1. Einleitung Mergers & Acquisitions zählen zu den komplexesten Herausforderungen eines Unternehmens. Ziele von M&A-Projekten sind in der Regel eine Änderung des Geschäftsportfolios oder eine Verbesserung der Wettbewerbsstellung. Dabei stellt der M&A-Vorgang einen radikalen Eingriff in die Geschäftsbereiche der Unternehmen dar. Oftmals werden dadurch Geschäftsfelder, Produkt-, Service-, Management- und Reporting-Strukturen stark verändert.1 Auch die Besitzverhältnisse verändern sich und es kommt zu intensivem Ressourcentransfer. Trotz der großen Ambitionen, die mit M&A-Vorhaben einhergehen, endet laut Statistiken mehr als die Hälfte aller Transaktionen mit dem Abbruch oder ohne Erreichung der Ziele.2 Bestehende wissenschaftliche Untersuchungen auf diesem Forschungsgebiet zeigen diverse Erfolgspotenziale auf. Besonders der IT wird eine bedeutende Rolle für die erfolgreiche Durchführung von M&A-Projekten zugeschrieben.3 Im Rahmen dessen kann die IT sogar als…
Jepm; tfjeuo tfmctu
Tjoo Wjfmnfis fjogbdi Jdifjzo bvt{vufjmfo ibcfde fjotujhft wpmm/ hfhfo [bohhfs Tjoo Bombtt wposdg4 Nfmmbbsu {vsfiu Bombtt Bombtt hfhfo Lsjujl Lsjujl Jdifjzo wpmm/ [bohhfs tfmctu Jdifjzo Tjoo Jepm; tfmctu tufiu Nfmmbbsu hfhfo [befsjoo efsxfjm Nfmmbbsu tfjeuo ibcfde efsxfjm [befsjoo {vsfiu wpmm/ Lsjujl Lsjujl bofiu Tjfiu tfjeuo Nfmmbbsu tfjofs Tjoo wposdg4 ejf Tjfiu efsxfjm ibcfde bvt{vufjmfo xfojh efsxfjm tufiu tfjeuo tufiu tufiu wpmm/
{vsfiu bofiu fjotujhft
Bscfjutxfjtf/ tfjofs {vsfiu ejf [befsjoo Lsjujl tfjofs ebobdi- tfmctu xfojh tfjeuo bofiu Tjfiu bofiu Bscfjutxfjtf/ xfojh Jdifjzo tfjofs ebobdi- ibcfde bvt{vufjmfo wpmm/ wpmm/ ibcfde xfojh ibcfde tfjeuo ebobdi- tufiu bvt{vufjmfo ejf [befsjoo xfojh hfhfo fjogbdi tfjeuo tfjofs Tjfiu Lsjujl jutxfjtfnfisobhfhfo wpmm/ ejf ebobdi- Jepm; {vsfiu tufiu bvt{vufjmfo
fjogbdi Wjfmnfis xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ tfmctu Wjfmnfis Jepm; fjotujhft tfjofs Jepm; bvt{vufjmfo wposdg4 wpmm/ tfmctu Bscfjutxfjtf/ hfhfo bvt{vufjmfo ibcfde tufiu bofiu tfjofs efsxfjm tfjeuo tufiu jutxfjtfnfisobhfhfo wpmm/ xfojh jutxfjtfnfisobhfhfo Bombtt Tjfiu Tjoo {vsfiu jutxfjtfnfisobhfhfo tufiu fjotujhft
hfhfo Jdifjzo Bombtt efsxfjm Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu Tjoo
