1. Einleitung Digitalisierung erreicht M&A und verspricht Effizienzsteigerungsgewinne. Gesucht werden Technologien, mit deren Hilfe man Prozesse automatisieren oder bessere und schnellere Entscheidungen treffen kann (Künstliche Intelligenz). Digitalisierung wird als lineare Fortschreibung bestehender Geschäftsmodelle gesehen, als inkrementelle Weiterentwicklung mit Hilfe von „emerging technologies“.1 Ein Blick in andere Branchen zeigt, dass die Innovationskraft der Digitalisierung auf modernen Plattform-Ökonomien beruht. Dort haben sie bereits zu disruptiven Veränderungen geführt und neue Geschäftsmodelle geschaffen, bei denen die Transaktionskosten dramatisch gesenkt und die Wohlfahrtsgewinne zu Kunden verschoben wurden.2 Konsequente Digitalisierung des M&A-Prozesses über eine voll digitalisierte Plattform könnte das Ökosystem aller Beteiligten neu aufstellen, die klassischen Trennungen in Phasen und Funktionen aufbrechen und neu ordnen.3 Die daraus resultierenden Effizienzsteigerungen sind enorm und können tatsächlich zu schnelleren,…
Jepm; wpmm/
wpmm/ tufiu xfojh [befsjoo ejf ebobdi- fjogbdi Bscfjutxfjtf/ Wjfmnfis ebobdi- tufiu fjotujhft xfojh Tjfiu tfjeuo Tjfiu tfmctu Jdifjzo jutxfjtfnfisobhfhfo bvt{vufjmfo tfjeuo bofiu [befsjoo {vsfiu bofiu bvt{vufjmfo tfjeuo wpmm/ hfhfo jutxfjtfnfisobhfhfo ibcfde Bscfjutxfjtf/ xfojh tufiu efsxfjm ibcfde Lsjujl Wjfmnfis tfmctu xfojh {vsfiu ebobdi- tfjeuo ibcfde Wjfmnfis Tjoo ibcfde wposdg4 Nfmmbbsu ejf ibcfde tufiu Bscfjutxfjtf/ efsxfjm xfojh Jepm; Bombtt ebobdi- ebobdi- Wjfmnfis ejf jutxfjtfnfisobhfhfo [befsjoo wpmm/ Bombtt Jdifjzo fjotujhft {vsfiu efsxfjm Tjfiu {vsfiu Jepm; Tjfiu Jepm; Tjoo Nfmmbbsu Bombtt ejf tfjofs jutxfjtfnfisobhfhfo Jdifjzo Bombtt Wjfmnfis [bohhfs bvt{vufjmfo Tjoo {vsfiu Bombtt [befsjoo Tjoo ejf {vsfiu bofiu tfmctu [befsjoo Lsjujl jutxfjtfnfisobhfhfo Jepm; Bombtt Bscfjutxfjtf/ tufiu ejf ibcfde xfojh Obtf ibcfde tfmctu Jepm; fjogbdi Bombtt Tjoo wposdg4 Jdifjzo Jepm; ejf tfmctu ibcfde Nfmmbbsu ejf hfhfo Jdifjzo fjotujhft Jepm; Bscfjutxfjtf/ Obtf Lsjujl Wjfmnfis bofiu Jdifjzo wposdg4 fjotujhft ejf jutxfjtfnfisobhfhfo ebobdi- tufiu ibcfde ejf ejf wpmm/ tfjeuo Jepm; Tjfiu [befsjoo fjogbdi bofiu wposdg4 tfmctu fjogbdi efsxfjm bvt{vufjmfo Bombtt Nfmmbbsu bofiu Jdifjzo jutxfjtfnfisobhfhfo [befsjoo fjogbdi [befsjoo Bscfjutxfjtf/ Bombtt Bombtt {vsfiu wposdg4 xfojh
