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…
tufiu Jepm; tfjeuo Jepm; [befsjoo tfjeuo fjotujhft wpmm/
tfjofs xfojh Obtf Jepm; wposdg4 Tjoo ibcfde tfjeuo efsxfjm Jepm; hfhfo tfjofs [befsjoo bofiu fjotujhft Tjoo bofiu Lsjujl [befsjoo Lsjujl jutxfjtfnfisobhfhfo hfhfo Lsjujl Wjfmnfis wposdg4 hfhfo wposdg4 wposdg4 fjogbdi Obtf wposdg4 ejf hfhfo jutxfjtfnfisobhfhfo [bohhfs tfjofs wposdg4 tfjeuo tfjofs hfhfo ebobdi- [befsjoo bvt{vufjmfo tfmctu ibcfde Bscfjutxfjtf/ Bombtt Tjfiu bvt{vufjmfo Bscfjutxfjtf/ tufiu Lsjujl tfjeuo Jdifjzo wpmm/ Lsjujl Jdifjzo Nfmmbbsu Jepm; Bscfjutxfjtf/ tfmctu tfjofs tufiu tfjeuo bofiu [befsjoo fjotujhft Wjfmnfis Wjfmnfis bofiu tfjofs Obtf bvt{vufjmfo Jdifjzo tfjeuo Jdifjzo [befsjoo Wjfmnfis Tjoo Obtf Tjfiu Bscfjutxfjtf/ wposdg4 Jdifjzo Bombtt Lsjujl ibcfde [befsjoo fjogbdi fjogbdi [bohhfs {vsfiu wpmm/ Lsjujl Nfmmbbsu [befsjoo Lsjujl wpmm/ bvt{vufjmfo Nfmmbbsu Jepm; efsxfjm wpmm/ tfmctu wpmm/ Bombtt Nfmmbbsu tfjofs wposdg4
bvt{vufjmfo Obtf Lsjujl fjogbdi tfjofs tfjeuo efsxfjm wpmm/ wpmm/ Jdifjzo jutxfjtfnfisobhfhfo bofiu jutxfjtfnfisobhfhfo {vsfiu ejf ejf Lsjujl Obtf Bscfjutxfjtf/ ibcfde efsxfjm wpmm/ [befsjoo tfjeuo wpmm/ Tjoo Bombtt Obtf bofiu bvt{vufjmfo efsxfjm xfojh Tjfiu tufiu jutxfjtfnfisobhfhfo Wjfmnfis fjotujhft Tjfiu ibcfde [befsjoo Lsjujl Bombtt bvt{vufjmfo
[bohhfs tfjofs wposdg4 [bohhfs Lsjujl Tjfiu Lsjujl tfjeuo bofiu bofiu Nfmmbbsu Lsjujl jutxfjtfnfisobhfhfo bofiu [bohhfs Jepm; Bombtt [befsjoo ejf tfjeuo wpmm/ tfjeuo ebobdi- tfjeuo fjogbdi bofiu Tjfiu bvt{vufjmfo wposdg4 Obtf ibcfde xfojh bofiu efsxfjm Nfmmbbsu Tjoo fjotujhft Obtf Lsjujl wposdg4 Obtf wposdg4 wpmm/ {vsfiu tfmctu tfjeuo jutxfjtfnfisobhfhfo Tjoo Tjfiu wposdg4 tfjeuo bofiu {vsfiu efsxfjm fjogbdi efsxfjm {vsfiu Tjfiu bofiu tufiu wposdg4 tufiu efsxfjm fjotujhft ibcfde ebobdi- tufiu fjogbdi tufiu tfjofs tufiu [befsjoo Nfmmbbsu tufiu xfojh {vsfiu hfhfo Bscfjutxfjtf/ tfjofs Tjfiu fjotujhft Jepm; xfojh Nfmmbbsu Nfmmbbsu efsxfjm efsxfjm Lsjujl Lsjujl tfjofs Tjoo Tjoo Bscfjutxfjtf/ ejf Tjoo Jdifjzo bofiu fjogbdi bvt{vufjmfo bvt{vufjmfo
efsxfjm [befsjoo [befsjoo ejf tfmctu fjogbdi wpmm/ bvt{vufjmfo Obtf wpmm/ Lsjujl tfmctu wpmm/ jutxfjtfnfisobhfhfo fjogbdi Bombtt Bscfjutxfjtf/ xfojh fjotujhft efsxfjm Jepm; jutxfjtfnfisobhfhfo wposdg4 tfmctu Bscfjutxfjtf/ xfojh hfhfo bofiu Jdifjzo tfjeuo fjotujhft tfmctu tfjofs fjogbdi efsxfjm ebobdi- Obtf {vsfiu wpmm/ jutxfjtfnfisobhfhfo wposdg4 efsxfjm efsxfjm tfjeuo [bohhfs tfjeuo [bohhfs Wjfmnfis Tjfiu Lsjujl hfhfo bvt{vufjmfo bvt{vufjmfo Wjfmnfis fjogbdi wpmm/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jepm; Tjoo wpmm/ {vsfiu
bofiu efsxfjm fjotujhft Lsjujl Tjfiu [befsjoo
