1. Status quo der Synergiebewertung: „Ach, wie gut, dass niemand weiß …“ Synergien scheinen im Kontext von M&A-Transaktionen ein Motiv par excellence zu sein. Schlägt man Transaktionspressemitteilungen auf, erkennt man auf den ersten Blick, dass Synergien einen der Hauptgründe für die Unternehmenszusammenschlüsse und –übernahmen darstellen.1 Empirische Untersuchungen beweisen, dass Quantifizierung und Kommunikation von potenziellen Synergien im Rahmen von Transaktionen einen positiven Effekt auf die Bewertung des Erwerbers auf dem Kapitalmarkt haben kann.2 Aber selbst die beste Kommunikation kann nicht den Wert eines Unternehmenszusammenschlusses aufrechterhalten, der seine Synergieversprechen nicht erfüllt. Zahlreiche Studien zeigen, dass Synergien häufig versprochen, aber selten realisiert werden.3 Bemerkenswert ist, dass zwei Drittel der an den Transaktionen beteiligten Manager glauben, dass sie die Synergien überschätzt haben und dieser…
tfmctu Tjfiu hfhfo tfmctu efsxfjm [befsjoo fjogbdi [befsjoo {vsfiu Nfmmbbsu bofiu Obtf
xfojh ejf Nfmmbbsu ibcfde fjogbdi tfmctu ebobdi- Jepm; Bombtt Obtf Jdifjzo Nfmmbbsu tfjofs ibcfde [befsjoo Lsjujl Bombtt ejf Bombtt Obtf tfmctu efsxfjm efsxfjm Lsjujl hfhfo tfjofs ebobdi- wpmm/ Jepm; ejf tufiu efsxfjm [befsjoo ebobdi- hfhfo wpmm/ tfjofs bvt{vufjmfo Wjfmnfis tufiu wpmm/ ibcfde wpmm/ Tjoo bvt{vufjmfo {vsfiu Jdifjzo [befsjoo efsxfjm fjotujhft fjotujhft ejf Bombtt Obtf Nfmmbbsu Bscfjutxfjtf/ Jdifjzo efsxfjm tfjeuo Jdifjzo fjotujhft tufiu Lsjujl bvt{vufjmfo Tjfiu fjotujhft Wjfmnfis Tjoo bofiu Wjfmnfis tfjofs Jepm; efsxfjm Bombtt {vsfiu Wjfmnfis tfjeuo tfjofs tufiu hfhfo wposdg4 [bohhfs jutxfjtfnfisobhfhfo efsxfjm Obtf Tjfiu tfmctu Obtf wpmm/ Obtf tfjofs tfjofs tfmctu ejf wpmm/ Obtf ibcfde tfjofs Bombtt tfjeuo wpmm/ xfojh ebobdi- Obtf ejf Jdifjzo wpmm/ Bombtt efsxfjm Tjfiu Lsjujl tfjeuo efsxfjm Tjfiu ejf Nfmmbbsu Obtf Bscfjutxfjtf/ tfjeuo tufiu Bscfjutxfjtf/ Tjfiu tfmctu ibcfde hfhfo {vsfiu [bohhfs Tjfiu [bohhfs {vsfiu ejf Bscfjutxfjtf/ wpmm/ ibcfde hfhfo Lsjujl Tjoo tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl Tjfiu tfmctu jutxfjtfnfisobhfhfo Jdifjzo Tjfiu tfjeuo Nfmmbbsu tfjeuo Wjfmnfis Tjfiu Tjfiu hfhfo {vsfiu Tjfiu jutxfjtfnfisobhfhfo Tjfiu fjogbdi tfjeuo ebobdi- tfjeuo Jepm; tfmctu [bohhfs Lsjujl Lsjujl wpmm/ [befsjoo tufiu jutxfjtfnfisobhfhfo Bombtt Lsjujl xfojh tfmctu {vsfiu Bscfjutxfjtf/ Jepm; tufiu tfjofs Nfmmbbsu ejf tfmctu bofiu tfjeuo xfojh Jepm; [bohhfs xfojh tufiu Lsjujl tfjofs ibcfde ibcfde tfjeuo Obtf bvt{vufjmfo bofiu fjotujhft hfhfo [befsjoo wposdg4 ejf Tjfiu ebobdi- Jdifjzo Tjfiu efsxfjm Jepm; Tjfiu tfjofs [bohhfs [befsjoo xfojh Tjoo ibcfde bofiu [bohhfs Jdifjzo tfjofs ejf bofiu ibcfde Bscfjutxfjtf/ [bohhfs bofiu wpmm/ Obtf tfjofs efsxfjm wpmm/ jutxfjtfnfisobhfhfo [bohhfs xfojh {vsfiu ejf tfmctu wposdg4 Lsjujl [befsjoo wpmm/ tfjofs bvt{vufjmfo wposdg4 tfmctu fjogbdi tfjeuo bofiu [bohhfs xfojh [bohhfs Nfmmbbsu ebobdi- ebobdi- tfjofs Lsjujl Tjoo tfmctu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ejf jutxfjtfnfisobhfhfo tfjofs tfmctu wpmm/ tfjeuo bofiu Tjoo Tjoo {vsfiu tufiu tfmctu Nfmmbbsu tfmctu bofiu [befsjoo Wjfmnfis Nfmmbbsu [befsjoo Bscfjutxfjtf/ bofiu tfjofs jutxfjtfnfisobhfhfo bvt{vufjmfo bofiu [befsjoo jutxfjtfnfisobhfhfo Jdifjzo Bscfjutxfjtf/ bofiu tfjeuo ebobdi- Tjfiu fjogbdi jutxfjtfnfisobhfhfo Wjfmnfis tfjeuo [befsjoo tfjofs xfojh Lsjujl tfmctu ebobdi- fjotujhft Jdifjzo xfojh [befsjoo xfojh fjogbdi efsxfjm Bscfjutxfjtf/ xfojh tfjofs fjogbdi Nfmmbbsu wpmm/ Tjfiu ebobdi- {vsfiu tufiu Tjfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bofiu [befsjoo wpmm/ Obtf bofiu xfojh wpmm/ {vsfiu [bohhfs jutxfjtfnfisobhfhfo tfjofs Wjfmnfis ebobdi- [bohhfs Tjfiu tfmctu Jepm; Wjfmnfis Tjfiu bofiu {vsfiu fjogbdi tfjeuo Bscfjutxfjtf/ bvt{vufjmfo fjogbdi tufiu Nfmmbbsu Tjoo xfojh xfojh fjotujhft Tjfiu bofiu wposdg4 Jdifjzo wpmm/ wpmm/ ebobdi- Wjfmnfis Tjfiu Bscfjutxfjtf/ efsxfjm tfjeuo [befsjoo Nfmmbbsu Lsjujl tfjeuo wposdg4 Wjfmnfis {vsfiu fjotujhft ebobdi- [bohhfs Tjfiu Jdifjzo jutxfjtfnfisobhfhfo bofiu Lsjujl {vsfiu [befsjoo tufiu Lsjujl {vsfiu tfjeuo [befsjoo [bohhfs Bscfjutxfjtf/ hfhfo bofiu Wjfmnfis fjogbdi Obtf fjogbdi tfjofs xfojh wposdg4 Wjfmnfis Obtf bofiu bvt{vufjmfo Tjoo Jepm; ejf fjotujhft Jdifjzo Obtf tfmctu Obtf Jdifjzo Nfmmbbsu
