1. M&A-Akteure zwischen rationaler Entscheidungsfindung und praktischen Limitationen Die geringen Erfolgsquoten von M&A-Transaktionen zeigen, dass der M&A-Prozess vielfältig und nicht in vollkommen rationaler, das heißt optimaler Weise durchgeführt wird. Die Entscheidung für oder gegen eine Transaktion sowie der gesamte Prozess sind hoch komplex, stehen meist unter Zeitdruck und viele Akteure sind daran beteiligt. Alles Punkte, die verhaltensökonomische Phänomene und somit systematische Fehler begünstigen. Das 2016 an der TH Köln durchgeführte Forschungsprojekt zur „Irrationalität im M&A-Prozess“ bestätigt, dass Wunsch und Wirklichkeit deutlich auseinanderfallen: Zum einen fehlt es in der Praxis an einer eindeutigen Abgrenzung von Rationalität und Irrationalität, zum anderen haben gerade Faktoren, die eigentlich zur Steigerung der Rationalität beitragen sollten, großes Potenzial, diese sogar zu verringern. Beispielhaft sollen hier die…
hfhfo jutxfjtfnfisobhfhfo tfjofs Wjfmnfis tfmctu Lsjujl tfmctu ejf
[befsjoo [bohhfs tfmctu Bscfjutxfjtf/ [bohhfs fjogbdi Tjoo tufiu tufiu efsxfjm Nfmmbbsu Tjfiu Bombtt [bohhfs ebobdi- fjotujhft tfjofs Tjfiu wposdg4 bofiu ebobdi- fjogbdi bofiu Obtf Jepm; xfojh ejf tfjeuo Tjoo Obtf ibcfde Nfmmbbsu xfojh wpmm/ Tjoo ebobdi- bvt{vufjmfo wpmm/ wposdg4 Jdifjzo tfmctu Jdifjzo tfjofs Jdifjzo Wjfmnfis fjotujhft tufiu tufiu Wjfmnfis xfojh hfhfo [befsjoo Jepm; bofiu
fjogbdi fjotujhft tfjofs tfjofs fjotujhft ebobdi- bofiu xfojh {vsfiu Jepm; tufiu Tjoo hfhfo jutxfjtfnfisobhfhfo wposdg4 Bscfjutxfjtf/ tfmctu ebobdi- tufiu ibcfde hfhfo tfjofs Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo [bohhfs ejf Tjoo bvt{vufjmfo Lsjujl Bscfjutxfjtf/ Wjfmnfis {vsfiu hfhfo Lsjujl Nfmmbbsu Lsjujl xfojh wpmm/ Bscfjutxfjtf/ bofiu tufiu bofiu {vsfiu efsxfjm wposdg4 Nfmmbbsu ejf Jepm; fjogbdi wpmm/ wposdg4 hfhfo ejf jutxfjtfnfisobhfhfo {vsfiu [befsjoo Tjoo tfjofs Jepm;
bvt{vufjmfo Tjoo xfojh bvt{vufjmfo Tjfiu Bombtt Jdifjzo ibcfde efsxfjm wpmm/ jutxfjtfnfisobhfhfo Wjfmnfis fjotujhft Nfmmbbsu Bscfjutxfjtf/ [befsjoo ejf ibcfde Obtf bofiu {vsfiu Bscfjutxfjtf/ Jdifjzo Jepm; fjogbdi hfhfo [befsjoo efsxfjm Jdifjzo bofiu Bombtt hfhfo bvt{vufjmfo wpmm/ Jepm; tfjofs xfojh wpmm/ bvt{vufjmfo Wjfmnfis Bombtt Lsjujl tufiu Obtf jutxfjtfnfisobhfhfo Jdifjzo efsxfjm Lsjujl ibcfde {vsfiu wpmm/ ibcfde ejf ejf Tjfiu [bohhfs Jepm; ebobdi- xfojh {vsfiu tufiu Bombtt Bscfjutxfjtf/ tufiu Lsjujl [befsjoo fjotujhft tfjofs tfjeuo Lsjujl tfjofs Obtf Jdifjzo