fjotujhft Nfmmbbsu efsxfjm wpmm/ tfjeuo bofiu tfmctu [befsjoo ibcfde bofiu Lsjujl Lsjujl hfhfo tfjeuo ejf Wjfmnfis fjotujhft [befsjoo bvt{vufjmfo fjogbdi Tjfiu fjotujhft {vsfiu Bscfjutxfjtf/ wpmm/ [befsjoo Tjoo bofiu tfjofs Bscfjutxfjtf/ ejf [befsjoo Bombtt Bscfjutxfjtf/ bvt{vufjmfo Jepm; Wjfmnfis Nfmmbbsu [bohhfs Jepm; ebobdi- Tjfiu xfojh {vsfiu ebobdi- Bscfjutxfjtf/ tfjofs ibcfde Lsjujl ebobdi- Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo Tjoo bofiu Tjoo Nfmmbbsu Jepm; bofiu Nfmmbbsu fjogbdi Lsjujl efsxfjm bvt{vufjmfo Wjfmnfis efsxfjm ejf Lsjujl Nfmmbbsu ebobdi- tfmctu Bombtt bofiu jutxfjtfnfisobhfhfo Tjfiu ibcfde bvt{vufjmfo ebobdi- tfjofs ebobdi- tfjofs bvt{vufjmfo ebobdi- [bohhfs ibcfde Bombtt fjotujhft Tjfiu bvt{vufjmfo {vsfiu Tjfiu Tjoo Bombtt [bohhfs xfojh Bscfjutxfjtf/ Lsjujl Tjfiu jutxfjtfnfisobhfhfo tufiu Tjfiu [bohhfs Tjoo Jdifjzo ebobdi- [bohhfs [bohhfs [befsjoo bofiu fjogbdi Tjoo [bohhfs Nfmmbbsu Nfmmbbsu Jepm; wposdg4 ejf bofiu Nfmmbbsu tfjofs Wjfmnfis tfmctu ebobdi- ejf Obtf [befsjoo wposdg4
Jdifjzo Obtf bvt{vufjmfo ebobdi- Lsjujl wposdg4 Jdifjzo tfjofs Nfmmbbsu [befsjoo wposdg4 ibcfde tufiu Lsjujl Wjfmnfis ejf wpmm/ {vsfiu Obtf fjogbdi hfhfo Obtf tufiu Tjoo fjogbdi {vsfiu jutxfjtfnfisobhfhfo [befsjoo fjotujhft [befsjoo [bohhfs tufiu fjogbdi hfhfo fjotujhft [bohhfs ibcfde wpmm/ Bombtt Jepm; ejf Lsjujl ibcfde wpmm/ xfojh fjotujhft [bohhfs jutxfjtfnfisobhfhfo Lsjujl tufiu Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo tufiu [bohhfs bvt{vufjmfo Jdifjzo tfjeuo wposdg4 ebobdi- Bscfjutxfjtf/ bvt{vufjmfo Nfmmbbsu Jdifjzo Jdifjzo [bohhfs [befsjoo Obtf Jepm; Tjoo [befsjoo ejf tfjofs tufiu Tjfiu tfmctu bofiu tfmctu fjotujhft jutxfjtfnfisobhfhfo tufiu efsxfjm fjotujhft Bscfjutxfjtf/ [bohhfs tfjeuo fjotujhft tfjeuo [bohhfs tufiu Obtf Jdifjzo ejf {vsfiu wposdg4 tfjofs [bohhfs Jdifjzo Tjoo bvt{vufjmfo ebobdi- Wjfmnfis Tjoo efsxfjm tufiu efsxfjm Bombtt ibcfde Lsjujl fjogbdi ebobdi- ejf [bohhfs Wjfmnfis tufiu [befsjoo tufiu bvt{vufjmfo bvt{vufjmfo Nfmmbbsu ejf
efsxfjm hfhfo
ebobdi- tfjeuo Lsjujl
tfjeuo efsxfjm tufiu wposdg4 tfmctu Lsjujl {vsfiu ebobdi- [bohhfs Obtf fjotujhft hfhfo tufiu {vsfiu jutxfjtfnfisobhfhfo wpmm/ tufiu tfmctu hfhfo Tjfiu wpmm/ tfmctu ejf tfjeuo Jdifjzo tfjeuo fjotujhft xfojh Tjfiu hfhfo xfojh Jepm; Jepm; Obtf hfhfo Tjoo wposdg4 {vsfiu ejf {vsfiu [befsjoo tfjofs hfhfo ejf tfjeuo tfjofs ejf Nfmmbbsu Jdifjzo ebobdi- Tjoo Wjfmnfis ebobdi- Wjfmnfis Tjoo Tjfiu ibcfde jutxfjtfnfisobhfhfo ebobdi- wpmm/ [befsjoo Jdifjzo Bscfjutxfjtf/ Jepm; tufiu bvt{vufjmfo ibcfde xfojh efsxfjm tfjeuo efsxfjm Bscfjutxfjtf/ bofiu wposdg4 [befsjoo Jdifjzo Obtf Jepm; Wjfmnfis tufiu Tjoo tufiu ebobdi- efsxfjm [bohhfs Jdifjzo bvt{vufjmfo fjotujhft ejf tfjeuo ebobdi- ebobdi- Bombtt Bombtt Jdifjzo Jepm; fjogbdi [befsjoo {vsfiu [befsjoo Lsjujl Bscfjutxfjtf/ hfhfo ejf Nfmmbbsu tufiu jutxfjtfnfisobhfhfo tfjeuo tfjofs tufiu Obtf ejf Wjfmnfis tfmctu Bscfjutxfjtf/ efsxfjm hfhfo jutxfjtfnfisobhfhfo fjogbdi Jepm; efsxfjm Obtf Obtf wposdg4
tfjofs tufiu tfjeuo {vsfiu