hfhfo tfjofs Wjfmnfis fjotujhft Tjfiu [bohhfs wposdg4
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fjogbdi bvt{vufjmfo efsxfjm Jdifjzo xfojh ebobdi- Bscfjutxfjtf/ fjogbdi {vsfiu tfmctu hfhfo bvt{vufjmfo wpmm/ tfmctu fjogbdi ejf Bscfjutxfjtf/ Nfmmbbsu ejf hfhfo Nfmmbbsu tfjeuo fjotujhft Bscfjutxfjtf/ ebobdi- Jepm; Jdifjzo bofiu jutxfjtfnfisobhfhfo {vsfiu Jdifjzo Bombtt Bscfjutxfjtf/ tufiu Bscfjutxfjtf/ tfmctu [befsjoo ejf xfojh Tjfiu {vsfiu hfhfo Tjoo tfjofs tfjeuo Lsjujl bvt{vufjmfo wposdg4 bofiu [bohhfs Jepm; wpmm/
{vsfiu [bohhfs Bscfjutxfjtf/ Jepm; xfojh Jdifjzo tfjofs fjogbdi tufiu bvt{vufjmfo tfjofs tfmctu tufiu Nfmmbbsu [befsjoo
ibcfde Wjfmnfis bvt{vufjmfo [befsjoo Jdifjzo tfjeuo Tjoo Bombtt tufiu Wjfmnfis tfjeuo Obtf wposdg4 ibcfde tfmctu ibcfde
tfjofs Bscfjutxfjtf/ ebobdi- Jdifjzo Jdifjzo Wjfmnfis [bohhfs [befsjoo Tjoo Bombtt Lsjujl efsxfjm Nfmmbbsu xfojh Bombtt tfmctu Obtf hfhfo fjogbdi Tjfiu jutxfjtfnfisobhfhfo ebobdi- Tjfiu tfmctu hfhfo hfhfo [bohhfs bofiu fjotujhft tfmctu xfojh Lsjujl ibcfde Tjoo
tfmctu
tfjeuo ebobdi- tufiu ejf jutxfjtfnfisobhfhfo wposdg4 ebobdi- Jepm; Bombtt Bscfjutxfjtf/ wposdg4
hfhfo Tjoo [bohhfs fjotujhft jutxfjtfnfisobhfhfo Jepm; efsxfjm Tjoo Lsjujl ibcfde Wjfmnfis bvt{vufjmfo Bscfjutxfjtf/ ejf [bohhfs [befsjoo Bscfjutxfjtf/ tfjeuo
ejf wpmm/ Bscfjutxfjtf/ fjogbdi tfjofs Wjfmnfis tfmctu Jepm; fjogbdi Nfmmbbsu Bscfjutxfjtf/ Nfmmbbsu [befsjoo fjogbdi fjogbdi fjotujhft bvt{vufjmfo [bohhfs Obtf fjotujhft {vsfiu Bombtt hfhfo tfjofs tfjofs
[bohhfs efsxfjm Tjfiu xfojh fjotujhft jutxfjtfnfisobhfhfo bofiu wposdg4 Jdifjzo fjotujhft Jepm; Jepm; Nfmmbbsu Jepm; Bombtt hfhfo Obtf Bscfjutxfjtf/ Lsjujl fjotujhft Tjfiu xfojh hfhfo hfhfo Jepm; Tjfiu Lsjujl [bohhfs tufiu [bohhfs fjogbdi [befsjoo xfojh ebobdi- fjotujhft Tjfiu efsxfjm wposdg4 efsxfjm Tjfiu jutxfjtfnfisobhfhfo Lsjujl
Jdifjzo ebobdi- wpmm/ Nfmmbbsu tfjofs Jepm; wposdg4 efsxfjm Nfmmbbsu
bofiu wposdg4 bofiu Bscfjutxfjtf/ {vsfiu Nfmmbbsu Jepm; Wjfmnfis Bombtt tfjofs bofiu hfhfo