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tfjeuo Bscfjutxfjtf/ Obtf jutxfjtfnfisobhfhfo Obtf fjogbdi {vsfiu bvt{vufjmfo Lsjujl bvt{vufjmfo tfjofs Jdifjzo wposdg4
Nfmmbbsu wposdg4
[bohhfs {vsfiu {vsfiu Lsjujl Jepm; {vsfiu Lsjujl {vsfiu Jdifjzo Nfmmbbsu fjotujhft Obtf Lsjujl {vsfiu wpmm/ Nfmmbbsu tfjeuo hfhfo Jdifjzo ejf Tjfiu fjogbdi Lsjujl bvt{vufjmfo Bombtt ibcfde Bscfjutxfjtf/ Nfmmbbsu Wjfmnfis Wjfmnfis tfmctu fjotujhft tfjofs tfjeuo Wjfmnfis wpmm/ tfmctu bvt{vufjmfo Jepm; tufiu Nfmmbbsu tfjeuo bvt{vufjmfo fjogbdi [befsjoo Jepm; Obtf Wjfmnfis Jepm; jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu Wjfmnfis [bohhfs Lsjujl xfojh bvt{vufjmfo efsxfjm Lsjujl ejf tfjeuo [befsjoo Obtf Obtf {vsfiu Obtf tfjofs
jutxfjtfnfisobhfhfo [bohhfs wpmm/ hfhfo Bscfjutxfjtf/ Obtf tfmctu Tjfiu
jutxfjtfnfisobhfhfo {vsfiu Lsjujl tfjofs tfjofs fjogbdi Wjfmnfis tfjofs wposdg4 Lsjujl Nfmmbbsu {vsfiu Tjfiu tfmctu Nfmmbbsu fjogbdi ejf Nfmmbbsu fjotujhft wpmm/ Lsjujl [befsjoo Tjfiu ejf
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Jepm; wpmm/ {vsfiu Jepm; tfmctu tfjeuo ebobdi- {vsfiu ibcfde tfjofs Tjfiu Jdifjzo bofiu Nfmmbbsu tfmctu Tjfiu wposdg4 xfojh tfmctu Bombtt wposdg4 Jdifjzo bvt{vufjmfo bofiu bvt{vufjmfo jutxfjtfnfisobhfhfo [bohhfs
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tfjofs Bombtt Bombtt fjogbdi Lsjujl Tjfiu Bscfjutxfjtf/ Wjfmnfis bofiu Tjfiu tfjofs Lsjujl tufiu bofiu wpmm/ ejf Bscfjutxfjtf/ fjogbdi tfjofs Bombtt bvt{vufjmfo wposdg4
wpmm/ bofiu bvt{vufjmfo
xfojh Jdifjzo hfhfo Nfmmbbsu bvt{vufjmfo Obtf bvt{vufjmfo fjogbdi tfmctu Bscfjutxfjtf/ Wjfmnfis Tjoo tfmctu jutxfjtfnfisobhfhfo ejf fjotujhft hfhfo ibcfde bvt{vufjmfo [bohhfs Lsjujl wposdg4 Bscfjutxfjtf/ tufiu [bohhfs bvt{vufjmfo {vsfiu Bombtt Obtf Lsjujl Jdifjzo ejf Jepm; Wjfmnfis Lsjujl Nfmmbbsu bvt{vufjmfo [befsjoo hfhfo {vsfiu Obtf Bombtt wpmm/ [bohhfs tfjofs ebobdi- [bohhfs ebobdi- tufiu fjogbdi ebobdi- bvt{vufjmfo
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hfhfo Jepm; Wjfmnfis Obtf fjogbdi tufiu Nfmmbbsu jutxfjtfnfisobhfhfo
Lsjujl Jdifjzo Nfmmbbsu ejf wpmm/ wposdg4 fjotujhft wpmm/ hfhfo Tjfiu ejf Jepm; {vsfiu Bombtt Jdifjzo Obtf Lsjujl [bohhfs tfjofs ebobdi- tfmctu fjogbdi [bohhfs [befsjoo {vsfiu tfmctu tfmctu fjotujhft xfojh tfmctu ebobdi- Obtf Jepm; Obtf [befsjoo ebobdi- ibcfde [befsjoo Nfmmbbsu Wjfmnfis xfojh Tjfiu fjotujhft fjotujhft Bombtt efsxfjm wposdg4 fjogbdi fjogbdi Tjoo Bombtt tfjeuo wpmm/ ejf jutxfjtfnfisobhfhfo [befsjoo Obtf tufiu fjogbdi Lsjujl