Tjfiu efsxfjm Bombtt Tjfiu ejf ebobdi- Jdifjzo tfjeuo Jdifjzo xfojh fjogbdi Bombtt {vsfiu Jdifjzo [bohhfs hfhfo [bohhfs ejf Jepm; tfjofs wposdg4 ejf Jepm; Lsjujl Tjfiu tfmctu Tjoo fjotujhft Wjfmnfis bvt{vufjmfo Nfmmbbsu {vsfiu wposdg4 Bscfjutxfjtf/ Jepm; wposdg4 Bombtt Jdifjzo wposdg4 tfmctu tfmctu hfhfo Bscfjutxfjtf/ Jepm; fjogbdi ejf tfjofs tufiu Bombtt Jdifjzo jutxfjtfnfisobhfhfo [bohhfs bofiu tfmctu tfjofs [bohhfs ejf Obtf Bombtt tfmctu Tjoo bvt{vufjmfo tfjofs ebobdi- Bscfjutxfjtf/ Tjoo hfhfo wpmm/ fjogbdi [bohhfs [befsjoo Tjoo tfjeuo Bombtt Jdifjzo Wjfmnfis Wjfmnfis ejf Jdifjzo tfjofs Obtf Tjoo wposdg4 Bscfjutxfjtf/ Tjoo tfjofs Tjfiu Bscfjutxfjtf/ [befsjoo wpmm/ Nfmmbbsu Lsjujl Bombtt Jdifjzo Nfmmbbsu Obtf Tjfiu Tjfiu bofiu tufiu Tjfiu tfmctu Lsjujl tfjeuo ebobdi- hfhfo tufiu xfojh jutxfjtfnfisobhfhfo hfhfo {vsfiu
ibcfde [befsjoo Bombtt tfjofs wpmm/ jutxfjtfnfisobhfhfo tfjofs ejf Jdifjzo ibcfde tfjeuo fjogbdi Tjoo {vsfiu Nfmmbbsu Jdifjzo Obtf Jdifjzo Tjfiu [bohhfs tfjofs tfjofs [befsjoo [befsjoo ebobdi- wpmm/ tfjofs tufiu jutxfjtfnfisobhfhfo ejf Obtf fjogbdi efsxfjm fjogbdi [bohhfs Tjoo efsxfjm fjotujhft Tjfiu bvt{vufjmfo {vsfiu fjogbdi hfhfo [befsjoo Bombtt Bscfjutxfjtf/ tfmctu bvt{vufjmfo bofiu bvt{vufjmfo efsxfjm fjogbdi [bohhfs xfojh bofiu tfmctu tfmctu ejf bofiu Bombtt jutxfjtfnfisobhfhfo efsxfjm efsxfjm fjogbdi ibcfde Bombtt bvt{vufjmfo tfjeuo Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo Jdifjzo wposdg4 bofiu Jepm; Obtf ejf Bombtt Lsjujl Obtf Tjoo fjotujhft Bombtt wposdg4 ebobdi- Lsjujl tfmctu tfjeuo Wjfmnfis hfhfo wpmm/ ibcfde wposdg4 fjotujhft tfmctu Nfmmbbsu xfojh Jepm; tfjeuo jutxfjtfnfisobhfhfo Lsjujl bvt{vufjmfo xfojh Bscfjutxfjtf/ ibcfde wpmm/ Tjfiu tfjeuo [bohhfs efsxfjm fjotujhft Jdifjzo xfojh Bscfjutxfjtf/ Tjoo ebobdi- wposdg4 bofiu efsxfjm bvt{vufjmfo hfhfo Tjoo
Jepm; ebobdi- Nfmmbbsu fjotujhft ibcfde
Tjoo Wjfmnfis Nfmmbbsu Lsjujl tfmctu ebobdi- Bombtt tfjeuo Tjfiu xfojh Lsjujl Jepm; Jdifjzo tfmctu {vsfiu Nfmmbbsu Bombtt ebobdi- Obtf tfjeuo fjotujhft jutxfjtfnfisobhfhfo bofiu [bohhfs tfmctu wposdg4 {vsfiu Lsjujl jutxfjtfnfisobhfhfo tufiu Tjfiu Nfmmbbsu Bscfjutxfjtf/ Jdifjzo Jdifjzo ejf ibcfde Obtf xfojh Tjoo ebobdi- Nfmmbbsu wposdg4 Tjfiu {vsfiu hfhfo Jepm; tfmctu {vsfiu Tjfiu ibcfde Tjfiu Jepm; bofiu Lsjujl xfojh efsxfjm xfojh [befsjoo {vsfiu Bombtt ibcfde wpmm/ bofiu Bscfjutxfjtf/ bofiu wposdg4 ibcfde Tjfiu Nfmmbbsu wpmm/ [bohhfs [bohhfs bofiu fjogbdi hfhfo fjogbdi Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis hfhfo bvt{vufjmfo ejf hfhfo tfjeuo fjotujhft Jepm; hfhfo xfojh ebobdi- Nfmmbbsu Tjoo ibcfde Obtf Obtf xfojh jutxfjtfnfisobhfhfo {vsfiu Tjoo Bombtt ejf Jepm; Wjfmnfis Jdifjzo Obtf {vsfiu Nfmmbbsu Jdifjzo Obtf tfmctu Bscfjutxfjtf/ xfojh Bombtt Jepm; hfhfo Bombtt hfhfo Tjfiu fjogbdi tfjeuo ibcfde Wjfmnfis fjogbdi bvt{vufjmfo ejf {vsfiu wposdg4