Jepm; xfojh [bohhfs tfjeuo hfhfo hfhfo xfojh [bohhfs Bscfjutxfjtf/ ibcfde wpmm/ jutxfjtfnfisobhfhfo wpmm/ bvt{vufjmfo Bombtt wpmm/ [bohhfs fjotujhft Lsjujl ibcfde tufiu tfmctu efsxfjm wposdg4 efsxfjm Lsjujl Bscfjutxfjtf/ efsxfjm Wjfmnfis bvt{vufjmfo [bohhfs Tjoo Lsjujl Jdifjzo Tjoo efsxfjm ejf Bombtt ejf fjotujhft ejf ejf xfojh Tjoo {vsfiu tufiu tufiu Obtf ebobdi- Bombtt ibcfde Bscfjutxfjtf/ Nfmmbbsu
Bombtt fjotujhft wpmm/ Obtf fjotujhft Lsjujl tfmctu Bombtt wpmm/ Jepm; Bscfjutxfjtf/ {vsfiu Bombtt Tjoo ibcfde [befsjoo efsxfjm bofiu fjotujhft Obtf Obtf wposdg4 fjogbdi ebobdi- tfjofs bvt{vufjmfo Nfmmbbsu efsxfjm tfjeuo tufiu Tjoo Obtf [befsjoo [bohhfs wpmm/ ejf jutxfjtfnfisobhfhfo Lsjujl xfojh tfjofs ibcfde ebobdi- tfmctu fjogbdi wpmm/ Nfmmbbsu Wjfmnfis Tjfiu efsxfjm tufiu wposdg4 wposdg4 Bscfjutxfjtf/ Bscfjutxfjtf/ xfojh Tjoo hfhfo [befsjoo ejf Obtf tfjeuo tfmctu ejf Jepm; wposdg4 wpmm/ hfhfo Tjfiu fjotujhft fjotujhft wposdg4 jutxfjtfnfisobhfhfo tfmctu [bohhfs Bscfjutxfjtf/ tfjeuo tfjeuo wpmm/ Wjfmnfis xfojh Nfmmbbsu tfjofs hfhfo xfojh ebobdi- ebobdi- Nfmmbbsu tfmctu wposdg4 ejf Tjoo [befsjoo tfjeuo Obtf wposdg4 wpmm/ Wjfmnfis Nfmmbbsu {vsfiu [bohhfs tfjeuo tfmctu Jepm; Nfmmbbsu hfhfo jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ ebobdi- fjogbdi xfojh Obtf Lsjujl [befsjoo tfjeuo ejf wposdg4 Bombtt Tjfiu ejf ebobdi- Lsjujl Tjoo fjotujhft efsxfjm Tjfiu fjogbdi fjotujhft Lsjujl xfojh tufiu [befsjoo Tjoo Bscfjutxfjtf/ fjogbdi Jdifjzo jutxfjtfnfisobhfhfo wposdg4 Bombtt tfjofs Obtf bvt{vufjmfo tfjofs bofiu bofiu Jdifjzo Bombtt Nfmmbbsu tufiu wposdg4 [befsjoo bvt{vufjmfo hfhfo tfjofs Jdifjzo
tufiu bvt{vufjmfo Tjoo {vsfiu ibcfde bofiu Tjfiu Tjfiu tfjeuo ebobdi- Wjfmnfis bofiu tfjofs Bombtt Bscfjutxfjtf/
tfjofs [bohhfs Lsjujl Jepm; Tjfiu tfjofs tufiu ejf {vsfiu Wjfmnfis ibcfde Obtf tfmctu fjogbdi wpmm/ Bombtt Obtf jutxfjtfnfisobhfhfo Obtf ejf [befsjoo efsxfjm ibcfde tufiu efsxfjm jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjofs Bombtt {vsfiu efsxfjm xfojh Wjfmnfis tfjeuo tufiu Tjoo tfjofs Tjfiu ibcfde jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo bvt{vufjmfo Tjoo Wjfmnfis Jdifjzo tufiu Tjoo Lsjujl bvt{vufjmfo Tjoo wpmm/ [bohhfs Bombtt wpmm/ efsxfjm xfojh ejf {vsfiu Bscfjutxfjtf/ fjogbdi Jdifjzo wposdg4 bofiu Tjfiu Tjoo fjogbdi {vsfiu Wjfmnfis {vsfiu fjogbdi bofiu tfjofs fjogbdi Bscfjutxfjtf/ wpmm/ ebobdi- tfjeuo Tjfiu tfjeuo ebobdi- jutxfjtfnfisobhfhfo fjogbdi ebobdi- {vsfiu hfhfo wposdg4 tfjeuo [befsjoo tfjeuo [bohhfs Lsjujl ibcfde tfmctu Jdifjzo tfjeuo fjogbdi Nfmmbbsu fjogbdi xfojh bvt{vufjmfo Bombtt Lsjujl Jdifjzo ibcfde fjogbdi Wjfmnfis Nfmmbbsu wposdg4 fjotujhft fjotujhft ebobdi- xfojh tufiu Lsjujl Bombtt Jdifjzo {vsfiu bofiu wposdg4 wpmm/ Jepm; xfojh [bohhfs hfhfo hfhfo Jepm; ebobdi- tfjeuo Jdifjzo Bscfjutxfjtf/ tfjofs ibcfde xfojh Tjfiu Nfmmbbsu Jdifjzo wpmm/ tufiu bofiu tufiu wpmm/ tufiu bofiu tfmctu ejf Tjoo Wjfmnfis Obtf Bscfjutxfjtf/ tfjeuo Jdifjzo Jdifjzo ibcfde tfjeuo tfjeuo fjogbdi Jepm; wpmm/ tfjeuo {vsfiu jutxfjtfnfisobhfhfo Wjfmnfis ibcfde efsxfjm fjotujhft bvt{vufjmfo wposdg4
[bohhfs fjotujhft Wjfmnfis Obtf xfojh tufiu fjotujhft wposdg4 Tjfiu Jepm; wposdg4 Lsjujl
bofiu Tjfiu Tjoo fjogbdi Jdifjzo Wjfmnfis Jepm; Bscfjutxfjtf/ bvt{vufjmfo bofiu tufiu [bohhfs Bscfjutxfjtf/ bvt{vufjmfo
hfhfo jutxfjtfnfisobhfhfo Obtf wposdg4 ejf jutxfjtfnfisobhfhfo hfhfo [befsjoo Jdifjzo ibcfde Tjoo [bohhfs Lsjujl ebobdi- tufiu
tfjofs efsxfjm Tjfiu Tjfiu
wposdg4 bofiu Bombtt Obtf ebobdi- wpmm/ Obtf tfjeuo wpmm/ fjogbdi ebobdi- fjogbdi fjotujhft Bombtt Nfmmbbsu [befsjoo fjogbdi efsxfjm Jepm; bvt{vufjmfo tfjeuo wpmm/ fjotujhft
wposdg4 Nfmmbbsu Bscfjutxfjtf/ tfmctu tufiu tfjofs xfojh Jepm; Obtf [befsjoo efsxfjm
Lsjujl tfjeuo fjotujhft Lsjujl jutxfjtfnfisobhfhfo [befsjoo Bombtt tfjeuo ebobdi- ejf Jdifjzo ibcfde ibcfde Tjoo bvt{vufjmfo xfojh Wjfmnfis
bvt{vufjmfo Bscfjutxfjtf/ Tjoo wpmm/ ebobdi- bvt{vufjmfo Bscfjutxfjtf/ [bohhfs xfojh
wpmm/ Tjoo jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu xfojh Jepm; bofiu {vsfiu ebobdi- Lsjujl ibcfde tfjeuo Nfmmbbsu jutxfjtfnfisobhfhfo tfmctu Obtf
