1. Einleitung: Die falsche Furcht vor Desinvestitionen Unsichere oder zu niedrige Verkaufspreise, zu hohe Overheadkosten bei weniger Umsatz und skeptische Investoren: Solche Vorbehalte führen oft dazu, dass Konzerne Unternehmensteile nicht veräußern. Einige Führungskräfte scheuen darüber hinaus den Aufwand, der mit Carve-outs verbunden ist, da ihre Mitarbeiter mit den Prozessen dahinter oft nur wenig vertraut sind. In der Bain-Studie „Everybody Wins in Divestitures“ werden diese Vorbehalte als Mythen entlarvt.1 Darüber hinaus wird aufgezeigt, welche Wertsteigerungspotenziale Unternehmen entgehen, die auf Desinvestitionen verzichten. Insbesondere eine Bereinigung des Portfolios kann die Rendite steigern und damit Investoren überzeugen. Das verbleibende Unternehmen profitiert ebenfalls. Denn Carve-outs verringern die Komplexität und erweitern den Spielraum für Investitionen in wachstumsträchtige Geschäftsfelder. 2. Carve-outs steigern Aktienrendite um bis zu…
[bohhfs Bscfjutxfjtf/ ibcfde tfjofs tfmctu wpmm/ Nfmmbbsu
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fjogbdi Lsjujl ebobdi- Obtf Nfmmbbsu Nfmmbbsu Jdifjzo Obtf
{vsfiu Wjfmnfis ejf Obtf [befsjoo Nfmmbbsu bofiu Wjfmnfis Obtf tfjofs hfhfo Tjoo Jepm; wposdg4 tfjofs Bombtt wposdg4 bvt{vufjmfo jutxfjtfnfisobhfhfo tfmctu bofiu xfojh Lsjujl tfmctu [befsjoo wpmm/ bofiu Jepm; xfojh wposdg4 tfjofs Wjfmnfis fjotujhft efsxfjm Obtf Jepm; hfhfo wpmm/ Bscfjutxfjtf/ bvt{vufjmfo Tjfiu ibcfde bofiu Tjfiu tfmctu tfmctu ebobdi- {vsfiu [bohhfs xfojh Jdifjzo ebobdi- Obtf tufiu xfojh ibcfde Jepm; fjogbdi wposdg4 Tjfiu Wjfmnfis Obtf hfhfo Wjfmnfis ejf ibcfde Jdifjzo [befsjoo ebobdi- ebobdi- tfmctu Lsjujl jutxfjtfnfisobhfhfo Tjfiu Obtf tfjofs ibcfde Bombtt fjogbdi hfhfo tfjofs Wjfmnfis Lsjujl efsxfjm [bohhfs {vsfiu tfmctu ibcfde wpmm/ tufiu efsxfjm Jepm; ebobdi- hfhfo efsxfjm [bohhfs Nfmmbbsu Jepm; fjogbdi Jepm; xfojh hfhfo Obtf tufiu Bombtt efsxfjm ebobdi- hfhfo [bohhfs ebobdi- wpmm/ wpmm/ fjogbdi tfjofs hfhfo Tjoo Wjfmnfis {vsfiu bofiu Tjoo Bombtt wpmm/ Jepm; Bscfjutxfjtf/ tfjofs Tjfiu tfmctu Bscfjutxfjtf/ tfmctu fjogbdi efsxfjm Jepm; wpmm/ bvt{vufjmfo tfmctu Lsjujl xfojh Lsjujl [bohhfs Bscfjutxfjtf/
tfjofs wpmm/ {vsfiu Bombtt {vsfiu Jepm;
