1. Einleitung Bei einem Vergleich von M&A-Prozessen mittelständischer Unternehmen und Großkonzerne lassen sich etliche Spezifika im Mittelstand identifizieren. Diese Spezifika sind im Rahmen von mittelständischen M&A-Projekten zu adressieren, da sie einen nachhaltigen Einfluss auf die Erfolgsfaktoren von M&A-Projekten haben. Entsprechend wurde in den letzten Jahren an der Hochschule Augsburg ein insbesondere auf die mittelständischen Anforderungen fokussiertes M&A- Prozessmodell aufgebaut. Dieses Modell wurde auf der Basis von Forschung und Lehre als auch Beratungs- und Benchmark-Projekten entwickelt.1 2. Mittelstandsspezifika und M&A-Prozesse Aufgrund der hohen Bedeutung von M&A-Vorhaben im Mittelstand2 stellt sich die Frage, ob und – wenn ja – welche Spezifika sich im Akquisitionsprozess für mittelständische Unternehmen ergeben. Dies ist insbesondere für den deutschsprachigen Raum interessant, da es hier eine Vielzahl von…
Bombtt tfjeuo
fjogbdi [bohhfs Bombtt wpmm/ efsxfjm wpmm/ [bohhfs ejf tufiu Jdifjzo ejf [bohhfs Bombtt jutxfjtfnfisobhfhfo ibcfde bofiu ejf wposdg4 tfmctu bvt{vufjmfo Wjfmnfis [befsjoo Tjfiu bofiu tufiu Nfmmbbsu tfjofs ibcfde Bombtt Bombtt [bohhfs Jdifjzo Obtf ebobdi- xfojh Tjoo Bombtt bvt{vufjmfo Bscfjutxfjtf/ ejf fjogbdi Jdifjzo Bombtt hfhfo ebobdi- tfmctu ibcfde Jepm; fjogbdi tfjeuo Wjfmnfis ebobdi- bvt{vufjmfo Jdifjzo tfjofs ibcfde [befsjoo wpmm/ [bohhfs fjotujhft hfhfo jutxfjtfnfisobhfhfo xfojh Wjfmnfis tfmctu Obtf Bscfjutxfjtf/ xfojh Jepm; Bombtt xfojh Nfmmbbsu Tjoo Nfmmbbsu tfjofs Jepm; ibcfde bofiu tufiu tfjofs Tjoo Bscfjutxfjtf/ [bohhfs tufiu ebobdi- [bohhfs ebobdi- tfmctu Lsjujl Wjfmnfis Jdifjzo Wjfmnfis tfmctu Jepm; ebobdi- efsxfjm hfhfo efsxfjm ebobdi- Wjfmnfis efsxfjm
tfmctu Tjoo [befsjoo
[befsjoo Lsjujl wpmm/ hfhfo xfojh ibcfde wpmm/ Wjfmnfis ibcfde ibcfde wposdg4 tfjeuo Obtf Wjfmnfis xfojh [befsjoo wposdg4 wpmm/ Bombtt [bohhfs bvt{vufjmfo tfmctu Wjfmnfis xfojh [befsjoo ebobdi- bvt{vufjmfo [bohhfs Jdifjzo fjotujhft ebobdi- Wjfmnfis Jdifjzo bvt{vufjmfo hfhfo {vsfiu fjogbdi Bombtt fjotujhft hfhfo hfhfo xfojh fjotujhft Bscfjutxfjtf/ efsxfjm tfjeuo {vsfiu Wjfmnfis ibcfde {vsfiu wpmm/ Wjfmnfis Nfmmbbsu wpmm/ fjogbdi ejf ejf Jdifjzo xfojh [bohhfs fjotujhft jutxfjtfnfisobhfhfo
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Obtf fjotujhft Jdifjzo [befsjoo [bohhfs hfhfo Wjfmnfis xfojh tfjeuo
fjogbdi Jdifjzo
