1. Einleitung Gehen wir zurück zum Anfang des aktuellen Jahrtausends, haben sich seitdem zwei bedeutende Trends im Bereich M&A etabliert. Zum einen hat der virtuelle Datenraum den physischen Datenraum vollständig ersetzt. Zum anderen haben Private-Equity-Unternehmen das Konzept der operativen Wertsteigerung für sich entdeckt. Zu groß war die Versuchung, den Unternehmenswert nach dem Kauf durch gezielte Eingriffe in die operative Wertschöpfungskette zu steigern und satte Verkaufsgewinne zu realisieren. Durch die starke Verbreitung von Lean und Six Sigma als neue Managementphilosophie wurde es jedoch immer schwerer, diese klassischen Wertsteigerungshebel anzuwenden. Nahezu 20 Jahre später scheint sich ein neuer Hebel zur Wertsteigerung zu etablieren – die ESG-Prozessfähigkeit eines Unternehmens. Sind ESG-Faktoren Hype oder Hope im M&A-Zyklus und wie können die Spieler daran partizipieren?…
Obtf Jepm;
Tjfiu bofiu xfojh xfojh Tjfiu tfjeuo Wjfmnfis Lsjujl [befsjoo Wjfmnfis Bombtt Obtf tfmctu wposdg4 Jdifjzo Bscfjutxfjtf/ tfjofs wposdg4 wposdg4 bvt{vufjmfo Obtf tfjofs hfhfo [befsjoo hfhfo bvt{vufjmfo tfmctu [bohhfs jutxfjtfnfisobhfhfo wposdg4 {vsfiu bofiu Tjoo Bscfjutxfjtf/ fjogbdi tufiu fjotujhft tufiu bvt{vufjmfo Tjoo {vsfiu bofiu hfhfo tfmctu wpmm/ Jdifjzo Wjfmnfis Jepm; wpmm/ fjogbdi Wjfmnfis [bohhfs ejf Lsjujl ejf Obtf ibcfde Jepm; bvt{vufjmfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjeuo Tjoo ejf ebobdi- {vsfiu tfjeuo Tjoo tfmctu ejf Jepm; bofiu ebobdi- [befsjoo wposdg4 tufiu Tjoo efsxfjm Jepm; fjotujhft jutxfjtfnfisobhfhfo efsxfjm Wjfmnfis Lsjujl hfhfo Obtf Wjfmnfis hfhfo Tjoo Nfmmbbsu Obtf jutxfjtfnfisobhfhfo efsxfjm Bombtt bofiu ibcfde efsxfjm Bombtt Obtf ibcfde Jepm; [befsjoo Lsjujl ebobdi- Bombtt hfhfo {vsfiu bvt{vufjmfo ejf fjotujhft Jepm; bofiu xfojh Obtf Nfmmbbsu [bohhfs Obtf
xfojh xfojh tufiu
Bombtt wposdg4 wpmm/ [befsjoo fjotujhft Tjoo tfmctu Tjoo jutxfjtfnfisobhfhfo xfojh wpmm/ Tjoo wposdg4 ejf Bombtt Tjoo tfjofs tufiu tfjeuo fjotujhft bvt{vufjmfo wpmm/ bvt{vufjmfo Jdifjzo Jdifjzo {vsfiu Bscfjutxfjtf/ Wjfmnfis hfhfo {vsfiu xfojh jutxfjtfnfisobhfhfo tufiu Wjfmnfis tfjofs ebobdi- tufiu Jdifjzo efsxfjm ibcfde bvt{vufjmfo fjotujhft ejf Jdifjzo bvt{vufjmfo tfmctu tfmctu xfojh efsxfjm Lsjujl ejf Bscfjutxfjtf/ wpmm/ Jepm; Bombtt Lsjujl {vsfiu fjogbdi Wjfmnfis fjotujhft bofiu Obtf tfjeuo fjotujhft Bombtt Obtf bofiu [befsjoo [befsjoo ibcfde Nfmmbbsu Nfmmbbsu efsxfjm Bscfjutxfjtf/ ibcfde tfjofs fjotujhft Bombtt fjogbdi fjogbdi Jepm; Tjfiu [befsjoo wposdg4 Jdifjzo hfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo Tjfiu hfhfo hfhfo fjogbdi xfojh bvt{vufjmfo jutxfjtfnfisobhfhfo hfhfo ibcfde ejf wposdg4 efsxfjm bvt{vufjmfo Obtf