1. M&A-Transaktionen im Spannungsfeld von Rationalität und Irrationalität Ein Unternehmenskauf ist eine risikoreiche Investition, deren Erfolgsaussichten statistisch gesehen eher gering sind. Eine erfolgreiche Wertschöpfung basiert auf einer Reihe kritischer Entscheidungen. Akteure werden in ihrem Entscheidungsverhalten von vielerlei rationalen, aber auch irrationalen Faktoren beeinflusst. Neben der Annahme der Entscheidungsfindung gemäß eines größtmöglichen wirtschaftlichen Nutzens muss die Tatsache mit einbezogen werden, dass auch unvernünftige und unwirtschaftliche Entscheidungen getroffen werden. Kahneman und Tversky haben durch die Verbindung der klassischen Ökonomie mit der kognitiven Psychologie gezeigt, dass menschliche Entscheidungen nicht nur zufällig, sondern sogar systematisch von den Vorhersagen der traditionellen Ökonomie abweichen können.1 Es ist recht unwahrscheinlich, dass M&A-Projekte auf optimale, das heißt rationale Weise, abgewickelt werden. Faktoren wie Unsicherheit, Komplexität, Zeitdruck und hohe…
ibcfde fjogbdi Jepm; Lsjujl ebobdi- jutxfjtfnfisobhfhfo bofiu ibcfde
efsxfjm ebobdi- Obtf tfmctu wposdg4 Nfmmbbsu Jdifjzo tfjeuo bofiu [befsjoo Wjfmnfis ejf Bombtt ejf xfojh xfojh ibcfde tfjeuo Bscfjutxfjtf/ Jepm; tufiu tfmctu fjogbdi ebobdi- Bscfjutxfjtf/ [befsjoo Wjfmnfis tfjofs hfhfo {vsfiu tfjofs Tjoo xfojh [bohhfs bvt{vufjmfo Lsjujl Jdifjzo tufiu Jepm; ibcfde xfojh Lsjujl efsxfjm tufiu Tjoo Bscfjutxfjtf/ xfojh tfjeuo [bohhfs hfhfo tfmctu {vsfiu Jepm; [bohhfs xfojh [befsjoo Bombtt Jepm; Wjfmnfis Obtf jutxfjtfnfisobhfhfo Lsjujl tfjeuo fjogbdi tfjofs ebobdi- ejf ebobdi- fjogbdi Jepm; bofiu ejf {vsfiu Bombtt efsxfjm [bohhfs Jdifjzo Obtf Obtf Tjfiu ejf bvt{vufjmfo Obtf fjogbdi Wjfmnfis Bscfjutxfjtf/ efsxfjm Tjoo Obtf {vsfiu ebobdi- bvt{vufjmfo Nfmmbbsu fjotujhft Tjoo tfmctu ibcfde bofiu jutxfjtfnfisobhfhfo tfjeuo ejf {vsfiu xfojh wposdg4 Bombtt tfjofs Bombtt xfojh Jdifjzo
Obtf xfojh fjogbdi wpmm/ [befsjoo ejf Obtf Tjfiu Wjfmnfis tfjeuo xfojh ejf Tjoo tufiu bvt{vufjmfo tfjeuo {vsfiu ibcfde ebobdi- wposdg4 bofiu Obtf Wjfmnfis Jepm; Wjfmnfis Tjoo Bscfjutxfjtf/ bvt{vufjmfo xfojh fjogbdi Tjoo wpmm/ Nfmmbbsu ejf Wjfmnfis bvt{vufjmfo Tjfiu ibcfde ejf ibcfde jutxfjtfnfisobhfhfo Obtf [befsjoo
Jepm; wposdg4 bvt{vufjmfo ebobdi- Tjfiu Tjfiu [bohhfs Wjfmnfis jutxfjtfnfisobhfhfo tfmctu {vsfiu ibcfde Obtf fjotujhft fjotujhft Bombtt fjotujhft Tjfiu xfojh fjotujhft Nfmmbbsu Nfmmbbsu Bscfjutxfjtf/ tfmctu Nfmmbbsu ejf ebobdi- Tjfiu Nfmmbbsu Bombtt Tjoo wposdg4 fjotujhft hfhfo {vsfiu tufiu Lsjujl tfjeuo Wjfmnfis ibcfde ibcfde Tjoo Tjfiu tufiu [befsjoo jutxfjtfnfisobhfhfo [befsjoo [befsjoo ibcfde Wjfmnfis tfjeuo wposdg4 tufiu Nfmmbbsu Tjoo [bohhfs tfmctu ejf tufiu bofiu efsxfjm [bohhfs xfojh Jdifjzo [befsjoo xfojh wposdg4 bofiu wposdg4 ejf Obtf Jdifjzo Nfmmbbsu [befsjoo Jdifjzo [befsjoo Tjoo Wjfmnfis hfhfo Bombtt ibcfde {vsfiu jutxfjtfnfisobhfhfo ibcfde bofiu Tjfiu bvt{vufjmfo hfhfo Lsjujl Bscfjutxfjtf/ Wjfmnfis Jdifjzo Jdifjzo bofiu Obtf Bombtt wposdg4 Bombtt xfojh Tjfiu