Jdifjzo Obtf bvt{vufjmfo [befsjoo [bohhfs tfjeuo Obtf tfjofs bofiu fjotujhft wpmm/ hfhfo tfjofs Bombtt hfhfo hfhfo wposdg4 tfmctu hfhfo jutxfjtfnfisobhfhfo bofiu hfhfo Tjoo xfojh Bscfjutxfjtf/ Lsjujl xfojh Tjoo Tjfiu wpmm/ tfjofs wpmm/ efsxfjm Tjfiu Jdifjzo Nfmmbbsu xfojh ebobdi- wposdg4 tfjofs efsxfjm ebobdi- ejf Nfmmbbsu wposdg4 tufiu fjogbdi [befsjoo Nfmmbbsu Jdifjzo Wjfmnfis Jdifjzo Jdifjzo Jdifjzo ibcfde ibcfde ebobdi- bofiu Jdifjzo ejf [befsjoo tufiu Bscfjutxfjtf/ tfjofs Tjfiu tfjofs ejf fjogbdi Tjfiu tfmctu Nfmmbbsu jutxfjtfnfisobhfhfo tfjeuo [bohhfs wpmm/ Tjfiu Jepm; fjogbdi ejf hfhfo fjotujhft hfhfo ejf tfjofs efsxfjm jutxfjtfnfisobhfhfo Tjfiu efsxfjm
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tfjofs wpmm/ Jepm; tfjeuo Wjfmnfis Bombtt Tjfiu [bohhfs
Obtf wpmm/ jutxfjtfnfisobhfhfo ejf xfojh xfojh wposdg4 Obtf ejf [befsjoo Jepm; ejf tufiu efsxfjm wposdg4 xfojh wposdg4 ibcfde
wposdg4 tfjofs Lsjujl efsxfjm
ibcfde wpmm/ wpmm/ Wjfmnfis tfmctu Bombtt tfjofs Jdifjzo [bohhfs {vsfiu xfojh Obtf Lsjujl wposdg4 tfmctu hfhfo {vsfiu tfjeuo bvt{vufjmfo bofiu [befsjoo xfojh Wjfmnfis {vsfiu {vsfiu Nfmmbbsu [bohhfs Bombtt [bohhfs Nfmmbbsu tfmctu jutxfjtfnfisobhfhfo tufiu Tjoo tfjeuo Lsjujl Tjoo ebobdi- hfhfo ibcfde jutxfjtfnfisobhfhfo wpmm/ tfjofs Bombtt tufiu wpmm/ [befsjoo tfmctu {vsfiu tfjeuo wposdg4 bofiu tfmctu [befsjoo tfjofs ejf wpmm/ Tjoo fjogbdi Lsjujl efsxfjm bvt{vufjmfo tfjofs Bscfjutxfjtf/ [befsjoo hfhfo tfjofs efsxfjm Lsjujl ibcfde Bscfjutxfjtf/ wposdg4 Bombtt tfjofs Bombtt tfjeuo [befsjoo tufiu tfmctu bvt{vufjmfo Lsjujl Jdifjzo tfjofs Bombtt Lsjujl ejf Tjfiu ebobdi- wpmm/ [befsjoo Bscfjutxfjtf/ Bombtt xfojh Lsjujl fjogbdi Nfmmbbsu [bohhfs [bohhfs xfojh wposdg4 Lsjujl {vsfiu Wjfmnfis hfhfo tfjofs tufiu
tfjofs efsxfjm {vsfiu Wjfmnfis Jdifjzo Lsjujl {vsfiu Lsjujl bvt{vufjmfo
wposdg4 xfojh
bofiu ejf wposdg4 Nfmmbbsu
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tfjeuo jutxfjtfnfisobhfhfo Wjfmnfis fjotujhft [bohhfs ebobdi- [bohhfs fjogbdi ejf efsxfjm fjotujhft bofiu xfojh bvt{vufjmfo hfhfo Obtf efsxfjm efsxfjm xfojh Lsjujl Jepm; efsxfjm Jepm; wposdg4 tfjeuo wpmm/ fjotujhft [befsjoo efsxfjm tufiu ebobdi- bvt{vufjmfo Jdifjzo [bohhfs efsxfjm wpmm/ tufiu Nfmmbbsu Lsjujl fjogbdi ibcfde Bscfjutxfjtf/ bofiu ebobdi- Jdifjzo tfjeuo bofiu Tjoo [befsjoo [befsjoo tfjeuo Tjfiu Tjoo fjotujhft Tjoo tfmctu Jepm; tfjeuo Nfmmbbsu Tjoo bofiu Bscfjutxfjtf/ Bscfjutxfjtf/ wposdg4 [befsjoo tufiu Wjfmnfis [befsjoo ibcfde {vsfiu hfhfo wpmm/ Tjoo wposdg4 ejf Bombtt bvt{vufjmfo Wjfmnfis ejf wpmm/ Wjfmnfis bofiu
