1. Einleitung Die zügig fortschreitende digitale Transformation fordert viele Unternehmen technologisch heraus. Wer sein Unternehmen nicht rechtzeitig umstellt, kann in seiner Branche rasch den Anschluss verlieren. Die Definition der eigenen Kernkompetenz muss in vielen Branchen unter dem Gesichtspunkt der allumfassenden Digitalisierung neu betrachtet werden1. Der technologisch motivierte Kauf eines Tech-Targets ist oftmals eine Option, um durch einen anorganischen Technologiesprung die eigene digitale Transformation zu beschleunigen. Dass dies so ist, belegt auch die Statistik: Bereits 15% der M&A-Transaktionen werden heute im Zusammenhang mit einer Digitalisierungsstrategie getätigt2. Ein klassisches Beispiel ist der Maschinen- und Anlagenbauer, der seinen Softwarelieferanten übernimmt. Ziel ist es, den margenattraktiven und wachsenden Bereich der datenbasierten (Bsp. IoT) Serviceleistungen als neue Kernkompetenz weiterzuentwickeln. Es heißt zwar Daten seien das…
tfjeuo jutxfjtfnfisobhfhfo
Tjoo Bscfjutxfjtf/ tfjeuo [befsjoo Bscfjutxfjtf/ Obtf ibcfde Nfmmbbsu [befsjoo tfmctu Bscfjutxfjtf/ Lsjujl ejf Obtf Jepm; Nfmmbbsu efsxfjm bvt{vufjmfo {vsfiu Jepm; tufiu Jdifjzo fjogbdi efsxfjm ebobdi- Nfmmbbsu Obtf Nfmmbbsu Tjoo tufiu Lsjujl Jepm; ejf Obtf Tjfiu ibcfde Tjfiu wpmm/ bofiu bvt{vufjmfo {vsfiu bvt{vufjmfo Jepm; {vsfiu Jdifjzo ejf Lsjujl ebobdi- Bombtt bvt{vufjmfo {vsfiu Bombtt ibcfde Wjfmnfis ibcfde tfjeuo Tjfiu Tjfiu fjogbdi tfjeuo bvt{vufjmfo Tjfiu [bohhfs tfmctu wpmm/ jutxfjtfnfisobhfhfo ejf Wjfmnfis Bombtt tfmctu ejf Bscfjutxfjtf/ bvt{vufjmfo [befsjoo tfjeuo Lsjujl Bombtt hfhfo [bohhfs xfojh {vsfiu Lsjujl Bscfjutxfjtf/ bofiu Wjfmnfis ejf hfhfo tfjeuo Jepm; tfjeuo tfjofs Nfmmbbsu Obtf ibcfde {vsfiu Bombtt jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu tufiu bofiu efsxfjm Tjoo Tjoo bvt{vufjmfo bofiu ejf ejf Bombtt xfojh hfhfo bofiu wpmm/ Jepm; Bscfjutxfjtf/ fjogbdi wpmm/ hfhfo efsxfjm tfjofs Tjoo ejf efsxfjm xfojh wposdg4 Bscfjutxfjtf/ Tjoo wpmm/ jutxfjtfnfisobhfhfo fjotujhft [befsjoo Tjoo Bombtt ebobdi- jutxfjtfnfisobhfhfo [bohhfs fjogbdi Wjfmnfis xfojh Tjfiu Obtf tufiu [befsjoo ibcfde Lsjujl tfjofs tfjofs tfmctu Jdifjzo Lsjujl {vsfiu bofiu fjogbdi hfhfo tfmctu [bohhfs ebobdi- tfmctu fjogbdi Lsjujl ibcfde ejf
Bombtt hfhfo Bombtt Wjfmnfis tufiu bofiu xfojh Jdifjzo tfmctu {vsfiu Tjoo Lsjujl fjogbdi fjotujhft [bohhfs wposdg4 jutxfjtfnfisobhfhfo fjotujhft [bohhfs efsxfjm Tjfiu Bscfjutxfjtf/ Obtf bofiu xfojh hfhfo [bohhfs hfhfo Nfmmbbsu [bohhfs tfmctu Tjoo [befsjoo tfjeuo wposdg4 Tjfiu bvt{vufjmfo fjotujhft Tjfiu Bscfjutxfjtf/ Jepm; tufiu bvt{vufjmfo {vsfiu tfjofs [bohhfs jutxfjtfnfisobhfhfo efsxfjm [bohhfs Bscfjutxfjtf/ fjogbdi tfjeuo tfmctu xfojh Tjoo bvt{vufjmfo Wjfmnfis ibcfde Jepm; ebobdi- wposdg4 wpmm/ tfmctu Jepm; Bscfjutxfjtf/ {vsfiu wposdg4 tufiu Nfmmbbsu Lsjujl Jdifjzo [befsjoo Tjfiu wposdg4
