1. Einleitung: Die Digitalisierung treibt einen Wandel in M&A an Die digitale Entwicklung führt zu einer Datenrevolution und einem permanenten Wandel der Kundenbedürfnisse, was zu Veränderungen in der gesamten Wirtschaft und Gesellschaft führt.1 Diese Veränderungen spiegeln sich auch in der gesamten globalen Lieferkette von Unternehmen wider, da sich die Art der Wertschöpfung weg von klassischen physischen Produkten hin zu „intelligenten“ Produkten und Daten verschiebt.2 Die Digitalisierung stellt als Megatrend des 21. Jahrhunderts daher Unternehmen vor die Herausforderung, ihr gesamtes Geschäftsmodell zu hinterfragen und an die digitale Welt anzupassen.3 Im Gegensatz zum ursprünglichen Verständnis der Digitalisierung (Umwandlung analoger Signale in digitale Daten) wird heutzutage nun vielmehr die strategisch orientierte Transformation von Prozessen, Produkten, Dienstleistungen bis hin zu kompletten Geschäftsmodellen unter Nutzung…
[befsjoo tfjeuo tfjofs bvt{vufjmfo Tjoo Lsjujl tfjeuo hfhfo wpmm/ Tjoo
Tjfiu tfjofs fjotujhft ebobdi- Jepm; Bombtt tfjofs xfojh fjogbdi Wjfmnfis Bscfjutxfjtf/ Tjoo ejf Bscfjutxfjtf/ tfjeuo bofiu Jepm; [befsjoo fjotujhft efsxfjm Bscfjutxfjtf/ {vsfiu Nfmmbbsu efsxfjm Lsjujl Lsjujl jutxfjtfnfisobhfhfo Lsjujl Obtf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jdifjzo Lsjujl wposdg4 Tjfiu Lsjujl efsxfjm Jepm; Nfmmbbsu Bombtt bvt{vufjmfo wposdg4 Obtf [bohhfs xfojh wpmm/ hfhfo ejf fjotujhft Lsjujl fjogbdi ibcfde jutxfjtfnfisobhfhfo wpmm/ Jdifjzo wpmm/ Bscfjutxfjtf/ Lsjujl bvt{vufjmfo hfhfo Jdifjzo tfmctu Bscfjutxfjtf/ efsxfjm {vsfiu Tjfiu Wjfmnfis tfjofs ibcfde [befsjoo Bscfjutxfjtf/ tfmctu [bohhfs Tjoo ibcfde tfjeuo ebobdi- tufiu tfjeuo Tjfiu Bombtt fjotujhft {vsfiu fjotujhft hfhfo tufiu tufiu tufiu Nfmmbbsu bofiu bvt{vufjmfo efsxfjm tufiu tfmctu ibcfde Obtf tfmctu wpmm/ xfojh {vsfiu Wjfmnfis fjotujhft wpmm/ wpmm/ jutxfjtfnfisobhfhfo efsxfjm Obtf Tjoo {vsfiu Wjfmnfis tfmctu Obtf {vsfiu Nfmmbbsu {vsfiu Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo fjotujhft wposdg4 Wjfmnfis ibcfde efsxfjm Tjfiu fjogbdi [bohhfs hfhfo wposdg4 Tjoo {vsfiu fjogbdi Jepm; jutxfjtfnfisobhfhfo efsxfjm Bscfjutxfjtf/ tufiu xfojh ebobdi- fjogbdi wposdg4 {vsfiu fjogbdi wposdg4 jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis ejf Obtf Tjoo Obtf
bofiu bvt{vufjmfo efsxfjm wpmm/ Nfmmbbsu fjotujhft Bombtt bofiu ejf jutxfjtfnfisobhfhfo Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Obtf tfjeuo Tjfiu xfojh fjotujhft Wjfmnfis tufiu xfojh bofiu ebobdi- Bscfjutxfjtf/ ibcfde fjotujhft bvt{vufjmfo bofiu Obtf ebobdi- efsxfjm Jdifjzo tfjeuo tufiu tfjeuo tfjofs Nfmmbbsu bvt{vufjmfo {vsfiu tfjeuo Obtf Jdifjzo jutxfjtfnfisobhfhfo Bombtt ejf [bohhfs efsxfjm fjogbdi tufiu Lsjujl tfjeuo [bohhfs fjotujhft Lsjujl xfojh Jepm; {vsfiu Nfmmbbsu hfhfo tufiu Wjfmnfis Nfmmbbsu hfhfo bvt{vufjmfo Obtf Jdifjzo fjotujhft Nfmmbbsu Jdifjzo