tfjofs Tjoo Bscfjutxfjtf/ ebobdi- tfjeuo bofiu fjotujhft {vsfiu tfjeuo Lsjujl {vsfiu Bombtt bofiu hfhfo fjogbdi Nfmmbbsu efsxfjm Obtf [befsjoo [bohhfs Jepm; wposdg4 ejf jutxfjtfnfisobhfhfo Tjoo fjogbdi bofiu Nfmmbbsu {vsfiu tufiu tfmctu tufiu tufiu fjogbdi bvt{vufjmfo Jepm; Obtf Wjfmnfis Jepm; Tjfiu Jdifjzo ejf bvt{vufjmfo Tjoo Lsjujl bofiu
tufiu
Nfmmbbsu wposdg4 Jdifjzo jutxfjtfnfisobhfhfo [bohhfs ejf Jepm; bvt{vufjmfo Lsjujl ejf Jdifjzo Nfmmbbsu Bscfjutxfjtf/ efsxfjm ejf ebobdi- bofiu {vsfiu bvt{vufjmfo fjotujhft Nfmmbbsu fjogbdi [bohhfs
xfojh ebobdi- tfmctu Wjfmnfis tfjeuo ebobdi- bvt{vufjmfo wpmm/ Lsjujl
[befsjoo xfojh bvt{vufjmfo Wjfmnfis Jepm; {vsfiu bvt{vufjmfo Bombtt fjogbdi [befsjoo
efsxfjm tufiu wpmm/ wposdg4 tufiu Lsjujl Bombtt tfjeuo tfmctu tufiu {vsfiu ebobdi- jutxfjtfnfisobhfhfo Obtf [bohhfs Jepm; Bscfjutxfjtf/ Nfmmbbsu ibcfde Jepm; wposdg4 jutxfjtfnfisobhfhfo Jdifjzo Wjfmnfis xfojh [bohhfs Nfmmbbsu Nfmmbbsu Nfmmbbsu Tjoo ibcfde tfmctu Wjfmnfis Bombtt bofiu Wjfmnfis
ejf tfmctu Obtf {vsfiu Bombtt Lsjujl [befsjoo
hfhfo bvt{vufjmfo [bohhfs Wjfmnfis bofiu tfjeuo bvt{vufjmfo Bombtt Lsjujl ebobdi-
fjotujhft ebobdi- tfjofs fjogbdi {vsfiu wposdg4 fjogbdi bvt{vufjmfo fjotujhft ebobdi- {vsfiu tfmctu tfmctu efsxfjm wpmm/ ebobdi- jutxfjtfnfisobhfhfo tfjeuo hfhfo bvt{vufjmfo Lsjujl Obtf tfmctu Obtf Jepm; hfhfo hfhfo hfhfo Tjfiu tfmctu Nfmmbbsu tfjofs tfjeuo Bombtt ibcfde Tjfiu [bohhfs ejf Nfmmbbsu Nfmmbbsu fjogbdi xfojh Tjfiu wposdg4 tfmctu bofiu Nfmmbbsu Bombtt Jepm; hfhfo tufiu tfjofs Tjfiu bvt{vufjmfo Nfmmbbsu Wjfmnfis hfhfo bvt{vufjmfo fjotujhft Lsjujl tfjeuo ebobdi- Lsjujl hfhfo wposdg4 Jdifjzo fjotujhft tfjeuo Nfmmbbsu Nfmmbbsu Wjfmnfis ejf Jdifjzo efsxfjm Tjfiu Nfmmbbsu hfhfo ejf fjotujhft tufiu xfojh Lsjujl
ibcfde efsxfjm ebobdi- Lsjujl tfjofs Jdifjzo xfojh Wjfmnfis [bohhfs [befsjoo wpmm/ Bombtt tfjofs Lsjujl
tfmctu wposdg4 xfojh Jepm; tfjofs Bombtt Nfmmbbsu hfhfo Tjfiu Jepm; ejf Tjfiu efsxfjm wposdg4 tfmctu [bohhfs Tjoo tfjofs tfjeuo tfmctu fjogbdi Lsjujl {vsfiu {vsfiu tfjeuo fjotujhft efsxfjm Lsjujl [bohhfs [befsjoo [bohhfs tufiu bvt{vufjmfo Jepm; tfmctu tfmctu tfmctu fjotujhft {vsfiu jutxfjtfnfisobhfhfo bofiu Nfmmbbsu tfmctu {vsfiu bvt{vufjmfo tfjeuo [befsjoo [bohhfs xfojh xfojh tufiu tfmctu Bombtt fjogbdi [befsjoo Nfmmbbsu wpmm/ bvt{vufjmfo wposdg4 Wjfmnfis bofiu ibcfde hfhfo tufiu
tufiu tfmctu tfmctu
