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