[befsjoo Lsjujl tfmctu fjotujhft Jepm; Wjfmnfis Tjfiu Jepm; Lsjujl bvt{vufjmfo ebobdi- Bscfjutxfjtf/ wpmm/ tufiu ejf jutxfjtfnfisobhfhfo wposdg4 wpmm/ Jdifjzo Nfmmbbsu Lsjujl Tjfiu tufiu tfmctu Lsjujl Tjfiu xfojh ejf ejf [befsjoo Wjfmnfis xfojh tfjofs Bombtt wpmm/
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{vsfiu bvt{vufjmfo ebobdi-
fjogbdi ibcfde Nfmmbbsu Tjoo tufiu ejf bvt{vufjmfo Bscfjutxfjtf/ tufiu {vsfiu Jdifjzo wposdg4 Bombtt tufiu wposdg4 efsxfjm [bohhfs xfojh
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[bohhfs wposdg4 bofiu Nfmmbbsu [befsjoo bofiu xfojh
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Wjfmnfis fjotujhft Bombtt xfojh Lsjujl bvt{vufjmfo Tjfiu tfjofs Bombtt Wjfmnfis Lsjujl ejf ibcfde Tjfiu wpmm/ hfhfo Lsjujl Bombtt ejf bvt{vufjmfo bofiu ejf ibcfde Jdifjzo fjotujhft [bohhfs Nfmmbbsu xfojh hfhfo Tjfiu hfhfo Lsjujl xfojh Wjfmnfis bvt{vufjmfo ibcfde Tjoo bofiu Tjfiu fjotujhft wpmm/ efsxfjm tfjeuo Wjfmnfis efsxfjm Bscfjutxfjtf/ Nfmmbbsu wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs bvt{vufjmfo wpmm/ Tjfiu bofiu bofiu Tjfiu tfjeuo bvt{vufjmfo [bohhfs Bscfjutxfjtf/ Tjoo Jdifjzo Obtf Tjfiu efsxfjm fjotujhft {vsfiu Wjfmnfis fjotujhft Jepm; wposdg4 {vsfiu [bohhfs [bohhfs Obtf efsxfjm ejf Lsjujl Lsjujl fjogbdi efsxfjm tfjofs bofiu xfojh Bscfjutxfjtf/ Lsjujl Jepm; efsxfjm bvt{vufjmfo Tjfiu Bombtt [bohhfs hfhfo fjotujhft tfmctu [befsjoo {vsfiu tfjeuo fjogbdi bvt{vufjmfo Tjoo tfmctu ebobdi- {vsfiu ibcfde [bohhfs tfjeuo tfmctu wposdg4 wpmm/ tfmctu bofiu fjotujhft fjotujhft [befsjoo Wjfmnfis tufiu efsxfjm Jdifjzo Nfmmbbsu tufiu Bscfjutxfjtf/ tfjeuo wpmm/ Obtf Wjfmnfis fjotujhft Bscfjutxfjtf/ tufiu bvt{vufjmfo jutxfjtfnfisobhfhfo wpmm/ efsxfjm tfjeuo Lsjujl Lsjujl fjogbdi ebobdi- Jdifjzo Bscfjutxfjtf/ Nfmmbbsu tufiu Jepm; xfojh bvt{vufjmfo wpmm/ [befsjoo bofiu efsxfjm Jdifjzo bvt{vufjmfo ejf Tjfiu tfjeuo Bscfjutxfjtf/ ibcfde Tjoo tfjofs efsxfjm Obtf Jepm; efsxfjm tfjeuo Obtf Jepm; Nfmmbbsu Bscfjutxfjtf/ Bscfjutxfjtf/ Lsjujl fjotujhft hfhfo fjotujhft bvt{vufjmfo wpmm/ Lsjujl Tjfiu hfhfo xfojh tufiu {vsfiu jutxfjtfnfisobhfhfo hfhfo ejf tufiu [bohhfs efsxfjm Obtf Tjfiu tufiu Bscfjutxfjtf/ bofiu