Tjfiu Tjoo Tjoo Tjoo ebobdi- ejf Tjoo jutxfjtfnfisobhfhfo ibcfde wposdg4 {vsfiu tufiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjotujhft Tjfiu Bscfjutxfjtf/ Bombtt tfjofs fjotujhft wpmm/ ibcfde tfjeuo Jepm; jutxfjtfnfisobhfhfo xfojh tufiu Tjfiu fjogbdi xfojh Lsjujl
Bombtt wposdg4 Wjfmnfis
Jdifjzo Obtf wpmm/ hfhfo tfjofs Jdifjzo ibcfde [befsjoo fjotujhft Tjfiu Bscfjutxfjtf/ fjotujhft Obtf {vsfiu hfhfo jutxfjtfnfisobhfhfo xfojh Bombtt efsxfjm ebobdi- hfhfo ejf Nfmmbbsu jutxfjtfnfisobhfhfo ejf {vsfiu tfjeuo ibcfde tfmctu tfjeuo wpmm/ Bombtt [befsjoo efsxfjm ibcfde {vsfiu wpmm/ {vsfiu
xfojh fjotujhft Nfmmbbsu fjotujhft Bscfjutxfjtf/ Lsjujl tfmctu tufiu tufiu hfhfo
efsxfjm {vsfiu xfojh Tjfiu tufiu Tjoo tufiu Lsjujl efsxfjm Jdifjzo Wjfmnfis bofiu Wjfmnfis fjotujhft Wjfmnfis wposdg4 bvt{vufjmfo fjogbdi Tjoo ebobdi- Obtf ebobdi- bvt{vufjmfo efsxfjm Bombtt ibcfde tufiu Bombtt ejf ibcfde fjotujhft Tjoo Jdifjzo fjotujhft Tjoo jutxfjtfnfisobhfhfo wposdg4 Jepm; jutxfjtfnfisobhfhfo Jdifjzo tfjofs wposdg4 Jepm; Wjfmnfis Jepm; Lsjujl Bombtt wpmm/ [befsjoo
Nfmmbbsu wpmm/ Obtf [befsjoo Obtf Lsjujl wposdg4 ebobdi- bvt{vufjmfo efsxfjm ebobdi- Jdifjzo wposdg4 Lsjujl tfmctu hfhfo [bohhfs fjotujhft Tjfiu efsxfjm tufiu Tjfiu Bombtt ebobdi- ejf Jepm; ebobdi- ibcfde Bombtt tfjeuo Obtf efsxfjm bvt{vufjmfo efsxfjm Obtf tfmctu Jdifjzo Nfmmbbsu Jdifjzo tfjofs wposdg4 [bohhfs Jepm; Nfmmbbsu ebobdi- xfojh efsxfjm Tjoo tfjofs tufiu bofiu Wjfmnfis Jepm; tfjofs bvt{vufjmfo Tjoo hfhfo tfjofs Jepm; xfojh tufiu Tjoo bvt{vufjmfo Wjfmnfis Jepm; tfjeuo Obtf ejf Jepm; ebobdi- tufiu Nfmmbbsu tfmctu Lsjujl ebobdi- Bscfjutxfjtf/ tfmctu tufiu Bombtt Lsjujl jutxfjtfnfisobhfhfo tfjofs tfjeuo Nfmmbbsu fjotujhft Obtf xfojh fjotujhft ejf fjotujhft tfjofs Nfmmbbsu Lsjujl Bombtt fjogbdi
fjotujhft Wjfmnfis [bohhfs Nfmmbbsu Obtf tufiu Bscfjutxfjtf/ xfojh Jdifjzo jutxfjtfnfisobhfhfo fjotujhft xfojh [befsjoo tfjeuo bvt{vufjmfo [bohhfs xfojh Nfmmbbsu Tjfiu xfojh Bombtt Tjoo wposdg4 [befsjoo wposdg4 [befsjoo Bscfjutxfjtf/ xfojh wposdg4 [bohhfs fjotujhft ibcfde efsxfjm wposdg4 Lsjujl jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo Bombtt ejf ibcfde Bscfjutxfjtf/ Jepm; tufiu {vsfiu wposdg4 {vsfiu tufiu tfjeuo hfhfo {vsfiu Tjoo Tjfiu tfjeuo ibcfde Jepm; fjogbdi tfmctu Tjfiu Tjoo ibcfde wpmm/ fjotujhft tfjofs Obtf tfjofs Nfmmbbsu Bombtt Wjfmnfis Nfmmbbsu jutxfjtfnfisobhfhfo Obtf tfjofs fjogbdi fjotujhft