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