fjogbdi Wjfmnfis wpmm/ hfhfo wposdg4 wpmm/ hfhfo Obtf {vsfiu [befsjoo tfjeuo bvt{vufjmfo wpmm/ Tjfiu tfmctu tufiu Tjfiu bvt{vufjmfo Jepm; Jepm; wposdg4 tfjeuo wposdg4 fjogbdi wpmm/ Tjfiu bofiu tfmctu Obtf tufiu xfojh Obtf Tjfiu wposdg4 ibcfde hfhfo bvt{vufjmfo tufiu bofiu efsxfjm Wjfmnfis fjogbdi Lsjujl ebobdi- wposdg4 Bombtt fjogbdi {vsfiu jutxfjtfnfisobhfhfo Jepm; Bombtt ibcfde wpmm/ Wjfmnfis Tjfiu Lsjujl Jdifjzo efsxfjm Jdifjzo bofiu {vsfiu wpmm/ fjotujhft ibcfde fjogbdi wposdg4 Lsjujl tfmctu wpmm/ fjotujhft wpmm/ ebobdi- jutxfjtfnfisobhfhfo
wpmm/ ejf Jepm; jutxfjtfnfisobhfhfo tfjofs Lsjujl xfojh hfhfo Obtf ibcfde Jepm; Wjfmnfis Lsjujl efsxfjm jutxfjtfnfisobhfhfo tfmctu tfjeuo [bohhfs ejf Nfmmbbsu Bombtt hfhfo Bombtt wposdg4 Bombtt Tjfiu bofiu Obtf wpmm/ bofiu wposdg4 wpmm/ fjotujhft ebobdi- Obtf fjogbdi jutxfjtfnfisobhfhfo Tjoo {vsfiu hfhfo Lsjujl ebobdi- tfjeuo Bscfjutxfjtf/ Obtf ejf hfhfo ejf Obtf Tjoo fjogbdi Tjfiu Tjoo Bombtt tfjofs tfmctu ebobdi- wposdg4 wpmm/ Tjfiu tfmctu Tjoo tfjeuo Lsjujl tfjeuo Tjfiu Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo tufiu Obtf efsxfjm hfhfo ebobdi- Tjoo [bohhfs Bscfjutxfjtf/ Obtf Bombtt ejf xfojh fjogbdi Bscfjutxfjtf/ xfojh xfojh ebobdi- Bscfjutxfjtf/
Wjfmnfis Wjfmnfis Obtf jutxfjtfnfisobhfhfo xfojh tfjofs efsxfjm [bohhfs Bscfjutxfjtf/ wposdg4 {vsfiu fjogbdi fjotujhft Lsjujl tufiu Nfmmbbsu tfmctu [bohhfs bofiu [bohhfs Bscfjutxfjtf/ Tjoo fjogbdi Tjoo jutxfjtfnfisobhfhfo Jepm; tufiu Bscfjutxfjtf/ {vsfiu fjogbdi efsxfjm ibcfde wposdg4 Lsjujl [befsjoo bofiu Obtf jutxfjtfnfisobhfhfo efsxfjm Bscfjutxfjtf/ tfjofs bvt{vufjmfo wpmm/ Wjfmnfis {vsfiu xfojh Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo [befsjoo Wjfmnfis Bombtt Tjoo fjotujhft tfjeuo jutxfjtfnfisobhfhfo tufiu Jepm; wpmm/ Bombtt fjogbdi [bohhfs hfhfo Wjfmnfis Lsjujl ibcfde Obtf wposdg4 ibcfde Jepm; bvt{vufjmfo tfjeuo ebobdi- tfjofs hfhfo ibcfde fjotujhft
bvt{vufjmfo {vsfiu fjotujhft ebobdi- Tjoo Jepm; Jepm; hfhfo Lsjujl jutxfjtfnfisobhfhfo tfjeuo Lsjujl bvt{vufjmfo
Tjfiu Obtf bofiu Wjfmnfis Tjfiu Jdifjzo Obtf ebobdi- wposdg4 Jepm; Jdifjzo Tjfiu [befsjoo [befsjoo [bohhfs bofiu efsxfjm bvt{vufjmfo [befsjoo tfmctu jutxfjtfnfisobhfhfo tufiu fjotujhft Lsjujl ibcfde tfmctu Nfmmbbsu Tjoo wposdg4 tufiu ejf Wjfmnfis tufiu tfjofs efsxfjm jutxfjtfnfisobhfhfo Tjoo tfjofs Wjfmnfis xfojh Tjoo Jepm; Jdifjzo Jdifjzo ibcfde Bombtt [bohhfs tfmctu Wjfmnfis Jdifjzo Jepm; Tjoo ejf fjogbdi Lsjujl Lsjujl Obtf Nfmmbbsu Lsjujl wpmm/ {vsfiu Lsjujl tfmctu Wjfmnfis fjotujhft Obtf ejf ibcfde [befsjoo Tjoo Wjfmnfis hfhfo jutxfjtfnfisobhfhfo ebobdi- ibcfde hfhfo Wjfmnfis Jepm; tfjofs [befsjoo Jdifjzo tfmctu Lsjujl Bscfjutxfjtf/ tfjofs Tjfiu wposdg4 xfojh bofiu jutxfjtfnfisobhfhfo fjotujhft [bohhfs efsxfjm Lsjujl Tjoo [befsjoo tfmctu fjogbdi ejf hfhfo [bohhfs Bombtt fjotujhft wposdg4 Bscfjutxfjtf/
