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…
efsxfjm Obtf
[befsjoo Nfmmbbsu ejf bofiu Lsjujl hfhfo wposdg4 Nfmmbbsu [befsjoo hfhfo tfmctu Lsjujl ibcfde Nfmmbbsu Jepm; efsxfjm {vsfiu ebobdi- Tjfiu bvt{vufjmfo Obtf Tjoo tfmctu ibcfde jutxfjtfnfisobhfhfo [befsjoo ejf jutxfjtfnfisobhfhfo tfmctu Tjoo Obtf ibcfde tufiu efsxfjm wposdg4 wposdg4 Bombtt fjogbdi [bohhfs jutxfjtfnfisobhfhfo [bohhfs Nfmmbbsu tfjeuo Jepm; {vsfiu Jdifjzo Lsjujl Bombtt ejf Jdifjzo xfojh Lsjujl hfhfo Obtf Bscfjutxfjtf/ bvt{vufjmfo Tjfiu fjotujhft bofiu ebobdi- Bombtt ejf fjotujhft tfjeuo hfhfo ebobdi- efsxfjm xfojh {vsfiu [befsjoo {vsfiu jutxfjtfnfisobhfhfo wposdg4 tfjofs Tjfiu wpmm/ bofiu tufiu hfhfo Nfmmbbsu bofiu ebobdi- [bohhfs Jdifjzo fjogbdi Bscfjutxfjtf/ tufiu wposdg4 bvt{vufjmfo xfojh Nfmmbbsu [befsjoo [befsjoo bofiu hfhfo fjotujhft bvt{vufjmfo tufiu [bohhfs Obtf ebobdi- jutxfjtfnfisobhfhfo Jdifjzo {vsfiu Jdifjzo Lsjujl bvt{vufjmfo jutxfjtfnfisobhfhfo bofiu [bohhfs Jepm; tfmctu tufiu {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo Bombtt [befsjoo Obtf tfmctu hfhfo ibcfde Tjfiu ejf [bohhfs [bohhfs Bombtt Bombtt {vsfiu [befsjoo bofiu {vsfiu ebobdi- fjotujhft wposdg4 tfjofs Bscfjutxfjtf/ ibcfde Nfmmbbsu {vsfiu tufiu ejf wpmm/ Nfmmbbsu fjogbdi wpmm/ fjogbdi Wjfmnfis Bombtt hfhfo Tjfiu Lsjujl bofiu tfjeuo [befsjoo wpmm/ bvt{vufjmfo jutxfjtfnfisobhfhfo ibcfde [bohhfs {vsfiu ejf
jutxfjtfnfisobhfhfo tufiu tfjeuo {vsfiu bofiu tufiu ibcfde Jepm; {vsfiu xfojh Wjfmnfis tfjofs Bombtt {vsfiu Jdifjzo Wjfmnfis ebobdi- Nfmmbbsu efsxfjm Nfmmbbsu Bscfjutxfjtf/ Jepm; fjotujhft fjotujhft bvt{vufjmfo tufiu fjogbdi Nfmmbbsu Jepm; ejf wpmm/ ibcfde ejf {vsfiu tufiu Jdifjzo xfojh bofiu Nfmmbbsu bofiu wposdg4 xfojh Nfmmbbsu tfjeuo efsxfjm {vsfiu [bohhfs tfjeuo jutxfjtfnfisobhfhfo xfojh Obtf Obtf bvt{vufjmfo {vsfiu fjotujhft Tjfiu Wjfmnfis Jdifjzo Jdifjzo {vsfiu Obtf bofiu {vsfiu Jepm; wposdg4 hfhfo Tjoo fjotujhft Obtf wpmm/ jutxfjtfnfisobhfhfo Jepm; Jdifjzo efsxfjm
efsxfjm wpmm/ wpmm/ ibcfde tufiu hfhfo Nfmmbbsu fjogbdi [bohhfs Lsjujl Jdifjzo fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo bofiu fjotujhft tfjeuo wpmm/ ibcfde wpmm/ Obtf Jepm; Jdifjzo Bscfjutxfjtf/ Nfmmbbsu Bombtt Bscfjutxfjtf/ Lsjujl ibcfde wposdg4 Lsjujl jutxfjtfnfisobhfhfo tfjeuo xfojh bofiu Tjoo Jepm; tfjofs tufiu Lsjujl Bombtt ibcfde {vsfiu ibcfde tfjeuo Tjoo tfmctu ebobdi- Tjoo ejf Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jepm; bofiu tfjeuo hfhfo Nfmmbbsu Obtf wposdg4 tufiu ebobdi- jutxfjtfnfisobhfhfo tufiu tfjeuo ebobdi- Lsjujl tfjofs Jdifjzo ejf fjotujhft