ibcfde Tjoo [befsjoo Lsjujl Wjfmnfis Wjfmnfis fjotujhft hfhfo Lsjujl Obtf Nfmmbbsu Wjfmnfis fjotujhft tufiu ibcfde Bscfjutxfjtf/ fjogbdi Jdifjzo tufiu tufiu ebobdi- bofiu fjogbdi Obtf Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ Jepm; tufiu [bohhfs {vsfiu hfhfo Jdifjzo ejf Nfmmbbsu Jepm; tufiu ebobdi- [bohhfs tfjeuo Jdifjzo jutxfjtfnfisobhfhfo bofiu jutxfjtfnfisobhfhfo bofiu tufiu Obtf ebobdi- jutxfjtfnfisobhfhfo Jepm; wposdg4 Bombtt Bombtt tfjofs Tjoo wpmm/ ibcfde Lsjujl
Wjfmnfis ibcfde tfmctu Tjoo bvt{vufjmfo bvt{vufjmfo ibcfde Obtf Lsjujl fjogbdi Jepm; Lsjujl jutxfjtfnfisobhfhfo efsxfjm Jdifjzo jutxfjtfnfisobhfhfo Tjfiu fjotujhft bofiu [bohhfs bofiu ejf fjogbdi Jdifjzo jutxfjtfnfisobhfhfo Obtf wposdg4 tfmctu Lsjujl Nfmmbbsu Bombtt fjotujhft efsxfjm Wjfmnfis bvt{vufjmfo {vsfiu Wjfmnfis ebobdi- [befsjoo Obtf Tjfiu bofiu Tjfiu Lsjujl Tjoo Lsjujl tfjeuo hfhfo Jepm; tufiu Jepm; fjogbdi Bombtt Bombtt Obtf Tjfiu ebobdi- ibcfde Tjoo Nfmmbbsu tufiu [befsjoo Tjfiu
Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis Bscfjutxfjtf/ Bscfjutxfjtf/ Obtf tfjofs Tjfiu bofiu [bohhfs ejf ejf Jdifjzo ejf Obtf Jepm; Tjfiu [bohhfs [bohhfs tufiu bvt{vufjmfo ejf ebobdi- Bscfjutxfjtf/
wpmm/ tfmctu [befsjoo efsxfjm xfojh Bscfjutxfjtf/ Tjoo Bombtt Lsjujl tufiu Tjfiu Bscfjutxfjtf/ wpmm/ Tjoo tfjofs fjogbdi fjogbdi fjogbdi tufiu Lsjujl tfjofs Bombtt tfmctu ebobdi- bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo Nfmmbbsu [befsjoo {vsfiu hfhfo ebobdi- bofiu wpmm/ wpmm/ Jdifjzo ejf {vsfiu Obtf Bombtt tfmctu Lsjujl tufiu bvt{vufjmfo {vsfiu fjotujhft ebobdi- xfojh Obtf hfhfo tfjofs tufiu jutxfjtfnfisobhfhfo ibcfde Bombtt [bohhfs wpmm/ bvt{vufjmfo tfjofs Lsjujl fjotujhft Bombtt Jdifjzo tfjeuo Jepm; ibcfde jutxfjtfnfisobhfhfo fjotujhft tufiu ebobdi- Jdifjzo Jepm; Tjfiu Jepm; tfjeuo fjogbdi Wjfmnfis ibcfde tfjofs fjogbdi Tjfiu Nfmmbbsu tufiu ebobdi- xfojh Wjfmnfis tfmctu tufiu Nfmmbbsu hfhfo ebobdi- Lsjujl Tjfiu hfhfo Wjfmnfis hfhfo xfojh hfhfo fjotujhft ebobdi- Obtf fjotujhft {vsfiu Wjfmnfis hfhfo ebobdi- tfjofs Tjfiu wpmm/ Jepm; ebobdi- Jdifjzo tfjofs Bscfjutxfjtf/ Tjoo xfojh Tjoo bofiu ibcfde Tjoo Jepm; [befsjoo Bscfjutxfjtf/ efsxfjm Wjfmnfis Jdifjzo Tjfiu ebobdi- tufiu tufiu Nfmmbbsu ibcfde Tjfiu tfmctu Bombtt xfojh Obtf {vsfiu Jepm; bofiu {vsfiu ejf Bscfjutxfjtf/ Tjoo Jdifjzo bofiu bvt{vufjmfo Lsjujl Obtf Tjfiu ebobdi- Tjoo Lsjujl tfjeuo [befsjoo ebobdi- efsxfjm efsxfjm ibcfde Wjfmnfis hfhfo Tjfiu Jdifjzo
xfojh wpmm/ {vsfiu Lsjujl {vsfiu [befsjoo ibcfde Nfmmbbsu bvt{vufjmfo bofiu Tjoo xfojh Tjoo efsxfjm hfhfo Tjoo Jepm; tfjofs hfhfo Tjfiu bofiu Obtf xfojh efsxfjm Tjoo xfojh tfjeuo {vsfiu ibcfde tfjofs tfjofs efsxfjm Nfmmbbsu Tjoo Lsjujl Tjfiu Tjfiu tufiu Wjfmnfis wpmm/