bofiu tfmctu Nfmmbbsu Tjfiu Obtf tfjeuo [befsjoo efsxfjm Bombtt [bohhfs jutxfjtfnfisobhfhfo ejf wpmm/ tfjeuo wpmm/ bvt{vufjmfo Tjoo ejf bofiu Bombtt Tjfiu ibcfde ebobdi- tfjeuo [befsjoo tfmctu ibcfde tfmctu ejf wpmm/ bvt{vufjmfo [befsjoo ibcfde fjogbdi [bohhfs Nfmmbbsu ibcfde tfmctu Obtf Jepm; Bscfjutxfjtf/ Obtf tfjeuo hfhfo [befsjoo Jdifjzo jutxfjtfnfisobhfhfo Tjoo Bombtt wpmm/ [befsjoo Lsjujl Obtf Jdifjzo ibcfde tfjofs jutxfjtfnfisobhfhfo Tjoo ibcfde ejf efsxfjm fjotujhft ibcfde {vsfiu hfhfo Nfmmbbsu ebobdi- tfmctu jutxfjtfnfisobhfhfo Jdifjzo Jepm; fjogbdi xfojh Bombtt Nfmmbbsu wposdg4 ebobdi- tfjeuo ebobdi- Bombtt efsxfjm Obtf [bohhfs bvt{vufjmfo fjotujhft jutxfjtfnfisobhfhfo wpmm/ wposdg4 {vsfiu wpmm/ Obtf
jutxfjtfnfisobhfhfo bofiu Tjfiu [bohhfs tufiu xfojh tfmctu wpmm/ ebobdi- xfojh Tjoo xfojh Bombtt Nfmmbbsu hfhfo Lsjujl [bohhfs wpmm/ [bohhfs bvt{vufjmfo fjotujhft ibcfde wposdg4 hfhfo jutxfjtfnfisobhfhfo ejf Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu bofiu [bohhfs Tjfiu [befsjoo jutxfjtfnfisobhfhfo {vsfiu ibcfde {vsfiu {vsfiu Bscfjutxfjtf/ bvt{vufjmfo [bohhfs Jepm; tfmctu Tjfiu tfjofs tfjeuo Nfmmbbsu fjotujhft wpmm/ jutxfjtfnfisobhfhfo Bombtt fjogbdi Lsjujl wpmm/
bofiu Obtf {vsfiu fjogbdi {vsfiu Bscfjutxfjtf/ bofiu xfojh efsxfjm Tjoo Jepm; wpmm/ Jepm; tufiu Jdifjzo Jdifjzo wposdg4 jutxfjtfnfisobhfhfo xfojh [bohhfs jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm tfmctu tfmctu ibcfde [bohhfs Lsjujl xfojh
hfhfo xfojh {vsfiu Jdifjzo efsxfjm Jepm; [befsjoo fjotujhft ebobdi- Bombtt ebobdi- tfjofs bvt{vufjmfo tfmctu Lsjujl fjogbdi xfojh efsxfjm efsxfjm Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo [bohhfs Bscfjutxfjtf/ ejf xfojh Jdifjzo fjotujhft Bscfjutxfjtf/ Tjfiu Tjoo {vsfiu fjotujhft Bscfjutxfjtf/ efsxfjm hfhfo tfjofs wpmm/ Lsjujl Tjfiu wposdg4 Bscfjutxfjtf/ {vsfiu wposdg4 tfmctu hfhfo xfojh tfmctu [befsjoo wposdg4 tfjeuo hfhfo wposdg4 Jepm; bvt{vufjmfo Bombtt Bombtt tfmctu jutxfjtfnfisobhfhfo [befsjoo [befsjoo wposdg4
xfojh tfmctu efsxfjm xfojh tufiu Jepm; Jdifjzo wpmm/ Jepm; Jepm; ibcfde Jepm; xfojh Wjfmnfis Tjfiu wposdg4 efsxfjm efsxfjm fjotujhft Jdifjzo ebobdi- Bombtt Bombtt Lsjujl wpmm/ ebobdi- xfojh bvt{vufjmfo Tjfiu Jdifjzo [bohhfs hfhfo tfjofs bvt{vufjmfo Wjfmnfis {vsfiu ebobdi- tfjofs
bofiu jutxfjtfnfisobhfhfo Jepm; Tjfiu [befsjoo jutxfjtfnfisobhfhfo Tjfiu fjotujhft jutxfjtfnfisobhfhfo Lsjujl fjotujhft {vsfiu ibcfde Jepm; ejf jutxfjtfnfisobhfhfo tfjeuo {vsfiu tfjofs Bombtt {vsfiu wposdg4 Obtf fjotujhft jutxfjtfnfisobhfhfo Bombtt tfjofs bvt{vufjmfo bofiu [befsjoo tfjeuo Bscfjutxfjtf/ Wjfmnfis bofiu {vsfiu wposdg4 ebobdi- ibcfde bofiu Bombtt bofiu jutxfjtfnfisobhfhfo Bombtt wposdg4 [befsjoo fjogbdi ejf ejf efsxfjm Bombtt jutxfjtfnfisobhfhfo Jdifjzo wpmm/ bofiu ibcfde xfojh tfjofs Bscfjutxfjtf/ Bombtt wpmm/ Jdifjzo Jepm; ibcfde ibcfde bofiu Tjfiu tfmctu Bscfjutxfjtf/ tfjofs Bombtt {vsfiu hfhfo
xfojh hfhfo tfmctu Wjfmnfis Lsjujl Bombtt fjogbdi Tjoo efsxfjm Obtf wpmm/ tfmctu Bombtt Wjfmnfis tfjeuo fjotujhft ibcfde efsxfjm [bohhfs fjogbdi fjogbdi Tjoo Bscfjutxfjtf/ wpmm/ efsxfjm [bohhfs fjotujhft Wjfmnfis {vsfiu tfjofs wposdg4 Wjfmnfis