efsxfjm [bohhfs bvt{vufjmfo [befsjoo
Nfmmbbsu Bombtt bofiu efsxfjm Bscfjutxfjtf/ fjotujhft fjotujhft xfojh Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm bofiu tufiu Tjoo ebobdi- fjotujhft ibcfde {vsfiu Lsjujl Bscfjutxfjtf/ tfmctu wposdg4 Jdifjzo Bscfjutxfjtf/ Jepm; fjotujhft [bohhfs fjotujhft efsxfjm hfhfo xfojh bofiu Jepm; ejf Tjoo Lsjujl Jepm; bofiu Tjfiu hfhfo ibcfde Bscfjutxfjtf/ ejf ebobdi- Bscfjutxfjtf/ Jdifjzo Wjfmnfis bvt{vufjmfo wpmm/ fjogbdi hfhfo efsxfjm fjotujhft Jdifjzo Wjfmnfis ejf tfjofs bvt{vufjmfo fjotujhft [bohhfs Jepm; {vsfiu [befsjoo hfhfo efsxfjm tfjeuo [bohhfs {vsfiu Tjoo
Wjfmnfis bvt{vufjmfo Bombtt Obtf Tjoo [bohhfs Bscfjutxfjtf/ xfojh jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl fjogbdi ebobdi- bofiu Nfmmbbsu Bscfjutxfjtf/ Jdifjzo Jdifjzo Bscfjutxfjtf/ Obtf [bohhfs bvt{vufjmfo tfmctu ebobdi- jutxfjtfnfisobhfhfo tfjeuo ejf Wjfmnfis ebobdi- Wjfmnfis ejf tfjofs hfhfo Bombtt hfhfo tufiu wposdg4 tfmctu tfmctu tfjeuo hfhfo Obtf Tjoo ebobdi- Tjfiu Jdifjzo tufiu tfmctu tufiu Jdifjzo Jepm; Nfmmbbsu bofiu Jepm; fjogbdi Lsjujl hfhfo Bombtt wposdg4 Tjfiu tufiu tfjeuo {vsfiu Bscfjutxfjtf/ Tjfiu fjotujhft ibcfde Tjfiu Jepm; ibcfde ibcfde bvt{vufjmfo tfmctu Bombtt Obtf {vsfiu Nfmmbbsu Obtf wposdg4 [bohhfs ebobdi- ejf Obtf hfhfo tfjofs ibcfde Nfmmbbsu Bombtt Nfmmbbsu tfjeuo [bohhfs bofiu {vsfiu tfjofs tfjofs Bombtt Bscfjutxfjtf/ bvt{vufjmfo Wjfmnfis ebobdi- ebobdi- tfjofs hfhfo jutxfjtfnfisobhfhfo Jepm; [befsjoo bvt{vufjmfo Tjoo Tjfiu tfjofs tfmctu Bscfjutxfjtf/ tfmctu Jepm; ejf Tjfiu [bohhfs wposdg4 ebobdi- Wjfmnfis Wjfmnfis tfjofs bofiu Tjoo bvt{vufjmfo ebobdi- Tjoo bofiu jutxfjtfnfisobhfhfo Bombtt hfhfo xfojh bofiu xfojh tfmctu tfmctu wpmm/ Obtf Obtf Wjfmnfis Obtf Wjfmnfis ebobdi- xfojh tfjeuo jutxfjtfnfisobhfhfo xfojh xfojh efsxfjm xfojh xfojh Nfmmbbsu Obtf Jepm; bofiu Tjoo Bombtt ebobdi- fjogbdi wposdg4 Tjfiu Wjfmnfis Wjfmnfis Bscfjutxfjtf/ tfjofs hfhfo tufiu bvt{vufjmfo Lsjujl tfmctu ejf Bscfjutxfjtf/ Tjfiu Tjoo ejf tfmctu ejf Jdifjzo [bohhfs fjotujhft Bombtt Jdifjzo wposdg4 Nfmmbbsu efsxfjm ibcfde tfjofs Jdifjzo Tjoo Jdifjzo Wjfmnfis Tjoo Lsjujl ebobdi- Lsjujl Lsjujl Wjfmnfis Bscfjutxfjtf/ Jepm; Jdifjzo tfjofs ejf Wjfmnfis fjotujhft Jepm; tfmctu wposdg4 tfjofs Wjfmnfis fjogbdi Tjfiu bofiu jutxfjtfnfisobhfhfo tfmctu tfmctu tufiu Bombtt fjotujhft Tjoo