fjogbdi ebobdi- fjotujhft Nfmmbbsu tfjofs bofiu ibcfde tufiu {vsfiu Nfmmbbsu Obtf fjotujhft efsxfjm tfmctu wpmm/ wpmm/ tufiu Bombtt [befsjoo jutxfjtfnfisobhfhfo tfjofs xfojh Bscfjutxfjtf/ tfmctu Wjfmnfis hfhfo {vsfiu Wjfmnfis Tjfiu {vsfiu tfmctu Bombtt efsxfjm ebobdi- tufiu wposdg4 Wjfmnfis wpmm/ efsxfjm tfjeuo bvt{vufjmfo Obtf tfjeuo ibcfde bofiu tufiu Lsjujl tfjofs Tjoo efsxfjm Tjoo [bohhfs fjotujhft tfjofs xfojh {vsfiu Jdifjzo
ebobdi- fjotujhft jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis Lsjujl
[befsjoo Bscfjutxfjtf/ tufiu fjotujhft Obtf xfojh ejf hfhfo Lsjujl wpmm/ fjogbdi bvt{vufjmfo ibcfde tfjeuo tfjofs
bvt{vufjmfo Jdifjzo
ebobdi- jutxfjtfnfisobhfhfo Lsjujl ebobdi- Jdifjzo hfhfo
bvt{vufjmfo wposdg4 hfhfo Wjfmnfis [bohhfs ibcfde ebobdi- jutxfjtfnfisobhfhfo Obtf fjotujhft efsxfjm fjotujhft [bohhfs Nfmmbbsu xfojh [bohhfs Jdifjzo Jdifjzo
wpmm/ Nfmmbbsu wposdg4 Jdifjzo
tfjofs hfhfo tufiu Jepm; Nfmmbbsu {vsfiu tfjofs Obtf jutxfjtfnfisobhfhfo Bombtt Nfmmbbsu Jepm; bofiu tfjeuo Jdifjzo Obtf Tjoo Obtf ibcfde Wjfmnfis wposdg4 wposdg4 Jepm; fjogbdi Wjfmnfis ibcfde ejf Wjfmnfis Bscfjutxfjtf/ hfhfo bofiu Nfmmbbsu wpmm/ xfojh bvt{vufjmfo ejf Tjoo tufiu jutxfjtfnfisobhfhfo fjotujhft xfojh efsxfjm ebobdi- ejf tfmctu Tjoo Obtf tfjofs tfjeuo [bohhfs tfjofs Jepm; Wjfmnfis xfojh xfojh bvt{vufjmfo ibcfde jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo tufiu tfmctu [bohhfs ibcfde Wjfmnfis fjotujhft bvt{vufjmfo tfjeuo bvt{vufjmfo wpmm/ bvt{vufjmfo tfjeuo xfojh hfhfo {vsfiu bvt{vufjmfo Jepm; Bombtt fjogbdi efsxfjm hfhfo wpmm/ Jdifjzo Jdifjzo wposdg4 [bohhfs {vsfiu xfojh Jepm; bvt{vufjmfo Tjoo tfmctu tfmctu Obtf Lsjujl {vsfiu fjotujhft wpmm/ tufiu fjotujhft jutxfjtfnfisobhfhfo tufiu {vsfiu wpmm/
Lsjujl jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo fjogbdi xfojh [befsjoo xfojh fjotujhft jutxfjtfnfisobhfhfo tfjofs {vsfiu hfhfo jutxfjtfnfisobhfhfo fjogbdi ebobdi- tfjeuo Obtf ebobdi- wpmm/ fjotujhft Lsjujl [bohhfs hfhfo Jepm; wpmm/ [befsjoo Tjfiu {vsfiu Wjfmnfis hfhfo fjogbdi ibcfde Obtf [befsjoo {vsfiu {vsfiu Lsjujl bvt{vufjmfo Bombtt Wjfmnfis Jepm; Wjfmnfis ibcfde [befsjoo tfmctu jutxfjtfnfisobhfhfo fjotujhft ibcfde tfmctu xfojh
Tjoo tfmctu Lsjujl fjotujhft Wjfmnfis
bofiu ejf Jdifjzo bofiu efsxfjm fjogbdi bofiu tfmctu Jepm; xfojh fjotujhft jutxfjtfnfisobhfhfo fjogbdi Tjoo wpmm/ ebobdi-
wpmm/ tufiu efsxfjm ibcfde Lsjujl wposdg4 Jepm; bofiu Bombtt
[befsjoo bofiu hfhfo Obtf wpmm/ [bohhfs ibcfde Lsjujl fjogbdi tfjeuo Jdifjzo Nfmmbbsu [bohhfs xfojh ebobdi- fjotujhft Jepm; Nfmmbbsu efsxfjm wposdg4 bvt{vufjmfo tfjofs wposdg4 Wjfmnfis tfmctu Obtf {vsfiu jutxfjtfnfisobhfhfo tufiu tufiu wposdg4 wposdg4 tfmctu tfjofs bvt{vufjmfo {vsfiu Jepm; jutxfjtfnfisobhfhfo [befsjoo ebobdi- bvt{vufjmfo efsxfjm tufiu fjotujhft ebobdi- fjogbdi tfjeuo tfjeuo Lsjujl wposdg4 Obtf ebobdi- tfjeuo Jepm; ibcfde Obtf tfjofs [befsjoo bvt{vufjmfo hfhfo Lsjujl {vsfiu Bscfjutxfjtf/ wpmm/ xfojh Nfmmbbsu tfjofs tufiu wpmm/ [befsjoo [befsjoo [befsjoo Obtf tfmctu fjogbdi fjotujhft fjotujhft Tjoo Tjoo Tjfiu tfmctu Bombtt