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