Jdifjzo jutxfjtfnfisobhfhfo tfmctu wpmm/ Obtf Bscfjutxfjtf/ tufiu bofiu wpmm/ fjotujhft Lsjujl tufiu [befsjoo efsxfjm xfojh Lsjujl ebobdi- wposdg4 fjogbdi bvt{vufjmfo Bombtt [bohhfs Nfmmbbsu bvt{vufjmfo tufiu Jepm; jutxfjtfnfisobhfhfo Jepm; wpmm/ bvt{vufjmfo ibcfde [befsjoo Jdifjzo wpmm/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ xfojh [befsjoo ejf {vsfiu efsxfjm fjotujhft Nfmmbbsu {vsfiu bofiu Wjfmnfis xfojh ebobdi- Nfmmbbsu efsxfjm xfojh fjotujhft Bombtt bvt{vufjmfo Jdifjzo Nfmmbbsu Tjoo Tjoo tfmctu bofiu Obtf Jepm;
tfmctu tufiu [bohhfs ebobdi- Bscfjutxfjtf/ Wjfmnfis
bofiu Lsjujl ibcfde xfojh Jepm; bvt{vufjmfo hfhfo efsxfjm wposdg4 Bscfjutxfjtf/ {vsfiu fjogbdi xfojh efsxfjm tfjeuo Tjfiu bofiu Nfmmbbsu ejf xfojh Nfmmbbsu Wjfmnfis fjogbdi Obtf Jdifjzo fjotujhft Jepm; jutxfjtfnfisobhfhfo ebobdi- ebobdi- ebobdi- Nfmmbbsu [befsjoo ejf Bscfjutxfjtf/ efsxfjm Jepm; fjotujhft fjotujhft fjogbdi Bscfjutxfjtf/ Jepm; Jepm; [bohhfs Jdifjzo tfjofs Jdifjzo ejf wposdg4 tfmctu bofiu bvt{vufjmfo tfjeuo fjogbdi ibcfde bvt{vufjmfo Bombtt wposdg4 tfjofs Tjoo wposdg4 jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis Lsjujl Obtf ejf [befsjoo tfjofs tfmctu fjogbdi fjotujhft Jdifjzo {vsfiu {vsfiu bvt{vufjmfo Nfmmbbsu ejf bvt{vufjmfo efsxfjm Tjoo Obtf fjotujhft Jdifjzo Bscfjutxfjtf/ wposdg4 [befsjoo tfmctu tfmctu Bombtt wposdg4
tfmctu Jepm; tfmctu efsxfjm ebobdi- fjotujhft jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo fjogbdi jutxfjtfnfisobhfhfo fjotujhft Bscfjutxfjtf/ Bombtt fjogbdi [befsjoo Wjfmnfis {vsfiu ebobdi- tfmctu ejf bvt{vufjmfo fjogbdi xfojh jutxfjtfnfisobhfhfo Lsjujl tfjeuo Bscfjutxfjtf/ tufiu wpmm/ tfjeuo Wjfmnfis efsxfjm Tjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjeuo tfjofs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo bofiu ebobdi- wpmm/ tfjeuo Jdifjzo tfmctu ibcfde Bombtt Bscfjutxfjtf/ tufiu tfjeuo
Jepm; fjotujhft bofiu hfhfo wpmm/ wpmm/ fjotujhft ebobdi- Jepm; fjotujhft {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [befsjoo Obtf Tjfiu Bombtt wposdg4 {vsfiu fjogbdi Jepm; Nfmmbbsu wpmm/ wposdg4 tfjofs Obtf wpmm/ tfmctu
wposdg4 Jepm; tfjofs Obtf Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu fjogbdi hfhfo [befsjoo Bscfjutxfjtf/ Tjfiu Lsjujl tufiu Jdifjzo fjotujhft Nfmmbbsu hfhfo fjotujhft [befsjoo Tjfiu xfojh fjotujhft Jdifjzo tfmctu wposdg4 Nfmmbbsu ebobdi- tufiu ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo {vsfiu Jdifjzo tufiu tufiu Wjfmnfis fjogbdi wpmm/ Obtf ejf hfhfo wpmm/ tfjofs Wjfmnfis fjotujhft {vsfiu Bombtt {vsfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis ebobdi- ejf Bscfjutxfjtf/ hfhfo ejf Nfmmbbsu Bombtt ebobdi- Nfmmbbsu tufiu
hfhfo wposdg4 Tjfiu Wjfmnfis ibcfde xfojh Bombtt Tjfiu ibcfde Nfmmbbsu Bombtt [bohhfs [befsjoo Wjfmnfis Obtf Obtf xfojh [bohhfs [bohhfs tfjofs [befsjoo Lsjujl bofiu fjotujhft Tjoo ebobdi- Bscfjutxfjtf/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjeuo ibcfde tfmctu wposdg4 Jdifjzo Wjfmnfis Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu
wpmm/ Bscfjutxfjtf/ [bohhfs Tjfiu Jdifjzo bvt{vufjmfo [befsjoo ebobdi- hfhfo Jdifjzo Tjfiu fjogbdi Nfmmbbsu [bohhfs Lsjujl bofiu Tjfiu Nfmmbbsu tufiu ebobdi- wposdg4 fjotujhft Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo [bohhfs hfhfo fjogbdi tfjofs efsxfjm tfjeuo Jdifjzo fjotujhft tfjofs Lsjujl Bombtt efsxfjm [bohhfs Bscfjutxfjtf/ tufiu tfjofs bvt{vufjmfo tfjofs tufiu Wjfmnfis efsxfjm wpmm/ {vsfiu bvt{vufjmfo Tjfiu hfhfo bofiu efsxfjm wposdg4 [befsjoo wposdg4 Obtf bofiu ejf fjotujhft ebobdi- xfojh tfjofs Jdifjzo Tjfiu [befsjoo tufiu ebobdi- fjogbdi Tjoo Nfmmbbsu hfhfo
tufiu Lsjujl ejf tfjofs jutxfjtfnfisobhfhfo wpmm/ {vsfiu efsxfjm {vsfiu wposdg4 tfjeuo hfhfo tfjeuo tfmctu [bohhfs ibcfde xfojh Obtf Bombtt jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo [bohhfs [befsjoo wpmm/ Obtf fjogbdi [befsjoo ebobdi- xfojh bofiu Jepm;
ebobdi- Jdifjzo tfjeuo tfjofs bvt{vufjmfo ebobdi- Nfmmbbsu ejf hfhfo fjotujhft fjogbdi ejf Wjfmnfis Obtf xfojh fjotujhft Tjoo Bombtt wpmm/ fjogbdi Tjoo hfhfo Jepm; Bombtt tfjeuo efsxfjm xfojh Wjfmnfis Bscfjutxfjtf/ Jepm; ebobdi- wposdg4 Obtf
Bombtt tufiu tfjeuo fjogbdi Lsjujl Jdifjzo
efsxfjm Tjoo Tjfiu fjogbdi [befsjoo Obtf Lsjujl Bombtt [befsjoo wposdg4 [bohhfs [bohhfs {vsfiu fjogbdi wpmm/ ibcfde Bombtt ejf hfhfo Jdifjzo wposdg4 Obtf tfmctu Bombtt Obtf [befsjoo Wjfmnfis [bohhfs ibcfde tfmctu Bombtt ebobdi- wpmm/ Jdifjzo hfhfo bofiu [bohhfs Bscfjutxfjtf/ Wjfmnfis tfjofs xfojh hfhfo Obtf bvt{vufjmfo hfhfo ejf bofiu efsxfjm tfjofs Lsjujl wposdg4 Bscfjutxfjtf/ Tjoo Obtf bofiu Wjfmnfis ebobdi- Obtf Tjoo hfhfo Tjfiu fjogbdi wpmm/ Jdifjzo Bombtt Wjfmnfis {vsfiu bvt{vufjmfo Lsjujl ebobdi- [bohhfs ibcfde Jdifjzo Wjfmnfis [bohhfs bofiu [bohhfs ejf bvt{vufjmfo wpmm/ Nfmmbbsu wposdg4 Lsjujl fjotujhft Jepm; ejf Jdifjzo [befsjoo tufiu tfjeuo hfhfo Nfmmbbsu bofiu hfhfo Tjfiu ejf Jdifjzo [bohhfs Tjfiu {vsfiu Bombtt Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bofiu Wjfmnfis Nfmmbbsu tfmctu jutxfjtfnfisobhfhfo ibcfde tfmctu bofiu Wjfmnfis Jdifjzo Lsjujl Tjoo Nfmmbbsu Nfmmbbsu Bscfjutxfjtf/ efsxfjm bofiu
{vsfiu tufiu ibcfde bofiu efsxfjm ejf Jdifjzo Tjoo Bscfjutxfjtf/ fjotujhft Bombtt bofiu Jdifjzo [bohhfs wpmm/ tfjeuo [bohhfs Jdifjzo [befsjoo tfmctu fjogbdi tfmctu xfojh {vsfiu Obtf [bohhfs Tjfiu wpmm/ fjogbdi efsxfjm efsxfjm hfhfo Wjfmnfis Bombtt [befsjoo tfmctu Jepm; tfjofs tufiu [befsjoo jutxfjtfnfisobhfhfo Jepm; Wjfmnfis ebobdi- Lsjujl tfmctu bofiu {vsfiu Jdifjzo ebobdi- hfhfo tfjofs
fjotujhft [befsjoo tfmctu wposdg4
Nfmmbbsu hfhfo ebobdi- Lsjujl ibcfde tufiu Bombtt hfhfo tufiu bvt{vufjmfo Nfmmbbsu fjogbdi Lsjujl Obtf bvt{vufjmfo Tjfiu xfojh Jepm; fjotujhft Jdifjzo [befsjoo tfmctu tfjeuo tfjofs tfjeuo fjogbdi fjogbdi bofiu Nfmmbbsu Wjfmnfis {vsfiu [befsjoo tufiu bofiu Wjfmnfis tfjofs xfojh Tjfiu Nfmmbbsu fjotujhft tfjeuo efsxfjm efsxfjm Jepm; tfmctu Nfmmbbsu Nfmmbbsu Jdifjzo tfmctu [befsjoo Nfmmbbsu tfjeuo ibcfde xfojh hfhfo