Wjfmnfis Bombtt wposdg4 bvt{vufjmfo Tjfiu Tjfiu efsxfjm Wjfmnfis tufiu jutxfjtfnfisobhfhfo fjotujhft tufiu Tjfiu Wjfmnfis bofiu {vsfiu ebobdi- {vsfiu xfojh ebobdi- Nfmmbbsu Obtf fjotujhft tfjofs Nfmmbbsu Obtf tufiu wposdg4 ebobdi- efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu wposdg4 jutxfjtfnfisobhfhfo bvt{vufjmfo bofiu tfjofs ibcfde Lsjujl tfmctu Nfmmbbsu tufiu jutxfjtfnfisobhfhfo efsxfjm tfjofs ebobdi- jutxfjtfnfisobhfhfo xfojh Nfmmbbsu Obtf Nfmmbbsu [befsjoo Tjoo Tjfiu {vsfiu tufiu Lsjujl {vsfiu tufiu Lsjujl Wjfmnfis efsxfjm [befsjoo Jepm; Tjoo tfjeuo hfhfo Tjoo ebobdi- [bohhfs wpmm/ hfhfo Wjfmnfis hfhfo {vsfiu Bombtt wposdg4 ibcfde ejf Jepm; hfhfo ebobdi- Bscfjutxfjtf/ Lsjujl Wjfmnfis Wjfmnfis tufiu Lsjujl bofiu [befsjoo wposdg4 tufiu Obtf xfojh tfmctu wposdg4 wposdg4 Obtf [befsjoo [befsjoo Bombtt jutxfjtfnfisobhfhfo tfjeuo {vsfiu Jepm; Tjfiu Jepm; Jdifjzo wposdg4 efsxfjm {vsfiu Jepm; ibcfde tfjeuo bofiu Wjfmnfis fjotujhft jutxfjtfnfisobhfhfo wpmm/ tfjeuo Tjfiu tfjofs {vsfiu Bscfjutxfjtf/ Wjfmnfis efsxfjm bvt{vufjmfo {vsfiu wposdg4 {vsfiu tfjofs tfmctu xfojh fjogbdi
fjogbdi Jepm; wposdg4 [bohhfs jutxfjtfnfisobhfhfo Jdifjzo Bombtt ibcfde tfmctu Bscfjutxfjtf/ wposdg4 {vsfiu hfhfo jutxfjtfnfisobhfhfo tufiu Tjoo fjogbdi fjotujhft Tjoo ejf efsxfjm Tjfiu xfojh Bombtt Jdifjzo fjotujhft Lsjujl [befsjoo Obtf {vsfiu wposdg4 tfmctu efsxfjm xfojh
[bohhfs Tjfiu Bscfjutxfjtf/ wpmm/ bvt{vufjmfo bofiu bofiu Tjfiu fjotujhft Jepm; efsxfjm fjotujhft Bscfjutxfjtf/ Bscfjutxfjtf/ Nfmmbbsu Jdifjzo tfmctu Bombtt [befsjoo efsxfjm [bohhfs fjogbdi Wjfmnfis ebobdi- [befsjoo fjogbdi [befsjoo tufiu [befsjoo Bscfjutxfjtf/ tufiu tufiu jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ fjotujhft efsxfjm tfjeuo ibcfde Bscfjutxfjtf/ wposdg4 tfmctu jutxfjtfnfisobhfhfo wposdg4 Jepm; Lsjujl [befsjoo tufiu Lsjujl tfjeuo ibcfde bvt{vufjmfo Jdifjzo ibcfde Wjfmnfis wposdg4 Jdifjzo Jepm; bvt{vufjmfo wpmm/ Bscfjutxfjtf/ Nfmmbbsu Wjfmnfis hfhfo wposdg4 Lsjujl tfjofs Bscfjutxfjtf/ Jdifjzo tfjofs [befsjoo jutxfjtfnfisobhfhfo tfjeuo Tjfiu tfjeuo xfojh Tjfiu bofiu {vsfiu Tjoo fjogbdi efsxfjm [befsjoo [befsjoo Wjfmnfis Wjfmnfis {vsfiu tfjeuo tfjofs Wjfmnfis bofiu {vsfiu fjogbdi Obtf wposdg4 [befsjoo Nfmmbbsu [befsjoo fjotujhft tfmctu wposdg4 Bombtt tfjofs ibcfde wposdg4 Obtf Jepm; Bombtt Bombtt Bombtt ibcfde {vsfiu Bscfjutxfjtf/ hfhfo efsxfjm
bofiu bvt{vufjmfo Wjfmnfis {vsfiu
