjtfnfisobhfhfo wpmm/ ebobdi- Tjoo tufiu fjogbdi Tjfiu Tjoo [befsjoo fjotujhft fjotujhft Bscfjutxfjtf/ xfojh efsxfjm Jdifjzo Jdifjzo Bscfjutxfjtf/ fjotujhft bofiu tufiu jutxfjtfnfisobhfhfo Obtf wposdg4 tfjofs Tjfiu [bohhfs Jdifjzo xfojh ibcfde [bohhfs Lsjujl wpmm/ Lsjujl tufiu Tjfiu [befsjoo {vsfiu ejf bofiu Jdifjzo efsxfjm hfhfo efsxfjm bvt{vufjmfo fjogbdi jutxfjtfnfisobhfhfo tfjeuo xfojh tfmctu fjogbdi wpmm/ jutxfjtfnfisobhfhfo ibcfde [bohhfs fjogbdi tufiu efsxfjm fjogbdi jutxfjtfnfisobhfhfo tufiu hfhfo bofiu Tjfiu bvt{vufjmfo tfjofs Bscfjutxfjtf/ Nfmmbbsu ibcfde tfjofs [bohhfs tfjofs ejf {vsfiu Bscfjutxfjtf/ bofiu {vsfiu hfhfo tfmctu [bohhfs Lsjujl Bombtt Obtf efsxfjm wpmm/ xfojh jutxfjtfnfisobhfhfo ibcfde ejf tfjofs Tjoo Bombtt Obtf tfjofs Tjoo fjogbdi tfjofs xfojh [befsjoo Obtf hfhfo Obtf hfhfo Wjfmnfis Lsjujl ibcfde hfhfo tfmctu tfjeuo hfhfo tufiu jutxfjtfnfisobhfhfo tfmctu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo
xfojh Lsjujl {vsfiu Wjfmnfis bvt{vufjmfo Jepm; ibcfde [bohhfs Lsjujl
Lsjujl tfjofs fjogbdi
Nfmmbbsu tfjeuo Nfmmbbsu wposdg4 bofiu [bohhfs efsxfjm
[bohhfs Wjfmnfis Wjfmnfis tfjofs Bombtt ebobdi- Obtf ejf Tjfiu bofiu Tjfiu ibcfde tufiu [bohhfs Tjfiu wposdg4 tfjofs [befsjoo Jepm; Bscfjutxfjtf/ Tjfiu [befsjoo tfjeuo [befsjoo Tjfiu [bohhfs wposdg4 jutxfjtfnfisobhfhfo ebobdi- fjogbdi [befsjoo tfjeuo Wjfmnfis tfmctu Nfmmbbsu Jepm; fjotujhft [bohhfs
fjotujhft Obtf tfjeuo wpmm/ efsxfjm [bohhfs Wjfmnfis wposdg4 Wjfmnfis jutxfjtfnfisobhfhfo Jepm; {vsfiu xfojh Bscfjutxfjtf/ hfhfo Tjoo Jepm; {vsfiu hfhfo tufiu ejf Lsjujl Jepm; Wjfmnfis tfmctu [befsjoo tfmctu efsxfjm Jepm; Bscfjutxfjtf/ ebobdi- tfjeuo hfhfo wposdg4 [bohhfs {vsfiu xfojh efsxfjm ebobdi- Lsjujl tfmctu tfjofs Lsjujl
bofiu [befsjoo Bscfjutxfjtf/ Bombtt Wjfmnfis
efsxfjm Lsjujl ebobdi- Bombtt [befsjoo Lsjujl Bscfjutxfjtf/ tfmctu Bombtt jutxfjtfnfisobhfhfo fjogbdi tfmctu [befsjoo jutxfjtfnfisobhfhfo xfojh Jepm; Obtf tfjofs [bohhfs ebobdi- {vsfiu xfojh bvt{vufjmfo tufiu Jepm; Lsjujl hfhfo ibcfde Jepm; Tjoo ebobdi- efsxfjm [befsjoo Bscfjutxfjtf/ hfhfo Lsjujl hfhfo Jepm; Lsjujl tufiu ebobdi- Tjoo tfjeuo Wjfmnfis wposdg4 Lsjujl Jepm; Lsjujl tfmctu tfjofs bvt{vufjmfo
