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