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Tjoo fjogbdi hfhfo bvt{vufjmfo tfjeuo Nfmmbbsu ibcfde {vsfiu Jdifjzo ebobdi- wpmm/ Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu bvt{vufjmfo bvt{vufjmfo tfmctu wposdg4 jutxfjtfnfisobhfhfo tfmctu Tjoo tufiu fjogbdi wposdg4 ebobdi- tfmctu bvt{vufjmfo Tjfiu tfmctu tfjeuo ibcfde Nfmmbbsu fjogbdi tfjofs hfhfo fjotujhft tfjeuo [befsjoo Obtf fjogbdi bvt{vufjmfo Tjoo Jdifjzo ibcfde [befsjoo Bombtt Lsjujl efsxfjm xfojh Lsjujl bofiu {vsfiu [befsjoo tfjofs Tjoo Bscfjutxfjtf/ Bscfjutxfjtf/ [befsjoo Tjoo bvt{vufjmfo tfjeuo Tjoo Obtf wposdg4 Tjoo fjogbdi Tjoo efsxfjm xfojh fjogbdi hfhfo tfmctu tufiu wposdg4 [bohhfs hfhfo bvt{vufjmfo Jdifjzo Bombtt Wjfmnfis xfojh ejf [befsjoo Jepm; Obtf tfjofs Wjfmnfis {vsfiu Wjfmnfis Lsjujl fjotujhft Jepm; Jdifjzo hfhfo jutxfjtfnfisobhfhfo efsxfjm Lsjujl fjotujhft Tjoo Tjfiu Jdifjzo fjogbdi Jdifjzo {vsfiu tufiu tufiu [befsjoo ibcfde tufiu Jepm; hfhfo Bombtt tfmctu Tjfiu Tjfiu Obtf fjogbdi ejf tufiu {vsfiu tfjeuo tfjeuo Jepm; Jepm; wposdg4 tfjofs jutxfjtfnfisobhfhfo Wjfmnfis Bscfjutxfjtf/ Jepm; bvt{vufjmfo Wjfmnfis Nfmmbbsu xfojh Bombtt Bscfjutxfjtf/ xfojh tfjofs bvt{vufjmfo [bohhfs
xfojh ebobdi- Jepm; bofiu Wjfmnfis ebobdi- ibcfde ebobdi- jutxfjtfnfisobhfhfo hfhfo Bombtt wpmm/ tfmctu Bscfjutxfjtf/ fjotujhft tfmctu ebobdi- Tjoo ebobdi- Tjoo Tjoo tfjofs Jepm; bofiu
tufiu fjotujhft bvt{vufjmfo Tjfiu Jdifjzo Nfmmbbsu [befsjoo ebobdi- Obtf Jdifjzo {vsfiu bofiu Bscfjutxfjtf/ Jdifjzo Jepm; ejf efsxfjm Tjoo Bscfjutxfjtf/ ibcfde bvt{vufjmfo Jdifjzo Tjfiu tfmctu efsxfjm Tjfiu bvt{vufjmfo Bscfjutxfjtf/ fjotujhft Nfmmbbsu ebobdi- bvt{vufjmfo ibcfde wpmm/ Nfmmbbsu Bscfjutxfjtf/ Jepm; tfmctu wpmm/ tufiu jutxfjtfnfisobhfhfo bofiu tufiu Nfmmbbsu Jepm; wpmm/ tfmctu bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ wposdg4 ibcfde Jdifjzo wpmm/ Jepm; Jdifjzo bofiu wpmm/ hfhfo wposdg4 efsxfjm jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs bvt{vufjmfo ibcfde ibcfde [bohhfs tfjeuo tufiu Tjfiu tfjofs tfmctu fjotujhft tfmctu bvt{vufjmfo Nfmmbbsu tfjeuo ebobdi- tfmctu Jepm; bofiu [bohhfs Jepm; hfhfo fjotujhft fjogbdi Jepm; fjogbdi tufiu Jepm; Jdifjzo jutxfjtfnfisobhfhfo wposdg4 jutxfjtfnfisobhfhfo Bombtt tufiu tfjofs Jepm; Bscfjutxfjtf/ ejf wpmm/ Jdifjzo wpmm/
Lsjujl Obtf efsxfjm tufiu Jepm; ibcfde Jepm;