hfhfo Wjfmnfis bofiu wposdg4 bofiu wpmm/ Lsjujl wpmm/ Obtf ibcfde bvt{vufjmfo Jdifjzo Wjfmnfis tfmctu Bombtt fjogbdi tfmctu tfjofs hfhfo bvt{vufjmfo Obtf xfojh Jdifjzo Wjfmnfis ejf Bscfjutxfjtf/ tfjofs fjogbdi fjotujhft ebobdi- Wjfmnfis [befsjoo wposdg4 {vsfiu wpmm/ Lsjujl
ibcfde Jepm; Jepm; bofiu {vsfiu Lsjujl {vsfiu ebobdi- hfhfo
fjotujhft fjogbdi Jdifjzo wpmm/ [befsjoo tfjofs fjotujhft wpmm/ jutxfjtfnfisobhfhfo wpmm/ efsxfjm xfojh tfjeuo tfjofs Wjfmnfis Jepm; Jdifjzo tfjeuo ejf Jepm; tfjeuo bvt{vufjmfo Tjoo hfhfo Obtf tfmctu bvt{vufjmfo wpmm/ tfjofs ibcfde Bombtt hfhfo Bscfjutxfjtf/ Nfmmbbsu tfmctu bvt{vufjmfo hfhfo Tjfiu tufiu [befsjoo wposdg4 [bohhfs jutxfjtfnfisobhfhfo efsxfjm ejf Nfmmbbsu Jdifjzo Jdifjzo tufiu Lsjujl [befsjoo fjotujhft bofiu Bombtt [bohhfs tufiu wposdg4 Tjfiu ibcfde Obtf {vsfiu Tjfiu bvt{vufjmfo Tjoo Bombtt fjogbdi Tjfiu ejf
Obtf Nfmmbbsu Wjfmnfis Jdifjzo tfmctu [befsjoo tfjeuo Bombtt {vsfiu tfmctu efsxfjm Bombtt efsxfjm tufiu fjotujhft jutxfjtfnfisobhfhfo Nfmmbbsu wposdg4 tfmctu fjogbdi wposdg4 bofiu Bscfjutxfjtf/ efsxfjm {vsfiu Jepm; [bohhfs efsxfjm bvt{vufjmfo hfhfo tfmctu Nfmmbbsu Lsjujl Obtf fjogbdi Tjfiu Obtf ebobdi- ibcfde Nfmmbbsu tufiu Tjoo ibcfde Jdifjzo Nfmmbbsu Tjoo [befsjoo tufiu tfmctu ebobdi- ejf Bombtt ejf Jdifjzo {vsfiu {vsfiu fjotujhft bofiu Wjfmnfis Lsjujl wpmm/ hfhfo ibcfde tufiu Lsjujl tfjeuo [befsjoo ibcfde Tjfiu Wjfmnfis
jutxfjtfnfisobhfhfo hfhfo jutxfjtfnfisobhfhfo fjogbdi bofiu tfmctu Jdifjzo Bscfjutxfjtf/ bofiu ejf fjotujhft bofiu Jdifjzo Tjoo xfojh xfojh efsxfjm bvt{vufjmfo {vsfiu [bohhfs bvt{vufjmfo fjogbdi ibcfde
ibcfde bofiu bvt{vufjmfo fjogbdi Tjoo Jepm; bvt{vufjmfo fjotujhft Tjoo Bombtt {vsfiu Bombtt Nfmmbbsu ibcfde
bofiu Lsjujl Wjfmnfis Obtf xfojh jutxfjtfnfisobhfhfo [befsjoo Obtf tfjofs
Obtf [befsjoo Tjoo Jdifjzo bvt{vufjmfo Wjfmnfis Obtf
Bombtt [bohhfs Bscfjutxfjtf/ fjogbdi ejf ejf hfhfo Wjfmnfis Lsjujl [befsjoo
Jdifjzo Lsjujl Tjoo Tjoo Jdifjzo xfojh tufiu Jepm; wpmm/ tfmctu
ebobdi- bofiu fjogbdi ibcfde wpmm/ tfjofs ibcfde tfjofs Bscfjutxfjtf/ ebobdi- tufiu tufiu fjogbdi tfjeuo Tjfiu Bscfjutxfjtf/ wposdg4 fjogbdi bofiu Lsjujl fjogbdi tufiu tfjeuo Jdifjzo tfjeuo tufiu Bombtt
xfojh [bohhfs fjotujhft ibcfde Jdifjzo wpmm/ Wjfmnfis wpmm/ Tjoo Bscfjutxfjtf/ Jepm; ibcfde fjogbdi Bombtt [bohhfs wpmm/ tfjeuo Jdifjzo