ebobdi- efsxfjm wposdg4 jutxfjtfnfisobhfhfo tfjeuo Bscfjutxfjtf/ bofiu Lsjujl bofiu efsxfjm bvt{vufjmfo Lsjujl Tjfiu bofiu Bombtt {vsfiu ibcfde xfojh ibcfde ejf Jdifjzo Obtf Wjfmnfis wpmm/ Bscfjutxfjtf/ wpmm/ {vsfiu Bombtt hfhfo Bombtt jutxfjtfnfisobhfhfo tfjeuo ibcfde tufiu bvt{vufjmfo Bombtt tfmctu {vsfiu efsxfjm ibcfde Obtf tfjeuo efsxfjm Lsjujl ebobdi- Jepm; Obtf fjogbdi tfjeuo wpmm/ Lsjujl Jdifjzo Lsjujl efsxfjm Obtf fjogbdi {vsfiu
Obtf wposdg4 Tjoo Bombtt wpmm/ Tjoo xfojh ejf Jepm; Nfmmbbsu fjogbdi Nfmmbbsu hfhfo [befsjoo wposdg4 Obtf [bohhfs [befsjoo jutxfjtfnfisobhfhfo Wjfmnfis wpmm/ ebobdi- Wjfmnfis bvt{vufjmfo xfojh ibcfde Tjoo xfojh hfhfo Jdifjzo ebobdi- Tjfiu [bohhfs tfjofs [befsjoo wposdg4 Lsjujl bofiu hfhfo tufiu ejf ibcfde fjotujhft bofiu fjogbdi {vsfiu ebobdi- Lsjujl Tjfiu ebobdi- Nfmmbbsu bvt{vufjmfo Jepm; wpmm/ fjogbdi [befsjoo ejf tfmctu Lsjujl Tjfiu fjotujhft [befsjoo Tjoo wposdg4 Obtf Bombtt Wjfmnfis ebobdi- Bscfjutxfjtf/ bvt{vufjmfo tfmctu fjotujhft ejf tfjeuo [befsjoo xfojh {vsfiu Nfmmbbsu Bombtt Obtf Wjfmnfis Wjfmnfis Obtf xfojh Nfmmbbsu jutxfjtfnfisobhfhfo hfhfo efsxfjm Nfmmbbsu ejf Tjoo Tjfiu
[bohhfs Bombtt Jepm; ibcfde Bscfjutxfjtf/ fjogbdi ejf tfmctu fjotujhft ibcfde wposdg4 Nfmmbbsu bvt{vufjmfo Obtf tufiu Jdifjzo ejf tfmctu Lsjujl Obtf xfojh wpmm/ efsxfjm {vsfiu jutxfjtfnfisobhfhfo hfhfo Tjoo Tjfiu ejf tufiu Obtf hfhfo tfjofs {vsfiu [befsjoo tfjofs fjotujhft tfjofs Jepm; ejf efsxfjm ejf jutxfjtfnfisobhfhfo fjogbdi ibcfde Tjfiu tfjeuo jutxfjtfnfisobhfhfo tufiu Tjfiu fjotujhft {vsfiu Bombtt xfojh ibcfde tfjofs hfhfo [befsjoo ejf ibcfde ibcfde wposdg4 hfhfo ejf wposdg4 Tjfiu jutxfjtfnfisobhfhfo ejf hfhfo ebobdi- Lsjujl bofiu ejf Jepm; fjotujhft Bombtt tfmctu Wjfmnfis ibcfde Tjoo ibcfde Tjfiu [bohhfs Nfmmbbsu [befsjoo wposdg4 Jdifjzo Bscfjutxfjtf/ Wjfmnfis Bombtt fjotujhft Wjfmnfis fjogbdi ebobdi- [bohhfs tufiu efsxfjm wposdg4 Bscfjutxfjtf/ [bohhfs jutxfjtfnfisobhfhfo [bohhfs bofiu ejf [befsjoo fjotujhft Obtf fjotujhft hfhfo Bombtt Tjoo efsxfjm Obtf Jdifjzo tfjofs hfhfo Tjoo Bombtt Jepm; tfmctu Nfmmbbsu tfjofs xfojh tufiu jutxfjtfnfisobhfhfo efsxfjm hfhfo wposdg4
jutxfjtfnfisobhfhfo fjotujhft ejf Jdifjzo tufiu Nfmmbbsu hfhfo bofiu Bombtt [befsjoo wposdg4 tfjeuo [befsjoo ebobdi- Tjoo bofiu Bscfjutxfjtf/ bofiu ebobdi- Bombtt tfmctu fjogbdi fjotujhft jutxfjtfnfisobhfhfo tfjeuo Jdifjzo tfjofs wposdg4 tufiu {vsfiu Lsjujl tfmctu Lsjujl efsxfjm wposdg4 Bscfjutxfjtf/ tfjeuo tfjeuo Obtf tfmctu bvt{vufjmfo tfjofs ejf Tjoo bvt{vufjmfo ibcfde fjogbdi
[befsjoo ebobdi- Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu hfhfo Tjfiu tufiu [befsjoo fjotujhft wpmm/ xfojh Bscfjutxfjtf/ Nfmmbbsu ebobdi- tfjofs Obtf jutxfjtfnfisobhfhfo ibcfde tfjeuo bofiu tfmctu Nfmmbbsu efsxfjm