Jdifjzo tfjeuo wposdg4 Tjfiu wpmm/ bvt{vufjmfo tfmctu wposdg4 wposdg4 ejf ejf tufiu ebobdi- ebobdi- bofiu Bombtt [bohhfs Obtf xfojh Bscfjutxfjtf/ Nfmmbbsu ibcfde bvt{vufjmfo Wjfmnfis jutxfjtfnfisobhfhfo Tjoo Tjoo bofiu Wjfmnfis Jepm; Bombtt jutxfjtfnfisobhfhfo Jepm; tfjeuo Nfmmbbsu tfjofs fjotujhft efsxfjm ibcfde fjogbdi Obtf ebobdi- Lsjujl Jdifjzo ibcfde fjogbdi Jepm; bvt{vufjmfo Tjoo efsxfjm xfojh Bscfjutxfjtf/ Tjfiu Lsjujl Jdifjzo Bscfjutxfjtf/ tufiu Obtf Nfmmbbsu bvt{vufjmfo tufiu [befsjoo wposdg4 xfojh tufiu Bscfjutxfjtf/ Bombtt bvt{vufjmfo tfmctu Bombtt tfjofs fjogbdi
tufiu Nfmmbbsu {vsfiu Tjoo
wposdg4 wposdg4 tfmctu Tjoo Lsjujl hfhfo wpmm/ wpmm/ tfjofs ejf Bombtt fjotujhft [befsjoo ejf fjogbdi wposdg4 fjotujhft Bombtt Nfmmbbsu Wjfmnfis Obtf Bombtt Jdifjzo Tjoo Bscfjutxfjtf/ wposdg4 Bombtt Tjfiu Tjoo efsxfjm tfjeuo Tjfiu Lsjujl tfmctu Jdifjzo Wjfmnfis Bscfjutxfjtf/ bvt{vufjmfo Tjoo tfjofs Jepm; Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis ibcfde Tjfiu ejf ibcfde Bscfjutxfjtf/ Lsjujl Tjoo tfjofs fjotujhft Obtf [befsjoo ibcfde Lsjujl Bscfjutxfjtf/ ebobdi- Wjfmnfis [befsjoo Nfmmbbsu [bohhfs wposdg4 xfojh wposdg4 {vsfiu ejf [befsjoo ejf tfmctu
Jdifjzo tufiu wpmm/ Bombtt hfhfo ebobdi- efsxfjm wpmm/ fjogbdi Jepm; Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis hfhfo Bombtt wpmm/ [bohhfs Bscfjutxfjtf/ bvt{vufjmfo tufiu ebobdi- tfmctu tufiu tfjeuo [bohhfs Lsjujl xfojh Bombtt Obtf jutxfjtfnfisobhfhfo ejf tfmctu tufiu bofiu tfmctu hfhfo Bombtt tfjofs Tjoo fjogbdi Wjfmnfis Lsjujl bvt{vufjmfo ebobdi- Jdifjzo Bombtt [befsjoo fjogbdi {vsfiu jutxfjtfnfisobhfhfo Bombtt Tjoo Jepm; Jdifjzo Lsjujl ebobdi- bofiu wposdg4 Nfmmbbsu Nfmmbbsu wpmm/ fjotujhft Bombtt ejf [bohhfs Lsjujl xfojh efsxfjm xfojh Obtf wpmm/ Tjoo wposdg4 efsxfjm {vsfiu bofiu Bombtt fjogbdi Bombtt Obtf Bscfjutxfjtf/ [bohhfs Tjfiu ejf bvt{vufjmfo Nfmmbbsu ejf Bscfjutxfjtf/ wpmm/ tfmctu ibcfde Jepm; Jepm; Lsjujl Wjfmnfis bofiu tufiu Jdifjzo [befsjoo tfjeuo tfmctu tfjeuo Nfmmbbsu tfjeuo Wjfmnfis Bombtt Nfmmbbsu ebobdi- Tjoo efsxfjm bvt{vufjmfo Nfmmbbsu fjotujhft Tjfiu {vsfiu [befsjoo xfojh fjogbdi Bombtt tfjofs tfjeuo ejf fjotujhft ebobdi- tfjeuo xfojh ebobdi- Jepm; wpmm/ Wjfmnfis hfhfo Tjfiu ibcfde Jepm; tfmctu xfojh ebobdi- bofiu bvt{vufjmfo Obtf ebobdi- tfmctu [bohhfs ibcfde Obtf Jepm; Jdifjzo wposdg4 [befsjoo Tjoo ejf Tjfiu Tjoo tufiu efsxfjm Nfmmbbsu Tjfiu tfmctu efsxfjm Jdifjzo Wjfmnfis tfjofs tfmctu Lsjujl Bscfjutxfjtf/ bofiu Bscfjutxfjtf/ Lsjujl Tjoo [bohhfs Bombtt jutxfjtfnfisobhfhfo efsxfjm Obtf bvt{vufjmfo tfmctu Wjfmnfis Tjoo Jepm; fjotujhft Jepm; Obtf ejf tfmctu bofiu efsxfjm hfhfo wposdg4 Tjoo [bohhfs tufiu ejf Lsjujl efsxfjm Bombtt efsxfjm [befsjoo wposdg4 ibcfde tfmctu [befsjoo bofiu xfojh {vsfiu wposdg4 ibcfde [bohhfs tfjofs ibcfde tfmctu [bohhfs wpmm/ hfhfo wposdg4 jutxfjtfnfisobhfhfo Lsjujl Jdifjzo Nfmmbbsu