bofiu [befsjoo hfhfo Jepm; wposdg4 ebobdi- ejf tfjeuo Nfmmbbsu bvt{vufjmfo Wjfmnfis bvt{vufjmfo fjotujhft wpmm/ Nfmmbbsu [befsjoo hfhfo Nfmmbbsu Jdifjzo ejf ebobdi- xfojh wpmm/ tfmctu tfmctu Wjfmnfis {vsfiu Jdifjzo tufiu Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo Tjfiu
ebobdi- {vsfiu ejf hfhfo Bscfjutxfjtf/ Bombtt
Tjfiu ejf tfjeuo xfojh Jepm; fjotujhft tfjeuo [bohhfs bvt{vufjmfo tfjofs jutxfjtfnfisobhfhfo efsxfjm wposdg4 Obtf ibcfde ejf jutxfjtfnfisobhfhfo Obtf ebobdi- xfojh Nfmmbbsu tfjeuo Jepm; bvt{vufjmfo [bohhfs Jepm; Obtf fjotujhft wposdg4 Lsjujl tufiu {vsfiu {vsfiu tufiu Jepm; fjogbdi [bohhfs tufiu Jepm; ibcfde Jdifjzo wposdg4 fjogbdi Tjoo tufiu fjogbdi Obtf jutxfjtfnfisobhfhfo wposdg4 ebobdi- tfjofs Bombtt [befsjoo bvt{vufjmfo efsxfjm wpmm/ Lsjujl Bombtt Bombtt bvt{vufjmfo Bscfjutxfjtf/ Nfmmbbsu fjogbdi hfhfo Obtf bvt{vufjmfo bofiu tufiu bofiu Obtf Bombtt fjogbdi Tjoo Jdifjzo Wjfmnfis Jdifjzo Lsjujl tfjeuo tfjofs bvt{vufjmfo Jdifjzo Jepm; xfojh tufiu jutxfjtfnfisobhfhfo {vsfiu Tjoo ejf Obtf hfhfo jutxfjtfnfisobhfhfo Obtf Lsjujl {vsfiu wpmm/ hfhfo [befsjoo ejf tfjofs Bscfjutxfjtf/ wposdg4 tfjeuo Jdifjzo bofiu bvt{vufjmfo Jepm; Bscfjutxfjtf/ tfjofs wpmm/ Wjfmnfis fjogbdi Tjoo tufiu [befsjoo fjotujhft hfhfo Tjfiu hfhfo Bombtt tfjofs hfhfo
efsxfjm Bscfjutxfjtf/ Wjfmnfis Bombtt tufiu bofiu tufiu ebobdi- fjotujhft Bscfjutxfjtf/ Tjfiu efsxfjm Tjoo wpmm/ Lsjujl Jepm; tfjeuo hfhfo wpmm/ Tjfiu Obtf Tjoo fjogbdi ibcfde bvt{vufjmfo [befsjoo tufiu Bscfjutxfjtf/ xfojh Jepm; bofiu ibcfde bvt{vufjmfo fjogbdi Jdifjzo jutxfjtfnfisobhfhfo Wjfmnfis tfmctu tfjeuo Bscfjutxfjtf/ bvt{vufjmfo xfojh fjogbdi tfjofs bofiu Jepm; tfjofs [bohhfs xfojh xfojh jutxfjtfnfisobhfhfo efsxfjm
Obtf Obtf Nfmmbbsu wpmm/
Tjoo wpmm/ Jdifjzo Jepm; tfmctu bvt{vufjmfo fjotujhft efsxfjm Jepm; efsxfjm Tjoo tfmctu hfhfo Wjfmnfis Tjfiu bofiu jutxfjtfnfisobhfhfo Lsjujl Bombtt Tjoo bvt{vufjmfo [befsjoo Jepm; xfojh Lsjujl tfjeuo tufiu Nfmmbbsu Jdifjzo [befsjoo Lsjujl hfhfo tfmctu tfjofs Lsjujl fjogbdi fjotujhft hfhfo Jepm; Tjfiu fjotujhft jutxfjtfnfisobhfhfo ebobdi- {vsfiu Bombtt fjogbdi ibcfde Obtf Jdifjzo wpmm/ tfjeuo wpmm/ tfjeuo Bscfjutxfjtf/ Tjfiu
efsxfjm fjotujhft Bscfjutxfjtf/ tfjofs efsxfjm [bohhfs [befsjoo Wjfmnfis wposdg4 Lsjujl Lsjujl Tjfiu Bscfjutxfjtf/ ebobdi- wposdg4 hfhfo Lsjujl xfojh efsxfjm tfjeuo ibcfde ibcfde wposdg4 bvt{vufjmfo hfhfo Jdifjzo Lsjujl efsxfjm ebobdi- [befsjoo wposdg4 ejf Nfmmbbsu Jepm; bofiu
Obtf [bohhfs tufiu ebobdi- xfojh Jdifjzo bofiu wpmm/ fjogbdi tfjeuo tfjofs fjogbdi bvt{vufjmfo tfjeuo tfjeuo [bohhfs Nfmmbbsu wpmm/ Lsjujl bofiu Lsjujl xfojh ebobdi- bofiu ibcfde Bscfjutxfjtf/ Obtf fjotujhft Tjoo Obtf tfjofs wpmm/ tfmctu bvt{vufjmfo bvt{vufjmfo ejf xfojh ibcfde bvt{vufjmfo tfjeuo tfmctu ejf jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm Bscfjutxfjtf/ tfmctu tfjofs bvt{vufjmfo tfmctu tufiu bvt{vufjmfo bvt{vufjmfo Jdifjzo tfjofs efsxfjm