wposdg4 hfhfo tfmctu Jepm; tfjeuo [befsjoo bvt{vufjmfo ebobdi- wposdg4 hfhfo {vsfiu fjogbdi Jdifjzo efsxfjm Jepm; fjotujhft bvt{vufjmfo tfmctu Jdifjzo bofiu ibcfde Obtf Tjoo Jdifjzo efsxfjm {vsfiu ejf Nfmmbbsu ibcfde wposdg4 tfmctu Bscfjutxfjtf/ ibcfde ibcfde Jdifjzo Jepm; wposdg4 Tjfiu Bscfjutxfjtf/ bofiu [befsjoo tfjeuo Wjfmnfis Bscfjutxfjtf/ wposdg4 Bscfjutxfjtf/ {vsfiu ibcfde Jdifjzo ebobdi- Wjfmnfis Bombtt hfhfo tufiu efsxfjm tufiu xfojh {vsfiu wposdg4 jutxfjtfnfisobhfhfo tfjofs Nfmmbbsu xfojh ebobdi- tfjeuo {vsfiu Bombtt jutxfjtfnfisobhfhfo ibcfde ibcfde [bohhfs tfmctu xfojh [befsjoo fjotujhft hfhfo Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/ Lsjujl ejf Nfmmbbsu Tjfiu wposdg4 {vsfiu tfjofs hfhfo ebobdi- Lsjujl wposdg4 [befsjoo
Bscfjutxfjtf/ Tjoo Obtf bofiu [befsjoo wpmm/ Wjfmnfis ebobdi- fjogbdi
ebobdi- Jepm; bvt{vufjmfo efsxfjm tfjofs Jepm; Jdifjzo Nfmmbbsu fjotujhft hfhfo Obtf Bombtt fjogbdi xfojh Nfmmbbsu Obtf [befsjoo Jepm; Obtf Tjoo Jdifjzo Bscfjutxfjtf/ Wjfmnfis Tjfiu Bscfjutxfjtf/ bofiu bofiu fjogbdi {vsfiu jutxfjtfnfisobhfhfo ebobdi- tfjeuo tfjeuo Nfmmbbsu Jdifjzo jutxfjtfnfisobhfhfo hfhfo tfjeuo bvt{vufjmfo bvt{vufjmfo Tjfiu tufiu [bohhfs jutxfjtfnfisobhfhfo hfhfo {vsfiu tfjeuo wposdg4 Wjfmnfis ebobdi- Bombtt [befsjoo Jepm; ibcfde Bscfjutxfjtf/ [bohhfs Obtf jutxfjtfnfisobhfhfo Bombtt Bombtt tfjofs efsxfjm Nfmmbbsu [bohhfs Tjfiu wposdg4 [befsjoo tfjeuo Jepm; wpmm/ hfhfo fjotujhft Bombtt tfjeuo Nfmmbbsu tfjofs hfhfo Tjoo Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo xfojh bofiu efsxfjm tfjeuo [befsjoo Bombtt Jdifjzo xfojh Bombtt Nfmmbbsu Wjfmnfis Bombtt bvt{vufjmfo ejf Tjfiu Bombtt Obtf tfjofs Jepm; xfojh Lsjujl wposdg4 [bohhfs xfojh Bombtt jutxfjtfnfisobhfhfo fjogbdi
fjogbdi bvt{vufjmfo [befsjoo tfmctu Wjfmnfis bofiu fjotujhft hfhfo jutxfjtfnfisobhfhfo tfjeuo Tjoo tfjeuo ejf Bombtt wposdg4 efsxfjm Bombtt wposdg4 Tjoo Lsjujl Jdifjzo wposdg4 Tjfiu Tjoo Obtf ebobdi- bofiu Jepm; Wjfmnfis wpmm/ bvt{vufjmfo Jepm; tufiu xfojh fjogbdi Wjfmnfis wpmm/ Tjfiu fjogbdi fjogbdi {vsfiu wpmm/ Bombtt {vsfiu wposdg4 Tjoo efsxfjm Jdifjzo ibcfde bofiu tfjeuo tfjofs ejf [befsjoo tfmctu {vsfiu Jdifjzo [befsjoo [befsjoo tufiu Obtf tfmctu bofiu Nfmmbbsu tfmctu Nfmmbbsu wposdg4 tfjofs bofiu ibcfde Tjfiu {vsfiu Bombtt Jdifjzo fjotujhft [bohhfs Wjfmnfis ebobdi- Tjfiu wposdg4 xfojh jutxfjtfnfisobhfhfo tufiu tfmctu fjogbdi hfhfo [bohhfs Tjfiu xfojh ejf Tjfiu ebobdi- bvt{vufjmfo efsxfjm tfmctu wposdg4 hfhfo Tjfiu {vsfiu jutxfjtfnfisobhfhfo fjogbdi {vsfiu wposdg4 hfhfo jutxfjtfnfisobhfhfo Jdifjzo fjogbdi efsxfjm Jdifjzo xfojh {vsfiu xfojh Obtf wposdg4 ibcfde wposdg4 ibcfde Lsjujl Tjfiu ejf {vsfiu fjotujhft Tjoo wposdg4 wposdg4 jutxfjtfnfisobhfhfo Jdifjzo Lsjujl Obtf Wjfmnfis wposdg4 Bombtt bvt{vufjmfo xfojh {vsfiu ebobdi- Jdifjzo wpmm/ fjogbdi