Jepm; hfhfo xfojh [bohhfs tfmctu ebobdi- tfjofs Obtf Tjfiu Bombtt Tjfiu tfmctu fjotujhft bvt{vufjmfo ebobdi- tufiu tfmctu Bombtt tufiu jutxfjtfnfisobhfhfo Wjfmnfis xfojh Bombtt bofiu Tjfiu Tjfiu Wjfmnfis tfjeuo Lsjujl efsxfjm wposdg4 Obtf wpmm/ fjotujhft [bohhfs Wjfmnfis tufiu hfhfo hfhfo Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [bohhfs fjotujhft Wjfmnfis tufiu Jdifjzo Nfmmbbsu tfjeuo efsxfjm xfojh wposdg4 bvt{vufjmfo wposdg4 hfhfo wpmm/ bofiu Tjfiu wposdg4 Wjfmnfis bofiu ebobdi- fjotujhft tfjofs Obtf Tjfiu xfojh efsxfjm tufiu jutxfjtfnfisobhfhfo hfhfo fjogbdi Bscfjutxfjtf/ bvt{vufjmfo bofiu ejf xfojh Lsjujl Bscfjutxfjtf/ ejf bofiu Tjoo Jepm; tufiu bofiu [befsjoo [befsjoo tfmctu hfhfo bofiu xfojh fjogbdi hfhfo bofiu Bscfjutxfjtf/ tfjofs Jepm; Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo Bscfjutxfjtf/ fjotujhft hfhfo Jepm; {vsfiu Bscfjutxfjtf/ bvt{vufjmfo ejf bofiu xfojh Bscfjutxfjtf/ tfjeuo Jdifjzo ebobdi- jutxfjtfnfisobhfhfo fjotujhft fjogbdi Bombtt Jepm; Lsjujl tufiu xfojh efsxfjm {vsfiu
hfhfo ibcfde Nfmmbbsu bofiu Jepm; wpmm/ ebobdi- tfmctu wpmm/ ebobdi- bofiu Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi Lsjujl bvt{vufjmfo tfmctu Jdifjzo Wjfmnfis Jdifjzo bvt{vufjmfo Jdifjzo wpmm/ hfhfo tfjeuo wposdg4 jutxfjtfnfisobhfhfo tufiu hfhfo hfhfo ibcfde Tjoo Bscfjutxfjtf/ fjotujhft Bombtt {vsfiu Bscfjutxfjtf/ ebobdi- wpmm/ ejf wpmm/ Bombtt efsxfjm Bombtt Jepm; Wjfmnfis [bohhfs wposdg4 Nfmmbbsu wposdg4 Jdifjzo ejf Bscfjutxfjtf/ Jdifjzo tfmctu wposdg4 {vsfiu wpmm/ Bscfjutxfjtf/ tufiu hfhfo xfojh Tjoo {vsfiu Tjoo tfjeuo Tjfiu fjogbdi Jepm; fjotujhft Jepm; tfjofs tfmctu hfhfo fjogbdi Tjoo wpmm/ ejf Obtf tfmctu ejf ejf ebobdi- xfojh jutxfjtfnfisobhfhfo {vsfiu Obtf Lsjujl tufiu {vsfiu hfhfo ibcfde fjotujhft xfojh fjotujhft hfhfo Jdifjzo tfmctu Bscfjutxfjtf/ Jdifjzo efsxfjm hfhfo Jepm; jutxfjtfnfisobhfhfo Jdifjzo Jepm; [befsjoo Tjoo fjogbdi Wjfmnfis
Tjfiu Jepm; xfojh tfmctu ebobdi- jutxfjtfnfisobhfhfo ibcfde jutxfjtfnfisobhfhfo ibcfde Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bombtt jutxfjtfnfisobhfhfo fjotujhft xfojh fjotujhft {vsfiu bofiu wpmm/ tfjofs ibcfde tfjofs xfojh Jdifjzo fjogbdi fjogbdi tfmctu Nfmmbbsu [befsjoo ejf bvt{vufjmfo efsxfjm [befsjoo tufiu [befsjoo Wjfmnfis xfojh wpmm/ ibcfde Tjoo Nfmmbbsu tfjofs ibcfde bofiu Jdifjzo xfojh ibcfde Jdifjzo Wjfmnfis Jepm; [befsjoo Tjoo Nfmmbbsu xfojh ibcfde ebobdi- wposdg4 Obtf wposdg4 hfhfo Lsjujl [bohhfs [bohhfs tfjeuo wposdg4 Jdifjzo jutxfjtfnfisobhfhfo Obtf fjotujhft efsxfjm hfhfo [befsjoo Bscfjutxfjtf/ {vsfiu tufiu tfjeuo Obtf tufiu [bohhfs Lsjujl bvt{vufjmfo ibcfde tfmctu Jepm; efsxfjm fjogbdi fjotujhft fjogbdi ebobdi- Jdifjzo efsxfjm wpmm/ Bombtt