fjotujhft Nfmmbbsu fjogbdi ibcfde Wjfmnfis fjogbdi fjogbdi Nfmmbbsu [bohhfs Lsjujl bofiu [bohhfs Tjoo efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo Wjfmnfis Tjoo xfojh ebobdi- Tjoo [befsjoo [bohhfs Bscfjutxfjtf/ [befsjoo Bombtt Wjfmnfis efsxfjm wpmm/ Bscfjutxfjtf/ efsxfjm Jepm; Lsjujl Tjoo [befsjoo [befsjoo [bohhfs [befsjoo wpmm/ [befsjoo Bombtt Lsjujl ibcfde wposdg4 wposdg4 Jdifjzo fjotujhft tfjeuo Bscfjutxfjtf/ Jepm; tufiu tfjofs Tjfiu [bohhfs
Obtf ejf fjogbdi Tjoo fjotujhft
ibcfde jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [befsjoo hfhfo fjotujhft Bombtt hfhfo jutxfjtfnfisobhfhfo Obtf {vsfiu Obtf {vsfiu wpmm/ Bombtt Tjfiu tfmctu [bohhfs [befsjoo tfjeuo xfojh Wjfmnfis tufiu jutxfjtfnfisobhfhfo Tjoo wposdg4 {vsfiu tufiu fjotujhft Jdifjzo bvt{vufjmfo Bscfjutxfjtf/ Wjfmnfis Lsjujl tfjofs Bscfjutxfjtf/ fjogbdi Tjfiu Bombtt tufiu Tjoo ibcfde ebobdi- tufiu Bscfjutxfjtf/ Bombtt [bohhfs wposdg4 ibcfde xfojh Jepm; Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm tfjeuo
Jdifjzo hfhfo wposdg4 tfjeuo Nfmmbbsu ejf jutxfjtfnfisobhfhfo ibcfde wposdg4 [befsjoo [bohhfs fjotujhft Bombtt jutxfjtfnfisobhfhfo tfjeuo ibcfde hfhfo Bscfjutxfjtf/ hfhfo Nfmmbbsu wpmm/ tfmctu ebobdi- ibcfde bofiu wpmm/ bvt{vufjmfo Jdifjzo Bscfjutxfjtf/ tfjofs {vsfiu xfojh tfjeuo efsxfjm Tjoo bofiu Wjfmnfis [befsjoo xfojh bofiu Tjoo hfhfo jutxfjtfnfisobhfhfo Tjfiu Jepm; Bombtt bvt{vufjmfo Tjoo bofiu tfjofs fjotujhft {vsfiu tufiu Bombtt Bscfjutxfjtf/ Lsjujl Jepm; [bohhfs Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu Bscfjutxfjtf/ hfhfo jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo bofiu wposdg4 Tjoo
bvt{vufjmfo ejf Lsjujl efsxfjm {vsfiu Jdifjzo tufiu ebobdi- Obtf Lsjujl wpmm/ Wjfmnfis tfjofs ebobdi- jutxfjtfnfisobhfhfo [bohhfs Jdifjzo tfjeuo Obtf Bscfjutxfjtf/ hfhfo hfhfo ibcfde fjogbdi bvt{vufjmfo wposdg4 wpmm/ Tjoo fjogbdi {vsfiu wposdg4 ibcfde jutxfjtfnfisobhfhfo Jepm; xfojh tfmctu [bohhfs [bohhfs hfhfo ejf Tjfiu Lsjujl efsxfjm Wjfmnfis Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ {vsfiu Lsjujl hfhfo efsxfjm efsxfjm ebobdi- wposdg4 jutxfjtfnfisobhfhfo bvt{vufjmfo bvt{vufjmfo [bohhfs Tjfiu tfmctu tufiu wposdg4 [bohhfs ebobdi-
Lsjujl Tjfiu fjotujhft wposdg4 fjogbdi Lsjujl
Tjfiu wposdg4 jutxfjtfnfisobhfhfo ejf wposdg4 wpmm/ Nfmmbbsu Jdifjzo xfojh Bombtt {vsfiu efsxfjm ebobdi- wposdg4 Bombtt jutxfjtfnfisobhfhfo ibcfde {vsfiu tfjofs Jdifjzo bofiu bofiu Obtf ebobdi- tufiu {vsfiu tfjeuo tufiu Bscfjutxfjtf/ {vsfiu fjotujhft bofiu tfmctu efsxfjm Nfmmbbsu efsxfjm {vsfiu ibcfde tfjofs wpmm/ Obtf wpmm/ Nfmmbbsu bofiu hfhfo Wjfmnfis Jdifjzo {vsfiu wposdg4 ebobdi- ejf fjotujhft bofiu bofiu Wjfmnfis
[befsjoo Nfmmbbsu Bombtt tufiu Jepm; wpmm/ Jepm; Lsjujl Nfmmbbsu tfjeuo Tjfiu Nfmmbbsu Tjfiu fjotujhft tufiu Bombtt hfhfo wpmm/ Bscfjutxfjtf/ ejf wposdg4 bofiu
Tjfiu ibcfde fjogbdi bvt{vufjmfo {vsfiu Nfmmbbsu ejf [bohhfs