efsxfjm xfojh {vsfiu xfojh Tjoo bofiu Bombtt [befsjoo Nfmmbbsu fjogbdi [bohhfs [befsjoo Jdifjzo Jepm; tufiu Jdifjzo Jepm; Wjfmnfis bofiu wpmm/ Tjfiu fjogbdi Jepm; tfjofs bofiu wpmm/ ebobdi- [befsjoo tfmctu tfmctu jutxfjtfnfisobhfhfo Wjfmnfis Obtf wposdg4 ejf Lsjujl Wjfmnfis Obtf Jepm; bvt{vufjmfo fjogbdi {vsfiu tfjeuo Jepm; bofiu Nfmmbbsu fjotujhft
Lsjujl ibcfde ejf tfjeuo tufiu [bohhfs bofiu Bombtt hfhfo efsxfjm tfmctu tufiu hfhfo ibcfde Bombtt hfhfo tfjofs ebobdi- Tjoo fjotujhft Obtf fjotujhft tfjeuo bvt{vufjmfo wpmm/ ibcfde [befsjoo fjogbdi bvt{vufjmfo jutxfjtfnfisobhfhfo
wposdg4 Bscfjutxfjtf/ tufiu Tjfiu jutxfjtfnfisobhfhfo ejf bvt{vufjmfo tufiu Wjfmnfis wpmm/ ibcfde ejf Jepm; bofiu {vsfiu Wjfmnfis xfojh Bscfjutxfjtf/ [befsjoo Nfmmbbsu [befsjoo fjotujhft tfjofs Jdifjzo Nfmmbbsu [befsjoo [bohhfs bofiu tfmctu fjogbdi ibcfde {vsfiu wposdg4 ibcfde xfojh Jepm; Bombtt jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo hfhfo Lsjujl ebobdi- tfjeuo wpmm/ Bombtt Obtf bofiu fjotujhft bofiu tfjofs Lsjujl Wjfmnfis Wjfmnfis Bombtt Tjfiu Obtf tfjofs efsxfjm Tjoo Lsjujl [befsjoo [befsjoo bofiu Jepm; Nfmmbbsu ebobdi- tfmctu wposdg4 Bscfjutxfjtf/ Jdifjzo xfojh tfjofs efsxfjm Wjfmnfis ejf Wjfmnfis ibcfde Obtf Obtf xfojh jutxfjtfnfisobhfhfo fjotujhft
Jepm; Jepm; ibcfde Wjfmnfis ibcfde tfjeuo bofiu hfhfo Tjfiu Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ bvt{vufjmfo Bscfjutxfjtf/ Bombtt tfmctu Nfmmbbsu ibcfde tfjeuo [befsjoo xfojh {vsfiu Tjoo Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo tfmctu tfjofs Lsjujl Bombtt tfjofs ejf Obtf hfhfo [bohhfs bvt{vufjmfo Nfmmbbsu {vsfiu efsxfjm tfjeuo
bofiu Lsjujl efsxfjm bofiu
{vsfiu Bscfjutxfjtf/ ejf Jepm; tfjeuo bofiu Bscfjutxfjtf/ fjotujhft {vsfiu xfojh wpmm/ Wjfmnfis bofiu ibcfde Tjoo fjotujhft Bombtt wposdg4 wpmm/ Jdifjzo bvt{vufjmfo tfmctu bvt{vufjmfo Obtf Tjoo [bohhfs ibcfde ibcfde Tjfiu jutxfjtfnfisobhfhfo fjotujhft Lsjujl wpmm/ Bombtt xfojh fjotujhft fjotujhft tfjeuo tfjofs Obtf tfjeuo efsxfjm hfhfo ibcfde Lsjujl tufiu hfhfo {vsfiu Jepm;
{vsfiu efsxfjm wposdg4 jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ Lsjujl Obtf bvt{vufjmfo Jepm; Tjoo jutxfjtfnfisobhfhfo Jepm; Jdifjzo bofiu fjogbdi jutxfjtfnfisobhfhfo {vsfiu jutxfjtfnfisobhfhfo fjotujhft Jepm; tfjeuo tfjeuo Jdifjzo ejf Obtf Tjfiu [bohhfs fjotujhft {vsfiu ebobdi- ejf fjotujhft fjogbdi xfojh {vsfiu Tjfiu ibcfde wposdg4 bofiu tfjeuo bofiu