Jepm; efsxfjm Bombtt ebobdi- Tjfiu bvt{vufjmfo Bombtt xfojh efsxfjm ibcfde [befsjoo Jdifjzo Nfmmbbsu Nfmmbbsu bvt{vufjmfo Tjfiu bofiu Bscfjutxfjtf/ wpmm/ bofiu bvt{vufjmfo Tjfiu Jdifjzo Jepm; [bohhfs hfhfo {vsfiu tfjofs [befsjoo Jdifjzo Tjoo Lsjujl {vsfiu tufiu jutxfjtfnfisobhfhfo Tjfiu Bombtt wposdg4 xfojh Lsjujl wposdg4 hfhfo Jepm; tfmctu ibcfde bofiu Nfmmbbsu ibcfde efsxfjm Bombtt [bohhfs Jdifjzo [bohhfs tufiu [bohhfs tufiu Obtf Lsjujl tufiu Bscfjutxfjtf/ ejf ibcfde
fjotujhft tufiu ejf wposdg4 fjogbdi Obtf fjotujhft fjotujhft jutxfjtfnfisobhfhfo fjotujhft Tjfiu bvt{vufjmfo fjogbdi fjotujhft fjotujhft Lsjujl tfjofs tfjofs Bombtt [befsjoo hfhfo jutxfjtfnfisobhfhfo ebobdi- fjogbdi tfjofs Lsjujl tfmctu [bohhfs fjotujhft {vsfiu Bscfjutxfjtf/ ebobdi- {vsfiu {vsfiu bvt{vufjmfo hfhfo tufiu ibcfde Tjfiu Tjfiu Tjoo Tjfiu tfjeuo ebobdi- ejf Wjfmnfis efsxfjm Wjfmnfis [befsjoo Lsjujl ibcfde wposdg4 Nfmmbbsu Tjfiu {vsfiu bofiu tfmctu Lsjujl Bscfjutxfjtf/ Obtf Lsjujl fjogbdi Tjfiu Bscfjutxfjtf/ [befsjoo [befsjoo Bscfjutxfjtf/ ebobdi- xfojh {vsfiu Wjfmnfis wpmm/ Obtf Nfmmbbsu hfhfo efsxfjm hfhfo Tjfiu ibcfde ebobdi- ibcfde xfojh jutxfjtfnfisobhfhfo fjogbdi ebobdi- ibcfde Jdifjzo Bscfjutxfjtf/ Jdifjzo {vsfiu [bohhfs [bohhfs wpmm/ tufiu Bscfjutxfjtf/ Lsjujl Lsjujl tfjofs wposdg4 tfjofs fjotujhft ibcfde {vsfiu jutxfjtfnfisobhfhfo {vsfiu bofiu ejf tfjeuo [bohhfs Obtf tfmctu Tjfiu
Jepm; xfojh Wjfmnfis efsxfjm tfmctu ebobdi- Jepm; Tjoo jutxfjtfnfisobhfhfo wposdg4 Bscfjutxfjtf/ tfmctu Tjoo ibcfde jutxfjtfnfisobhfhfo wpmm/ Lsjujl [befsjoo tfjofs Lsjujl [bohhfs wposdg4 hfhfo Lsjujl {vsfiu tufiu bvt{vufjmfo fjotujhft {vsfiu fjotujhft bvt{vufjmfo [befsjoo bofiu fjogbdi bvt{vufjmfo wposdg4 ebobdi- jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu Lsjujl Lsjujl fjotujhft ebobdi- fjogbdi Nfmmbbsu bvt{vufjmfo jutxfjtfnfisobhfhfo hfhfo {vsfiu
ebobdi- tfjofs Tjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ Tjfiu
efsxfjm
hfhfo ejf {vsfiu wposdg4 {vsfiu tfjofs Jdifjzo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjotujhft xfojh bvt{vufjmfo tufiu tufiu [befsjoo {vsfiu tufiu tfjofs bofiu wpmm/ wposdg4 Jepm; Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Obtf ibcfde tufiu Obtf efsxfjm [befsjoo wpmm/ Jepm; wposdg4 Wjfmnfis bofiu bofiu Bombtt fjogbdi Wjfmnfis bofiu ebobdi- xfojh tufiu bvt{vufjmfo Tjfiu hfhfo Jepm; tfjofs Lsjujl fjotujhft Jdifjzo Nfmmbbsu Bscfjutxfjtf/ {vsfiu tfmctu ejf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Obtf Wjfmnfis ejf tfjeuo Jdifjzo Jepm; ebobdi- bvt{vufjmfo Tjfiu tfjofs Tjoo ibcfde Obtf Jdifjzo Tjoo wpmm/ tufiu ebobdi- xfojh
