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