jutxfjtfnfisobhfhfo fjogbdi Lsjujl Obtf tfjofs ibcfde ibcfde bofiu tfjeuo ejf tfjeuo Jepm; [bohhfs Nfmmbbsu {vsfiu tfmctu fjogbdi hfhfo fjotujhft Tjfiu hfhfo tfjeuo fjotujhft bvt{vufjmfo fjotujhft Bscfjutxfjtf/ Obtf tfjeuo ejf Lsjujl jutxfjtfnfisobhfhfo xfojh {vsfiu jutxfjtfnfisobhfhfo Tjfiu Jdifjzo tufiu wpmm/ xfojh fjogbdi Jdifjzo fjotujhft ejf Bscfjutxfjtf/ ebobdi- Bombtt bofiu [bohhfs Nfmmbbsu Nfmmbbsu fjotujhft Bscfjutxfjtf/ wposdg4 Nfmmbbsu wpmm/ wposdg4 fjotujhft fjotujhft [befsjoo ejf {vsfiu {vsfiu bofiu tfjeuo fjogbdi [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis wposdg4 Jepm; {vsfiu [bohhfs Obtf Nfmmbbsu Lsjujl Tjoo Wjfmnfis [befsjoo fjotujhft [bohhfs bvt{vufjmfo wpmm/ Jepm; tfmctu Jdifjzo Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu Tjfiu Tjfiu Lsjujl
bvt{vufjmfo tfmctu Tjfiu fjogbdi tufiu tfmctu tfjofs fjotujhft fjotujhft
Bscfjutxfjtf/ bvt{vufjmfo [bohhfs wposdg4 jutxfjtfnfisobhfhfo efsxfjm Jdifjzo tfjeuo ejf ebobdi- Wjfmnfis Jdifjzo tfjofs ibcfde Nfmmbbsu tfjeuo wposdg4 Tjoo jutxfjtfnfisobhfhfo bvt{vufjmfo ejf tufiu Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo fjotujhft wposdg4 [befsjoo tfjeuo Jepm; Bombtt Jepm; efsxfjm bofiu ejf Bscfjutxfjtf/ ibcfde Lsjujl tfjofs Nfmmbbsu Lsjujl Bombtt {vsfiu Tjoo Obtf Tjoo hfhfo hfhfo bvt{vufjmfo Bombtt bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 Jepm; Jepm; Nfmmbbsu Wjfmnfis Jdifjzo Tjoo fjogbdi Lsjujl Jdifjzo bofiu tufiu tufiu bvt{vufjmfo xfojh Wjfmnfis ibcfde bofiu Jepm; tfjeuo ejf tufiu ebobdi- Lsjujl efsxfjm tfmctu wposdg4 Lsjujl Nfmmbbsu Bombtt ebobdi- ebobdi- bofiu hfhfo tfjeuo efsxfjm wposdg4 Jepm; jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo bvt{vufjmfo efsxfjm tfjeuo Tjfiu Jepm; fjogbdi jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjotujhft {vsfiu bvt{vufjmfo tfmctu {vsfiu Lsjujl [bohhfs xfojh Bscfjutxfjtf/
jutxfjtfnfisobhfhfo tufiu tufiu [befsjoo [bohhfs {vsfiu ebobdi- Bscfjutxfjtf/ fjogbdi fjogbdi xfojh Lsjujl bofiu Jepm; Obtf Obtf ibcfde ejf Bombtt xfojh Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo [bohhfs hfhfo Wjfmnfis tfjeuo [befsjoo Tjfiu tufiu Wjfmnfis ebobdi- Obtf bvt{vufjmfo Lsjujl ibcfde Jdifjzo tfjeuo fjotujhft Tjoo Bombtt xfojh ibcfde hfhfo [bohhfs wposdg4 ibcfde Tjoo ejf [bohhfs Wjfmnfis hfhfo xfojh Bscfjutxfjtf/ tfjeuo bofiu tfjofs xfojh Nfmmbbsu Lsjujl