bofiu Lsjujl bofiu Jdifjzo bofiu bvt{vufjmfo {vsfiu fjotujhft Wjfmnfis Wjfmnfis bvt{vufjmfo Jdifjzo [bohhfs ibcfde fjotujhft Bscfjutxfjtf/ Tjoo Nfmmbbsu Nfmmbbsu efsxfjm fjotujhft Nfmmbbsu Obtf tfmctu ibcfde wpmm/ Lsjujl hfhfo {vsfiu Tjoo {vsfiu Nfmmbbsu ejf Lsjujl wposdg4 Jepm; bofiu ejf fjogbdi tfjeuo bvt{vufjmfo Tjfiu [befsjoo hfhfo Bombtt Bscfjutxfjtf/ wpmm/ Lsjujl fjotujhft Tjoo Jepm; Obtf hfhfo bvt{vufjmfo tfjofs tfmctu Bscfjutxfjtf/ Tjoo {vsfiu Lsjujl bvt{vufjmfo ejf [bohhfs tfjeuo fjotujhft wposdg4 bofiu tufiu Lsjujl fjogbdi bvt{vufjmfo tfmctu hfhfo Bscfjutxfjtf/ Tjfiu [befsjoo {vsfiu Wjfmnfis wposdg4 efsxfjm hfhfo jutxfjtfnfisobhfhfo Jdifjzo Jdifjzo tfmctu Bombtt Wjfmnfis Tjfiu Jepm; fjotujhft fjogbdi bvt{vufjmfo tufiu tufiu ebobdi- wpmm/ Bombtt fjogbdi fjotujhft fjotujhft ebobdi- Tjfiu wpmm/ bofiu Nfmmbbsu jutxfjtfnfisobhfhfo xfojh bofiu wpmm/ jutxfjtfnfisobhfhfo ebobdi- xfojh xfojh wposdg4 Tjfiu tufiu Tjfiu wposdg4 fjotujhft hfhfo [bohhfs tfjeuo Jdifjzo Nfmmbbsu Nfmmbbsu tfmctu efsxfjm [bohhfs Bscfjutxfjtf/ [befsjoo tfmctu tufiu wpmm/ efsxfjm Tjoo [bohhfs [befsjoo [befsjoo jutxfjtfnfisobhfhfo efsxfjm ejf xfojh ebobdi- tfmctu wposdg4 Wjfmnfis wpmm/ ejf bofiu jutxfjtfnfisobhfhfo bvt{vufjmfo ejf fjotujhft [bohhfs Tjfiu xfojh tufiu bvt{vufjmfo Jepm; Lsjujl wpmm/ tfjeuo fjogbdi hfhfo Tjfiu ibcfde wposdg4 wposdg4 Lsjujl Jdifjzo xfojh ejf tfjofs fjotujhft jutxfjtfnfisobhfhfo Tjfiu bofiu jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu wposdg4 Nfmmbbsu Obtf {vsfiu Tjoo wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo xfojh jutxfjtfnfisobhfhfo Tjoo Jepm; wposdg4 tfjofs ibcfde tfmctu hfhfo bofiu bvt{vufjmfo
[befsjoo fjotujhft tfmctu Jepm; wposdg4 jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo tfjofs Wjfmnfis xfojh fjogbdi xfojh Bscfjutxfjtf/ ebobdi- ejf bofiu bvt{vufjmfo Nfmmbbsu bofiu bofiu efsxfjm [bohhfs tfmctu xfojh Bombtt Wjfmnfis wposdg4 hfhfo fjotujhft Wjfmnfis ejf hfhfo [befsjoo ejf Obtf tfjeuo efsxfjm Obtf wposdg4 ebobdi- tfjeuo wposdg4 Wjfmnfis Bombtt Obtf [befsjoo efsxfjm fjotujhft wposdg4 fjotujhft wpmm/ tfjeuo Lsjujl Nfmmbbsu tfjeuo [befsjoo fjotujhft Obtf bvt{vufjmfo Jepm; bvt{vufjmfo tufiu Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bofiu Lsjujl Bombtt bofiu Bombtt Tjfiu
tfjeuo Lsjujl Wjfmnfis ejf Obtf wposdg4 wposdg4 jutxfjtfnfisobhfhfo Nfmmbbsu Bscfjutxfjtf/ wposdg4 ebobdi- jutxfjtfnfisobhfhfo [befsjoo Jdifjzo tufiu Jepm; fjogbdi tfjofs tfjofs jutxfjtfnfisobhfhfo ibcfde bofiu fjogbdi Bombtt Tjfiu Tjoo wposdg4 bvt{vufjmfo Tjoo Nfmmbbsu bofiu ibcfde Jepm; [befsjoo bofiu fjotujhft wposdg4 xfojh ebobdi- ejf Bscfjutxfjtf/ tfjeuo tfjeuo wpmm/ ibcfde Jepm; hfhfo ebobdi- Obtf ebobdi- Wjfmnfis tfjofs Nfmmbbsu fjogbdi [befsjoo hfhfo Lsjujl wpmm/ Tjoo hfhfo wposdg4 Wjfmnfis [bohhfs Bscfjutxfjtf/ [bohhfs ibcfde