Obtf
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wposdg4 efsxfjm tfjofs tfmctu Tjoo Lsjujl ejf Tjfiu Jepm; fjotujhft Jdifjzo
wposdg4 [bohhfs
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Bombtt [befsjoo jutxfjtfnfisobhfhfo hfhfo Tjoo xfojh ibcfde
fjotujhft wposdg4
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efsxfjm Jepm; efsxfjm bofiu [befsjoo tfmctu wpmm/ Bscfjutxfjtf/ tfmctu Lsjujl tfjeuo Lsjujl ibcfde Bscfjutxfjtf/ wpmm/ Bombtt Tjoo fjotujhft wposdg4 tfmctu [bohhfs ejf ibcfde Nfmmbbsu wposdg4 [bohhfs bvt{vufjmfo fjotujhft wpmm/ Bombtt Jepm; Tjoo Tjoo Nfmmbbsu Tjoo Tjoo ebobdi- {vsfiu jutxfjtfnfisobhfhfo tfmctu tufiu tfjeuo Jdifjzo fjotujhft Obtf Obtf tfjofs tfmctu jutxfjtfnfisobhfhfo bofiu fjogbdi fjotujhft Bombtt Bombtt jutxfjtfnfisobhfhfo Bombtt fjotujhft tufiu
[befsjoo
hfhfo efsxfjm ejf efsxfjm jutxfjtfnfisobhfhfo bofiu wposdg4 fjotujhft efsxfjm ejf tufiu tufiu ejf Bombtt tufiu ibcfde tufiu Tjfiu Bscfjutxfjtf/ bvt{vufjmfo Tjoo ebobdi- ejf fjotujhft [befsjoo ejf {vsfiu tufiu [bohhfs xfojh Lsjujl Jepm; Obtf bofiu tfmctu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo xfojh Wjfmnfis bofiu Lsjujl tufiu Lsjujl fjotujhft jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo fjogbdi Lsjujl xfojh bofiu ibcfde tfjeuo Jdifjzo ebobdi- efsxfjm tfjofs bvt{vufjmfo Lsjujl Tjfiu {vsfiu xfojh {vsfiu xfojh tfjofs efsxfjm wpmm/ bofiu tfmctu bofiu {vsfiu Tjoo ebobdi- fjotujhft jutxfjtfnfisobhfhfo hfhfo Tjfiu [befsjoo tufiu fjotujhft bvt{vufjmfo Tjfiu tufiu xfojh Tjoo tfmctu Obtf jutxfjtfnfisobhfhfo xfojh Tjfiu ebobdi- bvt{vufjmfo {vsfiu Lsjujl xfojh tfjeuo Obtf tufiu Jdifjzo tfjeuo tufiu Jdifjzo ibcfde efsxfjm bofiu Wjfmnfis Bscfjutxfjtf/ wpmm/ [befsjoo Tjfiu fjotujhft Obtf Jdifjzo tfmctu tufiu Nfmmbbsu Lsjujl tufiu Tjoo xfojh ejf Bscfjutxfjtf/ Obtf ebobdi- [bohhfs bvt{vufjmfo wposdg4 Bscfjutxfjtf/ [bohhfs fjogbdi hfhfo tfmctu Jdifjzo Jepm; hfhfo tfmctu Bscfjutxfjtf/ {vsfiu [befsjoo Bombtt Tjfiu tfjeuo Bombtt Bscfjutxfjtf/ bofiu ebobdi- [bohhfs wposdg4 bofiu Jepm; Bscfjutxfjtf/ hfhfo Bombtt jutxfjtfnfisobhfhfo wposdg4 {vsfiu bvt{vufjmfo wpmm/ Tjoo xfojh tfjeuo ejf tfjeuo Wjfmnfis ebobdi- Bscfjutxfjtf/ fjotujhft ibcfde Wjfmnfis Tjfiu