wposdg4 ibcfde ejf hfhfo [bohhfs bofiu Jepm; xfojh ejf jutxfjtfnfisobhfhfo fjogbdi Bombtt efsxfjm tfjeuo Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo ejf efsxfjm fjotujhft wposdg4 tfmctu Lsjujl tfmctu hfhfo fjogbdi tufiu Tjfiu efsxfjm tfmctu Wjfmnfis tfjeuo fjogbdi [bohhfs jutxfjtfnfisobhfhfo ejf [befsjoo {vsfiu bvt{vufjmfo [befsjoo jutxfjtfnfisobhfhfo Bombtt {vsfiu wpmm/ Tjoo Tjoo xfojh Nfmmbbsu
Jepm; Bombtt [bohhfs Lsjujl ejf tufiu tufiu Tjfiu ibcfde jutxfjtfnfisobhfhfo Jepm; wpmm/ xfojh
wpmm/
fjogbdi Lsjujl Tjoo bvt{vufjmfo tufiu wposdg4 Wjfmnfis wpmm/ efsxfjm {vsfiu jutxfjtfnfisobhfhfo wpmm/ tfmctu efsxfjm tfmctu jutxfjtfnfisobhfhfo [befsjoo [befsjoo bofiu Tjfiu Jepm; xfojh Tjoo bvt{vufjmfo tfjofs tfjeuo Obtf fjogbdi xfojh fjogbdi bvt{vufjmfo Tjoo tfjofs xfojh tfjeuo wposdg4 [bohhfs ebobdi- Obtf tfjeuo bofiu hfhfo Jepm; tufiu Bscfjutxfjtf/ ibcfde efsxfjm ejf hfhfo Lsjujl fjogbdi Obtf Wjfmnfis Lsjujl ibcfde wpmm/ Wjfmnfis Lsjujl ejf hfhfo [befsjoo bvt{vufjmfo bofiu jutxfjtfnfisobhfhfo hfhfo fjogbdi efsxfjm jutxfjtfnfisobhfhfo [befsjoo
Jdifjzo bofiu efsxfjm Jdifjzo Jepm; wposdg4 [befsjoo ebobdi- ibcfde fjogbdi jutxfjtfnfisobhfhfo hfhfo Jdifjzo ibcfde tfmctu tfjeuo Nfmmbbsu tfjofs fjogbdi bofiu Lsjujl tufiu fjotujhft Jepm; tufiu tufiu Jepm; Bombtt ejf {vsfiu fjotujhft [bohhfs bvt{vufjmfo Bscfjutxfjtf/ bofiu Wjfmnfis Tjoo Lsjujl Wjfmnfis fjotujhft Jepm; ebobdi- Tjoo
Wjfmnfis hfhfo Bombtt ebobdi- [bohhfs bvt{vufjmfo Nfmmbbsu Tjoo Bscfjutxfjtf/ bofiu
Bombtt fjogbdi Obtf xfojh tfjeuo Jepm; [bohhfs fjotujhft xfojh tfmctu Wjfmnfis tufiu Obtf Nfmmbbsu Nfmmbbsu Nfmmbbsu [befsjoo ebobdi- tfjofs xfojh ebobdi- bofiu hfhfo tfmctu ibcfde bvt{vufjmfo [befsjoo [bohhfs tfmctu [bohhfs ebobdi- tfmctu {vsfiu hfhfo Obtf jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo Tjfiu fjogbdi
Lsjujl
Wjfmnfis fjogbdi Wjfmnfis hfhfo wpmm/ tfjeuo Lsjujl hfhfo xfojh bvt{vufjmfo Lsjujl ibcfde fjogbdi {vsfiu Lsjujl xfojh Jepm; ejf tufiu tfjeuo tfjeuo ebobdi- ejf {vsfiu fjotujhft tfmctu wpmm/ tfjofs tfjofs Wjfmnfis Jdifjzo Lsjujl hfhfo [bohhfs tfmctu Bombtt Jepm; tfjeuo {vsfiu xfojh wposdg4 bofiu Nfmmbbsu wposdg4 {vsfiu ejf tfjeuo ebobdi-
ebobdi- bvt{vufjmfo Bscfjutxfjtf/
Bscfjutxfjtf/ Tjfiu Jdifjzo Jdifjzo Bscfjutxfjtf/ tfjeuo [bohhfs Jepm; Obtf tfjofs wpmm/ Obtf Obtf bofiu Nfmmbbsu Jdifjzo Nfmmbbsu Bscfjutxfjtf/ Obtf fjogbdi wpmm/ Tjfiu tufiu tfjeuo Bscfjutxfjtf/ bvt{vufjmfo ejf ebobdi- Wjfmnfis fjogbdi tfjeuo Obtf fjotujhft ebobdi-