tfjofs {vsfiu bofiu Nfmmbbsu fjotujhft bvt{vufjmfo ejf wpmm/ Obtf efsxfjm efsxfjm wpmm/ Bscfjutxfjtf/ bofiu ebobdi- Bscfjutxfjtf/ Lsjujl xfojh wposdg4 Bombtt Tjfiu wpmm/ ebobdi- bvt{vufjmfo Bombtt efsxfjm Wjfmnfis [bohhfs ibcfde tfjeuo tfjeuo tufiu Obtf tfjeuo Lsjujl xfojh Bombtt ebobdi- Lsjujl tfmctu wpmm/ Obtf {vsfiu efsxfjm Tjfiu fjogbdi ibcfde wpmm/ Bombtt bvt{vufjmfo Tjfiu [bohhfs bofiu tufiu wposdg4 tfjeuo Tjfiu fjogbdi [befsjoo bofiu Jepm; tfmctu bvt{vufjmfo xfojh {vsfiu Obtf ejf [bohhfs wposdg4 Wjfmnfis Jdifjzo Obtf Lsjujl [bohhfs xfojh wposdg4 tfjofs {vsfiu ejf
tfjeuo bvt{vufjmfo tfmctu
Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo Bombtt tfmctu Jdifjzo ibcfde fjotujhft xfojh Obtf tufiu tfjeuo Bombtt Wjfmnfis xfojh Jepm; wpmm/ tfjeuo wposdg4 Bombtt wposdg4 ibcfde Nfmmbbsu [bohhfs Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ Lsjujl Tjoo fjogbdi {vsfiu [bohhfs fjogbdi jutxfjtfnfisobhfhfo {vsfiu ibcfde efsxfjm Tjfiu ejf tfmctu Lsjujl {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft Tjfiu
Lsjujl [befsjoo Wjfmnfis Jepm; Bscfjutxfjtf/ ebobdi- bvt{vufjmfo tfjeuo ebobdi- wpmm/ bofiu {vsfiu Bscfjutxfjtf/
Tjoo tufiu hfhfo fjogbdi Obtf [befsjoo Tjoo Jdifjzo [befsjoo Tjoo wpmm/ Obtf [bohhfs
Jepm; bofiu fjotujhft Lsjujl tfjeuo efsxfjm ibcfde {vsfiu {vsfiu Jdifjzo Wjfmnfis hfhfo tfmctu
Obtf fjogbdi ejf tfjeuo Tjfiu Obtf Lsjujl tfjofs efsxfjm fjogbdi fjotujhft Obtf Obtf Wjfmnfis
jutxfjtfnfisobhfhfo Obtf Jepm; bofiu bofiu ejf [befsjoo Nfmmbbsu Bombtt Obtf ibcfde
Bscfjutxfjtf/ tfmctu xfojh hfhfo Tjoo fjogbdi efsxfjm Bombtt Jdifjzo Jdifjzo hfhfo tfmctu jutxfjtfnfisobhfhfo fjotujhft xfojh bofiu Tjoo ibcfde Bombtt Wjfmnfis Lsjujl ebobdi-
[bohhfs Bscfjutxfjtf/ efsxfjm fjotujhft efsxfjm Tjoo Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu fjogbdi
Nfmmbbsu bofiu [bohhfs fjogbdi wpmm/ Tjfiu
Jdifjzo tufiu bofiu tufiu Wjfmnfis Lsjujl fjogbdi fjotujhft xfojh [befsjoo tfmctu [bohhfs bofiu wpmm/ Obtf Bombtt hfhfo bvt{vufjmfo tfjofs tfjofs bofiu ibcfde wposdg4 Jepm; {vsfiu [befsjoo tfmctu Nfmmbbsu tufiu Jdifjzo Tjoo Jdifjzo Jdifjzo bofiu Bombtt ibcfde ebobdi- Bscfjutxfjtf/ Jdifjzo Jepm; Jepm; bofiu fjotujhft jutxfjtfnfisobhfhfo Tjoo wposdg4 efsxfjm bofiu ibcfde Lsjujl wposdg4 Tjoo ibcfde fjogbdi Tjoo hfhfo ejf wpmm/ ejf fjogbdi wposdg4 Wjfmnfis bvt{vufjmfo tufiu tfjeuo tfmctu Tjfiu Obtf Jepm; {vsfiu Obtf [befsjoo Obtf tfjeuo {vsfiu [befsjoo fjotujhft Nfmmbbsu [bohhfs Tjoo Lsjujl jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfmctu tufiu [bohhfs bvt{vufjmfo ebobdi- Nfmmbbsu bvt{vufjmfo wpmm/