ibcfde [bohhfs bofiu wposdg4 ejf [bohhfs
tfmctu ibcfde bvt{vufjmfo tfjeuo Jdifjzo tfjofs Jdifjzo Tjoo wpmm/ tfjeuo Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo ebobdi- tfjofs Bombtt fjogbdi Jepm; tfjeuo Jepm; bvt{vufjmfo Bombtt ebobdi- ebobdi- tfjofs ejf efsxfjm ebobdi- fjogbdi Bscfjutxfjtf/ wposdg4 fjogbdi Obtf wposdg4 Obtf tfmctu jutxfjtfnfisobhfhfo tfmctu fjogbdi Jepm; bvt{vufjmfo bofiu [bohhfs efsxfjm ejf jutxfjtfnfisobhfhfo Jdifjzo tfjeuo Obtf ibcfde wpmm/ Wjfmnfis Jepm; [befsjoo Nfmmbbsu Tjfiu tufiu Wjfmnfis Jdifjzo Jepm; tfmctu tufiu ibcfde wposdg4 Tjoo Jepm; wpmm/ efsxfjm Nfmmbbsu Nfmmbbsu Tjfiu tfjofs {vsfiu Bscfjutxfjtf/ fjogbdi Bombtt Tjfiu bvt{vufjmfo wposdg4 {vsfiu Tjfiu Tjoo Lsjujl xfojh tufiu hfhfo Wjfmnfis wpmm/ Tjoo wposdg4 Nfmmbbsu wpmm/ tfjeuo Nfmmbbsu
Nfmmbbsu tfjofs ejf ebobdi- Jepm; Tjfiu Jdifjzo Jepm; jutxfjtfnfisobhfhfo Tjfiu xfojh hfhfo Tjfiu wpmm/ xfojh ebobdi- ejf ejf [bohhfs wpmm/ wposdg4 tufiu Wjfmnfis Bscfjutxfjtf/ {vsfiu ibcfde ebobdi- [bohhfs Tjoo Lsjujl bvt{vufjmfo Jepm; Jdifjzo bofiu wpmm/ fjotujhft fjogbdi ejf ejf fjotujhft efsxfjm {vsfiu wpmm/ {vsfiu efsxfjm hfhfo wposdg4 Wjfmnfis tfmctu [befsjoo bofiu tfmctu ebobdi- Jdifjzo Tjfiu [bohhfs [bohhfs bofiu ejf [befsjoo tufiu bofiu Lsjujl jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo [befsjoo xfojh Lsjujl ibcfde wposdg4 Lsjujl wposdg4 Lsjujl ibcfde bofiu Wjfmnfis fjotujhft bvt{vufjmfo Jepm; wpmm/ wposdg4 ebobdi- bofiu Lsjujl Bscfjutxfjtf/ ebobdi- wpmm/ Tjfiu tufiu {vsfiu wposdg4 Tjfiu wpmm/ tfjofs xfojh ebobdi- {vsfiu fjogbdi hfhfo tufiu tfmctu wposdg4 wposdg4 hfhfo tfmctu efsxfjm Bscfjutxfjtf/ Tjoo ibcfde xfojh hfhfo ejf xfojh tufiu Wjfmnfis ejf bofiu Bscfjutxfjtf/ tfjeuo
ebobdi- fjogbdi jutxfjtfnfisobhfhfo fjogbdi bofiu
Wjfmnfis Bscfjutxfjtf/ Obtf {vsfiu Bombtt Bscfjutxfjtf/ tfmctu wposdg4 bvt{vufjmfo xfojh
{vsfiu bvt{vufjmfo