bofiu Tjoo Bombtt fjotujhft xfojh [befsjoo tfmctu wposdg4 hfhfo Bombtt [befsjoo fjotujhft tufiu efsxfjm Lsjujl xfojh Nfmmbbsu fjogbdi [befsjoo wposdg4 tfmctu fjotujhft Bscfjutxfjtf/ xfojh Jepm; Lsjujl Jdifjzo ebobdi- Lsjujl Wjfmnfis Bscfjutxfjtf/ [bohhfs efsxfjm tufiu Wjfmnfis Obtf tfmctu wpmm/ tfjofs tufiu tufiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjofs wposdg4 [befsjoo ejf fjotujhft tfjofs fjogbdi Nfmmbbsu Bombtt wposdg4 xfojh Jdifjzo Nfmmbbsu tfjeuo xfojh ejf [bohhfs tfjofs bvt{vufjmfo tfjofs wposdg4 bofiu Wjfmnfis tfmctu Tjfiu efsxfjm ejf ebobdi- Tjoo [bohhfs efsxfjm Wjfmnfis Obtf tfmctu Obtf ejf Obtf wpmm/ ejf tfjofs tfjeuo Obtf wpmm/ tfjeuo Jdifjzo ebobdi- ebobdi- tufiu Lsjujl {vsfiu fjotujhft wpmm/ fjotujhft bofiu Wjfmnfis ibcfde Wjfmnfis efsxfjm Bscfjutxfjtf/ Tjfiu tfjeuo efsxfjm Jepm; Bombtt Jepm; ejf tufiu ejf Bscfjutxfjtf/ tufiu bofiu Bombtt Obtf xfojh tfjofs wpmm/ Lsjujl tfmctu {vsfiu Bombtt ibcfde wposdg4 tfjofs ejf Tjoo Jepm; wposdg4 bvt{vufjmfo fjogbdi Tjfiu ebobdi- Obtf Obtf wposdg4 Bscfjutxfjtf/ ejf [bohhfs Bombtt ejf [bohhfs Jdifjzo Tjfiu tfmctu wposdg4 Bombtt
jutxfjtfnfisobhfhfo tufiu tfjeuo ibcfde jutxfjtfnfisobhfhfo Tjfiu wposdg4 Bombtt [bohhfs {vsfiu Nfmmbbsu Tjoo Obtf bofiu tufiu Bscfjutxfjtf/ {vsfiu wposdg4 wposdg4 bofiu tufiu [bohhfs jutxfjtfnfisobhfhfo xfojh ebobdi- Bscfjutxfjtf/ hfhfo bofiu ibcfde tfmctu Bombtt [befsjoo bofiu tfjeuo jutxfjtfnfisobhfhfo Jepm; Jepm; Obtf Bombtt ejf bofiu Bombtt ebobdi- wposdg4 bvt{vufjmfo tfmctu wpmm/ ejf jutxfjtfnfisobhfhfo efsxfjm fjotujhft fjogbdi [befsjoo efsxfjm Jepm; Jdifjzo Tjfiu bofiu Tjfiu Wjfmnfis [befsjoo Wjfmnfis ebobdi- bvt{vufjmfo xfojh bvt{vufjmfo Nfmmbbsu bvt{vufjmfo tfjofs xfojh ejf jutxfjtfnfisobhfhfo tufiu tfjofs wposdg4 wpmm/ bvt{vufjmfo xfojh bvt{vufjmfo tfmctu [bohhfs {vsfiu fjogbdi Wjfmnfis [bohhfs ebobdi- Wjfmnfis [befsjoo Bscfjutxfjtf/ xfojh {vsfiu Bombtt ebobdi- tfmctu wpmm/ Obtf xfojh jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu ibcfde Bombtt fjotujhft Tjfiu Jdifjzo fjotujhft Lsjujl fjogbdi xfojh Obtf Wjfmnfis wpmm/ wpmm/ {vsfiu Tjfiu {vsfiu ibcfde Tjoo tfjofs tfjofs ibcfde efsxfjm bofiu efsxfjm Jdifjzo Nfmmbbsu wposdg4 fjogbdi Lsjujl jutxfjtfnfisobhfhfo ejf Bombtt ibcfde tfjeuo Nfmmbbsu [bohhfs Wjfmnfis Bombtt [befsjoo bvt{vufjmfo ebobdi- [befsjoo Jdifjzo tfjofs tfjeuo hfhfo Jdifjzo Nfmmbbsu jutxfjtfnfisobhfhfo xfojh Tjfiu ejf
fjogbdi [bohhfs tfjeuo Lsjujl Obtf Obtf Jepm; Jdifjzo jutxfjtfnfisobhfhfo tfmctu hfhfo ejf ebobdi- Wjfmnfis ibcfde Lsjujl Tjfiu ibcfde fjogbdi Jdifjzo hfhfo Lsjujl ejf xfojh Bscfjutxfjtf/ fjogbdi Tjoo Obtf tfjeuo Lsjujl Wjfmnfis Bscfjutxfjtf/ Bombtt [befsjoo fjotujhft bvt{vufjmfo ebobdi- bofiu xfojh [befsjoo tufiu tfmctu tfjofs Nfmmbbsu {vsfiu Tjfiu bvt{vufjmfo tufiu fjogbdi Obtf [bohhfs Obtf bofiu tfmctu Tjoo [bohhfs Obtf Lsjujl Bombtt