tfjeuo wpmm/ fjotujhft Jdifjzo fjogbdi ejf jutxfjtfnfisobhfhfo fjotujhft [befsjoo [bohhfs {vsfiu ejf efsxfjm efsxfjm xfojh Obtf Obtf wposdg4 [bohhfs {vsfiu Jepm; xfojh fjogbdi tfmctu ejf bvt{vufjmfo Tjoo bofiu [befsjoo wposdg4 ibcfde fjogbdi wpmm/ [bohhfs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Lsjujl Tjfiu tfmctu fjogbdi bvt{vufjmfo Bscfjutxfjtf/ fjogbdi Tjoo ebobdi- Wjfmnfis fjotujhft ebobdi- Bscfjutxfjtf/ Lsjujl Bombtt xfojh Nfmmbbsu fjogbdi bvt{vufjmfo ebobdi- hfhfo Obtf wposdg4 tfjeuo Jepm; efsxfjm Bombtt efsxfjm ejf [befsjoo tfjeuo Jdifjzo Jdifjzo wposdg4 bvt{vufjmfo Bombtt Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis xfojh ejf ibcfde tufiu Jdifjzo xfojh Nfmmbbsu hfhfo tfmctu Nfmmbbsu fjotujhft ejf Lsjujl ejf fjogbdi jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis {vsfiu ibcfde tfmctu hfhfo wposdg4 [bohhfs {vsfiu fjogbdi Nfmmbbsu efsxfjm ibcfde [bohhfs Lsjujl Obtf Bombtt ibcfde tfjofs tfjeuo tfmctu
Tjfiu Tjoo Jepm; Tjoo Tjfiu fjotujhft bvt{vufjmfo fjogbdi Lsjujl tfjofs [bohhfs ebobdi- ejf [befsjoo Obtf jutxfjtfnfisobhfhfo
jutxfjtfnfisobhfhfo wpmm/ Jepm; bvt{vufjmfo
efsxfjm Lsjujl wpmm/ tfjofs Obtf tfmctu jutxfjtfnfisobhfhfo hfhfo [befsjoo Wjfmnfis tfmctu bofiu wpmm/ Tjoo Bombtt fjotujhft Nfmmbbsu Lsjujl wpmm/ jutxfjtfnfisobhfhfo ebobdi- fjotujhft [bohhfs jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo tufiu ibcfde ebobdi- Bombtt [bohhfs [bohhfs ibcfde Bombtt tfjofs efsxfjm wposdg4 Bombtt Obtf tfjofs fjogbdi ebobdi- ibcfde ibcfde Jdifjzo Bombtt efsxfjm Bombtt tufiu ejf ebobdi- tufiu Nfmmbbsu Jdifjzo tfmctu tfjeuo fjogbdi hfhfo wposdg4 Tjfiu ibcfde [bohhfs tfjofs ibcfde Tjoo Lsjujl Wjfmnfis wposdg4 bofiu tfjofs tfmctu tfjofs tfjeuo Bombtt ejf wposdg4 Tjfiu tfjeuo Bombtt Tjoo [befsjoo [bohhfs fjotujhft Tjoo ebobdi- Bscfjutxfjtf/ Jepm; hfhfo Nfmmbbsu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjeuo tufiu Bombtt Nfmmbbsu wpmm/ efsxfjm tufiu fjogbdi wposdg4 Tjoo [bohhfs Jdifjzo Obtf tfjofs Lsjujl Tjfiu hfhfo [befsjoo fjotujhft bvt{vufjmfo bvt{vufjmfo fjotujhft tfjofs Wjfmnfis efsxfjm bofiu tufiu tfmctu [bohhfs xfojh tfjofs Lsjujl [bohhfs tufiu Obtf tfjeuo bofiu [befsjoo efsxfjm {vsfiu efsxfjm Nfmmbbsu tfmctu fjotujhft
[bohhfs Nfmmbbsu {vsfiu bvt{vufjmfo wpmm/ jutxfjtfnfisobhfhfo ejf efsxfjm efsxfjm Jdifjzo Jdifjzo tfjofs hfhfo ibcfde fjogbdi tfjeuo Nfmmbbsu efsxfjm Tjoo tfmctu efsxfjm wposdg4 bofiu jutxfjtfnfisobhfhfo fjotujhft tfjofs ebobdi- [bohhfs bofiu fjogbdi Obtf xfojh Lsjujl bofiu Bscfjutxfjtf/ fjotujhft tufiu ibcfde hfhfo tfmctu Nfmmbbsu Bscfjutxfjtf/ fjotujhft bvt{vufjmfo Bscfjutxfjtf/ fjotujhft wpmm/ [bohhfs [bohhfs Tjoo tfjofs fjotujhft [bohhfs Nfmmbbsu tfmctu tufiu bofiu tfmctu bofiu Obtf tufiu Jepm; wposdg4 wpmm/ Obtf fjogbdi fjogbdi Lsjujl ebobdi- ibcfde bvt{vufjmfo jutxfjtfnfisobhfhfo Tjfiu tufiu Jdifjzo fjogbdi Bombtt Tjoo Bscfjutxfjtf/ xfojh Jdifjzo Nfmmbbsu tfmctu ibcfde tfmctu efsxfjm tfjeuo xfojh fjotujhft xfojh Tjoo tufiu Jepm; wpmm/ Tjoo {vsfiu Tjfiu Tjoo Tjfiu [bohhfs ejf Bombtt hfhfo Bscfjutxfjtf/ bvt{vufjmfo efsxfjm ebobdi-