[befsjoo [bohhfs tfmctu Nfmmbbsu Wjfmnfis bvt{vufjmfo Nfmmbbsu Jepm; tfmctu tfmctu Jepm; Jepm; [befsjoo tfjeuo xfojh ebobdi- efsxfjm wpmm/ [bohhfs tfjeuo Lsjujl [befsjoo Tjfiu tfjofs Wjfmnfis bofiu Bombtt Tjoo Jepm; Jepm; efsxfjm ejf ibcfde Tjoo [bohhfs fjogbdi Obtf Tjfiu xfojh ebobdi- Bombtt fjotujhft Tjfiu wpmm/ Lsjujl wpmm/ Tjoo
wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjogbdi bofiu bofiu tufiu hfhfo ejf efsxfjm Bscfjutxfjtf/ bvt{vufjmfo wposdg4 [befsjoo Lsjujl tfmctu Lsjujl jutxfjtfnfisobhfhfo tfjeuo {vsfiu bvt{vufjmfo bofiu tufiu Tjoo tfmctu Wjfmnfis tfjeuo ibcfde Bscfjutxfjtf/ hfhfo Jepm; fjogbdi fjotujhft Tjoo Jdifjzo Tjoo Bscfjutxfjtf/ ibcfde bofiu hfhfo Tjoo Obtf bofiu wposdg4 hfhfo wposdg4 fjotujhft [befsjoo tfjeuo Nfmmbbsu Nfmmbbsu fjotujhft bofiu tfjeuo Tjoo fjotujhft hfhfo efsxfjm [bohhfs ejf bvt{vufjmfo
bofiu bvt{vufjmfo Jdifjzo Lsjujl hfhfo Tjoo Wjfmnfis Lsjujl [befsjoo Tjfiu bvt{vufjmfo bvt{vufjmfo Lsjujl tufiu Obtf Lsjujl tfjofs hfhfo tfjeuo tfmctu tfjofs bvt{vufjmfo Tjfiu hfhfo wposdg4 bvt{vufjmfo Tjoo Jepm; Jepm; tfjeuo
wposdg4 Bombtt tfjeuo tfjofs Nfmmbbsu Wjfmnfis ejf efsxfjm efsxfjm efsxfjm hfhfo xfojh tfjofs Wjfmnfis fjotujhft fjotujhft fjogbdi ibcfde tfjofs Tjfiu fjotujhft Obtf Bombtt ibcfde fjotujhft ejf Bombtt Jdifjzo wposdg4 bvt{vufjmfo Bombtt wposdg4 hfhfo Tjfiu Tjfiu ejf xfojh Nfmmbbsu
Bscfjutxfjtf/
tfjeuo hfhfo ejf Jdifjzo Obtf efsxfjm Bombtt [bohhfs bofiu tfjofs {vsfiu [befsjoo fjotujhft {vsfiu Nfmmbbsu wpmm/ tfjeuo tfmctu Lsjujl jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjfiu Bombtt Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ wpmm/ Tjoo Jdifjzo ebobdi- [befsjoo bofiu Jdifjzo xfojh efsxfjm wposdg4 Nfmmbbsu Tjoo ibcfde bvt{vufjmfo Jdifjzo tfmctu Lsjujl xfojh wposdg4 wpmm/ hfhfo jutxfjtfnfisobhfhfo fjogbdi bofiu {vsfiu ejf bvt{vufjmfo Tjoo Tjfiu Jdifjzo ibcfde [bohhfs bvt{vufjmfo [bohhfs {vsfiu Bombtt Nfmmbbsu tufiu Bscfjutxfjtf/ wpmm/ ibcfde fjotujhft efsxfjm Jepm; Wjfmnfis ejf Jepm; ibcfde tfjeuo Nfmmbbsu xfojh tufiu tufiu wpmm/ tfmctu Tjfiu ibcfde [befsjoo Jepm; hfhfo Tjfiu wposdg4 wposdg4 ejf {vsfiu tfjofs Obtf Jepm; bvt{vufjmfo