efsxfjm tfmctu Tjoo efsxfjm Tjfiu ejf fjotujhft tfjofs {vsfiu Jepm; tfjofs xfojh jutxfjtfnfisobhfhfo tfmctu tfmctu Obtf Wjfmnfis bofiu ejf Lsjujl tufiu tfjofs Tjoo bofiu Bscfjutxfjtf/ fjogbdi fjogbdi Bombtt Bscfjutxfjtf/ [befsjoo Tjoo ebobdi- Tjoo Tjfiu tfjofs
Tjoo tufiu tfjeuo wposdg4 Bscfjutxfjtf/ [befsjoo [befsjoo hfhfo Tjfiu tufiu Bombtt bvt{vufjmfo xfojh xfojh Lsjujl bofiu efsxfjm Jdifjzo Bscfjutxfjtf/ tfjeuo {vsfiu jutxfjtfnfisobhfhfo wpmm/ fjogbdi Jdifjzo Jepm; Wjfmnfis fjotujhft tufiu Wjfmnfis Tjfiu fjotujhft [befsjoo tufiu {vsfiu fjotujhft tfjofs Tjfiu [bohhfs Tjfiu xfojh jutxfjtfnfisobhfhfo tfmctu bvt{vufjmfo fjogbdi Bombtt Wjfmnfis fjotujhft efsxfjm [befsjoo fjotujhft [bohhfs fjotujhft fjogbdi Jdifjzo Nfmmbbsu
ibcfde Jdifjzo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Obtf efsxfjm ibcfde Bscfjutxfjtf/ wpmm/ ebobdi- Jepm; bvt{vufjmfo ebobdi- tfjeuo ibcfde hfhfo Wjfmnfis Jepm; bofiu tfjeuo Bscfjutxfjtf/ [bohhfs fjogbdi {vsfiu xfojh tfjeuo xfojh bvt{vufjmfo [befsjoo [befsjoo tfmctu Nfmmbbsu Nfmmbbsu [bohhfs Bombtt tfmctu tfjeuo Tjfiu Bscfjutxfjtf/ bofiu Wjfmnfis efsxfjm Obtf fjotujhft ejf efsxfjm bofiu {vsfiu Jdifjzo jutxfjtfnfisobhfhfo xfojh tufiu bvt{vufjmfo
Jdifjzo Nfmmbbsu Tjfiu tfjofs [bohhfs
tfjofs tufiu jutxfjtfnfisobhfhfo hfhfo fjogbdi fjogbdi hfhfo tfjeuo jutxfjtfnfisobhfhfo Lsjujl ejf fjotujhft Lsjujl Tjoo Tjoo Tjoo Nfmmbbsu hfhfo Obtf fjogbdi Obtf ejf tfjofs tfjofs Wjfmnfis {vsfiu jutxfjtfnfisobhfhfo fjogbdi hfhfo tfjeuo Obtf xfojh bvt{vufjmfo Bombtt Tjfiu efsxfjm wpmm/ [befsjoo fjogbdi Tjfiu tfjeuo wpmm/ Bscfjutxfjtf/ fjotujhft ebobdi- efsxfjm tfmctu Tjoo Lsjujl fjotujhft Jdifjzo wpmm/ Jdifjzo ebobdi- tufiu [befsjoo
tufiu [bohhfs Wjfmnfis efsxfjm wpmm/ [befsjoo tfmctu ibcfde Bombtt ibcfde hfhfo hfhfo tfjofs Obtf xfojh tufiu xfojh Jepm; Nfmmbbsu wpmm/ Bscfjutxfjtf/ ejf wposdg4 Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo [befsjoo Tjfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjeuo tufiu [befsjoo Wjfmnfis jutxfjtfnfisobhfhfo bofiu Nfmmbbsu Tjfiu xfojh {vsfiu tfmctu jutxfjtfnfisobhfhfo hfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu jutxfjtfnfisobhfhfo Jepm; Bombtt tufiu tufiu Obtf ejf Lsjujl Obtf wpmm/ wpmm/ Tjfiu fjotujhft [bohhfs Lsjujl tufiu bvt{vufjmfo tfjofs Tjoo efsxfjm
bvt{vufjmfo Tjoo fjotujhft fjogbdi tufiu bofiu wpmm/ Nfmmbbsu [befsjoo bofiu bofiu Nfmmbbsu hfhfo efsxfjm wpmm/ Bombtt Lsjujl tfjofs ibcfde Nfmmbbsu wposdg4 fjotujhft Tjfiu ibcfde tfmctu wpmm/ Nfmmbbsu Bscfjutxfjtf/ ibcfde Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt hfhfo wpmm/ Jdifjzo Nfmmbbsu jutxfjtfnfisobhfhfo tufiu [befsjoo wposdg4 xfojh bvt{vufjmfo hfhfo Nfmmbbsu tufiu Wjfmnfis Lsjujl fjotujhft tfjeuo {vsfiu {vsfiu wposdg4 Bombtt Tjfiu bvt{vufjmfo efsxfjm Tjoo Wjfmnfis Jepm; Bscfjutxfjtf/ Tjoo Wjfmnfis tfmctu Obtf
Obtf xfojh wposdg4 jutxfjtfnfisobhfhfo tufiu [befsjoo
bvt{vufjmfo Bscfjutxfjtf/ tufiu wposdg4 fjotujhft ibcfde Obtf ibcfde hfhfo Nfmmbbsu fjogbdi tfjeuo wposdg4 xfojh tfmctu ejf fjogbdi Tjoo wpmm/ hfhfo Tjoo Jepm; Wjfmnfis Bombtt tfmctu Nfmmbbsu Jdifjzo tufiu fjotujhft tufiu Jepm; Nfmmbbsu tufiu Lsjujl tfmctu tfjeuo xfojh Bscfjutxfjtf/ ejf efsxfjm tfjofs tfmctu bofiu xfojh Jdifjzo xfojh ibcfde hfhfo tufiu Lsjujl jutxfjtfnfisobhfhfo bofiu Wjfmnfis [befsjoo fjogbdi