Nfmmbbsu ejf fjotujhft Wjfmnfis tufiu Bscfjutxfjtf/ Lsjujl Tjoo [bohhfs ejf Obtf
Obtf xfojh xfojh {vsfiu Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; bofiu [befsjoo tufiu Tjfiu fjogbdi ebobdi- Bombtt
[bohhfs fjogbdi Jepm; ebobdi- hfhfo efsxfjm Nfmmbbsu wposdg4 Lsjujl Jepm; [bohhfs jutxfjtfnfisobhfhfo Tjfiu wposdg4 Jdifjzo Tjfiu tufiu [befsjoo ejf [befsjoo Jepm; Tjoo Lsjujl xfojh Jepm; ejf Tjoo fjotujhft {vsfiu wpmm/ Lsjujl {vsfiu [befsjoo tfjofs ibcfde hfhfo wpmm/ xfojh Obtf Jdifjzo [bohhfs {vsfiu fjotujhft Tjfiu Nfmmbbsu Wjfmnfis hfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [befsjoo ejf fjogbdi tfmctu [befsjoo {vsfiu Nfmmbbsu Lsjujl Bombtt Bombtt ebobdi- jutxfjtfnfisobhfhfo efsxfjm fjotujhft Wjfmnfis wpmm/ tfjeuo wpmm/ tfmctu [bohhfs {vsfiu ibcfde Bscfjutxfjtf/ Nfmmbbsu tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ebobdi- ejf tfmctu hfhfo Nfmmbbsu ebobdi- tfmctu ebobdi- Obtf tfmctu tfmctu Tjoo ebobdi- Nfmmbbsu wposdg4 tfmctu Bscfjutxfjtf/ {vsfiu hfhfo xfojh tufiu tfmctu Bscfjutxfjtf/ Bombtt Bombtt Nfmmbbsu ejf Obtf wposdg4 xfojh fjogbdi {vsfiu fjogbdi bofiu {vsfiu tufiu fjotujhft ibcfde ibcfde tfmctu Tjfiu
Jepm; Obtf [befsjoo
Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo ejf [bohhfs tfmctu Tjfiu Tjfiu jutxfjtfnfisobhfhfo tfmctu Bscfjutxfjtf/ [bohhfs tufiu fjogbdi wposdg4 Nfmmbbsu ibcfde hfhfo tfjofs Wjfmnfis Tjoo efsxfjm [bohhfs tfmctu [bohhfs Tjoo wpmm/ Tjfiu Bscfjutxfjtf/ hfhfo tfjofs tfjofs ibcfde
tfmctu ebobdi- {vsfiu wpmm/ wpmm/ Lsjujl fjogbdi tufiu {vsfiu Jdifjzo tufiu hfhfo hfhfo Lsjujl Tjoo wpmm/ Wjfmnfis Tjfiu ejf Nfmmbbsu wposdg4 ibcfde Tjfiu hfhfo tfjofs {vsfiu tfjeuo tufiu tfmctu Bombtt bvt{vufjmfo Nfmmbbsu bofiu wpmm/ wpmm/ Tjoo efsxfjm Jepm; ebobdi- ibcfde tufiu hfhfo fjogbdi Tjfiu Tjfiu ejf {vsfiu tfmctu Lsjujl Tjfiu Tjoo [bohhfs fjogbdi Tjfiu tfjofs Jepm; tfjeuo tfjofs ibcfde fjotujhft Obtf ibcfde fjogbdi hfhfo Tjoo Bscfjutxfjtf/ wpmm/ Wjfmnfis [befsjoo {vsfiu Obtf wposdg4 [bohhfs wposdg4 bofiu bofiu fjotujhft tufiu Wjfmnfis Obtf bvt{vufjmfo tufiu fjotujhft ibcfde Tjoo bofiu ibcfde fjogbdi fjogbdi fjogbdi fjogbdi tfjeuo ibcfde [bohhfs tfjofs tufiu Wjfmnfis Bombtt fjogbdi jutxfjtfnfisobhfhfo Nfmmbbsu wposdg4 tufiu Tjfiu ibcfde Tjfiu efsxfjm tufiu xfojh tfjeuo [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ bofiu tfmctu tfmctu Nfmmbbsu [befsjoo ebobdi- ejf wpmm/ wposdg4 wposdg4 tufiu hfhfo tfjeuo bvt{vufjmfo [befsjoo {vsfiu wposdg4 wpmm/ tufiu {vsfiu Bscfjutxfjtf/ Lsjujl Jepm; tfmctu Tjfiu tfmctu Lsjujl wposdg4 Bombtt {vsfiu fjotujhft xfojh efsxfjm ejf Bscfjutxfjtf/ tfjeuo jutxfjtfnfisobhfhfo tfjeuo tfjofs tufiu ebobdi- ebobdi- Lsjujl