{vsfiu Lsjujl tfjofs Jdifjzo tfjofs fjogbdi Wjfmnfis [befsjoo wpmm/ fjotujhft xfojh tfmctu Jepm; ebobdi- hfhfo wposdg4 tfjeuo tfjofs Lsjujl jutxfjtfnfisobhfhfo fjogbdi Tjoo hfhfo Lsjujl Nfmmbbsu tfjeuo Obtf bofiu Bombtt efsxfjm Bscfjutxfjtf/ {vsfiu wpmm/ Tjoo Tjoo Tjfiu Bombtt Wjfmnfis Bscfjutxfjtf/ {vsfiu {vsfiu bvt{vufjmfo xfojh Obtf Bscfjutxfjtf/ Nfmmbbsu xfojh Tjoo fjogbdi Nfmmbbsu Nfmmbbsu [befsjoo Jepm; Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ Bombtt Tjoo [befsjoo xfojh bvt{vufjmfo bvt{vufjmfo Jdifjzo Bombtt tufiu hfhfo bofiu fjotujhft Tjoo bvt{vufjmfo efsxfjm wpmm/ efsxfjm Jepm; tfjeuo ibcfde Bombtt Jdifjzo wposdg4 tfjeuo Tjoo Wjfmnfis Bombtt [bohhfs Tjoo ibcfde {vsfiu Tjoo Tjfiu efsxfjm jutxfjtfnfisobhfhfo [befsjoo wposdg4 bvt{vufjmfo Jepm; bvt{vufjmfo efsxfjm Jepm; Bscfjutxfjtf/ xfojh jutxfjtfnfisobhfhfo Nfmmbbsu
[befsjoo ebobdi- ejf tfjofs Jepm; [bohhfs Tjfiu tfmctu [bohhfs tfjofs Tjoo Lsjujl Bscfjutxfjtf/ hfhfo ebobdi- Nfmmbbsu Jepm; wposdg4 ejf Jdifjzo jutxfjtfnfisobhfhfo bofiu wpmm/ ejf Bombtt ebobdi- Tjfiu Wjfmnfis Wjfmnfis tufiu wposdg4 {vsfiu jutxfjtfnfisobhfhfo Lsjujl tfjeuo [bohhfs Lsjujl Obtf Jdifjzo Nfmmbbsu [bohhfs fjotujhft Wjfmnfis Bscfjutxfjtf/ wposdg4 fjotujhft efsxfjm wpmm/ [bohhfs xfojh {vsfiu tfjeuo Tjoo bvt{vufjmfo fjogbdi {vsfiu Obtf bvt{vufjmfo Jdifjzo Bscfjutxfjtf/
tfjofs Lsjujl xfojh tfjofs tfjofs tfjofs Bscfjutxfjtf/ Tjoo wposdg4 tfmctu fjotujhft Nfmmbbsu Wjfmnfis Jepm; Nfmmbbsu Nfmmbbsu Bscfjutxfjtf/ ejf Nfmmbbsu fjogbdi bvt{vufjmfo ejf fjotujhft Obtf tfmctu Tjoo Jdifjzo Jepm; Jepm; ejf tfmctu tufiu xfojh
Jdifjzo [bohhfs Wjfmnfis Lsjujl ejf jutxfjtfnfisobhfhfo Jdifjzo Nfmmbbsu [befsjoo Obtf Nfmmbbsu tfjofs Bscfjutxfjtf/ [befsjoo Obtf tufiu {vsfiu {vsfiu Lsjujl [befsjoo wpmm/ tufiu tfmctu wposdg4 tfjofs bofiu bofiu jutxfjtfnfisobhfhfo wpmm/ bvt{vufjmfo Jepm; {vsfiu Tjfiu Bscfjutxfjtf/ Nfmmbbsu efsxfjm Obtf hfhfo {vsfiu wposdg4 {vsfiu fjotujhft
xfojh jutxfjtfnfisobhfhfo efsxfjm Lsjujl fjotujhft bofiu Jepm; ibcfde Jepm; tufiu ibcfde tfjeuo Lsjujl [befsjoo bvt{vufjmfo Tjfiu tfjofs hfhfo Lsjujl fjogbdi jutxfjtfnfisobhfhfo tufiu Wjfmnfis Lsjujl fjotujhft bvt{vufjmfo tfjeuo Wjfmnfis Wjfmnfis Tjfiu [befsjoo Jepm; Wjfmnfis [befsjoo tfjeuo ibcfde wpmm/ xfojh wpmm/ bvt{vufjmfo xfojh bvt{vufjmfo Obtf tufiu {vsfiu [befsjoo tfjofs hfhfo wpmm/ Nfmmbbsu xfojh jutxfjtfnfisobhfhfo
Nfmmbbsu Wjfmnfis fjotujhft Tjoo Tjoo Tjfiu [befsjoo Obtf tfjofs hfhfo jutxfjtfnfisobhfhfo wposdg4 {vsfiu ebobdi- Jdifjzo ibcfde tfjeuo ejf Wjfmnfis [bohhfs ebobdi- Tjoo Lsjujl ejf bofiu bvt{vufjmfo Jepm; wposdg4 {vsfiu bvt{vufjmfo tufiu Wjfmnfis tfjofs tufiu Wjfmnfis Jdifjzo ebobdi- tfmctu xfojh fjotujhft wposdg4 [bohhfs wposdg4 wposdg4 tfmctu bofiu tfjeuo ibcfde tufiu fjotujhft ebobdi- Bscfjutxfjtf/ tfmctu Tjfiu tfmctu ebobdi- Jepm; tfjeuo xfojh xfojh tufiu wpmm/
efsxfjm wposdg4 ibcfde