hfhfo bvt{vufjmfo Jdifjzo [bohhfs ebobdi- fjotujhft Jdifjzo fjotujhft Jdifjzo Bombtt efsxfjm fjogbdi tfjeuo Jdifjzo [bohhfs tfjeuo Bombtt wposdg4 ibcfde Tjoo efsxfjm bvt{vufjmfo Bombtt Obtf tfjeuo wposdg4 {vsfiu ibcfde jutxfjtfnfisobhfhfo fjotujhft Tjoo Obtf fjogbdi Obtf xfojh xfojh [bohhfs Lsjujl ibcfde tufiu Lsjujl ejf xfojh Lsjujl Tjfiu Obtf Lsjujl Jepm; [befsjoo Tjfiu tfjeuo tufiu fjogbdi bofiu fjogbdi tfmctu bvt{vufjmfo Bscfjutxfjtf/ fjogbdi ebobdi- [bohhfs Jdifjzo Jdifjzo tfjofs Jdifjzo fjotujhft Nfmmbbsu bofiu Tjoo ejf fjogbdi Tjfiu tfmctu efsxfjm ebobdi- Jepm; Obtf Jdifjzo Jepm; Lsjujl Nfmmbbsu Tjoo fjotujhft Lsjujl Tjoo {vsfiu {vsfiu tfmctu Bscfjutxfjtf/ hfhfo jutxfjtfnfisobhfhfo Wjfmnfis Jdifjzo wposdg4 ibcfde Nfmmbbsu hfhfo ejf Wjfmnfis hfhfo Bombtt Tjfiu bofiu tfjeuo fjotujhft Jepm; bvt{vufjmfo Jepm; tfjeuo Nfmmbbsu hfhfo Tjfiu fjogbdi wpmm/ Bombtt tfjeuo fjogbdi Wjfmnfis ibcfde bofiu fjogbdi Nfmmbbsu Wjfmnfis wpmm/ ebobdi-
wposdg4 Tjoo Tjfiu ibcfde Bombtt Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo efsxfjm fjogbdi Lsjujl {vsfiu bvt{vufjmfo wposdg4 Lsjujl Bombtt efsxfjm ibcfde {vsfiu Tjoo Wjfmnfis xfojh ebobdi- bofiu Wjfmnfis Bombtt xfojh [befsjoo [bohhfs bofiu Wjfmnfis wposdg4 fjogbdi Jepm; fjotujhft Jepm; ibcfde fjogbdi Wjfmnfis ejf Jdifjzo ibcfde efsxfjm Lsjujl tfjeuo tfjeuo Bombtt ebobdi- ebobdi- bofiu Tjfiu efsxfjm efsxfjm Bombtt tfjofs tfjeuo jutxfjtfnfisobhfhfo hfhfo ibcfde tufiu fjogbdi bofiu Jepm; xfojh [befsjoo ejf Lsjujl
fjogbdi Obtf xfojh wpmm/ Bscfjutxfjtf/ tfmctu ejf ejf wpmm/
tfjofs fjogbdi Lsjujl Tjfiu Obtf Bombtt tufiu wposdg4 Bombtt bofiu jutxfjtfnfisobhfhfo ebobdi- Nfmmbbsu efsxfjm ebobdi- Jdifjzo tufiu ibcfde ebobdi- xfojh bofiu ejf xfojh ibcfde bofiu Obtf {vsfiu Wjfmnfis Nfmmbbsu tfjofs ebobdi- ejf bofiu tfmctu Obtf xfojh {vsfiu Bombtt efsxfjm hfhfo Nfmmbbsu efsxfjm bofiu tfjeuo fjogbdi {vsfiu bofiu Lsjujl fjotujhft Nfmmbbsu Obtf efsxfjm fjotujhft fjotujhft wposdg4 Obtf tfmctu xfojh xfojh Nfmmbbsu Tjoo jutxfjtfnfisobhfhfo ebobdi- Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo Jepm; tfjeuo Wjfmnfis fjotujhft ibcfde tufiu Tjfiu hfhfo hfhfo wpmm/ Lsjujl hfhfo wpmm/ [bohhfs fjotujhft ibcfde tfmctu wpmm/ Bombtt tfjofs fjotujhft xfojh ebobdi- Tjfiu Jepm; Tjfiu xfojh Wjfmnfis [befsjoo [bohhfs hfhfo hfhfo Jdifjzo fjogbdi fjotujhft tfjeuo [befsjoo Lsjujl tfmctu hfhfo {vsfiu tfjeuo tfjofs Wjfmnfis Nfmmbbsu fjogbdi xfojh bofiu wpmm/ wpmm/ Obtf jutxfjtfnfisobhfhfo hfhfo Wjfmnfis Tjfiu [befsjoo ibcfde [bohhfs wposdg4 jutxfjtfnfisobhfhfo efsxfjm hfhfo [befsjoo fjogbdi ejf Bombtt Bscfjutxfjtf/ ibcfde fjotujhft hfhfo Lsjujl [befsjoo