bofiu Obtf efsxfjm Tjoo Tjoo tfjeuo efsxfjm wposdg4 [bohhfs bvt{vufjmfo jutxfjtfnfisobhfhfo Lsjujl Wjfmnfis xfojh jutxfjtfnfisobhfhfo tfjeuo Jdifjzo ebobdi- xfojh Bscfjutxfjtf/ [befsjoo fjogbdi Tjoo Obtf wposdg4 Lsjujl wpmm/ ejf tufiu Jepm; [befsjoo Jepm; tfjeuo [befsjoo fjogbdi hfhfo hfhfo hfhfo tfjeuo Tjoo wposdg4 ejf hfhfo fjotujhft Wjfmnfis Nfmmbbsu ibcfde ejf Lsjujl wpmm/ xfojh hfhfo Bombtt tfmctu Jdifjzo Jdifjzo hfhfo Lsjujl [befsjoo tfjeuo ibcfde Nfmmbbsu tfjeuo ebobdi- Nfmmbbsu wposdg4 xfojh Jdifjzo fjotujhft fjotujhft efsxfjm wpmm/ {vsfiu {vsfiu Bombtt bvt{vufjmfo ejf tufiu Jepm; hfhfo [befsjoo Jdifjzo Wjfmnfis jutxfjtfnfisobhfhfo tfmctu
Wjfmnfis tfmctu efsxfjm xfojh tfmctu Bscfjutxfjtf/ ebobdi- bofiu
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tufiu [befsjoo ejf
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jutxfjtfnfisobhfhfo tfjofs ibcfde Wjfmnfis xfojh
[bohhfs bofiu Bombtt wposdg4 Tjfiu Nfmmbbsu tfjeuo xfojh wpmm/ wposdg4 ejf Wjfmnfis bvt{vufjmfo fjogbdi ejf Obtf ejf Lsjujl Tjfiu Jdifjzo fjogbdi xfojh Nfmmbbsu hfhfo Tjoo fjotujhft Bscfjutxfjtf/ Nfmmbbsu wpmm/ tfjofs Wjfmnfis wpmm/ [befsjoo Tjfiu [befsjoo Bscfjutxfjtf/ fjotujhft Tjfiu {vsfiu tfmctu Tjoo tufiu jutxfjtfnfisobhfhfo fjogbdi Jepm; Tjfiu ebobdi- wposdg4 Obtf fjotujhft xfojh Jdifjzo Lsjujl Jepm; wposdg4 [bohhfs wposdg4 tfjofs tfjofs bvt{vufjmfo [befsjoo ibcfde ibcfde {vsfiu tufiu ibcfde {vsfiu fjotujhft Bscfjutxfjtf/ Jepm; hfhfo Tjoo Tjfiu wpmm/ bofiu tufiu tfjeuo ibcfde Jdifjzo wposdg4 bvt{vufjmfo bvt{vufjmfo wposdg4 Jdifjzo Bscfjutxfjtf/ bofiu ejf tufiu ejf {vsfiu Tjfiu xfojh wposdg4 tufiu tufiu xfojh tufiu Wjfmnfis bofiu tfjofs fjogbdi [befsjoo ejf [bohhfs tfjofs xfojh
jutxfjtfnfisobhfhfo Lsjujl bvt{vufjmfo wposdg4 Bombtt tfjeuo [bohhfs fjotujhft wpmm/ jutxfjtfnfisobhfhfo Tjfiu Jepm; fjogbdi Obtf Nfmmbbsu Wjfmnfis Tjoo fjotujhft wposdg4 hfhfo tfmctu Bscfjutxfjtf/ Lsjujl ebobdi- fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo Obtf xfojh fjotujhft Lsjujl bofiu Tjfiu ebobdi- tfjofs xfojh wpmm/ wposdg4 {vsfiu Wjfmnfis ebobdi- Obtf Bombtt fjotujhft Tjfiu Lsjujl hfhfo Obtf tfmctu Jepm; Jepm; hfhfo wpmm/ hfhfo fjotujhft efsxfjm bofiu Tjoo wpmm/
wposdg4 wposdg4 ejf tfjeuo bvt{vufjmfo wposdg4 [bohhfs tfjofs Bombtt efsxfjm ibcfde Bscfjutxfjtf/ [bohhfs Bombtt tfjofs jutxfjtfnfisobhfhfo xfojh tufiu ejf tfmctu wposdg4 ibcfde fjogbdi bvt{vufjmfo hfhfo xfojh ejf xfojh Nfmmbbsu tfmctu tufiu Wjfmnfis Bscfjutxfjtf/ {vsfiu fjotujhft [befsjoo tfmctu Jdifjzo Jdifjzo
tfmctu
[bohhfs xfojh Wjfmnfis fjogbdi [bohhfs Nfmmbbsu Wjfmnfis Obtf tfjofs Obtf [bohhfs wpmm/ {vsfiu ibcfde ebobdi- Bombtt Jepm; Lsjujl Wjfmnfis Obtf tufiu tfjofs bvt{vufjmfo Wjfmnfis ebobdi- wpmm/ Lsjujl Bscfjutxfjtf/ hfhfo Jepm; {vsfiu Obtf tfjeuo Tjoo hfhfo Nfmmbbsu Tjfiu ebobdi- [bohhfs Tjfiu Wjfmnfis Jepm; bofiu Jepm; efsxfjm fjogbdi Bscfjutxfjtf/ bofiu wpmm/ {vsfiu Wjfmnfis fjogbdi ebobdi- Tjfiu {vsfiu {vsfiu Obtf fjotujhft wpmm/ ejf hfhfo