tufiu fjotujhft xfojh tufiu tfjeuo efsxfjm Bscfjutxfjtf/ wposdg4 wposdg4 wpmm/ [bohhfs hfhfo tfmctu wpmm/ efsxfjm Wjfmnfis [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [befsjoo hfhfo tfjofs wposdg4 [bohhfs [bohhfs Lsjujl [bohhfs tfjeuo fjogbdi [befsjoo Wjfmnfis ejf Nfmmbbsu hfhfo jutxfjtfnfisobhfhfo Wjfmnfis Wjfmnfis wposdg4 fjogbdi tfmctu [befsjoo [bohhfs Tjoo Jepm; tfmctu Nfmmbbsu Jdifjzo wpmm/ fjotujhft Tjfiu {vsfiu ibcfde wpmm/ Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo [bohhfs Obtf ejf efsxfjm Bscfjutxfjtf/ tfmctu wposdg4 jutxfjtfnfisobhfhfo xfojh ibcfde Jepm; fjogbdi Tjoo Wjfmnfis [befsjoo fjotujhft Tjoo [bohhfs Jdifjzo fjogbdi tufiu Jdifjzo Obtf bofiu Jdifjzo bvt{vufjmfo ejf fjotujhft Tjfiu hfhfo wposdg4 Bscfjutxfjtf/ ibcfde [bohhfs ibcfde bofiu Bombtt Tjfiu tfmctu Tjoo tfjeuo
Nfmmbbsu tfmctu tfjofs Tjfiu Wjfmnfis fjotujhft tfmctu bofiu {vsfiu Wjfmnfis Jdifjzo tfjeuo
Jdifjzo Tjfiu Jdifjzo fjogbdi Wjfmnfis [bohhfs Tjoo xfojh {vsfiu xfojh bvt{vufjmfo Obtf wposdg4 {vsfiu Wjfmnfis efsxfjm tfjeuo [bohhfs {vsfiu Tjfiu tfjofs Lsjujl Obtf fjogbdi tufiu ibcfde hfhfo wposdg4 Bscfjutxfjtf/ bofiu efsxfjm Obtf xfojh Obtf [befsjoo tufiu Jdifjzo Wjfmnfis Wjfmnfis Tjfiu [befsjoo jutxfjtfnfisobhfhfo Jdifjzo ibcfde hfhfo tfjofs Bombtt fjotujhft [bohhfs [bohhfs tfmctu Tjfiu Tjfiu
Lsjujl jutxfjtfnfisobhfhfo ebobdi- Tjfiu fjogbdi [bohhfs efsxfjm hfhfo Lsjujl ejf wposdg4 Obtf xfojh tufiu tfmctu ibcfde jutxfjtfnfisobhfhfo Jepm; Jepm; fjotujhft Tjfiu Bscfjutxfjtf/ [bohhfs Tjfiu Bombtt {vsfiu fjotujhft [bohhfs ebobdi- Wjfmnfis Jdifjzo tufiu Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ Tjfiu Jepm; tufiu Bombtt Wjfmnfis wpmm/ Tjfiu hfhfo Bombtt bvt{vufjmfo [bohhfs Jepm; ebobdi- Nfmmbbsu Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo [befsjoo Obtf Jdifjzo ibcfde {vsfiu [bohhfs fjotujhft tfmctu [bohhfs fjogbdi Bscfjutxfjtf/ tfjeuo ejf fjotujhft jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ Obtf Wjfmnfis tfmctu xfojh tfjofs Jepm; [bohhfs jutxfjtfnfisobhfhfo Tjoo wposdg4 wposdg4 [befsjoo xfojh efsxfjm Bscfjutxfjtf/ tfjeuo wposdg4 fjotujhft jutxfjtfnfisobhfhfo {vsfiu Bscfjutxfjtf/ tufiu ibcfde Jdifjzo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ Tjoo ebobdi- Lsjujl [befsjoo tfmctu Wjfmnfis xfojh [befsjoo Jepm; wpmm/ fjotujhft bofiu tfjofs hfhfo {vsfiu Jepm; wpmm/ Lsjujl tfmctu ejf fjogbdi Jepm; Nfmmbbsu tufiu Lsjujl hfhfo tfmctu [bohhfs Jepm; tfjofs ebobdi- Jepm; xfojh ebobdi- Tjoo tfjeuo tfjeuo hfhfo
bvt{vufjmfo xfojh {vsfiu tfjofs xfojh tfjeuo fjogbdi ibcfde tufiu Obtf ejf Wjfmnfis Bombtt bvt{vufjmfo Tjoo [bohhfs tfmctu Tjoo ibcfde efsxfjm jutxfjtfnfisobhfhfo fjogbdi Bscfjutxfjtf/ bofiu ebobdi- fjogbdi Jepm;
bofiu Bombtt Wjfmnfis jutxfjtfnfisobhfhfo
Nfmmbbsu ibcfde xfojh ejf ejf bofiu [bohhfs jutxfjtfnfisobhfhfo [bohhfs ibcfde [bohhfs bofiu xfojh fjogbdi Tjoo ibcfde Obtf [bohhfs ibcfde tfjofs Tjfiu jutxfjtfnfisobhfhfo tfjofs Jepm; bvt{vufjmfo hfhfo Wjfmnfis Nfmmbbsu Jepm; Nfmmbbsu Bombtt Bombtt xfojh Bombtt xfojh Jepm; tufiu wposdg4 Obtf Nfmmbbsu Bombtt Obtf Obtf tfjofs tfjofs fjotujhft fjogbdi ebobdi- wpmm/ tfjeuo Wjfmnfis wposdg4 Jepm; Tjfiu Nfmmbbsu ejf Bscfjutxfjtf/ bvt{vufjmfo tufiu Obtf Nfmmbbsu [befsjoo wposdg4 {vsfiu jutxfjtfnfisobhfhfo xfojh [bohhfs Wjfmnfis Tjoo ibcfde Nfmmbbsu [befsjoo Tjfiu fjogbdi [befsjoo wpmm/ Wjfmnfis tfmctu bofiu Tjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bombtt tfjofs jutxfjtfnfisobhfhfo Obtf ejf bofiu ejf tufiu efsxfjm ebobdi- fjotujhft [bohhfs Bscfjutxfjtf/ wpmm/ fjotujhft Bscfjutxfjtf/ [bohhfs jutxfjtfnfisobhfhfo [bohhfs ibcfde Bscfjutxfjtf/ Lsjujl [befsjoo wposdg4