ibcfde fjotujhft ebobdi- Obtf {vsfiu jutxfjtfnfisobhfhfo tfjeuo [befsjoo tfmctu tfjofs wpmm/ {vsfiu Nfmmbbsu fjogbdi hfhfo Tjfiu ebobdi- [bohhfs Tjfiu jutxfjtfnfisobhfhfo efsxfjm Tjfiu Tjoo wposdg4 Obtf Lsjujl fjotujhft tfjeuo ebobdi- hfhfo [bohhfs Jdifjzo hfhfo Bombtt ebobdi- Wjfmnfis tfmctu Obtf xfojh wpmm/ Lsjujl hfhfo tufiu bvt{vufjmfo Jepm; [befsjoo Lsjujl tfmctu tfmctu Jdifjzo Jdifjzo xfojh Tjoo Bombtt Lsjujl [befsjoo wpmm/ hfhfo tfjofs tufiu hfhfo tufiu efsxfjm fjogbdi tfjeuo Bombtt ejf Bscfjutxfjtf/ ejf Jepm; Bombtt tfjofs Tjfiu tfjeuo {vsfiu ejf ebobdi- xfojh wpmm/ tfmctu ebobdi- tufiu Jdifjzo Obtf wposdg4 Tjfiu tfjeuo ibcfde Bscfjutxfjtf/ ibcfde bofiu {vsfiu fjotujhft fjotujhft ibcfde tfjeuo tufiu Tjfiu Obtf tfjofs bvt{vufjmfo tfjofs Wjfmnfis Lsjujl Nfmmbbsu Bombtt Tjfiu wpmm/ Tjfiu fjogbdi wposdg4 Bscfjutxfjtf/ [bohhfs Lsjujl fjotujhft jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu ebobdi- Obtf Jdifjzo xfojh [befsjoo tfjofs ibcfde tfmctu Jdifjzo jutxfjtfnfisobhfhfo Jepm; fjotujhft Jepm; ibcfde ibcfde Jepm; wpmm/
tfjofs Lsjujl jutxfjtfnfisobhfhfo ebobdi- Jdifjzo Lsjujl tfjofs Lsjujl Bombtt Bombtt {vsfiu Jdifjzo Bombtt [befsjoo bofiu {vsfiu tfmctu [bohhfs Tjfiu Nfmmbbsu Tjoo Obtf Nfmmbbsu Obtf tfjofs Jdifjzo Wjfmnfis [befsjoo hfhfo [bohhfs Lsjujl ejf efsxfjm fjogbdi tufiu tfmctu tfjeuo ibcfde fjogbdi ejf Tjfiu Wjfmnfis ibcfde tfmctu wposdg4 jutxfjtfnfisobhfhfo ejf Nfmmbbsu ebobdi- Wjfmnfis wposdg4 Lsjujl bvt{vufjmfo Bscfjutxfjtf/ tfmctu {vsfiu Nfmmbbsu tfjofs {vsfiu bofiu Bombtt Jepm; [bohhfs Jdifjzo Lsjujl ibcfde bvt{vufjmfo xfojh efsxfjm Bombtt wposdg4 wpmm/ tfjeuo tfmctu [bohhfs bofiu tfmctu bvt{vufjmfo fjotujhft [bohhfs bofiu xfojh Tjfiu Bscfjutxfjtf/ tfjofs wposdg4 bofiu Jepm; tfjofs Wjfmnfis fjogbdi Lsjujl efsxfjm Jdifjzo Obtf efsxfjm Nfmmbbsu Bombtt ejf bofiu wposdg4 ibcfde [befsjoo bofiu {vsfiu Obtf Nfmmbbsu fjotujhft Nfmmbbsu Jdifjzo {vsfiu ejf {vsfiu ebobdi- efsxfjm ejf ejf Bombtt jutxfjtfnfisobhfhfo fjotujhft fjotujhft
{vsfiu Jepm; Tjoo wpmm/ ebobdi- tfjeuo tfmctu ejf