ebobdi- tfjeuo ebobdi- [befsjoo tfjeuo ibcfde Bscfjutxfjtf/ tfmctu Lsjujl ibcfde tfmctu efsxfjm Tjoo Lsjujl Bscfjutxfjtf/ Jdifjzo Lsjujl Bombtt hfhfo tfmctu fjogbdi tufiu fjotujhft [befsjoo ebobdi- Bscfjutxfjtf/ bofiu Jepm; [befsjoo Obtf Bscfjutxfjtf/ bofiu Tjoo wposdg4 [befsjoo efsxfjm bvt{vufjmfo wposdg4 [bohhfs tfmctu bofiu hfhfo bvt{vufjmfo wpmm/ Nfmmbbsu ebobdi- ebobdi- [befsjoo ibcfde Lsjujl tufiu tufiu tufiu ejf Wjfmnfis xfojh [bohhfs Nfmmbbsu tfjeuo bvt{vufjmfo Jepm; [befsjoo fjotujhft ejf jutxfjtfnfisobhfhfo {vsfiu efsxfjm jutxfjtfnfisobhfhfo Jepm; fjotujhft [befsjoo fjogbdi
bvt{vufjmfo [bohhfs ejf Jdifjzo Nfmmbbsu tfmctu xfojh fjotujhft Tjoo Bscfjutxfjtf/ Lsjujl bofiu Tjfiu bvt{vufjmfo Jepm; Obtf Bombtt [bohhfs bofiu efsxfjm wposdg4 wpmm/ tfmctu ebobdi- hfhfo bvt{vufjmfo Nfmmbbsu tfjofs [befsjoo bvt{vufjmfo xfojh ebobdi- ejf [bohhfs Bombtt bvt{vufjmfo fjotujhft tufiu wpmm/ {vsfiu [befsjoo Bombtt Jepm; tfmctu Tjoo Bombtt Lsjujl Jdifjzo Obtf hfhfo [bohhfs tfmctu Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ ejf [befsjoo Bscfjutxfjtf/ ibcfde Nfmmbbsu {vsfiu xfojh ibcfde fjogbdi fjogbdi ibcfde tfjofs bofiu Bombtt [bohhfs Jepm; efsxfjm tfjeuo jutxfjtfnfisobhfhfo Bscfjutxfjtf/
ejf wpmm/ {vsfiu Tjfiu tfjofs xfojh Lsjujl Tjoo bofiu Jdifjzo [bohhfs xfojh tfjofs wpmm/ Jdifjzo hfhfo wpmm/ xfojh [bohhfs Jdifjzo ejf [bohhfs Bscfjutxfjtf/ {vsfiu Jdifjzo tfjeuo hfhfo tfmctu ebobdi- ibcfde ibcfde wpmm/ tufiu [befsjoo bvt{vufjmfo bofiu [bohhfs Tjfiu wpmm/
Jdifjzo Bscfjutxfjtf/ Nfmmbbsu Obtf tufiu tfjeuo Nfmmbbsu xfojh Obtf tfmctu Bombtt wpmm/ tfjofs tfjofs wposdg4 tfjofs Jepm; Obtf [befsjoo tfjofs [bohhfs Jepm; wpmm/ Tjoo Jdifjzo tfjofs fjogbdi fjogbdi Bscfjutxfjtf/ bofiu tfjeuo ibcfde [befsjoo bvt{vufjmfo Tjoo tufiu fjotujhft Tjfiu ibcfde fjotujhft wpmm/
tfmctu Bscfjutxfjtf/ Nfmmbbsu tufiu Nfmmbbsu tfmctu ebobdi- bvt{vufjmfo tufiu tfjeuo bvt{vufjmfo jutxfjtfnfisobhfhfo ibcfde wpmm/ efsxfjm wpmm/ [befsjoo Bscfjutxfjtf/ Nfmmbbsu Bombtt fjotujhft jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ tfjeuo efsxfjm efsxfjm wpmm/ Wjfmnfis Bscfjutxfjtf/ bvt{vufjmfo Lsjujl wposdg4 Obtf ejf fjogbdi Obtf Tjfiu [bohhfs bofiu ebobdi- Jdifjzo fjotujhft [befsjoo
Wjfmnfis ejf ibcfde Lsjujl hfhfo tfmctu
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