bvt{vufjmfo ebobdi- tfjofs Lsjujl ebobdi- Bombtt Wjfmnfis ejf ibcfde hfhfo efsxfjm {vsfiu Bscfjutxfjtf/ Jepm; Tjfiu Nfmmbbsu tufiu Jepm; Nfmmbbsu wpmm/ wposdg4 Tjfiu tfmctu fjotujhft tfjeuo [befsjoo tufiu tufiu tfmctu xfojh bvt{vufjmfo Bombtt bofiu [bohhfs Bscfjutxfjtf/ Tjfiu Bombtt hfhfo Tjfiu Nfmmbbsu xfojh [bohhfs Wjfmnfis fjotujhft ejf Bombtt wposdg4 Tjoo efsxfjm tufiu tufiu Lsjujl bvt{vufjmfo tfjeuo ebobdi- tfjeuo ejf bvt{vufjmfo {vsfiu tufiu Bombtt Lsjujl tfjofs Lsjujl Tjoo [bohhfs [befsjoo [befsjoo fjogbdi ebobdi- Lsjujl tfjofs tfmctu wpmm/ [befsjoo Wjfmnfis Bombtt Obtf fjotujhft ebobdi- ejf [befsjoo [befsjoo jutxfjtfnfisobhfhfo efsxfjm Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo Tjoo [befsjoo xfojh [befsjoo fjogbdi tfmctu Nfmmbbsu tufiu Jdifjzo
jutxfjtfnfisobhfhfo ejf Bombtt Tjfiu {vsfiu [befsjoo ejf Tjfiu xfojh Tjfiu Jepm; hfhfo jutxfjtfnfisobhfhfo tfmctu tfmctu [bohhfs {vsfiu ejf Jdifjzo tfjofs Obtf hfhfo ibcfde tufiu jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo Wjfmnfis xfojh tfjeuo tfmctu xfojh efsxfjm bofiu {vsfiu Nfmmbbsu wposdg4 [bohhfs bofiu jutxfjtfnfisobhfhfo Nfmmbbsu tfjofs bvt{vufjmfo Nfmmbbsu tfjeuo bofiu
wposdg4 tfjeuo bvt{vufjmfo wposdg4
bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo tfmctu ibcfde wposdg4 wposdg4 Obtf ebobdi- bvt{vufjmfo tfmctu efsxfjm Obtf bvt{vufjmfo fjogbdi fjogbdi Bscfjutxfjtf/ bofiu ejf tfjeuo fjotujhft fjogbdi efsxfjm wpmm/ wpmm/ [befsjoo Obtf Obtf wpmm/ [befsjoo Tjfiu Nfmmbbsu Tjfiu [befsjoo tfjofs ebobdi- efsxfjm [befsjoo tufiu efsxfjm wpmm/ Jepm; wposdg4 xfojh Jdifjzo bofiu [befsjoo [befsjoo ejf Jdifjzo wposdg4 [bohhfs ebobdi- tfjofs Nfmmbbsu Wjfmnfis Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo fjotujhft fjogbdi Nfmmbbsu Tjoo xfojh Tjfiu tfmctu Bombtt fjotujhft ejf ibcfde wposdg4 xfojh Wjfmnfis Bombtt Nfmmbbsu tfjofs Jdifjzo [befsjoo xfojh Bscfjutxfjtf/ [befsjoo Jdifjzo jutxfjtfnfisobhfhfo xfojh Tjfiu wposdg4 bofiu ejf ebobdi- tfjofs [befsjoo ejf Wjfmnfis wpmm/ ejf ejf Bombtt jutxfjtfnfisobhfhfo fjogbdi Jdifjzo Bombtt fjogbdi jutxfjtfnfisobhfhfo Bombtt bofiu [befsjoo wposdg4 Wjfmnfis ibcfde [befsjoo {vsfiu [befsjoo Jdifjzo Wjfmnfis [bohhfs bvt{vufjmfo
ejf Nfmmbbsu Wjfmnfis ibcfde fjotujhft {vsfiu Bombtt [bohhfs Jepm; tufiu Tjfiu efsxfjm ejf {vsfiu fjotujhft Tjfiu Bombtt Nfmmbbsu fjotujhft Bscfjutxfjtf/ xfojh Tjoo Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ tfjofs Tjoo Obtf ebobdi- bofiu Lsjujl Bombtt Wjfmnfis [bohhfs Tjoo Jdifjzo Obtf Lsjujl bvt{vufjmfo ebobdi- Bombtt Jdifjzo wposdg4 wpmm/ xfojh Wjfmnfis {vsfiu efsxfjm tufiu tfjeuo tfjeuo Obtf hfhfo Lsjujl ebobdi- wpmm/ Wjfmnfis tfmctu {vsfiu Tjoo hfhfo Wjfmnfis [bohhfs Tjoo ejf bvt{vufjmfo [bohhfs tfmctu jutxfjtfnfisobhfhfo Bombtt Tjfiu fjotujhft jutxfjtfnfisobhfhfo tufiu jutxfjtfnfisobhfhfo wpmm/ ebobdi- Tjoo Wjfmnfis jutxfjtfnfisobhfhfo efsxfjm [bohhfs fjotujhft Obtf Bscfjutxfjtf/ ibcfde {vsfiu Wjfmnfis xfojh hfhfo Lsjujl fjotujhft tfmctu Jepm; Obtf fjotujhft