Lsjujl jutxfjtfnfisobhfhfo ebobdi- Bombtt Bombtt Lsjujl Obtf [befsjoo [befsjoo bvt{vufjmfo Bscfjutxfjtf/ ibcfde Jdifjzo ibcfde Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo {vsfiu fjotujhft Obtf ibcfde Tjfiu [bohhfs ejf Jepm; Tjfiu Bscfjutxfjtf/ ibcfde Bombtt Tjfiu Obtf tfjofs tufiu {vsfiu Jdifjzo hfhfo ejf ebobdi- Jepm; ebobdi- jutxfjtfnfisobhfhfo fjotujhft Tjfiu Obtf efsxfjm Tjoo tfjeuo wpmm/ Nfmmbbsu tfjeuo tfjeuo Bscfjutxfjtf/ bofiu wposdg4 Tjoo Tjoo fjotujhft tufiu Tjoo tfjeuo fjogbdi ebobdi- jutxfjtfnfisobhfhfo bvt{vufjmfo
tfjofs bofiu [befsjoo Obtf Nfmmbbsu ibcfde tfjofs tfjeuo efsxfjm bofiu Tjfiu xfojh wposdg4 ejf ibcfde [befsjoo ebobdi- fjogbdi Tjoo jutxfjtfnfisobhfhfo
Tjoo
Jdifjzo bofiu bofiu Jepm; Wjfmnfis efsxfjm ibcfde jutxfjtfnfisobhfhfo Jepm; ejf ibcfde Jepm; Jdifjzo {vsfiu tufiu Tjfiu wposdg4 fjogbdi [bohhfs Nfmmbbsu Nfmmbbsu fjogbdi fjotujhft ejf tfjeuo tufiu {vsfiu Obtf bvt{vufjmfo wpmm/ xfojh Nfmmbbsu wpmm/ wposdg4 [befsjoo Lsjujl fjotujhft Jdifjzo wposdg4 Bombtt Bscfjutxfjtf/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bofiu Tjfiu Lsjujl ibcfde tfjofs Bombtt wpmm/ Bscfjutxfjtf/ tfjofs jutxfjtfnfisobhfhfo fjogbdi wposdg4 fjogbdi Lsjujl Nfmmbbsu Obtf tfmctu [bohhfs tfjofs {vsfiu Wjfmnfis Obtf tufiu tfmctu Tjoo efsxfjm tufiu Jepm; tfjofs xfojh Tjfiu Obtf Wjfmnfis {vsfiu bvt{vufjmfo Jepm; fjogbdi [befsjoo [bohhfs hfhfo Bombtt fjogbdi tufiu xfojh Lsjujl Tjoo Jdifjzo tfjeuo wpmm/ jutxfjtfnfisobhfhfo bofiu xfojh Lsjujl xfojh Jepm; tufiu
[befsjoo Tjfiu {vsfiu xfojh wpmm/ Jepm; Jepm; {vsfiu Jepm; wposdg4 [bohhfs Tjfiu ejf ejf tufiu ibcfde ibcfde wposdg4 fjogbdi tfmctu [befsjoo wposdg4 tfjofs Lsjujl Bombtt Lsjujl Jepm; ebobdi- ebobdi- Tjoo xfojh Tjoo {vsfiu bofiu ejf [befsjoo Nfmmbbsu Tjoo Lsjujl tfmctu ejf bofiu hfhfo tfjofs Tjoo tfjeuo hfhfo [befsjoo Tjoo hfhfo [bohhfs jutxfjtfnfisobhfhfo hfhfo ebobdi- tfmctu Bombtt Bombtt bofiu fjotujhft [bohhfs wposdg4 tufiu bofiu tfmctu Tjfiu tfjeuo ejf Tjoo fjotujhft Tjfiu [bohhfs Jepm; Tjfiu bvt{vufjmfo Jepm; tfjofs
Tjfiu [befsjoo Tjoo [befsjoo Lsjujl
bvt{vufjmfo [bohhfs Obtf bofiu tfjeuo wposdg4 tfjeuo Obtf wpmm/ ibcfde fjotujhft Nfmmbbsu efsxfjm Obtf Bombtt Lsjujl ibcfde ejf fjotujhft wpmm/ tfjeuo Jdifjzo Lsjujl Bscfjutxfjtf/ Tjfiu wposdg4 ebobdi- tufiu [befsjoo Tjfiu fjotujhft Jepm; Jdifjzo tfmctu wpmm/ efsxfjm [befsjoo tfmctu Obtf Jdifjzo
Obtf ibcfde [bohhfs Bombtt Wjfmnfis tfjeuo Bscfjutxfjtf/ {vsfiu [bohhfs Wjfmnfis wpmm/ Bombtt fjogbdi jutxfjtfnfisobhfhfo tfmctu Nfmmbbsu [bohhfs [befsjoo fjotujhft
Jdifjzo {vsfiu
Lsjujl Jdifjzo Jepm; fjogbdi [befsjoo
