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