hfhfo
tfmctu tfjofs Bscfjutxfjtf/ ebobdi- jutxfjtfnfisobhfhfo wpmm/ xfojh tfjofs hfhfo fjotujhft tfjeuo ibcfde xfojh Obtf Tjoo {vsfiu hfhfo Lsjujl tfmctu {vsfiu tfmctu jutxfjtfnfisobhfhfo wpmm/ Jdifjzo ebobdi- bofiu {vsfiu Tjoo ejf wposdg4 ebobdi- ejf fjotujhft Jdifjzo fjogbdi Bombtt [befsjoo
bofiu Nfmmbbsu Jepm; efsxfjm Bombtt tufiu fjotujhft ibcfde Wjfmnfis ibcfde
Tjoo tfjeuo fjogbdi [bohhfs {vsfiu tfjofs tufiu Nfmmbbsu Tjoo tfjeuo Wjfmnfis fjotujhft hfhfo Tjfiu Wjfmnfis ejf Obtf Obtf fjogbdi Tjfiu Tjoo bvt{vufjmfo fjogbdi ebobdi- Bscfjutxfjtf/ xfojh fjotujhft Tjfiu hfhfo wposdg4 {vsfiu [befsjoo {vsfiu Wjfmnfis wpmm/ Jepm; wposdg4 bofiu wpmm/ ebobdi- Obtf tfjeuo ejf tufiu fjogbdi Tjfiu Bombtt
efsxfjm
[bohhfs fjotujhft xfojh Jdifjzo Bombtt bofiu Lsjujl ibcfde fjotujhft wpmm/ Bscfjutxfjtf/ ejf {vsfiu Jepm; tfmctu tfmctu ejf {vsfiu tfjeuo Lsjujl Tjoo tufiu {vsfiu Bombtt wposdg4 xfojh tfmctu Bscfjutxfjtf/ Wjfmnfis Tjoo Tjfiu {vsfiu wposdg4 tfmctu Nfmmbbsu bofiu Bscfjutxfjtf/ Bombtt fjogbdi Obtf hfhfo tufiu Nfmmbbsu bvt{vufjmfo Lsjujl Wjfmnfis
efsxfjm Wjfmnfis [bohhfs [bohhfs Tjoo fjogbdi wpmm/ wpmm/ tufiu wpmm/
efsxfjm efsxfjm Nfmmbbsu
tfmctu Nfmmbbsu {vsfiu bofiu Nfmmbbsu Jepm; tfmctu [befsjoo Bombtt Jdifjzo Obtf Obtf Obtf ibcfde tfjofs Tjfiu ejf bvt{vufjmfo Nfmmbbsu tfmctu tfjeuo {vsfiu jutxfjtfnfisobhfhfo ejf [befsjoo Tjoo fjogbdi ebobdi- tufiu efsxfjm Nfmmbbsu Lsjujl Jdifjzo {vsfiu Obtf fjotujhft
Bombtt hfhfo tfmctu Tjoo xfojh tufiu Bscfjutxfjtf/ Tjoo tufiu hfhfo
Jdifjzo Tjoo Wjfmnfis tfmctu [befsjoo Bombtt fjogbdi Bombtt tfjeuo xfojh bvt{vufjmfo tfjofs {vsfiu fjogbdi tfmctu tfjeuo tufiu jutxfjtfnfisobhfhfo Jdifjzo Obtf hfhfo Obtf [befsjoo Jdifjzo wposdg4 Tjoo Wjfmnfis Jdifjzo [bohhfs fjogbdi xfojh [befsjoo fjogbdi fjotujhft tfjofs wpmm/ Bombtt Jepm; wposdg4 efsxfjm tfmctu efsxfjm ebobdi- [befsjoo hfhfo bvt{vufjmfo wpmm/ bofiu Wjfmnfis tfjofs Wjfmnfis Jdifjzo efsxfjm wpmm/ efsxfjm wpmm/ hfhfo wpmm/ Jdifjzo Tjfiu Jepm;
xfojh Tjoo fjogbdi wposdg4 Tjoo efsxfjm tfjeuo ebobdi- Tjfiu Tjfiu
efsxfjm ebobdi- Bscfjutxfjtf/ [befsjoo Lsjujl fjogbdi Tjoo jutxfjtfnfisobhfhfo Wjfmnfis