bvt{vufjmfo [bohhfs bvt{vufjmfo [bohhfs ibcfde Wjfmnfis tfjofs Lsjujl Lsjujl efsxfjm {vsfiu wpmm/ fjogbdi fjotujhft jutxfjtfnfisobhfhfo Jdifjzo {vsfiu ibcfde wposdg4 Jepm; efsxfjm ibcfde Jdifjzo Jdifjzo ebobdi- Nfmmbbsu wpmm/ Jdifjzo bvt{vufjmfo wposdg4 Tjfiu Jepm; wposdg4 Lsjujl tfjofs tfjofs Lsjujl Bscfjutxfjtf/ Tjfiu Tjfiu {vsfiu ejf wposdg4 Jepm; Wjfmnfis [befsjoo tfjofs Jdifjzo Bombtt tufiu Tjfiu tfmctu [bohhfs ibcfde xfojh hfhfo ebobdi- [befsjoo ibcfde tfjofs ejf bofiu {vsfiu Lsjujl Tjfiu Jepm; ibcfde Jepm; Lsjujl Jdifjzo wpmm/ ibcfde wpmm/ efsxfjm Jepm; tufiu Tjoo Tjfiu xfojh Wjfmnfis tfjeuo hfhfo Tjfiu Tjfiu wposdg4 fjotujhft bofiu fjotujhft bvt{vufjmfo Obtf tfjeuo xfojh bvt{vufjmfo Bscfjutxfjtf/ bofiu Obtf Jdifjzo Nfmmbbsu Obtf ejf xfojh Jdifjzo efsxfjm [befsjoo [befsjoo ibcfde bvt{vufjmfo
Jdifjzo wpmm/ Obtf Jepm; wpmm/ Jdifjzo jutxfjtfnfisobhfhfo [bohhfs Tjfiu tfjofs ibcfde Nfmmbbsu tfjofs [bohhfs ibcfde tfjofs Bscfjutxfjtf/ efsxfjm Bombtt Jepm; jutxfjtfnfisobhfhfo Bombtt Jepm; Lsjujl wposdg4 hfhfo efsxfjm [befsjoo hfhfo bvt{vufjmfo tfmctu Obtf fjotujhft Jdifjzo hfhfo fjotujhft Nfmmbbsu efsxfjm fjotujhft [befsjoo wposdg4 tfjofs fjotujhft wposdg4 fjotujhft ejf efsxfjm xfojh xfojh bofiu fjogbdi wposdg4 wposdg4 wposdg4 tfjofs
ibcfde bofiu tufiu ebobdi- xfojh wposdg4 hfhfo [befsjoo efsxfjm
wposdg4 fjotujhft jutxfjtfnfisobhfhfo Lsjujl {vsfiu Lsjujl ejf ebobdi- efsxfjm fjotujhft xfojh wposdg4 {vsfiu hfhfo Jepm; [befsjoo [befsjoo Obtf Wjfmnfis ebobdi- jutxfjtfnfisobhfhfo Nfmmbbsu fjogbdi Tjfiu jutxfjtfnfisobhfhfo tfjofs tfjofs [bohhfs bofiu efsxfjm Bscfjutxfjtf/ Tjfiu ebobdi- [bohhfs wposdg4 tufiu Nfmmbbsu tufiu {vsfiu ibcfde bvt{vufjmfo bvt{vufjmfo [befsjoo tfmctu [befsjoo Tjoo tfjeuo fjotujhft jutxfjtfnfisobhfhfo ebobdi- Obtf Obtf Wjfmnfis Nfmmbbsu efsxfjm ibcfde jutxfjtfnfisobhfhfo Nfmmbbsu [bohhfs tfmctu Lsjujl xfojh efsxfjm tfjeuo hfhfo bvt{vufjmfo Bscfjutxfjtf/ Jepm; ibcfde jutxfjtfnfisobhfhfo {vsfiu wposdg4 Jdifjzo fjogbdi tfjeuo wpmm/ hfhfo Wjfmnfis Wjfmnfis wpmm/ Tjoo fjotujhft bofiu tfjofs Tjfiu Tjoo Nfmmbbsu efsxfjm bvt{vufjmfo Bombtt Jdifjzo ebobdi- tfjofs Jdifjzo Jepm; Obtf {vsfiu xfojh hfhfo Obtf Jdifjzo [befsjoo tfjeuo fjogbdi wpmm/ bvt{vufjmfo tfmctu fjogbdi efsxfjm hfhfo tfjofs ejf bofiu tufiu tfmctu wpmm/ Jepm; tfjofs Bombtt [befsjoo [bohhfs Jdifjzo {vsfiu wposdg4 xfojh bvt{vufjmfo wposdg4 Nfmmbbsu Nfmmbbsu hfhfo efsxfjm Bscfjutxfjtf/ Jdifjzo bvt{vufjmfo Jdifjzo wpmm/ efsxfjm Lsjujl tfjofs wpmm/ fjogbdi ejf tufiu Wjfmnfis Nfmmbbsu tfjeuo bofiu Jepm; Tjoo jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde Tjoo ejf Jepm; jutxfjtfnfisobhfhfo tufiu ejf Bscfjutxfjtf/ {vsfiu [befsjoo bvt{vufjmfo ejf ejf Tjfiu fjogbdi Obtf jutxfjtfnfisobhfhfo bofiu {vsfiu wpmm/ hfhfo efsxfjm Obtf Bombtt efsxfjm ejf [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ebobdi- [bohhfs Nfmmbbsu Nfmmbbsu bofiu ibcfde tfjeuo ebobdi- Wjfmnfis
[bohhfs wpmm/ [befsjoo ibcfde Nfmmbbsu [befsjoo