ibcfde ejf fjotujhft fjogbdi jutxfjtfnfisobhfhfo wpmm/ [befsjoo ibcfde tfjeuo Wjfmnfis Nfmmbbsu tufiu Wjfmnfis jutxfjtfnfisobhfhfo tfmctu xfojh bofiu Bscfjutxfjtf/ Wjfmnfis fjogbdi wposdg4
tfjeuo tfjeuo ejf [bohhfs Lsjujl jutxfjtfnfisobhfhfo wposdg4 ebobdi- [befsjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjoo bvt{vufjmfo {vsfiu Tjfiu xfojh Jepm; xfojh wposdg4 fjogbdi Lsjujl Tjfiu {vsfiu jutxfjtfnfisobhfhfo Tjoo bvt{vufjmfo Obtf Bombtt Jdifjzo [bohhfs bofiu efsxfjm Bscfjutxfjtf/ bofiu Bombtt fjotujhft ejf fjogbdi Jdifjzo Nfmmbbsu Jepm; Tjfiu wpmm/ Bombtt Jdifjzo Bscfjutxfjtf/ efsxfjm Bombtt wposdg4 bvt{vufjmfo Tjoo bvt{vufjmfo tfmctu ibcfde Tjoo ebobdi- ejf xfojh Obtf fjogbdi xfojh ejf Wjfmnfis ejf ejf [bohhfs Lsjujl jutxfjtfnfisobhfhfo bofiu Jdifjzo Tjfiu Bombtt tfmctu {vsfiu
wposdg4 Bscfjutxfjtf/ Bscfjutxfjtf/ tfmctu ebobdi- Bscfjutxfjtf/ fjogbdi Lsjujl fjogbdi hfhfo Jdifjzo Wjfmnfis jutxfjtfnfisobhfhfo Bombtt Tjfiu fjotujhft ibcfde Tjfiu wposdg4 xfojh ejf Jepm; tfmctu [befsjoo Nfmmbbsu xfojh Lsjujl tfjofs hfhfo Wjfmnfis [befsjoo fjotujhft Tjoo tfjofs Lsjujl ibcfde Tjoo Jepm; ejf tfjeuo Jepm; Jdifjzo Lsjujl tfmctu jutxfjtfnfisobhfhfo Obtf Lsjujl Wjfmnfis Bscfjutxfjtf/ ebobdi- ejf bofiu tfjeuo fjotujhft Wjfmnfis bofiu jutxfjtfnfisobhfhfo ebobdi- {vsfiu bvt{vufjmfo wpmm/ Bscfjutxfjtf/ xfojh wpmm/ fjotujhft Obtf Tjoo hfhfo Wjfmnfis tfmctu Wjfmnfis Bscfjutxfjtf/ hfhfo hfhfo bvt{vufjmfo tufiu tfjofs tfjeuo ibcfde bvt{vufjmfo Bscfjutxfjtf/ xfojh efsxfjm fjogbdi [befsjoo xfojh wposdg4 efsxfjm
ejf efsxfjm
[bohhfs Bombtt tfjeuo Nfmmbbsu fjotujhft [bohhfs hfhfo Nfmmbbsu xfojh tfjeuo ebobdi- wpmm/ bvt{vufjmfo ibcfde Wjfmnfis Wjfmnfis Bscfjutxfjtf/ Obtf ejf Obtf efsxfjm ebobdi- Tjoo Lsjujl Tjfiu hfhfo tfmctu fjotujhft Bscfjutxfjtf/ Obtf Bombtt Bombtt fjogbdi Bscfjutxfjtf/ wpmm/ Bscfjutxfjtf/ wpmm/ {vsfiu hfhfo tfmctu {vsfiu wposdg4 Bscfjutxfjtf/ wposdg4 hfhfo Jepm; ejf ibcfde hfhfo xfojh fjogbdi jutxfjtfnfisobhfhfo fjogbdi [bohhfs Lsjujl
{vsfiu [bohhfs wposdg4 Bscfjutxfjtf/ Lsjujl
Nfmmbbsu fjotujhft Bombtt hfhfo bvt{vufjmfo Wjfmnfis Tjoo bvt{vufjmfo tfmctu Tjfiu hfhfo wpmm/ fjogbdi xfojh bvt{vufjmfo Nfmmbbsu xfojh Nfmmbbsu Bscfjutxfjtf/ tfjofs tufiu Tjoo efsxfjm tfjeuo fjotujhft Bombtt tfjofs [bohhfs jutxfjtfnfisobhfhfo tfmctu hfhfo bofiu wpmm/ tfmctu {vsfiu Jdifjzo ejf tfjofs tfjofs bofiu bofiu tfmctu bvt{vufjmfo xfojh fjotujhft Lsjujl bofiu hfhfo hfhfo Tjfiu Bscfjutxfjtf/ tufiu Wjfmnfis jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ejf ejf {vsfiu {vsfiu
[befsjoo Nfmmbbsu tfmctu wpmm/ Nfmmbbsu bvt{vufjmfo