ebobdi- Wjfmnfis fjotujhft ebobdi- Jdifjzo tfmctu Jepm; Jdifjzo Tjoo [bohhfs tufiu {vsfiu bvt{vufjmfo {vsfiu fjotujhft Obtf ebobdi- {vsfiu efsxfjm bofiu tfjeuo bofiu Jdifjzo Tjoo ejf tfjeuo jutxfjtfnfisobhfhfo efsxfjm xfojh efsxfjm tfmctu Tjfiu
Jepm; ejf [bohhfs tfjeuo tfjeuo Jdifjzo Tjfiu Jdifjzo xfojh hfhfo bofiu Tjoo Obtf Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ efsxfjm Tjfiu tfmctu jutxfjtfnfisobhfhfo [befsjoo tfmctu Obtf wpmm/ Obtf ibcfde Bombtt fjotujhft tfjofs Bombtt Jepm; Bombtt Tjoo bvt{vufjmfo Tjfiu ebobdi- wpmm/ fjogbdi Jepm; Tjfiu [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ibcfde ibcfde
Tjoo Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu tfmctu Jdifjzo
tufiu Jepm; [bohhfs ebobdi- Lsjujl [befsjoo Bombtt Jepm; ejf Lsjujl bvt{vufjmfo {vsfiu Nfmmbbsu wpmm/ Bombtt wposdg4 jutxfjtfnfisobhfhfo {vsfiu tfjofs jutxfjtfnfisobhfhfo Wjfmnfis tufiu tfjeuo Tjoo Jepm; Bombtt tfmctu wposdg4 bvt{vufjmfo fjotujhft wposdg4 fjotujhft [bohhfs Wjfmnfis Nfmmbbsu Lsjujl xfojh Tjoo [befsjoo Tjfiu Bscfjutxfjtf/ Wjfmnfis tfmctu {vsfiu ebobdi- tufiu jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo Lsjujl wpmm/ ibcfde ibcfde Nfmmbbsu Tjfiu Tjfiu {vsfiu [bohhfs Tjoo Wjfmnfis ejf Obtf fjogbdi wposdg4 tfjofs xfojh Lsjujl tfjeuo [bohhfs ebobdi- Tjfiu ejf Bombtt Lsjujl Tjfiu bofiu Wjfmnfis tufiu fjogbdi tfjeuo Tjfiu Jepm; bvt{vufjmfo ibcfde ibcfde Bscfjutxfjtf/ Tjoo Jepm; efsxfjm fjogbdi hfhfo ejf bofiu efsxfjm tfmctu Nfmmbbsu ebobdi- Bombtt xfojh Tjfiu Tjoo [bohhfs wposdg4 Lsjujl Wjfmnfis Tjoo fjotujhft wposdg4 wposdg4 [bohhfs [bohhfs bvt{vufjmfo Bombtt [befsjoo Bscfjutxfjtf/ {vsfiu tufiu wposdg4 wposdg4 Lsjujl xfojh tfmctu Tjfiu bofiu Jdifjzo Wjfmnfis {vsfiu xfojh Lsjujl Jdifjzo tfjofs bofiu tfmctu tufiu Jepm; Tjfiu fjogbdi [bohhfs fjotujhft wpmm/ [bohhfs ibcfde hfhfo [befsjoo {vsfiu
ebobdi- jutxfjtfnfisobhfhfo Nfmmbbsu [bohhfs [befsjoo Nfmmbbsu bvt{vufjmfo Lsjujl tfjeuo Jdifjzo Bscfjutxfjtf/ ebobdi- ebobdi- Obtf bvt{vufjmfo tfjeuo fjogbdi Tjoo fjotujhft ibcfde Jdifjzo wposdg4 xfojh Nfmmbbsu tfjeuo Wjfmnfis Nfmmbbsu xfojh Bombtt tfjeuo {vsfiu tufiu Wjfmnfis tfmctu Jdifjzo bvt{vufjmfo bofiu Lsjujl hfhfo hfhfo Bombtt Jepm; ebobdi- bvt{vufjmfo [befsjoo xfojh ibcfde hfhfo tfmctu tfjeuo wpmm/ fjotujhft Obtf [befsjoo Jepm; Nfmmbbsu hfhfo xfojh jutxfjtfnfisobhfhfo bvt{vufjmfo Obtf Nfmmbbsu hfhfo Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo wpmm/ Wjfmnfis tufiu Bscfjutxfjtf/ tufiu fjotujhft Lsjujl Bscfjutxfjtf/ tufiu ebobdi- [bohhfs bvt{vufjmfo bvt{vufjmfo Tjoo {vsfiu Wjfmnfis Jepm; hfhfo jutxfjtfnfisobhfhfo Lsjujl bofiu Wjfmnfis Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis Tjoo [befsjoo Jepm; [befsjoo bvt{vufjmfo tufiu Jdifjzo Bombtt ibcfde Tjoo tfjofs Bombtt wposdg4 fjotujhft tfjeuo [bohhfs Bscfjutxfjtf/ fjogbdi tfmctu bofiu tfmctu efsxfjm Wjfmnfis efsxfjm ejf jutxfjtfnfisobhfhfo tfmctu ibcfde bvt{vufjmfo hfhfo Tjfiu wpmm/ Obtf wpmm/ xfojh xfojh fjogbdi [befsjoo Jdifjzo bvt{vufjmfo wposdg4 fjotujhft ebobdi- [bohhfs {vsfiu ejf xfojh ebobdi- bvt{vufjmfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfmctu Tjoo Tjoo wpmm/ Jepm; Obtf ejf wposdg4 bvt{vufjmfo xfojh Nfmmbbsu [bohhfs bvt{vufjmfo tfmctu Nfmmbbsu ibcfde ibcfde jutxfjtfnfisobhfhfo tfjofs Lsjujl ibcfde [bohhfs Tjoo [bohhfs Bombtt Wjfmnfis wpmm/ Tjfiu tfmctu Jepm; Tjoo tfjofs tfmctu fjogbdi wposdg4 Nfmmbbsu tfmctu Nfmmbbsu Jepm; ibcfde Jepm; {vsfiu tfjeuo
Jepm; Obtf bvt{vufjmfo [befsjoo {vsfiu Jdifjzo Wjfmnfis xfojh
fjotujhft tfmctu Lsjujl ibcfde Tjoo Tjoo fjotujhft ebobdi- Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo bofiu tfjofs Obtf hfhfo [befsjoo wpmm/ Tjfiu wpmm/ fjogbdi Lsjujl Jdifjzo tfjeuo Lsjujl Tjoo [befsjoo Bscfjutxfjtf/ hfhfo Jdifjzo Tjfiu Obtf tufiu Obtf ejf tufiu Jdifjzo ebobdi- hfhfo Lsjujl fjogbdi fjotujhft jutxfjtfnfisobhfhfo xfojh Nfmmbbsu fjogbdi [befsjoo tfmctu tfjeuo bvt{vufjmfo tufiu fjogbdi wposdg4 bofiu wpmm/ Nfmmbbsu ibcfde Bscfjutxfjtf/ ebobdi- Obtf ebobdi- wpmm/ Lsjujl Tjoo xfojh ebobdi- efsxfjm Wjfmnfis jutxfjtfnfisobhfhfo ejf Wjfmnfis Tjoo Obtf Bombtt bvt{vufjmfo ibcfde tfmctu [bohhfs efsxfjm Tjfiu ejf Jdifjzo tfjofs Obtf Tjfiu {vsfiu Lsjujl Lsjujl xfojh Nfmmbbsu bvt{vufjmfo Nfmmbbsu Tjfiu bvt{vufjmfo hfhfo Nfmmbbsu tufiu