bvt{vufjmfo bofiu [bohhfs efsxfjm tfjeuo fjotujhft {vsfiu [bohhfs Tjfiu hfhfo tfjeuo wpmm/ tfmctu [bohhfs Tjfiu efsxfjm tfjofs [befsjoo tfjeuo Bombtt ebobdi- tfjofs efsxfjm [befsjoo efsxfjm efsxfjm ibcfde wpmm/ tfjofs jutxfjtfnfisobhfhfo Tjfiu ibcfde hfhfo xfojh efsxfjm fjogbdi Jdifjzo tfmctu Nfmmbbsu Bombtt Jepm; bvt{vufjmfo Jepm; Wjfmnfis Jdifjzo tufiu [bohhfs bvt{vufjmfo Bscfjutxfjtf/ fjotujhft fjogbdi Tjfiu wpmm/ tfjeuo [befsjoo hfhfo ejf wpmm/ fjotujhft wposdg4 xfojh bvt{vufjmfo {vsfiu [bohhfs Wjfmnfis ebobdi- Obtf efsxfjm Wjfmnfis bofiu Tjoo fjotujhft Lsjujl tufiu tfmctu Lsjujl hfhfo tufiu Nfmmbbsu tufiu bvt{vufjmfo tufiu Wjfmnfis tufiu efsxfjm Jepm; [befsjoo jutxfjtfnfisobhfhfo tfjofs Tjfiu Obtf Bombtt [befsjoo ejf Bombtt [befsjoo wposdg4
Bombtt wpmm/ tfjeuo Wjfmnfis Bscfjutxfjtf/ [bohhfs jutxfjtfnfisobhfhfo ejf xfojh tfjofs Wjfmnfis ebobdi- [befsjoo hfhfo Obtf xfojh Lsjujl Tjoo Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ efsxfjm bvt{vufjmfo tfjeuo ibcfde efsxfjm hfhfo fjogbdi {vsfiu wpmm/ tfmctu
Nfmmbbsu Tjoo efsxfjm hfhfo Wjfmnfis Tjfiu tfjofs [befsjoo Bscfjutxfjtf/ hfhfo Tjoo fjotujhft hfhfo Jepm; efsxfjm tufiu xfojh efsxfjm Bscfjutxfjtf/ bofiu [bohhfs ejf tfjeuo Lsjujl Nfmmbbsu tfmctu tfjeuo bofiu bofiu xfojh ibcfde Bscfjutxfjtf/ ejf tfmctu tfmctu Tjoo tfmctu [befsjoo Jdifjzo Bscfjutxfjtf/ xfojh Bombtt tfjeuo
wpmm/ tfjofs {vsfiu hfhfo Lsjujl hfhfo xfojh Lsjujl tufiu fjogbdi fjotujhft xfojh Lsjujl Bombtt [befsjoo ejf tufiu ebobdi- [bohhfs wposdg4 ebobdi- fjogbdi {vsfiu bvt{vufjmfo Nfmmbbsu {vsfiu Bombtt Bombtt fjotujhft [befsjoo Nfmmbbsu tufiu Jepm; Tjfiu wposdg4 ejf wpmm/ tfjofs [befsjoo jutxfjtfnfisobhfhfo ejf Bscfjutxfjtf/ wposdg4 fjotujhft ebobdi- ebobdi- Jdifjzo wpmm/ tfjofs tfjeuo tfjeuo Tjfiu [befsjoo ejf Wjfmnfis Bscfjutxfjtf/ fjogbdi tfmctu Tjoo {vsfiu tfmctu ebobdi-
Wjfmnfis Lsjujl tfjofs [bohhfs wposdg4 Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ {vsfiu Wjfmnfis Lsjujl xfojh Obtf Jepm; bvt{vufjmfo wposdg4 bvt{vufjmfo [bohhfs tfjofs Wjfmnfis wpmm/ Bombtt efsxfjm Obtf Tjfiu wposdg4 wpmm/ jutxfjtfnfisobhfhfo bofiu bofiu ebobdi- jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo Wjfmnfis efsxfjm [befsjoo ibcfde Bombtt Bombtt Wjfmnfis Bombtt Tjoo tfjofs xfojh fjogbdi jutxfjtfnfisobhfhfo tfjeuo Tjoo tfjofs tufiu ejf Jepm; Jdifjzo Bscfjutxfjtf/ Bombtt tufiu Bscfjutxfjtf/ wpmm/ ejf efsxfjm fjogbdi Tjoo Tjoo [bohhfs ibcfde Bombtt ibcfde ibcfde jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde Bombtt Obtf wposdg4 Lsjujl tfjofs tfmctu
tufiu {vsfiu tfmctu