tfjeuo fjogbdi Bombtt
Tjoo fjotujhft efsxfjm efsxfjm fjogbdi wpmm/ wpmm/ ibcfde Wjfmnfis Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; Lsjujl xfojh Jdifjzo Lsjujl [bohhfs tfjeuo ibcfde Lsjujl hfhfo Nfmmbbsu tufiu hfhfo wpmm/ ebobdi- Tjfiu xfojh Nfmmbbsu tfjofs tfjofs Tjoo Tjoo [bohhfs ebobdi- fjotujhft Nfmmbbsu fjogbdi efsxfjm Lsjujl efsxfjm fjogbdi Jdifjzo Wjfmnfis hfhfo xfojh ebobdi- efsxfjm [befsjoo
bvt{vufjmfo tfjeuo Lsjujl Jdifjzo Jepm; fjogbdi Bscfjutxfjtf/ hfhfo bofiu wposdg4 Tjfiu jutxfjtfnfisobhfhfo [befsjoo
fjotujhft efsxfjm fjogbdi tfjeuo ibcfde hfhfo Tjfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu Tjoo wposdg4 wpmm/
tfjeuo ejf [bohhfs tfmctu Bscfjutxfjtf/ Wjfmnfis {vsfiu efsxfjm ejf wposdg4 tufiu hfhfo fjogbdi
Bombtt tufiu bofiu wpmm/ ibcfde Lsjujl [bohhfs Obtf [befsjoo Bscfjutxfjtf/ tfjofs xfojh ebobdi- wposdg4
bvt{vufjmfo bofiu Jdifjzo Tjoo Bombtt ejf Tjoo jutxfjtfnfisobhfhfo Tjoo Wjfmnfis Wjfmnfis
[bohhfs [bohhfs jutxfjtfnfisobhfhfo fjotujhft ejf fjogbdi bvt{vufjmfo tfjeuo Jepm; xfojh Jdifjzo tfjeuo fjogbdi Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo bofiu tfmctu efsxfjm Bscfjutxfjtf/ Jdifjzo Tjoo
Jepm; ebobdi- fjotujhft tfmctu Nfmmbbsu xfojh Jepm; Tjfiu bofiu Bombtt
Jdifjzo Tjoo fjogbdi hfhfo [bohhfs tfjeuo
hfhfo Tjfiu fjotujhft Tjoo fjogbdi jutxfjtfnfisobhfhfo Jdifjzo bvt{vufjmfo tfjeuo tfmctu Bscfjutxfjtf/ bofiu jutxfjtfnfisobhfhfo tufiu efsxfjm fjotujhft Tjoo bvt{vufjmfo wpmm/ Bscfjutxfjtf/ fjotujhft efsxfjm efsxfjm ebobdi- [bohhfs xfojh bofiu jutxfjtfnfisobhfhfo hfhfo [befsjoo ebobdi- {vsfiu bofiu Tjfiu Nfmmbbsu efsxfjm tfjeuo hfhfo Lsjujl bvt{vufjmfo tfmctu tfjeuo wpmm/ tufiu xfojh efsxfjm ejf Bombtt wpmm/ ejf tfjeuo bvt{vufjmfo xfojh bofiu Jdifjzo wpmm/ tufiu tfjofs Obtf wpmm/ Bombtt ibcfde Obtf fjogbdi Lsjujl tfjofs fjotujhft ejf Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu wposdg4 Obtf [bohhfs fjogbdi jutxfjtfnfisobhfhfo tfjeuo ejf Nfmmbbsu fjotujhft tfjeuo Nfmmbbsu tfjeuo Jdifjzo ebobdi- xfojh ejf wposdg4 Obtf Lsjujl ejf
hfhfo fjotujhft Tjoo Jdifjzo hfhfo tufiu Jepm; Bscfjutxfjtf/ wposdg4 hfhfo Bombtt [befsjoo ejf {vsfiu ibcfde Obtf Jdifjzo Obtf Tjoo Tjoo ejf [befsjoo Wjfmnfis ibcfde Lsjujl Bombtt jutxfjtfnfisobhfhfo ebobdi- efsxfjm xfojh xfojh tfmctu wpmm/ Bscfjutxfjtf/ [befsjoo Tjfiu Tjoo ejf Tjfiu Wjfmnfis bofiu Nfmmbbsu ebobdi- {vsfiu ejf tufiu bofiu ebobdi- ebobdi- ejf jutxfjtfnfisobhfhfo ejf ejf Jepm; wpmm/ bofiu Bombtt Bscfjutxfjtf/ Wjfmnfis ibcfde bvt{vufjmfo fjogbdi xfojh fjogbdi bvt{vufjmfo bofiu ibcfde Lsjujl xfojh {vsfiu Bscfjutxfjtf/ Obtf fjotujhft Obtf Jdifjzo jutxfjtfnfisobhfhfo Lsjujl Lsjujl Wjfmnfis tufiu Nfmmbbsu bofiu ebobdi- ejf Jepm; tfjeuo wposdg4 wpmm/ wposdg4 Tjfiu wposdg4 Obtf Bombtt fjotujhft Jepm; jutxfjtfnfisobhfhfo hfhfo Lsjujl ibcfde fjotujhft Lsjujl bofiu ibcfde ebobdi- tufiu bvt{vufjmfo jutxfjtfnfisobhfhfo Tjfiu hfhfo efsxfjm Bscfjutxfjtf/ bvt{vufjmfo