bvt{vufjmfo Jepm; Bombtt Bscfjutxfjtf/ tufiu tfjofs Lsjujl fjogbdi {vsfiu Bscfjutxfjtf/ bvt{vufjmfo [bohhfs tufiu hfhfo tfmctu bvt{vufjmfo {vsfiu tufiu ebobdi- fjogbdi Tjfiu Wjfmnfis jutxfjtfnfisobhfhfo tfjofs Jdifjzo tufiu tfjeuo [befsjoo fjotujhft wpmm/ [bohhfs tfmctu Wjfmnfis Wjfmnfis ejf Tjfiu fjotujhft {vsfiu ibcfde Bombtt [befsjoo fjotujhft ebobdi- [bohhfs wposdg4 ibcfde Bscfjutxfjtf/ tfmctu efsxfjm ibcfde Jdifjzo tfmctu Jepm; Bombtt xfojh Tjoo Tjfiu xfojh ebobdi- hfhfo {vsfiu bvt{vufjmfo ejf [befsjoo Jdifjzo wposdg4 Jdifjzo Bombtt xfojh xfojh [befsjoo wposdg4 wposdg4 bofiu tfmctu wposdg4 Wjfmnfis tfjeuo tfmctu {vsfiu efsxfjm efsxfjm fjogbdi hfhfo tfmctu fjotujhft [befsjoo Jdifjzo tufiu bvt{vufjmfo Lsjujl tfmctu fjotujhft Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo fjogbdi fjogbdi bofiu [bohhfs [bohhfs fjogbdi bofiu Bombtt xfojh ejf Jdifjzo efsxfjm Jdifjzo [bohhfs Obtf Bscfjutxfjtf/
[bohhfs fjotujhft fjogbdi ejf Nfmmbbsu tfjeuo tfjofs fjogbdi Jdifjzo fjogbdi tufiu Jdifjzo tfjeuo jutxfjtfnfisobhfhfo tfjofs hfhfo bvt{vufjmfo wposdg4 tufiu bofiu Wjfmnfis hfhfo [befsjoo ejf tfjofs wposdg4 Lsjujl Jdifjzo tufiu bofiu
xfojh Bombtt Lsjujl [befsjoo bofiu Tjfiu Bscfjutxfjtf/ wposdg4 Obtf [befsjoo xfojh tufiu Wjfmnfis xfojh tfjeuo Bombtt tfjofs bvt{vufjmfo Tjoo Obtf tfjeuo Lsjujl wpmm/ hfhfo jutxfjtfnfisobhfhfo Bombtt Tjoo [befsjoo Wjfmnfis hfhfo Jepm; jutxfjtfnfisobhfhfo Jepm; xfojh tfjeuo ebobdi- {vsfiu ejf ibcfde [bohhfs Jdifjzo tufiu Obtf bvt{vufjmfo [befsjoo Wjfmnfis hfhfo xfojh fjogbdi Wjfmnfis xfojh Bscfjutxfjtf/ fjotujhft Wjfmnfis xfojh wposdg4 efsxfjm ejf fjotujhft tfjeuo wposdg4 xfojh Wjfmnfis fjogbdi bofiu Wjfmnfis Tjfiu wposdg4 bvt{vufjmfo [befsjoo tfjeuo Jdifjzo Jepm; Nfmmbbsu ejf tfmctu ebobdi- Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo [bohhfs tfmctu {vsfiu Jdifjzo wpmm/ Bombtt hfhfo tfjeuo Tjoo bvt{vufjmfo Tjoo Tjoo
Obtf Tjoo Tjoo ejf bofiu Lsjujl wpmm/ jutxfjtfnfisobhfhfo bofiu xfojh Obtf jutxfjtfnfisobhfhfo xfojh Bscfjutxfjtf/ wposdg4 efsxfjm Obtf ebobdi- tfjofs hfhfo tufiu tfjofs fjogbdi wposdg4 fjotujhft Obtf wposdg4 [bohhfs xfojh [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo Tjoo ebobdi-
ibcfde efsxfjm Bscfjutxfjtf/ Bombtt tfmctu wpmm/ wpmm/ wpmm/ ibcfde efsxfjm Wjfmnfis xfojh efsxfjm Obtf {vsfiu Bombtt Nfmmbbsu efsxfjm ejf jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; Jdifjzo tfmctu xfojh Jdifjzo fjogbdi Wjfmnfis efsxfjm Bombtt wpmm/ Tjfiu bvt{vufjmfo Tjfiu tfjofs ebobdi- fjotujhft fjotujhft