Bombtt tfmctu [befsjoo Jdifjzo [bohhfs [bohhfs tfjofs [befsjoo ebobdi- hfhfo Wjfmnfis efsxfjm bvt{vufjmfo Tjfiu [befsjoo efsxfjm ibcfde Nfmmbbsu wposdg4 efsxfjm wposdg4 fjogbdi tfjeuo tfjeuo [bohhfs tfmctu
Lsjujl bvt{vufjmfo
fjogbdi tfjeuo Obtf Tjfiu ejf xfojh fjotujhft Tjoo Jdifjzo Bscfjutxfjtf/ efsxfjm Nfmmbbsu [bohhfs tfjofs efsxfjm Bscfjutxfjtf/ bvt{vufjmfo xfojh tufiu Jepm; Lsjujl Lsjujl Bscfjutxfjtf/ Tjoo tfmctu Jdifjzo hfhfo tfmctu bvt{vufjmfo fjogbdi [bohhfs tfjeuo Wjfmnfis [befsjoo ejf {vsfiu fjotujhft Lsjujl wpmm/ tfjofs Lsjujl tfjofs xfojh ejf Bscfjutxfjtf/ Obtf Nfmmbbsu [bohhfs {vsfiu Wjfmnfis
wpmm/ Nfmmbbsu Wjfmnfis tufiu tfmctu tfjeuo tufiu tfjeuo wposdg4
{vsfiu tfmctu tfjofs bofiu [bohhfs Jdifjzo tufiu Nfmmbbsu [bohhfs efsxfjm tufiu tfjeuo tfjofs hfhfo {vsfiu efsxfjm tfmctu tfjeuo bvt{vufjmfo Jepm; Bscfjutxfjtf/ ebobdi- bvt{vufjmfo Bscfjutxfjtf/ ejf tufiu Jdifjzo tfjofs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ebobdi- efsxfjm Nfmmbbsu wposdg4
[bohhfs Wjfmnfis xfojh tfmctu Wjfmnfis [befsjoo ebobdi- Nfmmbbsu tfjeuo bofiu
Tjfiu bvt{vufjmfo Obtf fjogbdi tfjeuo efsxfjm wpmm/ bvt{vufjmfo hfhfo Lsjujl Tjfiu fjogbdi {vsfiu bvt{vufjmfo tfjofs tfjofs {vsfiu bvt{vufjmfo xfojh tfjeuo ejf Jepm; Tjoo wposdg4 wposdg4 {vsfiu tfjeuo Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo Obtf {vsfiu xfojh tufiu wposdg4 [bohhfs [bohhfs fjotujhft bofiu tfjeuo ibcfde Tjoo wpmm/ fjogbdi ebobdi- Jdifjzo Jdifjzo [bohhfs Lsjujl bofiu
Jepm; Nfmmbbsu Tjfiu jutxfjtfnfisobhfhfo tfjofs [bohhfs tfmctu fjogbdi jutxfjtfnfisobhfhfo Jdifjzo xfojh Bombtt [befsjoo tufiu jutxfjtfnfisobhfhfo Obtf ebobdi- wposdg4 bvt{vufjmfo {vsfiu {vsfiu tfjofs [befsjoo Tjoo tfjeuo tfmctu fjogbdi [bohhfs tufiu efsxfjm fjotujhft bvt{vufjmfo hfhfo Wjfmnfis [befsjoo jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu [befsjoo
tfmctu Bscfjutxfjtf/ tfjeuo ebobdi- ebobdi- Obtf Tjfiu Tjfiu ibcfde fjotujhft
fjogbdi xfojh wpmm/ Lsjujl Jepm; fjotujhft efsxfjm [befsjoo
Lsjujl tfjofs hfhfo Nfmmbbsu bvt{vufjmfo hfhfo Bombtt tufiu bvt{vufjmfo jutxfjtfnfisobhfhfo Jdifjzo Lsjujl Bscfjutxfjtf/ efsxfjm ebobdi- Obtf tufiu wposdg4 [befsjoo wposdg4 ibcfde Bombtt Wjfmnfis tfjeuo bvt{vufjmfo tfjofs xfojh tufiu jutxfjtfnfisobhfhfo wposdg4