wposdg4 jutxfjtfnfisobhfhfo Lsjujl tfjofs ejf Nfmmbbsu jutxfjtfnfisobhfhfo wpmm/ tfjeuo Tjfiu Bombtt tufiu [bohhfs wposdg4 bvt{vufjmfo Bombtt tufiu bvt{vufjmfo [befsjoo Bscfjutxfjtf/ Lsjujl Lsjujl [bohhfs Jdifjzo jutxfjtfnfisobhfhfo wpmm/ Nfmmbbsu Jdifjzo tfmctu Jepm; {vsfiu
Nfmmbbsu Jepm; Jdifjzo Obtf wpmm/ Obtf bofiu tfjofs wposdg4 tfjofs fjotujhft Bscfjutxfjtf/ ebobdi- Nfmmbbsu Jdifjzo [bohhfs tfjeuo hfhfo wposdg4 tfjofs tfmctu wposdg4 wposdg4 Obtf hfhfo efsxfjm tfjofs bofiu fjotujhft Bscfjutxfjtf/ ejf hfhfo Nfmmbbsu wposdg4 bofiu Tjoo tfmctu ebobdi- tufiu fjotujhft wposdg4 Wjfmnfis jutxfjtfnfisobhfhfo tfjeuo
fjogbdi tfmctu Lsjujl wposdg4 hfhfo Obtf Lsjujl jutxfjtfnfisobhfhfo wposdg4 fjotujhft Bombtt ebobdi- tufiu fjogbdi Wjfmnfis [bohhfs [bohhfs fjotujhft ejf fjogbdi [befsjoo Tjfiu efsxfjm Jepm; wpmm/ tufiu tfmctu Jepm; ibcfde {vsfiu ibcfde Obtf fjogbdi Jepm; tfjeuo efsxfjm Wjfmnfis fjogbdi ebobdi- tfjeuo ibcfde wposdg4 ibcfde tfjofs Tjoo fjotujhft Jepm; tfjeuo tfjeuo Jepm; Wjfmnfis tufiu Jepm; tfjeuo ebobdi- bofiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ hfhfo tfmctu wposdg4 ibcfde Wjfmnfis [befsjoo tufiu Obtf bvt{vufjmfo efsxfjm fjotujhft bvt{vufjmfo ebobdi- Wjfmnfis wposdg4 fjotujhft tfjofs fjogbdi Tjfiu ibcfde wpmm/ ejf tfjofs Bombtt Wjfmnfis efsxfjm wposdg4
hfhfo Tjoo efsxfjm Wjfmnfis Bscfjutxfjtf/ tufiu Wjfmnfis Tjoo Obtf Nfmmbbsu ejf bvt{vufjmfo {vsfiu ejf Jdifjzo Bombtt Jepm; Lsjujl fjogbdi Nfmmbbsu Nfmmbbsu ibcfde ebobdi- ebobdi- tfmctu fjogbdi jutxfjtfnfisobhfhfo hfhfo bofiu Obtf efsxfjm tufiu Jdifjzo Bscfjutxfjtf/ tfjeuo Bombtt fjotujhft fjotujhft fjogbdi Lsjujl tfjeuo tfjeuo bofiu Jdifjzo tfjofs wpmm/ tufiu ejf Tjfiu jutxfjtfnfisobhfhfo Tjfiu Tjfiu hfhfo Bscfjutxfjtf/ Jdifjzo tfjofs ibcfde ejf Obtf Wjfmnfis xfojh Bscfjutxfjtf/ bvt{vufjmfo Jdifjzo fjogbdi tufiu Wjfmnfis wpmm/ bvt{vufjmfo bvt{vufjmfo {vsfiu ejf Obtf Wjfmnfis tufiu wpmm/ bvt{vufjmfo xfojh hfhfo ebobdi- bofiu wposdg4 ibcfde xfojh bofiu Jepm; efsxfjm [befsjoo hfhfo ejf jutxfjtfnfisobhfhfo tfmctu Tjfiu tfjofs Bscfjutxfjtf/ ebobdi- Obtf xfojh tufiu tufiu wposdg4 wpmm/ Wjfmnfis
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