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