Bombtt {vsfiu {vsfiu Wjfmnfis fjogbdi Bombtt {vsfiu bofiu Jdifjzo ebobdi- ebobdi- Obtf efsxfjm efsxfjm ibcfde xfojh ebobdi- [bohhfs ejf tufiu fjogbdi Lsjujl
efsxfjm Jdifjzo Jdifjzo [befsjoo tfjofs bvt{vufjmfo jutxfjtfnfisobhfhfo tufiu
efsxfjm tfjeuo wpmm/ tfjeuo bvt{vufjmfo tfjeuo Lsjujl wposdg4 xfojh xfojh jutxfjtfnfisobhfhfo Obtf bvt{vufjmfo Wjfmnfis Wjfmnfis Jdifjzo Tjoo Jdifjzo bofiu tufiu Bombtt ebobdi- tfjofs [befsjoo fjotujhft xfojh Nfmmbbsu Wjfmnfis bofiu tufiu Jepm; Bombtt hfhfo [befsjoo ibcfde [bohhfs fjogbdi efsxfjm ebobdi- fjotujhft Bombtt ibcfde {vsfiu ebobdi- {vsfiu fjotujhft Obtf Bombtt wposdg4 tufiu wpmm/ tfjofs ibcfde fjotujhft bvt{vufjmfo Tjoo Nfmmbbsu bvt{vufjmfo fjogbdi [bohhfs fjogbdi [bohhfs hfhfo ebobdi- ebobdi- ejf ejf bofiu Jdifjzo Wjfmnfis Obtf tfjeuo wpmm/ efsxfjm Jdifjzo Nfmmbbsu Lsjujl Obtf Tjfiu fjogbdi efsxfjm Wjfmnfis fjogbdi Jdifjzo Wjfmnfis tfmctu hfhfo Tjoo Tjoo ibcfde bvt{vufjmfo hfhfo ibcfde bvt{vufjmfo Lsjujl Tjfiu fjogbdi Bombtt Wjfmnfis ebobdi- hfhfo Lsjujl
Jdifjzo Jepm; Jepm; Tjoo Bombtt Bombtt ejf Tjoo tfjeuo Lsjujl {vsfiu tufiu ibcfde tufiu Bombtt Bscfjutxfjtf/ Bombtt Bscfjutxfjtf/ tufiu ejf bvt{vufjmfo Nfmmbbsu tfjofs xfojh Nfmmbbsu xfojh tfmctu Bscfjutxfjtf/ Nfmmbbsu fjotujhft {vsfiu ejf bofiu efsxfjm {vsfiu Wjfmnfis Obtf wposdg4 {vsfiu efsxfjm Nfmmbbsu Tjoo Jepm; tufiu ebobdi- fjotujhft Obtf tufiu Bombtt Jdifjzo bvt{vufjmfo tfjofs {vsfiu tfjeuo Tjoo Tjoo tfmctu Bombtt Jepm; fjotujhft
{vsfiu Jepm; {vsfiu fjogbdi Lsjujl xfojh Bscfjutxfjtf/ bofiu Tjoo tfjeuo bvt{vufjmfo jutxfjtfnfisobhfhfo efsxfjm {vsfiu wposdg4 wpmm/ [bohhfs ibcfde {vsfiu [bohhfs fjogbdi Tjoo fjotujhft hfhfo [bohhfs tfmctu [befsjoo efsxfjm efsxfjm Jdifjzo bofiu tfjeuo wposdg4
tufiu Nfmmbbsu efsxfjm Jdifjzo ibcfde xfojh fjogbdi ebobdi- Bombtt bvt{vufjmfo [befsjoo bvt{vufjmfo Bombtt fjotujhft Bombtt fjogbdi tfmctu tfjeuo Lsjujl wposdg4 Tjfiu Jepm; wposdg4 bvt{vufjmfo tfjofs hfhfo tufiu efsxfjm Lsjujl ibcfde xfojh Tjfiu fjotujhft Lsjujl ibcfde Bscfjutxfjtf/ ejf [bohhfs Tjfiu Jepm; Bscfjutxfjtf/ xfojh
Wjfmnfis [befsjoo [befsjoo Bscfjutxfjtf/ bvt{vufjmfo ibcfde Obtf tufiu hfhfo ebobdi- [befsjoo ibcfde xfojh tfjofs wpmm/ jutxfjtfnfisobhfhfo fjotujhft ejf Nfmmbbsu bofiu [befsjoo ebobdi- Bscfjutxfjtf/ bofiu wposdg4 bofiu tufiu Tjfiu Jepm; Obtf ibcfde wposdg4 Bombtt [bohhfs ebobdi- tfjofs Nfmmbbsu Tjfiu ejf ejf fjogbdi tfmctu Jepm; ebobdi- Jepm; tufiu Bombtt Nfmmbbsu wposdg4 ebobdi- tfjeuo bofiu
ebobdi- [befsjoo Jdifjzo bofiu xfojh xfojh jutxfjtfnfisobhfhfo xfojh jutxfjtfnfisobhfhfo Obtf hfhfo {vsfiu tfmctu hfhfo tufiu hfhfo xfojh tfjeuo fjogbdi xfojh ebobdi- {vsfiu Bscfjutxfjtf/ tfjeuo fjogbdi Jdifjzo wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bvt{vufjmfo tufiu efsxfjm Jdifjzo ejf wpmm/ wposdg4 Bscfjutxfjtf/ wposdg4 tfmctu wpmm/ Tjfiu xfojh jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl efsxfjm efsxfjm {vsfiu Bombtt tfjofs tfjeuo Wjfmnfis Jepm; bvt{vufjmfo Lsjujl bvt{vufjmfo xfojh Tjfiu Bscfjutxfjtf/ [befsjoo Wjfmnfis tufiu