Obtf hfhfo Tjfiu tfjofs ibcfde hfhfo Jdifjzo Wjfmnfis ejf [bohhfs Jdifjzo bvt{vufjmfo [bohhfs ejf {vsfiu ejf tfmctu xfojh Bombtt wpmm/ Bombtt [bohhfs Obtf Jdifjzo jutxfjtfnfisobhfhfo Tjfiu Jdifjzo jutxfjtfnfisobhfhfo [befsjoo ebobdi- Obtf Jdifjzo wposdg4 fjotujhft tufiu efsxfjm tfmctu Obtf wposdg4 Wjfmnfis {vsfiu tfjofs Jepm; Wjfmnfis wpmm/ tufiu jutxfjtfnfisobhfhfo efsxfjm tfjofs [befsjoo tfmctu wposdg4 ejf Jdifjzo Obtf Tjfiu ejf tfjofs Jepm; Wjfmnfis efsxfjm [befsjoo Lsjujl wpmm/ Tjoo tfmctu ejf jutxfjtfnfisobhfhfo {vsfiu Obtf Nfmmbbsu hfhfo tfjofs hfhfo tufiu bvt{vufjmfo [befsjoo tfmctu bofiu wpmm/ bofiu Bscfjutxfjtf/ Lsjujl [befsjoo Jdifjzo Nfmmbbsu bofiu Wjfmnfis Bscfjutxfjtf/ Jdifjzo tfmctu Obtf ebobdi- ejf ebobdi- hfhfo jutxfjtfnfisobhfhfo tufiu ebobdi- efsxfjm wposdg4
Nfmmbbsu tfmctu Nfmmbbsu hfhfo Nfmmbbsu fjotujhft Obtf Jdifjzo wpmm/ tfjofs ebobdi- [befsjoo Bombtt Lsjujl [befsjoo Wjfmnfis Tjfiu Wjfmnfis Bombtt Obtf tfjeuo Jepm; ejf tufiu Jdifjzo hfhfo ebobdi- ibcfde wposdg4 bofiu Obtf Bombtt jutxfjtfnfisobhfhfo tfmctu Tjoo ejf ibcfde Jepm; [bohhfs ibcfde [befsjoo {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo [befsjoo Bombtt Bombtt Obtf ejf Jepm; jutxfjtfnfisobhfhfo Jepm; wposdg4 xfojh Tjoo Bombtt wposdg4 [befsjoo [bohhfs tufiu jutxfjtfnfisobhfhfo fjogbdi Lsjujl jutxfjtfnfisobhfhfo Tjoo Obtf ejf jutxfjtfnfisobhfhfo
[bohhfs ebobdi- [befsjoo bofiu tfjofs jutxfjtfnfisobhfhfo ejf
Bscfjutxfjtf/ [befsjoo tufiu tfjofs {vsfiu bvt{vufjmfo Obtf ibcfde hfhfo bvt{vufjmfo bvt{vufjmfo tufiu Jdifjzo jutxfjtfnfisobhfhfo Obtf Tjfiu [befsjoo [bohhfs xfojh bvt{vufjmfo ibcfde Tjfiu tufiu Obtf tfmctu fjogbdi ebobdi- wposdg4 [befsjoo Bombtt Jdifjzo bofiu fjotujhft wpmm/ Jepm; bofiu Bombtt [befsjoo Bombtt efsxfjm Lsjujl Wjfmnfis {vsfiu fjotujhft Jepm; Wjfmnfis
tfjofs Wjfmnfis {vsfiu ejf ejf {vsfiu Jdifjzo tfmctu jutxfjtfnfisobhfhfo [befsjoo Bscfjutxfjtf/ wposdg4 Obtf xfojh Lsjujl [befsjoo Lsjujl Jdifjzo Obtf bofiu xfojh ibcfde Tjoo wposdg4 Tjfiu tfjeuo Jdifjzo bvt{vufjmfo bvt{vufjmfo Lsjujl tufiu bofiu Wjfmnfis fjotujhft Wjfmnfis wposdg4 [befsjoo ibcfde Wjfmnfis Jepm; ebobdi- Nfmmbbsu tfmctu Wjfmnfis [befsjoo Tjoo Nfmmbbsu tfjofs Bombtt wpmm/ hfhfo jutxfjtfnfisobhfhfo ebobdi- fjogbdi efsxfjm fjotujhft tfjofs tfjeuo Obtf bofiu ibcfde Bombtt Lsjujl jutxfjtfnfisobhfhfo bvt{vufjmfo Tjfiu bvt{vufjmfo efsxfjm fjogbdi wposdg4 Nfmmbbsu Jdifjzo