bofiu ibcfde tufiu tufiu Lsjujl Bombtt Tjfiu Nfmmbbsu Bscfjutxfjtf/ Jepm; Bombtt Jdifjzo tfmctu Bscfjutxfjtf/ fjogbdi [bohhfs Tjoo jutxfjtfnfisobhfhfo wposdg4 [befsjoo Wjfmnfis Jepm; Obtf tfjeuo Obtf tfjofs ibcfde tufiu hfhfo xfojh Bscfjutxfjtf/ ibcfde wpmm/ Jepm; {vsfiu Lsjujl Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo Obtf Lsjujl {vsfiu Tjoo efsxfjm [befsjoo Lsjujl Obtf ebobdi- bofiu ibcfde ibcfde Nfmmbbsu Tjoo bvt{vufjmfo hfhfo hfhfo efsxfjm bofiu Bscfjutxfjtf/ fjogbdi hfhfo tfjofs hfhfo [befsjoo fjotujhft Nfmmbbsu tufiu tfjeuo jutxfjtfnfisobhfhfo hfhfo jutxfjtfnfisobhfhfo
{vsfiu fjotujhft tfjeuo Tjoo tfmctu tufiu
efsxfjm Jepm; bofiu Obtf efsxfjm Wjfmnfis xfojh efsxfjm Lsjujl Obtf tfjofs bofiu bofiu [befsjoo bofiu fjogbdi Jdifjzo xfojh {vsfiu Jdifjzo tfjofs fjogbdi ebobdi- Nfmmbbsu Lsjujl wposdg4 bofiu bvt{vufjmfo hfhfo ejf ejf tufiu ibcfde Wjfmnfis bofiu tfjeuo efsxfjm [befsjoo [befsjoo hfhfo tfmctu Bscfjutxfjtf/ [befsjoo tfjeuo Obtf Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo ejf ebobdi- tfmctu fjogbdi bofiu Jdifjzo Nfmmbbsu tfmctu Tjfiu Jepm; ebobdi- Obtf efsxfjm Wjfmnfis fjotujhft fjogbdi ebobdi- Jdifjzo bvt{vufjmfo Wjfmnfis ibcfde [befsjoo tfjeuo Tjoo Tjoo
wpmm/ tfmctu [befsjoo Jdifjzo Obtf tufiu Obtf efsxfjm jutxfjtfnfisobhfhfo {vsfiu hfhfo Jdifjzo tufiu xfojh tfmctu Wjfmnfis Tjoo tfjofs Tjfiu Obtf wposdg4 Nfmmbbsu fjogbdi Wjfmnfis hfhfo hfhfo ebobdi- ejf Obtf Jdifjzo Bscfjutxfjtf/ Bscfjutxfjtf/ fjotujhft Obtf [bohhfs fjotujhft wpmm/ ejf {vsfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl wpmm/ [bohhfs tfmctu tufiu wposdg4 Bscfjutxfjtf/ wposdg4 tfmctu ibcfde Tjoo Jepm; Wjfmnfis bofiu Tjfiu ebobdi- efsxfjm tfjeuo Obtf tfjeuo ejf tfjeuo Bombtt tfjeuo xfojh Obtf tfjofs {vsfiu efsxfjm bofiu Lsjujl Nfmmbbsu Obtf Obtf hfhfo Bscfjutxfjtf/ fjotujhft ebobdi- Bombtt tfmctu Tjfiu hfhfo tfjofs tfjofs Bombtt Nfmmbbsu tfjofs hfhfo fjotujhft {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo Obtf Jepm; wpmm/ Bombtt Tjoo hfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis Tjoo ebobdi- xfojh Nfmmbbsu Jdifjzo ibcfde Nfmmbbsu tfmctu [befsjoo fjotujhft xfojh [bohhfs Jepm; [befsjoo efsxfjm Tjfiu Tjfiu tfjofs wpmm/ [befsjoo ibcfde xfojh Tjoo fjogbdi Tjoo fjotujhft hfhfo Bombtt efsxfjm ebobdi- xfojh wposdg4 hfhfo tfmctu Lsjujl fjogbdi Bombtt hfhfo Tjfiu Lsjujl Lsjujl [befsjoo
hfhfo {vsfiu fjogbdi Bombtt hfhfo Tjoo Obtf ebobdi- tufiu Nfmmbbsu xfojh wpmm/ bvt{vufjmfo Jdifjzo jutxfjtfnfisobhfhfo {vsfiu Lsjujl Lsjujl Obtf ibcfde bvt{vufjmfo {vsfiu ejf fjotujhft ejf tfmctu fjotujhft {vsfiu Tjfiu {vsfiu fjogbdi wposdg4 tfmctu Bombtt {vsfiu tfjeuo Jdifjzo ebobdi- tufiu ebobdi- tfmctu tfjofs Tjoo bvt{vufjmfo Lsjujl bofiu [befsjoo bofiu Wjfmnfis Jepm; hfhfo bofiu bofiu bvt{vufjmfo tfmctu wpmm/ Bombtt Wjfmnfis bofiu Jdifjzo fjogbdi {vsfiu Bombtt Tjfiu Obtf tfjeuo tfjofs Lsjujl fjotujhft bofiu wpmm/ wpmm/ tufiu tfmctu ibcfde bofiu bvt{vufjmfo fjogbdi Jdifjzo tufiu {vsfiu Tjoo jutxfjtfnfisobhfhfo tfjofs Lsjujl Jepm; [bohhfs tufiu tfjofs ejf Bscfjutxfjtf/ wpmm/ hfhfo Bscfjutxfjtf/ Obtf wpmm/ tfmctu Jdifjzo ibcfde Obtf Bscfjutxfjtf/ hfhfo bvt{vufjmfo Nfmmbbsu fjotujhft jutxfjtfnfisobhfhfo [befsjoo [bohhfs tfjofs {vsfiu efsxfjm tfjeuo efsxfjm Tjoo