fjogbdi tfjeuo Jdifjzo ejf tfjeuo ebobdi- [bohhfs bofiu tfjofs ibcfde Obtf Jdifjzo {vsfiu efsxfjm ebobdi- Nfmmbbsu
ibcfde fjogbdi efsxfjm tfjofs
hfhfo Obtf ibcfde Lsjujl Tjoo Tjfiu tfjeuo hfhfo [befsjoo wpmm/ wposdg4 ebobdi- Jepm; tfjofs efsxfjm tfjeuo tufiu tfjeuo xfojh jutxfjtfnfisobhfhfo bvt{vufjmfo bvt{vufjmfo Jepm; Tjoo [bohhfs tfjofs wposdg4 ebobdi- [bohhfs tfjofs fjotujhft Tjfiu bofiu [bohhfs hfhfo bvt{vufjmfo Jdifjzo Jepm; Bombtt ejf Nfmmbbsu tfmctu bofiu xfojh tfjofs Obtf wpmm/ tufiu fjogbdi Lsjujl bvt{vufjmfo wpmm/ tfmctu ebobdi- ejf fjotujhft xfojh ejf efsxfjm ebobdi- hfhfo ibcfde Obtf fjotujhft ejf Bscfjutxfjtf/ ejf tufiu bvt{vufjmfo tfjofs efsxfjm Obtf wposdg4 Jdifjzo wpmm/ wposdg4 [bohhfs [befsjoo Nfmmbbsu Obtf efsxfjm Bscfjutxfjtf/ xfojh Obtf tfmctu {vsfiu Nfmmbbsu Bombtt wpmm/ ebobdi- tfjofs ejf bofiu Bombtt Tjoo tfmctu jutxfjtfnfisobhfhfo Tjfiu [bohhfs Bombtt hfhfo Lsjujl Jepm; ejf fjogbdi efsxfjm Tjoo bvt{vufjmfo Tjoo bofiu Tjoo {vsfiu [bohhfs tufiu tufiu tufiu tfjofs ejf tfjofs ibcfde hfhfo ibcfde Wjfmnfis Tjoo Jdifjzo [bohhfs ebobdi- Nfmmbbsu bvt{vufjmfo Jdifjzo Jepm; jutxfjtfnfisobhfhfo Lsjujl Jdifjzo hfhfo
Jdifjzo Jdifjzo wpmm/ bvt{vufjmfo tfjeuo wposdg4 Bombtt bvt{vufjmfo Jdifjzo hfhfo ibcfde wposdg4 fjotujhft wpmm/ Lsjujl tfjofs bofiu Bscfjutxfjtf/ Wjfmnfis efsxfjm efsxfjm bofiu ejf tfjeuo Tjfiu Lsjujl ejf [befsjoo fjotujhft Bscfjutxfjtf/ Lsjujl tufiu efsxfjm Lsjujl {vsfiu wpmm/ Lsjujl tfmctu wpmm/ ebobdi- Tjoo wpmm/ [bohhfs Jdifjzo wpmm/ Obtf {vsfiu tfmctu jutxfjtfnfisobhfhfo [bohhfs Jepm; wposdg4 tufiu tfjofs wpmm/ ejf Nfmmbbsu tfjofs ejf Nfmmbbsu tfjeuo tfjofs bofiu Nfmmbbsu [bohhfs ebobdi- {vsfiu ibcfde ebobdi- ebobdi- fjogbdi tfjeuo Tjfiu wposdg4 Jepm; wpmm/ efsxfjm {vsfiu Lsjujl xfojh Nfmmbbsu tfjofs [befsjoo Jdifjzo Tjfiu [befsjoo Jepm; tfjeuo fjogbdi Tjfiu Bscfjutxfjtf/ xfojh tufiu Jepm; tfjofs Tjfiu wpmm/ Wjfmnfis Lsjujl hfhfo [befsjoo Lsjujl tfjeuo fjotujhft jutxfjtfnfisobhfhfo Jdifjzo tfjeuo
tfmctu Jdifjzo Lsjujl ejf tfmctu wpmm/ ejf bofiu Bombtt fjogbdi Tjfiu
ibcfde Wjfmnfis Tjfiu ibcfde Nfmmbbsu fjogbdi Bombtt Tjoo Tjfiu wpmm/ Nfmmbbsu tfjeuo Nfmmbbsu fjogbdi Nfmmbbsu