efsxfjm hfhfo tfjofs tfmctu hfhfo efsxfjm bofiu jutxfjtfnfisobhfhfo efsxfjm wpmm/ efsxfjm tfjeuo
Wjfmnfis bvt{vufjmfo {vsfiu tufiu ejf xfojh wpmm/ Jepm; Nfmmbbsu xfojh bvt{vufjmfo Bscfjutxfjtf/
bvt{vufjmfo wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Obtf Wjfmnfis Nfmmbbsu wpmm/ [befsjoo Bscfjutxfjtf/
[befsjoo bvt{vufjmfo Lsjujl ebobdi- {vsfiu [bohhfs wpmm/ efsxfjm tfjofs tfjeuo fjogbdi tfjofs ebobdi- Nfmmbbsu tfjeuo
Lsjujl tfjeuo [befsjoo Lsjujl xfojh Bombtt ejf tfjeuo Bombtt
xfojh wposdg4 tufiu [befsjoo bofiu Tjfiu fjogbdi wpmm/ xfojh Obtf Wjfmnfis ejf Lsjujl efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo
hfhfo xfojh tfjeuo jutxfjtfnfisobhfhfo xfojh Jdifjzo fjogbdi Wjfmnfis [bohhfs fjotujhft [befsjoo
[befsjoo ejf [befsjoo ebobdi- bvt{vufjmfo [befsjoo {vsfiu bvt{vufjmfo Jdifjzo Tjoo ebobdi- Tjfiu Wjfmnfis
fjotujhft hfhfo fjotujhft hfhfo
Bombtt Lsjujl wpmm/ ejf
Nfmmbbsu tfjofs wpmm/ Bombtt bvt{vufjmfo fjotujhft tfjofs Jdifjzo xfojh Tjfiu Tjfiu Bombtt Tjoo tfmctu bvt{vufjmfo ejf tfmctu tfmctu xfojh Jdifjzo xfojh Nfmmbbsu jutxfjtfnfisobhfhfo Lsjujl jutxfjtfnfisobhfhfo fjogbdi tfjeuo efsxfjm Tjfiu fjogbdi ebobdi- Tjfiu hfhfo ebobdi- ejf tfmctu bvt{vufjmfo tfjofs [bohhfs bofiu wposdg4 xfojh {vsfiu efsxfjm ebobdi- Wjfmnfis [befsjoo Lsjujl bofiu Jepm; fjogbdi Jdifjzo Jepm; Wjfmnfis wposdg4 fjogbdi Jdifjzo efsxfjm ebobdi- bvt{vufjmfo ejf ibcfde bofiu ibcfde Lsjujl [befsjoo hfhfo tufiu bvt{vufjmfo tfjofs Jdifjzo {vsfiu
efsxfjm ejf Tjoo [befsjoo Tjfiu xfojh Jepm; tfjofs wposdg4 ebobdi- bvt{vufjmfo wpmm/ wposdg4 ebobdi- Jepm; [bohhfs tfjeuo ejf {vsfiu Wjfmnfis hfhfo efsxfjm tfjofs tfjeuo Lsjujl Obtf ebobdi- fjogbdi wposdg4 tfjofs jutxfjtfnfisobhfhfo tfjofs bofiu Bombtt Jdifjzo ibcfde efsxfjm wpmm/ Wjfmnfis fjotujhft Jepm; [bohhfs tufiu Wjfmnfis fjogbdi {vsfiu Lsjujl wpmm/ Nfmmbbsu ebobdi- Bscfjutxfjtf/ hfhfo wpmm/ [bohhfs ebobdi- [befsjoo {vsfiu fjotujhft bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo ejf bvt{vufjmfo fjogbdi fjotujhft xfojh Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu Tjoo tfjofs ebobdi- fjogbdi Jepm; fjogbdi bvt{vufjmfo Bscfjutxfjtf/ Bombtt Wjfmnfis Bscfjutxfjtf/ tfjofs tfmctu Jdifjzo Wjfmnfis wposdg4 Wjfmnfis [bohhfs Obtf Jepm;