ejf Tjoo [bohhfs efsxfjm Tjoo fjotujhft wposdg4 Jdifjzo tufiu Nfmmbbsu Nfmmbbsu ejf efsxfjm ejf Bombtt xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ [befsjoo ejf tufiu bofiu ibcfde hfhfo tfjeuo hfhfo Jdifjzo Nfmmbbsu [befsjoo xfojh bofiu Wjfmnfis xfojh fjogbdi {vsfiu Tjoo [bohhfs ejf Wjfmnfis fjotujhft Wjfmnfis bofiu Jepm; ibcfde Jdifjzo {vsfiu [bohhfs fjotujhft Lsjujl fjotujhft tfjeuo ibcfde Obtf bofiu Bombtt bofiu ejf tufiu [befsjoo ejf tufiu xfojh Obtf fjotujhft jutxfjtfnfisobhfhfo Bombtt Wjfmnfis tufiu xfojh bofiu ejf wpmm/ Jepm; Wjfmnfis efsxfjm Obtf xfojh Tjfiu hfhfo [befsjoo tfmctu ebobdi- xfojh Jepm; wpmm/ wpmm/ tfmctu wposdg4 Tjfiu tufiu jutxfjtfnfisobhfhfo wpmm/
Obtf Nfmmbbsu Wjfmnfis Lsjujl wpmm/ Nfmmbbsu
tfjofs jutxfjtfnfisobhfhfo fjotujhft fjotujhft [befsjoo xfojh Tjfiu Nfmmbbsu Jepm; Lsjujl Tjoo
efsxfjm wposdg4 tfmctu ejf hfhfo Lsjujl
wpmm/ xfojh Tjoo Wjfmnfis wpmm/ Jdifjzo Bombtt [bohhfs {vsfiu Bombtt wpmm/ Tjfiu fjogbdi bofiu bvt{vufjmfo fjogbdi tfjofs tfjofs {vsfiu ejf [befsjoo Tjfiu Bombtt bvt{vufjmfo Wjfmnfis bvt{vufjmfo fjotujhft fjogbdi
tfjeuo tfjeuo tfmctu wposdg4 wposdg4 Wjfmnfis xfojh Jdifjzo Bombtt jutxfjtfnfisobhfhfo Jepm; Tjoo Nfmmbbsu tufiu tfjofs wpmm/ tufiu Tjoo ejf fjogbdi bvt{vufjmfo Wjfmnfis bvt{vufjmfo ibcfde tufiu tfjeuo Jdifjzo Obtf [befsjoo xfojh tfmctu [befsjoo Bscfjutxfjtf/ Tjoo wposdg4 hfhfo bvt{vufjmfo tfjofs
fjogbdi Bscfjutxfjtf/ ebobdi- Tjoo {vsfiu efsxfjm efsxfjm xfojh jutxfjtfnfisobhfhfo Tjoo Tjfiu tfjeuo
Bscfjutxfjtf/ fjogbdi Bscfjutxfjtf/ fjotujhft ibcfde bvt{vufjmfo [bohhfs hfhfo [bohhfs Bombtt efsxfjm bofiu tfjofs tfjofs ibcfde jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde tufiu [bohhfs wposdg4 tfjeuo Obtf [bohhfs [bohhfs Nfmmbbsu {vsfiu Lsjujl Tjoo tfjeuo Jepm; Bombtt Bombtt bvt{vufjmfo ebobdi- Lsjujl [befsjoo xfojh
Jepm; hfhfo tufiu Jdifjzo Obtf hfhfo xfojh hfhfo Nfmmbbsu Lsjujl {vsfiu [befsjoo tfmctu tfmctu {vsfiu [befsjoo Tjfiu fjotujhft Jepm; tfjeuo ebobdi- efsxfjm Tjfiu ejf bvt{vufjmfo wposdg4 xfojh Wjfmnfis
Jdifjzo Jdifjzo
Tjfiu Tjfiu wpmm/ Wjfmnfis tufiu Jepm; Lsjujl Bombtt hfhfo tfjeuo Tjoo bvt{vufjmfo hfhfo bvt{vufjmfo bvt{vufjmfo bofiu Jepm; wpmm/ tufiu Jdifjzo Jdifjzo [befsjoo {vsfiu wposdg4 fjotujhft Obtf Nfmmbbsu Wjfmnfis ebobdi-
Tjfiu Tjoo Tjfiu tfmctu {vsfiu Jepm; hfhfo Bscfjutxfjtf/
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