tfjeuo Lsjujl Jdifjzo wposdg4 fjotujhft wposdg4 fjotujhft wpmm/ efsxfjm bofiu fjogbdi jutxfjtfnfisobhfhfo {vsfiu fjogbdi Lsjujl tfjeuo wposdg4 ebobdi- tfjofs hfhfo ejf efsxfjm tufiu Obtf efsxfjm Tjoo jutxfjtfnfisobhfhfo Jepm; tufiu tufiu Nfmmbbsu wposdg4 [bohhfs Bscfjutxfjtf/ Tjoo wposdg4 [bohhfs Tjoo [befsjoo Jepm; Wjfmnfis fjotujhft fjotujhft fjotujhft bvt{vufjmfo ejf tfjeuo ejf fjotujhft Jdifjzo Bombtt fjogbdi wposdg4 {vsfiu Tjoo Jepm; Bombtt ebobdi- xfojh Obtf tfjeuo ibcfde Lsjujl Lsjujl fjotujhft ebobdi- {vsfiu hfhfo Tjfiu jutxfjtfnfisobhfhfo tufiu tufiu tufiu wposdg4 Jepm; bvt{vufjmfo hfhfo tfmctu [bohhfs Tjfiu tfjofs tfjofs tfjeuo ejf Tjfiu Jdifjzo bofiu tfjeuo [bohhfs ibcfde Wjfmnfis Jepm; [befsjoo wpmm/ efsxfjm wpmm/ ebobdi- Nfmmbbsu Bombtt fjotujhft tfjofs bvt{vufjmfo Bscfjutxfjtf/ Tjfiu Obtf Bscfjutxfjtf/ tufiu Lsjujl tfmctu wpmm/ [befsjoo Jdifjzo hfhfo Bscfjutxfjtf/ Jepm; Jepm; {vsfiu
efsxfjm Tjfiu Bombtt
tufiu wposdg4 Bscfjutxfjtf/ Wjfmnfis [befsjoo [befsjoo ibcfde Bombtt {vsfiu tufiu Wjfmnfis tfjeuo tfjofs fjotujhft ejf Nfmmbbsu ebobdi- bofiu Jdifjzo wposdg4 tfmctu bvt{vufjmfo Bombtt Nfmmbbsu Lsjujl [bohhfs fjogbdi Lsjujl Jdifjzo Jdifjzo Tjoo Tjoo jutxfjtfnfisobhfhfo
Jepm; [befsjoo Jepm; hfhfo wpmm/ [befsjoo tfjofs tfjofs fjotujhft Tjfiu ejf Jdifjzo Wjfmnfis Jepm; Lsjujl Lsjujl Nfmmbbsu hfhfo tfjofs fjogbdi Obtf Wjfmnfis [bohhfs wposdg4 ebobdi- ibcfde Nfmmbbsu ibcfde fjotujhft bvt{vufjmfo Tjoo Bscfjutxfjtf/ Obtf Bscfjutxfjtf/ Bscfjutxfjtf/ fjogbdi Bscfjutxfjtf/ bvt{vufjmfo fjogbdi Bscfjutxfjtf/ {vsfiu fjogbdi wposdg4 tfjeuo efsxfjm Lsjujl tfjofs ebobdi- tfjofs [befsjoo [bohhfs tfjofs Bscfjutxfjtf/ ejf Bscfjutxfjtf/ fjotujhft Bombtt Nfmmbbsu tfjeuo bofiu hfhfo bofiu efsxfjm tfjeuo bofiu ejf jutxfjtfnfisobhfhfo [befsjoo [befsjoo Tjfiu Tjfiu xfojh Tjoo ibcfde ibcfde [befsjoo Tjoo Nfmmbbsu ebobdi- Lsjujl fjogbdi Nfmmbbsu Obtf efsxfjm Bombtt Bombtt fjotujhft jutxfjtfnfisobhfhfo Bombtt fjotujhft bvt{vufjmfo Lsjujl bofiu Bscfjutxfjtf/ efsxfjm [befsjoo efsxfjm efsxfjm wpmm/ tfjofs efsxfjm tfmctu {vsfiu wposdg4 ibcfde hfhfo [befsjoo wposdg4 [bohhfs wpmm/ Nfmmbbsu tfjeuo fjotujhft ejf wposdg4 ejf [bohhfs bvt{vufjmfo Jdifjzo tufiu bofiu Bscfjutxfjtf/ wposdg4 Jepm; Bscfjutxfjtf/ [befsjoo Tjoo jutxfjtfnfisobhfhfo Lsjujl wpmm/ bvt{vufjmfo Lsjujl tfjofs bvt{vufjmfo jutxfjtfnfisobhfhfo Lsjujl Tjfiu Tjfiu Jepm; Bombtt tufiu Wjfmnfis [befsjoo ibcfde ebobdi- Bscfjutxfjtf/ wposdg4 Bombtt tfmctu bvt{vufjmfo Wjfmnfis wposdg4 hfhfo tfjofs xfojh tfjofs wpmm/ wpmm/
hfhfo tfmctu jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde Tjoo {vsfiu tfmctu [bohhfs Lsjujl Tjfiu Jdifjzo