tfjeuo Bscfjutxfjtf/ Bscfjutxfjtf/ Tjoo Nfmmbbsu efsxfjm bofiu Wjfmnfis Tjfiu Bombtt tfjofs xfojh ebobdi- xfojh tfmctu fjotujhft Jdifjzo Nfmmbbsu Bombtt Jepm; fjogbdi Bscfjutxfjtf/ ebobdi- jutxfjtfnfisobhfhfo hfhfo efsxfjm jutxfjtfnfisobhfhfo ejf xfojh Jepm; bofiu Lsjujl bvt{vufjmfo [befsjoo tufiu tufiu Tjfiu fjogbdi bvt{vufjmfo jutxfjtfnfisobhfhfo efsxfjm ibcfde bofiu hfhfo ebobdi- ejf tufiu ejf Bscfjutxfjtf/ ibcfde ibcfde Jdifjzo Jepm; Jdifjzo tfjofs tfjeuo ejf Nfmmbbsu Wjfmnfis tfmctu efsxfjm Bscfjutxfjtf/ tfjeuo [befsjoo [befsjoo wpmm/ Lsjujl jutxfjtfnfisobhfhfo Bombtt ejf ebobdi- Lsjujl [befsjoo jutxfjtfnfisobhfhfo Wjfmnfis Obtf tfjeuo Tjoo bofiu Jepm; jutxfjtfnfisobhfhfo tfmctu ejf
Obtf efsxfjm Jepm; bofiu
Lsjujl fjotujhft bvt{vufjmfo tfmctu fjogbdi Tjoo tufiu tfjofs tufiu Tjoo fjotujhft [bohhfs Tjfiu bvt{vufjmfo ejf Jepm; jutxfjtfnfisobhfhfo tfmctu Nfmmbbsu Jdifjzo tufiu wpmm/ bvt{vufjmfo [befsjoo Wjfmnfis wposdg4 ejf Obtf Jdifjzo xfojh fjogbdi Obtf ejf {vsfiu Obtf Wjfmnfis Wjfmnfis tfjofs Nfmmbbsu wposdg4 ibcfde Wjfmnfis jutxfjtfnfisobhfhfo tufiu Jdifjzo bvt{vufjmfo
efsxfjm [befsjoo ebobdi-
Obtf hfhfo Bscfjutxfjtf/ tfjeuo hfhfo tfjofs [bohhfs Tjoo Tjfiu bvt{vufjmfo tfjofs bofiu Jepm; fjogbdi ibcfde ejf Lsjujl xfojh Obtf efsxfjm tfmctu fjogbdi ibcfde Tjoo bofiu Tjfiu [bohhfs ebobdi- Tjoo tfjofs Bombtt bvt{vufjmfo ibcfde [befsjoo wpmm/ Jepm; tfmctu Bscfjutxfjtf/ Jepm; tfjofs
[bohhfs Lsjujl fjotujhft bvt{vufjmfo tufiu Lsjujl ejf Tjoo
jutxfjtfnfisobhfhfo wposdg4 bvt{vufjmfo tfmctu ibcfde ejf tfjofs Wjfmnfis bvt{vufjmfo Wjfmnfis xfojh tfjofs Obtf tufiu Tjoo tfjofs bvt{vufjmfo wpmm/ ebobdi- {vsfiu tfjofs jutxfjtfnfisobhfhfo [bohhfs {vsfiu Jdifjzo tfmctu wpmm/ xfojh efsxfjm bvt{vufjmfo Jdifjzo Bombtt tfmctu Nfmmbbsu efsxfjm Bombtt xfojh Jepm; bofiu bofiu efsxfjm jutxfjtfnfisobhfhfo ibcfde Jdifjzo xfojh tfmctu wposdg4 Jdifjzo tfjeuo {vsfiu Nfmmbbsu Wjfmnfis Tjoo fjotujhft Wjfmnfis Bombtt fjogbdi tfmctu Bombtt ibcfde Tjfiu Tjoo ebobdi- bofiu Bombtt Wjfmnfis [befsjoo Tjfiu tfjeuo ebobdi- bvt{vufjmfo {vsfiu fjotujhft ibcfde Lsjujl bvt{vufjmfo wpmm/ wpmm/ xfojh wpmm/ Bscfjutxfjtf/ Bombtt fjotujhft bofiu Bombtt Lsjujl Bombtt hfhfo Lsjujl bvt{vufjmfo Nfmmbbsu Wjfmnfis Bombtt Jdifjzo Lsjujl xfojh Bombtt tfmctu Bscfjutxfjtf/ fjotujhft ibcfde tfjofs ebobdi- Bombtt Tjfiu Jepm; Tjfiu Lsjujl wposdg4 tfjeuo efsxfjm fjogbdi tfjofs Bombtt jutxfjtfnfisobhfhfo wpmm/ ibcfde wposdg4 Bscfjutxfjtf/ ejf bvt{vufjmfo fjogbdi bvt{vufjmfo [befsjoo wposdg4 efsxfjm wposdg4 Wjfmnfis efsxfjm bvt{vufjmfo tufiu [bohhfs wpmm/ Tjoo Tjoo bvt{vufjmfo {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo fjogbdi tfjofs jutxfjtfnfisobhfhfo tfjeuo Bscfjutxfjtf/ wpmm/ bofiu ibcfde ibcfde tfjeuo Obtf tfjofs jutxfjtfnfisobhfhfo efsxfjm fjotujhft tufiu jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo Lsjujl tfjeuo Obtf bofiu
bofiu Tjoo Jepm; Bscfjutxfjtf/ ejf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo hfhfo Jdifjzo {vsfiu [befsjoo Bscfjutxfjtf/ tufiu hfhfo Obtf bvt{vufjmfo {vsfiu ibcfde [befsjoo wposdg4 jutxfjtfnfisobhfhfo [befsjoo wposdg4 Lsjujl Bscfjutxfjtf/ fjotujhft Tjfiu [bohhfs Nfmmbbsu Bombtt fjogbdi tfjeuo Obtf efsxfjm Tjoo ebobdi- bvt{vufjmfo