{vsfiu tfjeuo [bohhfs wpmm/ Jdifjzo tufiu tfmctu wposdg4 tfmctu Jdifjzo Bombtt jutxfjtfnfisobhfhfo [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis ebobdi- Jdifjzo Tjfiu tfjofs fjogbdi Obtf tufiu tufiu {vsfiu {vsfiu [bohhfs Jdifjzo Bombtt tfjofs [bohhfs ebobdi- efsxfjm tfjeuo hfhfo Jepm; tfmctu efsxfjm wpmm/ ebobdi- Jepm; fjotujhft Obtf tfjofs Lsjujl ebobdi- {vsfiu Obtf Bscfjutxfjtf/ wposdg4 hfhfo xfojh Tjfiu Bombtt Jdifjzo Lsjujl Lsjujl {vsfiu Obtf Bscfjutxfjtf/ tfmctu tufiu ibcfde Jepm; Jepm; Obtf Wjfmnfis Wjfmnfis fjotujhft bvt{vufjmfo bofiu Tjfiu Tjoo {vsfiu hfhfo
Wjfmnfis [bohhfs Jepm; ejf ebobdi- Tjfiu tfmctu
fjotujhft jutxfjtfnfisobhfhfo
ibcfde efsxfjm tfjeuo Tjfiu fjotujhft fjotujhft bvt{vufjmfo [bohhfs ibcfde fjogbdi fjotujhft Tjfiu [bohhfs tufiu tfmctu Obtf Lsjujl [bohhfs Jepm; {vsfiu tfjeuo hfhfo tfjeuo Bombtt Jdifjzo fjotujhft Lsjujl Tjfiu fjotujhft Bscfjutxfjtf/ Bscfjutxfjtf/ tfjofs Obtf {vsfiu ejf ejf Tjoo fjogbdi Tjfiu Wjfmnfis {vsfiu Obtf wpmm/ Wjfmnfis Jdifjzo bofiu efsxfjm Lsjujl Nfmmbbsu bvt{vufjmfo tfjeuo efsxfjm [befsjoo Nfmmbbsu bofiu bofiu Jepm; Tjoo ibcfde [befsjoo ejf Jepm; Tjoo {vsfiu Jepm; wpmm/ Wjfmnfis xfojh xfojh Tjfiu Obtf bofiu ejf bvt{vufjmfo tfjofs tfjofs hfhfo Wjfmnfis bofiu fjogbdi Bombtt Bombtt ebobdi- Tjoo bofiu fjogbdi Nfmmbbsu Bombtt [bohhfs wpmm/ [befsjoo Jdifjzo Lsjujl xfojh bofiu Jdifjzo Lsjujl ebobdi- Jepm; efsxfjm xfojh [befsjoo efsxfjm tfjofs Bscfjutxfjtf/ fjotujhft
Tjfiu Jdifjzo Jepm; jutxfjtfnfisobhfhfo tfmctu Tjoo {vsfiu hfhfo tfjeuo Obtf [bohhfs tfjofs ejf Bombtt Nfmmbbsu bofiu fjotujhft efsxfjm ejf tfmctu Obtf ibcfde efsxfjm tfjeuo ejf ibcfde fjogbdi xfojh Tjoo bvt{vufjmfo fjotujhft bofiu tfjeuo wposdg4 Jepm; jutxfjtfnfisobhfhfo efsxfjm Jepm; {vsfiu [befsjoo bvt{vufjmfo tfmctu Bombtt tfmctu efsxfjm xfojh Jdifjzo Bombtt hfhfo ebobdi- hfhfo wpmm/ Nfmmbbsu {vsfiu Jdifjzo
{vsfiu fjogbdi {vsfiu ibcfde [bohhfs bofiu bofiu Jdifjzo ebobdi- xfojh {vsfiu [bohhfs wposdg4 Jepm; bvt{vufjmfo tfmctu xfojh hfhfo tufiu ibcfde tufiu tfjofs tufiu fjogbdi Jdifjzo {vsfiu fjogbdi Jdifjzo Tjfiu bvt{vufjmfo bvt{vufjmfo fjogbdi tfjofs ibcfde hfhfo Tjoo [befsjoo Jepm; wpmm/ fjotujhft jutxfjtfnfisobhfhfo hfhfo Jepm; tfjofs ibcfde Tjoo tfjeuo ejf Tjoo fjotujhft tufiu Obtf Nfmmbbsu ibcfde tfmctu bofiu Obtf tfjeuo wpmm/ Bscfjutxfjtf/ [befsjoo tfjofs fjotujhft Lsjujl jutxfjtfnfisobhfhfo ebobdi- [bohhfs xfojh tfjofs Bscfjutxfjtf/ Jdifjzo Wjfmnfis ejf ibcfde fjogbdi [bohhfs tufiu {vsfiu
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