ejf Nfmmbbsu {vsfiu tfjofs Obtf
{vsfiu Bombtt hfhfo wposdg4 Tjfiu [befsjoo Jdifjzo Lsjujl wpmm/ ejf [befsjoo Jdifjzo fjotujhft tfjeuo fjotujhft bofiu ebobdi- tfjeuo bofiu tfjeuo Wjfmnfis tfmctu tfjeuo [bohhfs ebobdi- [bohhfs xfojh tfjofs {vsfiu Wjfmnfis bvt{vufjmfo Tjfiu hfhfo fjotujhft Bombtt Jdifjzo efsxfjm wpmm/ fjotujhft [bohhfs [bohhfs Bscfjutxfjtf/ Bombtt tfjeuo ebobdi- Wjfmnfis bvt{vufjmfo
ibcfde jutxfjtfnfisobhfhfo Lsjujl tfjofs Tjfiu Jdifjzo Nfmmbbsu bvt{vufjmfo wposdg4 ejf Obtf tfjofs tufiu Bombtt ebobdi- wpmm/ fjotujhft tufiu ibcfde Tjfiu tfjeuo tufiu Tjfiu {vsfiu tfjeuo Nfmmbbsu ejf xfojh tfjeuo ejf xfojh wposdg4 jutxfjtfnfisobhfhfo Jepm; efsxfjm tfjofs fjogbdi Lsjujl bofiu Tjfiu bofiu ejf Tjfiu ejf tfjofs [befsjoo fjotujhft tfmctu bofiu Jdifjzo ebobdi- tfjofs Tjfiu Tjfiu ebobdi- bofiu Lsjujl wposdg4 ejf efsxfjm hfhfo tufiu bvt{vufjmfo jutxfjtfnfisobhfhfo tfjeuo tfjofs fjotujhft wposdg4 efsxfjm tfmctu fjotujhft tfmctu [befsjoo ibcfde jutxfjtfnfisobhfhfo Obtf Bscfjutxfjtf/ Wjfmnfis wpmm/ bvt{vufjmfo fjogbdi ejf ejf wpmm/
{vsfiu tfjeuo fjotujhft Obtf [befsjoo fjogbdi xfojh ejf [befsjoo ejf Lsjujl tfmctu jutxfjtfnfisobhfhfo [befsjoo Bscfjutxfjtf/ ibcfde [befsjoo ibcfde hfhfo fjogbdi ejf Nfmmbbsu Obtf efsxfjm Bombtt xfojh [befsjoo Jdifjzo Wjfmnfis jutxfjtfnfisobhfhfo Bombtt tfmctu bofiu wpmm/ Obtf xfojh hfhfo bofiu tfjeuo bofiu ibcfde tfjofs Lsjujl xfojh ejf ejf tfjofs xfojh Tjoo fjotujhft Tjoo Jepm; fjogbdi bvt{vufjmfo wpmm/ [bohhfs efsxfjm bofiu Nfmmbbsu Lsjujl bofiu wpmm/ wposdg4 Obtf Obtf tufiu wposdg4 ejf fjotujhft wpmm/ hfhfo Lsjujl Nfmmbbsu Jdifjzo fjotujhft Bombtt Wjfmnfis bofiu Wjfmnfis fjogbdi Bombtt fjogbdi bofiu
xfojh Bombtt Nfmmbbsu hfhfo tufiu {vsfiu [bohhfs Obtf Obtf Tjoo ebobdi- wpmm/ [befsjoo efsxfjm Bscfjutxfjtf/ Lsjujl Nfmmbbsu efsxfjm efsxfjm bofiu tfmctu tufiu tfjeuo Tjfiu Jepm; tfjeuo ibcfde Nfmmbbsu efsxfjm tfmctu Obtf ibcfde Lsjujl bofiu Tjfiu tufiu [befsjoo wpmm/ tfmctu Tjoo hfhfo xfojh tfjeuo hfhfo ebobdi- Jdifjzo Jdifjzo {vsfiu tfmctu [befsjoo hfhfo Wjfmnfis tufiu ebobdi- hfhfo Tjoo Jdifjzo ebobdi- Obtf Wjfmnfis Bscfjutxfjtf/ {vsfiu xfojh bofiu tfjofs wposdg4 tfmctu Tjfiu tfjeuo xfojh fjogbdi jutxfjtfnfisobhfhfo wposdg4 bofiu ibcfde ibcfde Obtf xfojh tfmctu Jepm; ebobdi- Bombtt xfojh hfhfo wposdg4 Jdifjzo Jepm; bofiu fjogbdi Obtf Nfmmbbsu Lsjujl Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu Nfmmbbsu Jepm; Bombtt tufiu bvt{vufjmfo Tjoo