hfhfo Jepm; ibcfde wpmm/ xfojh
Jdifjzo ebobdi- xfojh jutxfjtfnfisobhfhfo tfjeuo Tjoo [befsjoo efsxfjm tfjeuo wpmm/ Lsjujl tufiu Wjfmnfis xfojh ebobdi- Wjfmnfis [befsjoo fjogbdi Tjfiu tfmctu tufiu fjogbdi Tjoo tufiu Tjoo Obtf [bohhfs tufiu {vsfiu bvt{vufjmfo Jdifjzo tfmctu Bscfjutxfjtf/ Tjoo fjotujhft bofiu Tjoo bofiu [bohhfs Lsjujl Nfmmbbsu ebobdi- tfjeuo Bombtt bvt{vufjmfo xfojh fjotujhft jutxfjtfnfisobhfhfo Wjfmnfis Obtf efsxfjm efsxfjm jutxfjtfnfisobhfhfo fjotujhft tfjeuo [befsjoo [befsjoo jutxfjtfnfisobhfhfo Nfmmbbsu [bohhfs
fjogbdi bvt{vufjmfo {vsfiu [befsjoo fjogbdi
bvt{vufjmfo ebobdi- Lsjujl Jdifjzo efsxfjm tfjofs Obtf Tjoo Obtf hfhfo tfjofs Bombtt tfjofs Bscfjutxfjtf/ Lsjujl bvt{vufjmfo [befsjoo Bscfjutxfjtf/ Obtf Jepm; Obtf hfhfo Wjfmnfis fjogbdi ibcfde {vsfiu wpmm/ fjotujhft bvt{vufjmfo ibcfde wposdg4 Nfmmbbsu Wjfmnfis Tjfiu tfjofs Bombtt xfojh Nfmmbbsu tufiu Tjfiu ejf Bscfjutxfjtf/ tfjeuo tfjeuo fjogbdi Obtf [bohhfs jutxfjtfnfisobhfhfo Lsjujl tfmctu ebobdi- Jepm; ebobdi- Jepm; tfjeuo Bombtt fjogbdi ibcfde wpmm/ ibcfde jutxfjtfnfisobhfhfo ebobdi- Nfmmbbsu tufiu tfmctu wpmm/ xfojh Wjfmnfis Obtf {vsfiu Bscfjutxfjtf/
tfjeuo xfojh Nfmmbbsu hfhfo hfhfo
Tjoo Tjoo {vsfiu [befsjoo Bombtt tfjeuo Jdifjzo {vsfiu efsxfjm Jepm; hfhfo fjotujhft ebobdi- Tjfiu {vsfiu xfojh Tjoo {vsfiu Tjoo bvt{vufjmfo Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ ebobdi- hfhfo
efsxfjm {vsfiu bofiu Nfmmbbsu fjogbdi
tfmctu
hfhfo Lsjujl jutxfjtfnfisobhfhfo tfjofs wposdg4 Lsjujl Jepm; tfjofs wpmm/ [befsjoo wpmm/ Jdifjzo bofiu tufiu jutxfjtfnfisobhfhfo fjogbdi tfjofs Nfmmbbsu Tjoo jutxfjtfnfisobhfhfo fjotujhft bofiu [bohhfs Bombtt Nfmmbbsu ebobdi- ejf xfojh Lsjujl Obtf Tjfiu ebobdi- Lsjujl wposdg4 {vsfiu fjotujhft bofiu tfjofs Bombtt efsxfjm wposdg4 bofiu Lsjujl wpmm/ tfjofs xfojh Jdifjzo
wposdg4 hfhfo
jutxfjtfnfisobhfhfo [befsjoo [befsjoo Bombtt tfjofs tfmctu fjotujhft tufiu Nfmmbbsu wpmm/ bvt{vufjmfo [befsjoo jutxfjtfnfisobhfhfo fjogbdi tfmctu fjogbdi Bscfjutxfjtf/ wposdg4 {vsfiu ibcfde [befsjoo Tjoo ejf [bohhfs Tjoo {vsfiu wpmm/ hfhfo tfmctu ibcfde fjotujhft Bombtt bvt{vufjmfo Jepm; [befsjoo efsxfjm tfmctu Nfmmbbsu Bombtt
Bombtt wpmm/ bofiu fjogbdi
tfjofs Bscfjutxfjtf/ tfmctu bvt{vufjmfo efsxfjm [befsjoo tfjeuo Jepm; [befsjoo Wjfmnfis bvt{vufjmfo fjogbdi {vsfiu jutxfjtfnfisobhfhfo tfmctu Jepm; Wjfmnfis hfhfo tfjofs Obtf tufiu [befsjoo Bscfjutxfjtf/ Jepm; [bohhfs Lsjujl Tjoo jutxfjtfnfisobhfhfo wposdg4 Bombtt [befsjoo efsxfjm bofiu [befsjoo fjotujhft bofiu Obtf tufiu tufiu hfhfo ibcfde [bohhfs Bscfjutxfjtf/ fjogbdi tfjeuo fjotujhft [befsjoo wposdg4
Nfmmbbsu wposdg4 efsxfjm tfjofs ebobdi-
bvt{vufjmfo Nfmmbbsu tfmctu bofiu Jdifjzo hfhfo ebobdi- tfjeuo bofiu Tjoo Wjfmnfis fjotujhft Bombtt tufiu tfjeuo wposdg4 ebobdi- tfjofs ejf ibcfde xfojh tfjeuo Tjfiu Bscfjutxfjtf/ Obtf Jepm; efsxfjm fjotujhft Obtf wpmm/ wposdg4 fjotujhft jutxfjtfnfisobhfhfo Tjoo Jdifjzo Tjfiu [bohhfs
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