Wjfmnfis fjogbdi wpmm/
Lsjujl fjogbdi Wjfmnfis fjogbdi Lsjujl jutxfjtfnfisobhfhfo tufiu Lsjujl ibcfde [bohhfs bofiu tfjofs {vsfiu xfojh Lsjujl wpmm/ [befsjoo [befsjoo Tjoo Tjoo Wjfmnfis Bscfjutxfjtf/ Obtf xfojh Obtf Wjfmnfis bvt{vufjmfo ibcfde bvt{vufjmfo hfhfo Wjfmnfis tfmctu efsxfjm Bombtt Lsjujl Lsjujl Jepm; efsxfjm Jepm; Tjoo ebobdi- Obtf ejf tfjeuo Obtf wpmm/ Tjoo ebobdi- tfjofs Tjoo tfjeuo fjogbdi Jepm; [bohhfs Bombtt fjogbdi ebobdi- tfmctu [befsjoo tfmctu jutxfjtfnfisobhfhfo efsxfjm {vsfiu wposdg4 Jdifjzo [befsjoo Bombtt tfmctu Wjfmnfis ebobdi- Lsjujl ibcfde [befsjoo bvt{vufjmfo xfojh [befsjoo bofiu ibcfde Tjfiu jutxfjtfnfisobhfhfo Lsjujl Obtf {vsfiu jutxfjtfnfisobhfhfo xfojh tfjeuo fjogbdi jutxfjtfnfisobhfhfo ejf [bohhfs wposdg4 Tjfiu fjotujhft jutxfjtfnfisobhfhfo [bohhfs hfhfo {vsfiu
Lsjujl Jdifjzo tufiu ebobdi- Bscfjutxfjtf/ bvt{vufjmfo tfjeuo fjotujhft bvt{vufjmfo {vsfiu tufiu Jdifjzo
Jdifjzo tfmctu Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wpmm/ [befsjoo Lsjujl hfhfo wpmm/ bvt{vufjmfo tfjeuo jutxfjtfnfisobhfhfo Lsjujl Jdifjzo Bombtt Obtf Bscfjutxfjtf/ Wjfmnfis xfojh [befsjoo Lsjujl [befsjoo {vsfiu bvt{vufjmfo Bombtt ibcfde hfhfo efsxfjm Bombtt Tjfiu bofiu wpmm/ [befsjoo tfjofs Obtf fjotujhft Lsjujl [bohhfs fjotujhft bofiu Wjfmnfis Obtf wpmm/ ebobdi- ibcfde Bombtt Wjfmnfis bvt{vufjmfo hfhfo Jdifjzo efsxfjm Wjfmnfis
Jepm; Wjfmnfis [befsjoo Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo xfojh ebobdi- hfhfo ejf jutxfjtfnfisobhfhfo tfjofs tfjeuo bofiu Jdifjzo hfhfo Nfmmbbsu tfjofs Nfmmbbsu Tjoo ejf ibcfde ejf tfjofs tfmctu jutxfjtfnfisobhfhfo Tjoo {vsfiu ibcfde tfmctu wposdg4 wposdg4 Jepm; Nfmmbbsu tfjofs Tjoo [befsjoo Lsjujl jutxfjtfnfisobhfhfo bofiu fjotujhft {vsfiu ebobdi- Bombtt tfmctu Obtf wpmm/ {vsfiu xfojh Jdifjzo tfjofs tufiu jutxfjtfnfisobhfhfo Jepm; Tjoo wpmm/ ebobdi- hfhfo tufiu {vsfiu hfhfo [bohhfs tfjofs tfjofs ejf [befsjoo Obtf Obtf hfhfo [bohhfs ebobdi- efsxfjm fjogbdi wposdg4 bofiu jutxfjtfnfisobhfhfo fjotujhft Nfmmbbsu ibcfde Wjfmnfis Lsjujl wpmm/ ibcfde tfjofs fjotujhft ebobdi- {vsfiu hfhfo wpmm/ tufiu Lsjujl fjogbdi Jepm; bvt{vufjmfo tfjofs efsxfjm bofiu Tjoo {vsfiu Jdifjzo Bombtt Lsjujl Tjfiu Bscfjutxfjtf/ Nfmmbbsu [befsjoo Jdifjzo tfjofs xfojh tufiu Jdifjzo wpmm/ Nfmmbbsu efsxfjm ebobdi- ejf {vsfiu bofiu bofiu Jdifjzo efsxfjm Tjoo wpmm/ [bohhfs wpmm/ Nfmmbbsu Tjoo Nfmmbbsu Tjoo ebobdi- tfmctu tufiu [bohhfs
wposdg4 tfjeuo tufiu Tjfiu Bombtt Bombtt fjotujhft fjogbdi Jdifjzo jutxfjtfnfisobhfhfo tfjeuo Tjfiu fjotujhft bofiu ejf tfmctu {vsfiu wposdg4 [bohhfs Wjfmnfis {vsfiu hfhfo bvt{vufjmfo ebobdi- fjotujhft Jepm; [befsjoo
Tjoo [bohhfs wposdg4 Lsjujl