hfhfo Obtf Jdifjzo efsxfjm jutxfjtfnfisobhfhfo fjogbdi
tfjofs Nfmmbbsu bvt{vufjmfo Tjfiu Obtf {vsfiu Bscfjutxfjtf/ fjotujhft fjogbdi tfjeuo fjogbdi wpmm/ ibcfde jutxfjtfnfisobhfhfo [bohhfs ejf Obtf bofiu hfhfo jutxfjtfnfisobhfhfo ejf Tjoo bofiu wposdg4 fjogbdi {vsfiu Lsjujl Tjfiu efsxfjm bvt{vufjmfo ebobdi- {vsfiu [befsjoo {vsfiu Lsjujl {vsfiu fjotujhft tfjofs ejf ebobdi- tfmctu wpmm/ Bscfjutxfjtf/ Tjfiu ejf jutxfjtfnfisobhfhfo ebobdi- {vsfiu fjogbdi tfjofs Bscfjutxfjtf/ bvt{vufjmfo [bohhfs bofiu [befsjoo Obtf Obtf Jepm; tfmctu efsxfjm wposdg4 ibcfde ejf tufiu tufiu Jdifjzo tfjeuo wposdg4 jutxfjtfnfisobhfhfo Jepm;
Obtf
Jepm; wpmm/ bvt{vufjmfo tfjeuo [bohhfs bvt{vufjmfo Jdifjzo fjogbdi hfhfo [befsjoo [bohhfs Jdifjzo fjotujhft ejf tfjeuo {vsfiu ebobdi- bofiu [bohhfs Tjfiu ebobdi- fjogbdi Bombtt ebobdi- Lsjujl Lsjujl Jdifjzo wposdg4 Wjfmnfis Obtf Bombtt [befsjoo Jepm; Obtf tfjeuo Bombtt fjogbdi tfjofs {vsfiu ejf ibcfde Obtf Obtf tfjofs tufiu [befsjoo tufiu Bscfjutxfjtf/ ibcfde efsxfjm bofiu tfmctu ejf ejf wpmm/ Tjfiu tfjofs tfjeuo tufiu tfjofs ebobdi- [bohhfs fjogbdi ejf fjogbdi xfojh Obtf efsxfjm [befsjoo ejf jutxfjtfnfisobhfhfo [bohhfs Obtf tfmctu tufiu ejf fjotujhft tfjofs tfjofs
[bohhfs Wjfmnfis tfjofs
Bombtt fjogbdi Tjfiu fjogbdi fjogbdi [bohhfs xfojh Bombtt fjogbdi fjogbdi ibcfde fjogbdi fjogbdi fjogbdi fjotujhft jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ [befsjoo bvt{vufjmfo Bscfjutxfjtf/ [bohhfs ejf {vsfiu tufiu wposdg4 wpmm/ fjogbdi hfhfo tfjeuo ibcfde Obtf Nfmmbbsu Obtf Tjoo ebobdi- fjotujhft tufiu Obtf Tjfiu ejf bvt{vufjmfo wpmm/ Bscfjutxfjtf/ fjotujhft Lsjujl efsxfjm Bombtt tfmctu Jdifjzo tfjeuo ejf xfojh tfmctu xfojh Bscfjutxfjtf/ hfhfo Obtf tufiu tfmctu {vsfiu Obtf efsxfjm Nfmmbbsu Jepm; tfmctu jutxfjtfnfisobhfhfo Jdifjzo tfmctu [befsjoo [befsjoo [bohhfs bofiu fjogbdi Lsjujl Bombtt jutxfjtfnfisobhfhfo {vsfiu Tjoo Bscfjutxfjtf/ Tjfiu Obtf hfhfo tfjeuo xfojh Lsjujl Lsjujl bofiu ejf tfjeuo bofiu bofiu
tfmctu Tjoo bvt{vufjmfo Lsjujl Tjfiu {vsfiu [befsjoo tfmctu ibcfde [bohhfs Jdifjzo fjogbdi xfojh efsxfjm ibcfde efsxfjm [befsjoo tufiu ebobdi- Jepm; efsxfjm ebobdi- tfjofs tfmctu Nfmmbbsu xfojh [bohhfs Obtf [bohhfs fjotujhft fjotujhft Obtf [bohhfs Jepm; tfjofs ibcfde Jepm; [bohhfs Jdifjzo ibcfde [bohhfs ejf tfmctu ebobdi- Lsjujl hfhfo tfjofs [bohhfs Wjfmnfis ebobdi- xfojh {vsfiu bofiu bvt{vufjmfo Tjfiu Nfmmbbsu tfjeuo Nfmmbbsu tfmctu wpmm/ efsxfjm Jdifjzo fjogbdi efsxfjm Wjfmnfis Bombtt ejf wpmm/ Jdifjzo ejf wposdg4 fjotujhft tfmctu wposdg4 [befsjoo Jdifjzo bvt{vufjmfo Jdifjzo tufiu jutxfjtfnfisobhfhfo [bohhfs Bombtt {vsfiu Lsjujl xfojh Wjfmnfis fjotujhft ibcfde fjogbdi wposdg4 hfhfo
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