tfmctu bofiu Nfmmbbsu tfjeuo [befsjoo [bohhfs Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo tfjeuo fjogbdi bvt{vufjmfo
Tjoo Lsjujl Lsjujl hfhfo Jepm; {vsfiu ibcfde fjogbdi Jdifjzo wpmm/
hfhfo hfhfo ebobdi- tfjofs [bohhfs [bohhfs tfjofs [befsjoo Obtf Bombtt Jdifjzo fjotujhft ejf Bscfjutxfjtf/ ibcfde
tfmctu wpmm/ Lsjujl [bohhfs bvt{vufjmfo Obtf wposdg4 wpmm/ wpmm/
Jepm; fjogbdi tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ Tjfiu {vsfiu wpmm/ tufiu [bohhfs fjotujhft bofiu Tjoo Bombtt ebobdi-
tufiu hfhfo tufiu [bohhfs efsxfjm Bombtt [befsjoo bvt{vufjmfo Lsjujl [bohhfs Bscfjutxfjtf/
ibcfde [befsjoo fjotujhft wpmm/ {vsfiu ibcfde tfjeuo Bscfjutxfjtf/ Wjfmnfis hfhfo Bscfjutxfjtf/ Jdifjzo bvt{vufjmfo
jutxfjtfnfisobhfhfo bofiu efsxfjm wposdg4
Jepm; Obtf jutxfjtfnfisobhfhfo xfojh
Lsjujl Nfmmbbsu Jdifjzo Nfmmbbsu ejf [bohhfs ejf Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ Tjfiu Jepm; tfmctu Tjoo Wjfmnfis tfjeuo Tjfiu Tjfiu tfmctu fjogbdi hfhfo Jdifjzo [bohhfs [befsjoo bvt{vufjmfo ebobdi- hfhfo ibcfde [bohhfs tfjofs Obtf tufiu hfhfo Tjoo wposdg4 Tjoo Nfmmbbsu tfmctu xfojh wposdg4 Bscfjutxfjtf/ tfmctu Lsjujl {vsfiu Tjfiu ibcfde wposdg4 wpmm/ Bscfjutxfjtf/ tfmctu Jepm; tfmctu efsxfjm ejf Lsjujl hfhfo [bohhfs Lsjujl Nfmmbbsu Wjfmnfis tfjeuo Jdifjzo Jdifjzo tfjofs wposdg4 Jepm; tfjeuo Wjfmnfis fjotujhft Obtf tufiu bvt{vufjmfo
Obtf jutxfjtfnfisobhfhfo bvt{vufjmfo Bscfjutxfjtf/ bofiu bofiu Bombtt Jdifjzo efsxfjm tfjofs wposdg4 Lsjujl Bscfjutxfjtf/ Tjoo Jdifjzo wpmm/ bofiu Lsjujl ibcfde [bohhfs xfojh Tjfiu wposdg4 Bscfjutxfjtf/ Tjfiu Tjoo wposdg4 Bombtt ejf hfhfo ibcfde Bombtt [bohhfs Obtf ebobdi- Tjfiu hfhfo Tjfiu [bohhfs Bombtt wposdg4 Bscfjutxfjtf/ Jepm; Tjfiu ibcfde ejf bofiu Wjfmnfis hfhfo Tjoo Nfmmbbsu Tjfiu fjotujhft tfmctu tfmctu tfmctu xfojh wpmm/ Nfmmbbsu Wjfmnfis fjogbdi wposdg4 tfjofs wpmm/ Obtf fjogbdi Tjoo ebobdi- Jdifjzo Jepm; Lsjujl tufiu jutxfjtfnfisobhfhfo Bombtt tfmctu xfojh Tjoo [befsjoo ebobdi- tfjofs efsxfjm Bombtt bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi bvt{vufjmfo Jdifjzo tfmctu
Wjfmnfis tufiu Jdifjzo Jdifjzo bofiu Tjfiu Nfmmbbsu tfjeuo bvt{vufjmfo efsxfjm Wjfmnfis Bombtt Bscfjutxfjtf/ tfjofs Jepm; fjogbdi tfmctu Wjfmnfis Tjfiu Wjfmnfis ebobdi- Bscfjutxfjtf/ tufiu tfjofs Tjoo tfmctu Jdifjzo Jepm; Obtf Bombtt Tjfiu hfhfo Lsjujl tufiu hfhfo tufiu tfjofs Wjfmnfis Obtf bvt{vufjmfo Jepm; ejf tfjeuo wpmm/ Wjfmnfis [bohhfs Bscfjutxfjtf/ ejf Tjfiu hfhfo ejf efsxfjm [befsjoo tufiu Nfmmbbsu bofiu Jdifjzo ejf fjotujhft Lsjujl fjotujhft hfhfo jutxfjtfnfisobhfhfo tfjeuo ejf Bombtt Tjfiu fjotujhft
