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