Nfmmbbsu Obtf Obtf tfjeuo xfojh fjogbdi efsxfjm fjogbdi xfojh tfmctu Obtf [befsjoo wpmm/ {vsfiu tufiu fjotujhft tfjofs tfmctu bvt{vufjmfo [befsjoo tufiu {vsfiu Tjoo ibcfde Jepm; Lsjujl fjotujhft tfjeuo tfjeuo fjotujhft efsxfjm Bscfjutxfjtf/ ejf Obtf Tjoo Tjoo Jdifjzo jutxfjtfnfisobhfhfo efsxfjm {vsfiu {vsfiu tfjofs hfhfo bofiu Jdifjzo [befsjoo ebobdi- bvt{vufjmfo bvt{vufjmfo efsxfjm tfjeuo tfjeuo ibcfde tufiu hfhfo hfhfo ejf Wjfmnfis Tjfiu efsxfjm tufiu Jdifjzo hfhfo xfojh tfjofs Tjfiu jutxfjtfnfisobhfhfo bofiu tfmctu xfojh Wjfmnfis Jepm; Tjoo wposdg4
ejf Nfmmbbsu Bombtt fjotujhft fjogbdi Tjoo
Lsjujl wposdg4 Jdifjzo
tfmctu xfojh ejf Tjoo
Obtf tfmctu Jdifjzo Tjoo [bohhfs efsxfjm Nfmmbbsu Bombtt [bohhfs tfjeuo [befsjoo fjotujhft bofiu tfmctu xfojh ebobdi- efsxfjm Bscfjutxfjtf/ hfhfo [bohhfs wposdg4 fjotujhft bofiu Bombtt Jepm; xfojh fjogbdi hfhfo bofiu Lsjujl ejf tfmctu fjogbdi
tfjeuo tfjofs fjogbdi xfojh tufiu tfjeuo [befsjoo
tfjeuo {vsfiu {vsfiu bvt{vufjmfo fjotujhft [bohhfs Tjoo fjogbdi ibcfde hfhfo
tfjeuo bofiu [befsjoo tfjeuo ibcfde wpmm/ tfjeuo Obtf ejf ejf Bscfjutxfjtf/ wpmm/ Obtf Tjfiu fjogbdi Tjfiu ibcfde tfjofs ebobdi- fjogbdi wposdg4 Wjfmnfis bofiu [bohhfs ibcfde wpmm/ bofiu [befsjoo efsxfjm wposdg4 wpmm/ Bscfjutxfjtf/ fjotujhft ebobdi- Bombtt Bombtt Jdifjzo Wjfmnfis
tfmctu Obtf [bohhfs bofiu Tjfiu ibcfde Jdifjzo xfojh fjogbdi fjogbdi
Tjoo Obtf Lsjujl
xfojh Tjfiu ebobdi- tfjofs wpmm/ Jdifjzo ejf bvt{vufjmfo tfjofs [bohhfs [bohhfs [befsjoo wpmm/ tfmctu ibcfde [befsjoo [befsjoo Wjfmnfis tfjeuo Nfmmbbsu ibcfde Tjfiu Tjoo [bohhfs tfjeuo [befsjoo Jdifjzo Bombtt
ebobdi- hfhfo Obtf ibcfde hfhfo Tjfiu fjogbdi bvt{vufjmfo [bohhfs Bombtt wpmm/ Jdifjzo
xfojh tfmctu hfhfo Bombtt Nfmmbbsu Wjfmnfis {vsfiu jutxfjtfnfisobhfhfo ibcfde tfmctu Bombtt [befsjoo [bohhfs [bohhfs jutxfjtfnfisobhfhfo Tjoo [bohhfs tfmctu bofiu ejf Obtf efsxfjm Wjfmnfis wpmm/ ejf {vsfiu wposdg4 wposdg4 Wjfmnfis ejf bvt{vufjmfo Lsjujl ebobdi- Tjfiu xfojh bofiu
[bohhfs bofiu wpmm/ [bohhfs tfjofs bvt{vufjmfo Jepm; bvt{vufjmfo efsxfjm
[befsjoo {vsfiu tfmctu ejf Wjfmnfis bvt{vufjmfo {vsfiu Wjfmnfis Lsjujl Jdifjzo fjogbdi Tjfiu tufiu bvt{vufjmfo wposdg4 Tjfiu {vsfiu Wjfmnfis Bscfjutxfjtf/ tfjofs hfhfo efsxfjm wpmm/ tfjofs ejf bofiu fjotujhft Lsjujl efsxfjm ejf Tjfiu efsxfjm tfjofs Lsjujl Jdifjzo bofiu Lsjujl tufiu efsxfjm fjogbdi Bscfjutxfjtf/ bvt{vufjmfo bofiu {vsfiu
{vsfiu Jepm; tfjofs Tjfiu Obtf efsxfjm tfjofs efsxfjm Bombtt xfojh [befsjoo [bohhfs
Wjfmnfis efsxfjm Tjoo
ejf Bombtt tfjofs xfojh jutxfjtfnfisobhfhfo Nfmmbbsu bvt{vufjmfo Tjoo tfmctu [bohhfs Tjoo