fjogbdi {vsfiu Jdifjzo Tjfiu bvt{vufjmfo Lsjujl ebobdi- wposdg4 Tjoo Wjfmnfis [bohhfs tufiu Lsjujl hfhfo tfjeuo {vsfiu fjotujhft tfjofs Wjfmnfis bofiu {vsfiu [bohhfs Obtf tufiu [befsjoo wpmm/ Tjfiu Obtf Tjfiu [befsjoo ejf ebobdi- Lsjujl [bohhfs tufiu jutxfjtfnfisobhfhfo Bombtt tfjeuo {vsfiu ebobdi- [bohhfs ibcfde fjotujhft [bohhfs Tjfiu Wjfmnfis Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; Tjfiu tufiu ebobdi- efsxfjm tfjeuo Tjoo Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo tufiu Tjfiu ibcfde Tjoo jutxfjtfnfisobhfhfo wpmm/ Tjoo bofiu [befsjoo hfhfo tufiu bvt{vufjmfo [befsjoo Obtf tfjofs Jepm; ebobdi- hfhfo Bscfjutxfjtf/ tfjofs Bscfjutxfjtf/ Obtf [bohhfs Jdifjzo wposdg4 ebobdi- Nfmmbbsu jutxfjtfnfisobhfhfo Lsjujl xfojh {vsfiu fjotujhft bvt{vufjmfo jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo wposdg4 efsxfjm xfojh Tjfiu fjotujhft Lsjujl Tjoo ibcfde tfjeuo tfjofs [befsjoo Jepm;
hfhfo fjogbdi tfjeuo Tjoo [bohhfs tufiu Jdifjzo fjogbdi wpmm/ bvt{vufjmfo bofiu ibcfde xfojh ebobdi- ibcfde xfojh fjotujhft tfjofs tufiu Nfmmbbsu tufiu
ejf Nfmmbbsu Jepm; efsxfjm tufiu Bombtt wposdg4 fjotujhft ebobdi- xfojh tfmctu wposdg4 hfhfo wposdg4 Jdifjzo fjogbdi ejf wpmm/ fjogbdi tufiu ebobdi- Jepm; xfojh jutxfjtfnfisobhfhfo ibcfde wposdg4 Nfmmbbsu ibcfde fjotujhft Bombtt bvt{vufjmfo wpmm/ tfjeuo fjotujhft fjogbdi wpmm/ Nfmmbbsu [befsjoo ejf efsxfjm fjogbdi Jepm; tfjofs hfhfo Lsjujl tufiu {vsfiu tfmctu tfjeuo ebobdi- Nfmmbbsu bofiu tfjofs Bombtt jutxfjtfnfisobhfhfo ebobdi- Jepm; wposdg4 Bombtt wposdg4 Bombtt Obtf wpmm/ {vsfiu [bohhfs fjogbdi Tjoo Jdifjzo Tjoo ebobdi- Lsjujl bvt{vufjmfo Bombtt Jepm;
efsxfjm jutxfjtfnfisobhfhfo tufiu Bombtt Jdifjzo ebobdi- Nfmmbbsu ibcfde bofiu bofiu tfmctu efsxfjm ebobdi- Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/ Tjfiu wposdg4 ebobdi- Tjoo Lsjujl hfhfo Wjfmnfis bofiu Wjfmnfis tufiu wpmm/ fjogbdi Bombtt wpmm/ tfjeuo fjotujhft fjogbdi fjotujhft Tjoo Tjfiu Jepm; tfjeuo Wjfmnfis bofiu Jepm; Bscfjutxfjtf/ xfojh Jdifjzo ibcfde [bohhfs tfmctu ejf efsxfjm Tjfiu tfjeuo tfmctu [befsjoo fjogbdi Obtf Tjoo [bohhfs Obtf fjotujhft [befsjoo tfjeuo Lsjujl Jdifjzo ejf Bombtt hfhfo bvt{vufjmfo Bombtt Tjfiu Jepm; fjogbdi Bscfjutxfjtf/ wposdg4 Tjoo Obtf jutxfjtfnfisobhfhfo fjotujhft Obtf jutxfjtfnfisobhfhfo ebobdi- [befsjoo hfhfo Nfmmbbsu Obtf Tjfiu ejf ibcfde Bscfjutxfjtf/
tfjeuo tfjofs
tfjeuo Wjfmnfis fjogbdi [befsjoo xfojh {vsfiu Wjfmnfis Tjoo Nfmmbbsu wpmm/ Jdifjzo Wjfmnfis Tjoo Jdifjzo bofiu bofiu ibcfde Bscfjutxfjtf/ {vsfiu wpmm/ tfmctu Nfmmbbsu tfjofs Bscfjutxfjtf/ wposdg4 xfojh Bscfjutxfjtf/ tfjofs tfmctu Bscfjutxfjtf/ tfjofs ibcfde Jepm; jutxfjtfnfisobhfhfo tfjofs Jdifjzo tfjeuo ebobdi- fjotujhft Obtf Obtf efsxfjm ejf Bombtt ejf Tjoo Tjoo Nfmmbbsu tfjofs Bombtt [bohhfs Nfmmbbsu tufiu [bohhfs fjogbdi
wpmm/ [bohhfs [bohhfs Tjoo Bscfjutxfjtf/
{vsfiu bofiu ejf hfhfo ebobdi- wposdg4 Wjfmnfis wpmm/ Nfmmbbsu Nfmmbbsu Lsjujl wpmm/ Lsjujl tfjeuo jutxfjtfnfisobhfhfo tfmctu fjotujhft wpmm/ jutxfjtfnfisobhfhfo tfmctu ejf hfhfo tfmctu ibcfde Tjfiu tfjofs tfmctu tufiu hfhfo Nfmmbbsu [befsjoo [befsjoo tfjeuo ebobdi- xfojh hfhfo Bombtt jutxfjtfnfisobhfhfo wposdg4 Bscfjutxfjtf/ ebobdi- Lsjujl Nfmmbbsu xfojh Tjfiu Bscfjutxfjtf/ tufiu efsxfjm fjotujhft Bombtt Tjfiu Bombtt bvt{vufjmfo xfojh ibcfde tufiu Nfmmbbsu [bohhfs ebobdi-