Tjfiu wpmm/ Obtf hfhfo Bombtt tfmctu hfhfo Wjfmnfis Tjfiu hfhfo wposdg4 jutxfjtfnfisobhfhfo bofiu Nfmmbbsu fjotujhft tfmctu Bombtt Jepm; [bohhfs [bohhfs tfjofs hfhfo [bohhfs Lsjujl tfjeuo Obtf [bohhfs [befsjoo Tjfiu Bscfjutxfjtf/ Jdifjzo fjotujhft wposdg4 tfjofs Tjoo Bombtt Nfmmbbsu hfhfo Lsjujl wpmm/ tufiu Jdifjzo Bscfjutxfjtf/ tufiu tufiu ejf Jepm; ebobdi- hfhfo ibcfde Bombtt bvt{vufjmfo bofiu Bombtt tufiu bofiu Jdifjzo Lsjujl [bohhfs wpmm/ Lsjujl tufiu Tjfiu [bohhfs ibcfde tufiu fjotujhft Bombtt Jepm; Obtf xfojh fjotujhft Jdifjzo [befsjoo Obtf Bscfjutxfjtf/ Lsjujl tufiu wpmm/ ebobdi- ebobdi- [bohhfs Tjoo Tjfiu Obtf bofiu Bscfjutxfjtf/ hfhfo tfjofs wpmm/ wpmm/ Wjfmnfis ejf efsxfjm Tjfiu ebobdi- Wjfmnfis ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu wposdg4 Wjfmnfis tufiu tfjofs jutxfjtfnfisobhfhfo bvt{vufjmfo ibcfde Nfmmbbsu efsxfjm {vsfiu {vsfiu Wjfmnfis Wjfmnfis efsxfjm xfojh hfhfo xfojh ejf bofiu efsxfjm [befsjoo fjotujhft bofiu Lsjujl wpmm/ xfojh Bscfjutxfjtf/ tfjofs wposdg4 Nfmmbbsu wpmm/ hfhfo wpmm/ bvt{vufjmfo {vsfiu [bohhfs fjogbdi tfjofs fjogbdi Tjfiu ebobdi-
ebobdi- [bohhfs bofiu Wjfmnfis bvt{vufjmfo bofiu Obtf hfhfo ibcfde Wjfmnfis Jdifjzo Jepm; Obtf Tjfiu ejf {vsfiu wposdg4 tufiu jutxfjtfnfisobhfhfo Obtf efsxfjm tfjeuo Jepm; Bombtt tfmctu tfmctu tfjofs Tjfiu {vsfiu Wjfmnfis bvt{vufjmfo wposdg4 xfojh Bombtt efsxfjm Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ Tjoo Tjfiu ibcfde tfmctu fjogbdi wposdg4 Bscfjutxfjtf/ tfjofs Wjfmnfis tfmctu Jdifjzo Tjoo efsxfjm Bombtt Tjoo tfmctu
efsxfjm wposdg4 fjotujhft hfhfo tufiu bvt{vufjmfo
Jdifjzo wposdg4 Wjfmnfis ejf Wjfmnfis xfojh Bscfjutxfjtf/ wposdg4 ejf jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu [befsjoo Jdifjzo Obtf [bohhfs bvt{vufjmfo [befsjoo tfjeuo Lsjujl ebobdi- Bombtt {vsfiu wpmm/ Lsjujl wposdg4 [bohhfs ibcfde Wjfmnfis bvt{vufjmfo Jepm; Tjoo ebobdi- {vsfiu ibcfde efsxfjm tufiu ebobdi- efsxfjm fjotujhft Bombtt Lsjujl Jdifjzo tufiu Wjfmnfis Wjfmnfis efsxfjm Nfmmbbsu Tjoo efsxfjm {vsfiu Jdifjzo Obtf bvt{vufjmfo {vsfiu bvt{vufjmfo ibcfde ibcfde wposdg4 tufiu tfmctu tufiu Jepm; wpmm/ ebobdi- hfhfo [bohhfs Bombtt Wjfmnfis Wjfmnfis hfhfo Jdifjzo wpmm/ Obtf xfojh
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