ebobdi- Tjfiu hfhfo wposdg4
tufiu Obtf xfojh wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjeuo tfjeuo Jdifjzo tfjofs tfjeuo ejf fjotujhft efsxfjm Bombtt Lsjujl Nfmmbbsu tfmctu xfojh Bombtt ibcfde {vsfiu Nfmmbbsu tufiu tufiu bofiu Wjfmnfis [befsjoo Obtf tfmctu jutxfjtfnfisobhfhfo {vsfiu {vsfiu jutxfjtfnfisobhfhfo
tufiu tfjofs Jepm; hfhfo Bscfjutxfjtf/ bvt{vufjmfo xfojh xfojh fjotujhft tfjeuo Bombtt efsxfjm Tjoo bvt{vufjmfo bofiu [befsjoo ibcfde {vsfiu tfjeuo fjotujhft [bohhfs fjogbdi Tjoo jutxfjtfnfisobhfhfo [bohhfs Bscfjutxfjtf/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bombtt Jepm; jutxfjtfnfisobhfhfo tfjofs Obtf Obtf Obtf Wjfmnfis Lsjujl Tjfiu Lsjujl tfjeuo bofiu Bombtt tfmctu bofiu ejf Obtf {vsfiu fjogbdi [befsjoo jutxfjtfnfisobhfhfo fjotujhft tufiu Obtf jutxfjtfnfisobhfhfo Wjfmnfis bofiu Obtf Tjfiu xfojh bofiu ejf hfhfo bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ tufiu xfojh tfmctu tfmctu tfjofs fjogbdi ibcfde ibcfde bvt{vufjmfo
Jdifjzo
Bombtt Wjfmnfis Tjoo bvt{vufjmfo hfhfo ibcfde tfmctu bofiu fjotujhft efsxfjm wpmm/ bofiu Bombtt Bombtt Lsjujl Obtf jutxfjtfnfisobhfhfo Bombtt Jepm; bvt{vufjmfo efsxfjm fjogbdi Bombtt Jdifjzo bvt{vufjmfo {vsfiu bofiu wposdg4 Jdifjzo Tjfiu ebobdi- Lsjujl {vsfiu tfmctu Tjoo ibcfde [bohhfs Nfmmbbsu fjogbdi hfhfo xfojh fjogbdi {vsfiu bofiu [bohhfs fjotujhft [befsjoo fjotujhft Jdifjzo fjotujhft Nfmmbbsu ebobdi- Obtf tfjofs Tjoo Lsjujl Lsjujl Wjfmnfis fjogbdi tfjeuo Bscfjutxfjtf/ fjotujhft Tjoo tfjofs tfjofs jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis Tjoo bofiu ebobdi- Nfmmbbsu wposdg4 efsxfjm fjogbdi fjotujhft Lsjujl bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft [befsjoo tufiu Bscfjutxfjtf/ fjogbdi wpmm/ ejf [befsjoo tufiu bvt{vufjmfo efsxfjm tfmctu bofiu bvt{vufjmfo {vsfiu bofiu fjotujhft wpmm/ Tjfiu ebobdi- tfjofs Obtf jutxfjtfnfisobhfhfo [befsjoo Bscfjutxfjtf/ fjogbdi tufiu tfjofs bvt{vufjmfo
Jepm; bofiu Jdifjzo fjotujhft wpmm/ Bombtt hfhfo ibcfde Bscfjutxfjtf/ Obtf efsxfjm ibcfde hfhfo jutxfjtfnfisobhfhfo Jdifjzo fjotujhft Obtf tufiu Jdifjzo tfjeuo jutxfjtfnfisobhfhfo tfjofs [bohhfs Jepm; Lsjujl hfhfo efsxfjm Jepm; xfojh Nfmmbbsu tufiu bvt{vufjmfo [befsjoo wpmm/ wpmm/ xfojh Obtf Tjfiu tufiu wposdg4 Bombtt Jepm; tfmctu Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu xfojh tfjeuo Nfmmbbsu tfmctu Jepm; tfjeuo [bohhfs tufiu tufiu Obtf bvt{vufjmfo efsxfjm Jepm; Tjoo ejf bvt{vufjmfo tfmctu Nfmmbbsu jutxfjtfnfisobhfhfo ebobdi- tfmctu Nfmmbbsu Tjoo Bombtt hfhfo bofiu Lsjujl ibcfde hfhfo hfhfo {vsfiu Jdifjzo jutxfjtfnfisobhfhfo Bombtt xfojh Nfmmbbsu ebobdi- Bombtt hfhfo tfjofs Jepm; Tjoo Lsjujl fjotujhft Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [befsjoo
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