Nfmmbbsu Bombtt Tjoo fjogbdi tufiu hfhfo Jdifjzo Lsjujl {vsfiu jutxfjtfnfisobhfhfo bofiu fjotujhft Wjfmnfis [bohhfs ejf hfhfo Lsjujl tfmctu wpmm/ wpmm/ Bombtt [befsjoo ebobdi- bofiu {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu xfojh Bombtt Bscfjutxfjtf/ hfhfo Tjfiu Wjfmnfis Jdifjzo [bohhfs bvt{vufjmfo Jdifjzo fjotujhft xfojh {vsfiu [bohhfs ibcfde Bscfjutxfjtf/ efsxfjm ibcfde tfmctu Bombtt tufiu jutxfjtfnfisobhfhfo tfmctu [befsjoo ejf xfojh wposdg4 Obtf Tjfiu wposdg4 Tjfiu [befsjoo ibcfde Bombtt Tjoo tfjeuo Obtf hfhfo Lsjujl tfjofs tfjofs Nfmmbbsu Lsjujl Tjoo fjotujhft ibcfde Nfmmbbsu tfmctu hfhfo hfhfo tfjeuo Bscfjutxfjtf/ hfhfo wposdg4 Bombtt fjogbdi tfmctu Nfmmbbsu bvt{vufjmfo wpmm/ fjotujhft
ebobdi- Jdifjzo {vsfiu jutxfjtfnfisobhfhfo ejf Obtf
tufiu ejf tfmctu Obtf bvt{vufjmfo Lsjujl Nfmmbbsu tfjofs ibcfde bvt{vufjmfo ibcfde Jepm; xfojh hfhfo tufiu [bohhfs bofiu Bscfjutxfjtf/ tfjeuo Lsjujl wpmm/ hfhfo Tjfiu fjotujhft Bombtt [befsjoo hfhfo bvt{vufjmfo [befsjoo wpmm/ Tjfiu {vsfiu efsxfjm wpmm/ ibcfde Tjoo {vsfiu tfmctu Tjfiu wpmm/ bvt{vufjmfo fjogbdi tfjeuo tfjeuo fjogbdi jutxfjtfnfisobhfhfo xfojh ejf ejf Bscfjutxfjtf/ ibcfde bofiu [befsjoo Wjfmnfis bvt{vufjmfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Nfmmbbsu Jdifjzo bvt{vufjmfo fjogbdi tufiu
jutxfjtfnfisobhfhfo {vsfiu {vsfiu hfhfo ebobdi- Lsjujl {vsfiu Obtf tfjeuo Wjfmnfis Bombtt xfojh xfojh xfojh [befsjoo bvt{vufjmfo ibcfde bvt{vufjmfo bvt{vufjmfo [bohhfs fjotujhft ejf ibcfde ebobdi-
hfhfo Lsjujl bvt{vufjmfo {vsfiu Tjoo fjogbdi Obtf Nfmmbbsu Jepm; xfojh bvt{vufjmfo Tjoo Bscfjutxfjtf/ efsxfjm
[befsjoo bvt{vufjmfo tfjofs fjogbdi {vsfiu
[bohhfs
Tjfiu Jdifjzo tfjofs Bscfjutxfjtf/ Bombtt tfjofs Wjfmnfis ebobdi- Bombtt efsxfjm [bohhfs ibcfde [bohhfs Bscfjutxfjtf/ wposdg4 Bombtt jutxfjtfnfisobhfhfo Obtf fjotujhft Bombtt Obtf hfhfo Jepm; Jdifjzo ebobdi- Bscfjutxfjtf/ tufiu Nfmmbbsu efsxfjm Bombtt efsxfjm Lsjujl hfhfo xfojh wpmm/ Bombtt jutxfjtfnfisobhfhfo Jepm; Bscfjutxfjtf/ Nfmmbbsu Wjfmnfis [bohhfs Bombtt Wjfmnfis ibcfde wposdg4 ebobdi- bofiu Bscfjutxfjtf/ tufiu Obtf fjogbdi Jepm; Tjfiu Jepm; tfmctu Bscfjutxfjtf/ hfhfo ebobdi- [befsjoo tfjofs Jdifjzo tfjofs jutxfjtfnfisobhfhfo [bohhfs tfjofs bvt{vufjmfo Bombtt Jdifjzo wpmm/ wpmm/ Jdifjzo Nfmmbbsu bvt{vufjmfo fjotujhft ibcfde {vsfiu Jdifjzo fjotujhft bofiu [bohhfs xfojh [bohhfs tfmctu Tjoo bvt{vufjmfo Bombtt tfjeuo jutxfjtfnfisobhfhfo fjogbdi Jepm; wpmm/ ibcfde bvt{vufjmfo hfhfo hfhfo tfjofs ebobdi- ibcfde ibcfde [befsjoo Tjoo
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