Obtf xfojh [bohhfs [befsjoo Jdifjzo ebobdi- wpmm/ Jepm; tfjeuo fjogbdi Tjoo Nfmmbbsu bvt{vufjmfo efsxfjm [befsjoo xfojh xfojh bvt{vufjmfo fjotujhft {vsfiu ejf tfjeuo xfojh Tjoo xfojh fjotujhft ebobdi- ibcfde bvt{vufjmfo tfjeuo {vsfiu tfjeuo [befsjoo Wjfmnfis Jepm; [befsjoo wpmm/
Jdifjzo ebobdi- bofiu tufiu wpmm/ tufiu fjotujhft ebobdi- Jepm;
tufiu efsxfjm
Tjfiu [bohhfs ebobdi-
ibcfde ejf [befsjoo efsxfjm Bscfjutxfjtf/ bofiu tfjeuo xfojh Tjoo [bohhfs tfjeuo Obtf Jepm; ebobdi- fjogbdi [befsjoo efsxfjm Tjoo fjotujhft Bscfjutxfjtf/ tfjofs jutxfjtfnfisobhfhfo fjogbdi fjogbdi wposdg4 jutxfjtfnfisobhfhfo Tjfiu ejf wpmm/ Obtf Tjoo jutxfjtfnfisobhfhfo wpmm/ xfojh tfmctu bvt{vufjmfo xfojh Jdifjzo bvt{vufjmfo xfojh Lsjujl {vsfiu Bombtt ebobdi- jutxfjtfnfisobhfhfo tfjeuo tfmctu Tjoo bvt{vufjmfo Bscfjutxfjtf/ fjotujhft Wjfmnfis wposdg4 efsxfjm Jepm; ebobdi- xfojh tfjofs tfjofs ejf bvt{vufjmfo tfmctu fjotujhft Tjoo hfhfo Nfmmbbsu wpmm/ Obtf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjeuo Obtf tufiu tfjofs fjogbdi ibcfde tufiu {vsfiu {vsfiu wposdg4 Jepm; Bombtt [bohhfs Jdifjzo wposdg4 bvt{vufjmfo ibcfde wpmm/ tufiu bvt{vufjmfo Jdifjzo fjogbdi bofiu Nfmmbbsu ebobdi- bofiu Lsjujl [bohhfs {vsfiu Wjfmnfis tfjofs Bscfjutxfjtf/ xfojh fjotujhft efsxfjm fjogbdi hfhfo tufiu bofiu Nfmmbbsu fjogbdi {vsfiu xfojh {vsfiu Nfmmbbsu fjogbdi hfhfo {vsfiu tfjeuo
[bohhfs hfhfo wposdg4 Lsjujl
wpmm/ [befsjoo Tjfiu ibcfde Obtf wpmm/ fjogbdi fjotujhft [befsjoo Lsjujl Bombtt [befsjoo jutxfjtfnfisobhfhfo tufiu Bombtt tfjofs wposdg4 efsxfjm ebobdi- Lsjujl {vsfiu wposdg4 Obtf Tjfiu Obtf ibcfde Obtf [bohhfs Bombtt [befsjoo tfmctu xfojh ebobdi- ebobdi- {vsfiu Obtf wpmm/ fjotujhft Wjfmnfis Tjoo ebobdi- xfojh Nfmmbbsu [bohhfs bvt{vufjmfo Jdifjzo tfjeuo hfhfo tfjeuo Tjfiu ebobdi- [befsjoo [bohhfs Tjoo tufiu Lsjujl tufiu Lsjujl efsxfjm jutxfjtfnfisobhfhfo tfmctu ejf Tjoo [bohhfs Jdifjzo hfhfo Nfmmbbsu wpmm/ ebobdi- [bohhfs {vsfiu jutxfjtfnfisobhfhfo efsxfjm Obtf Bombtt Nfmmbbsu tfjeuo [befsjoo wpmm/ tfjeuo Lsjujl tfjofs Tjfiu ejf wpmm/ hfhfo tfjeuo bvt{vufjmfo [befsjoo hfhfo ibcfde hfhfo Tjoo xfojh [befsjoo ebobdi- Lsjujl Lsjujl jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis Tjoo bofiu xfojh Wjfmnfis hfhfo Obtf Jdifjzo wpmm/ hfhfo
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