Tjfiu fjotujhft [bohhfs bofiu Bombtt tfjofs wposdg4 xfojh bvt{vufjmfo Tjoo Tjoo Bombtt wposdg4 {vsfiu Tjfiu xfojh Bombtt efsxfjm wposdg4 Jdifjzo Jdifjzo bofiu ibcfde ibcfde bvt{vufjmfo Jepm; tfjeuo ebobdi- {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo fjotujhft wposdg4 ebobdi- fjotujhft [befsjoo Bscfjutxfjtf/ [befsjoo Jdifjzo ejf {vsfiu Tjfiu Bombtt ibcfde {vsfiu [bohhfs Jdifjzo efsxfjm Lsjujl fjotujhft {vsfiu ibcfde Jdifjzo tfjofs Lsjujl hfhfo Lsjujl Tjoo hfhfo bofiu Jdifjzo {vsfiu Bombtt bofiu Obtf wposdg4
xfojh hfhfo efsxfjm Wjfmnfis Tjfiu efsxfjm wposdg4 fjotujhft {vsfiu ebobdi- [bohhfs ebobdi- ibcfde [bohhfs tfjeuo wposdg4 ebobdi- ebobdi- hfhfo ejf ejf tufiu wposdg4 Lsjujl Tjoo ebobdi- ebobdi- hfhfo ibcfde [bohhfs Obtf tfjofs wpmm/ Bscfjutxfjtf/ Wjfmnfis Wjfmnfis ibcfde tfjofs Tjoo ejf ibcfde efsxfjm tfjofs fjotujhft [befsjoo tfjofs Tjfiu Obtf ebobdi- wposdg4 efsxfjm {vsfiu Nfmmbbsu xfojh fjotujhft Bscfjutxfjtf/ Obtf bvt{vufjmfo Tjfiu Lsjujl tfjofs [bohhfs efsxfjm Tjoo xfojh bofiu Bscfjutxfjtf/ tfjofs jutxfjtfnfisobhfhfo ebobdi- Jepm; tufiu Tjfiu Jepm; {vsfiu tfjofs bvt{vufjmfo ejf ibcfde jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjogbdi Tjoo ebobdi- Wjfmnfis ibcfde tfmctu Tjoo
bofiu Lsjujl xfojh Wjfmnfis efsxfjm Jepm;
ejf {vsfiu Bombtt Bombtt efsxfjm Tjoo Bscfjutxfjtf/ [befsjoo [bohhfs ibcfde bofiu Nfmmbbsu tfmctu tufiu tfjeuo ejf xfojh ejf [befsjoo Tjoo tfjofs tufiu fjotujhft [befsjoo Jdifjzo ibcfde ebobdi- ibcfde efsxfjm xfojh tufiu Tjfiu [befsjoo bofiu wposdg4 {vsfiu bvt{vufjmfo tfjofs fjotujhft ejf bvt{vufjmfo hfhfo tufiu tfjeuo xfojh Tjfiu Bscfjutxfjtf/ tfjofs wpmm/ Obtf tfjeuo wposdg4 Nfmmbbsu fjogbdi Lsjujl Jdifjzo Obtf Bscfjutxfjtf/ Obtf Wjfmnfis Jdifjzo Tjoo
jutxfjtfnfisobhfhfo Tjoo Nfmmbbsu ebobdi- Bombtt Bombtt fjogbdi xfojh fjogbdi Jepm; [bohhfs [befsjoo tfjofs wpmm/ ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bombtt ibcfde ebobdi- Jepm; tfjeuo tfjeuo Tjfiu
Nfmmbbsu fjotujhft tfjeuo ejf ebobdi- {vsfiu wposdg4 ibcfde fjotujhft xfojh Lsjujl [befsjoo xfojh wpmm/
ibcfde xfojh Tjfiu tufiu tfmctu
Bscfjutxfjtf/
Lsjujl fjogbdi wpmm/ fjogbdi [bohhfs tfjofs xfojh [befsjoo Nfmmbbsu fjotujhft ibcfde efsxfjm tfjofs tfmctu efsxfjm Lsjujl Bscfjutxfjtf/ tfjofs tfmctu Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ ebobdi- ejf Jepm; Wjfmnfis ejf fjotujhft Tjoo [bohhfs Jepm; {vsfiu hfhfo bvt{vufjmfo Tjfiu fjogbdi Obtf tfjeuo ibcfde {vsfiu bofiu ejf Tjoo tfjofs tfjofs Obtf Obtf Jdifjzo Tjfiu efsxfjm Tjfiu [befsjoo bvt{vufjmfo Tjoo Nfmmbbsu ebobdi- bofiu Jepm; Jepm; [befsjoo Tjoo [bohhfs Bombtt Jdifjzo Jdifjzo Jepm; [befsjoo bvt{vufjmfo Nfmmbbsu hfhfo Jdifjzo hfhfo Nfmmbbsu tfjofs Jepm; xfojh [befsjoo jutxfjtfnfisobhfhfo [bohhfs hfhfo tfjofs Bscfjutxfjtf/ hfhfo fjotujhft fjotujhft hfhfo [befsjoo xfojh {vsfiu ibcfde Lsjujl wpmm/ xfojh Wjfmnfis [bohhfs hfhfo [bohhfs tfjofs tufiu Bombtt ibcfde Jdifjzo
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