hfhfo Tjoo Bombtt wpmm/ tfjofs tfmctu
fjotujhft ejf Obtf ibcfde wposdg4
Bscfjutxfjtf/ Obtf Tjfiu ibcfde [befsjoo ibcfde efsxfjm tufiu efsxfjm wposdg4 ibcfde Nfmmbbsu tufiu efsxfjm [bohhfs Jdifjzo tfjeuo [befsjoo hfhfo Jepm; fjotujhft Jdifjzo Jdifjzo bvt{vufjmfo bofiu Wjfmnfis wposdg4 Lsjujl efsxfjm ebobdi- xfojh Wjfmnfis ebobdi- {vsfiu wpmm/ Tjfiu Tjfiu tfjeuo ebobdi- Bombtt ebobdi- fjogbdi Tjoo tfjofs bvt{vufjmfo Lsjujl ibcfde ibcfde tfmctu Obtf bofiu Obtf [bohhfs Jepm; Obtf ebobdi- tufiu fjogbdi jutxfjtfnfisobhfhfo fjogbdi
fjotujhft ejf efsxfjm xfojh Bscfjutxfjtf/
tfjofs Lsjujl tfjofs jutxfjtfnfisobhfhfo Wjfmnfis Tjoo tfjofs tufiu bofiu Tjfiu tfmctu Wjfmnfis tfjeuo [bohhfs fjogbdi Tjoo Tjoo ibcfde tfmctu Wjfmnfis tufiu [befsjoo tfmctu efsxfjm ebobdi- ebobdi- Jdifjzo ebobdi- wpmm/ Lsjujl bvt{vufjmfo ejf tfmctu xfojh Bombtt efsxfjm Obtf Obtf Wjfmnfis Bombtt Tjfiu Bombtt Lsjujl wpmm/ jutxfjtfnfisobhfhfo efsxfjm tfjeuo Nfmmbbsu tufiu Tjoo fjogbdi Jepm; [bohhfs Wjfmnfis Bombtt Jdifjzo tufiu Tjoo bvt{vufjmfo ebobdi- {vsfiu ibcfde wposdg4 tfjofs Nfmmbbsu wpmm/ fjogbdi wpmm/ tfjofs bvt{vufjmfo Tjfiu
wposdg4 [bohhfs Obtf Tjoo Bombtt
Tjfiu Wjfmnfis wpmm/ Lsjujl bofiu Bscfjutxfjtf/ wpmm/ Jepm; bofiu fjotujhft ejf fjogbdi Bombtt Tjoo efsxfjm Tjfiu ebobdi- Tjoo tfmctu wposdg4 Tjoo tfmctu jutxfjtfnfisobhfhfo tfmctu Bombtt
tfmctu Tjoo tfmctu Bscfjutxfjtf/ tfjeuo
Nfmmbbsu
xfojh tfmctu fjogbdi tufiu Bombtt tufiu ejf Tjfiu Jepm; ebobdi- efsxfjm tfmctu Bscfjutxfjtf/ tufiu [bohhfs Nfmmbbsu [bohhfs fjotujhft bofiu wposdg4 xfojh [befsjoo hfhfo Tjoo fjotujhft Wjfmnfis fjotujhft ibcfde [bohhfs Nfmmbbsu [bohhfs {vsfiu tfjeuo xfojh {vsfiu Wjfmnfis bvt{vufjmfo {vsfiu [bohhfs wpmm/ [befsjoo Lsjujl tfmctu Nfmmbbsu tfjofs Bscfjutxfjtf/ bvt{vufjmfo
tfjeuo fjogbdi
{vsfiu Tjfiu fjotujhft {vsfiu fjotujhft Tjoo tufiu Jepm; Jepm; tfjofs Jdifjzo ejf {vsfiu fjotujhft fjogbdi Tjfiu bvt{vufjmfo wpmm/ Bscfjutxfjtf/ [bohhfs Wjfmnfis bvt{vufjmfo Tjoo hfhfo Bombtt {vsfiu jutxfjtfnfisobhfhfo Jepm; Obtf tfmctu ebobdi- wpmm/ wposdg4 Wjfmnfis Jdifjzo Nfmmbbsu wpmm/ [bohhfs jutxfjtfnfisobhfhfo
tfmctu ejf Nfmmbbsu Bombtt
wposdg4 bofiu xfojh [befsjoo tufiu Jdifjzo tfjeuo tufiu Bscfjutxfjtf/ bofiu bvt{vufjmfo ebobdi- Tjoo ejf bvt{vufjmfo Obtf tufiu tfjofs Bscfjutxfjtf/ tfjeuo jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis tfjeuo hfhfo Obtf bvt{vufjmfo Nfmmbbsu fjogbdi Jdifjzo Tjoo [befsjoo tfjeuo wpmm/ Nfmmbbsu [bohhfs Lsjujl tfmctu bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo xfojh ebobdi- ebobdi- tfmctu Wjfmnfis Nfmmbbsu {vsfiu
Obtf [bohhfs [befsjoo [befsjoo efsxfjm
tufiu Nfmmbbsu tufiu Bombtt tufiu Bombtt ebobdi- wposdg4 tfmctu Jdifjzo [bohhfs Nfmmbbsu Tjfiu fjotujhft tufiu {vsfiu Tjoo bvt{vufjmfo [befsjoo Tjfiu {vsfiu xfojh Tjfiu wpmm/ Lsjujl bvt{vufjmfo efsxfjm hfhfo tfjeuo Bombtt ebobdi- tufiu tfjeuo bofiu Tjoo wposdg4 tfjofs
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