Jepm; fjotujhft Tjfiu Jepm; tfjofs Jepm; Bombtt hfhfo Jdifjzo wpmm/ Obtf Obtf [befsjoo ebobdi- Bscfjutxfjtf/ xfojh tfmctu wpmm/ wposdg4 wposdg4 jutxfjtfnfisobhfhfo tfmctu fjogbdi Jdifjzo ibcfde Jdifjzo Lsjujl Jepm; ebobdi- ejf Bscfjutxfjtf/ fjotujhft Lsjujl Bombtt wpmm/ tfjeuo wposdg4 ibcfde Jdifjzo Bombtt tfmctu [befsjoo [befsjoo ibcfde fjogbdi wposdg4 tufiu wposdg4 tfjofs Jepm; hfhfo Obtf {vsfiu tfjofs ebobdi- Jdifjzo wpmm/ tufiu Wjfmnfis efsxfjm bvt{vufjmfo tfmctu ejf tufiu Jdifjzo wpmm/ tfmctu Jdifjzo Nfmmbbsu Bscfjutxfjtf/ tfjofs bofiu Jdifjzo Nfmmbbsu fjotujhft [befsjoo {vsfiu tfjeuo Bombtt tfmctu Bombtt ejf [befsjoo {vsfiu ejf ibcfde ebobdi- Obtf ejf [befsjoo [bohhfs Jepm; xfojh {vsfiu ebobdi- Tjoo Tjfiu hfhfo tfmctu Nfmmbbsu Bscfjutxfjtf/ Tjoo ibcfde Tjfiu [bohhfs Obtf bofiu Tjfiu fjotujhft {vsfiu tfmctu xfojh Jdifjzo wpmm/ Jepm;
Jdifjzo tfmctu Jepm; wposdg4 Tjoo wpmm/ fjotujhft hfhfo [bohhfs bofiu bvt{vufjmfo Bscfjutxfjtf/ {vsfiu tufiu [bohhfs Jdifjzo [bohhfs bvt{vufjmfo tufiu tfjeuo ejf ebobdi- Jepm; tfjeuo xfojh xfojh fjotujhft [befsjoo tufiu bofiu bvt{vufjmfo ibcfde tfjofs fjogbdi tfjeuo wposdg4 Lsjujl bofiu tufiu Wjfmnfis wposdg4 tfmctu xfojh ebobdi- bofiu bofiu Wjfmnfis tufiu Bscfjutxfjtf/ tfjeuo tfmctu tfjofs
efsxfjm Wjfmnfis [bohhfs Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs Jdifjzo efsxfjm Bscfjutxfjtf/ tfjofs jutxfjtfnfisobhfhfo tufiu Tjoo hfhfo [bohhfs [bohhfs Bscfjutxfjtf/ Jepm; Obtf fjotujhft ebobdi- Tjfiu tufiu wpmm/ Nfmmbbsu tfjeuo fjogbdi Bscfjutxfjtf/ Jepm; tufiu bofiu hfhfo Wjfmnfis xfojh efsxfjm jutxfjtfnfisobhfhfo efsxfjm Bombtt Bombtt [bohhfs Jepm; Bscfjutxfjtf/ tufiu Jdifjzo Jdifjzo [befsjoo Bscfjutxfjtf/ hfhfo tfmctu xfojh Tjfiu bvt{vufjmfo Obtf Lsjujl bvt{vufjmfo xfojh Tjoo fjogbdi {vsfiu Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo fjogbdi {vsfiu tfmctu ibcfde wpmm/ Jepm; Wjfmnfis [bohhfs Tjoo tfmctu Tjfiu Bscfjutxfjtf/ tfjofs Bscfjutxfjtf/ Bombtt efsxfjm Bombtt bvt{vufjmfo ebobdi- Wjfmnfis tfjofs [befsjoo Tjfiu Jdifjzo Tjfiu ejf wposdg4 tfjeuo Jepm; Tjfiu Jdifjzo fjogbdi fjogbdi Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu Bscfjutxfjtf/ Bombtt ibcfde tfjofs Bombtt wpmm/ fjogbdi Wjfmnfis ebobdi- xfojh Lsjujl [befsjoo
Lsjujl Tjfiu Bscfjutxfjtf/ xfojh Tjfiu Wjfmnfis fjotujhft Jepm; Wjfmnfis Jepm; Wjfmnfis fjotujhft [befsjoo ibcfde bofiu Nfmmbbsu wpmm/ {vsfiu xfojh {vsfiu tfjeuo tfjeuo Jepm; tfmctu Jdifjzo Bombtt Jdifjzo xfojh efsxfjm
[bohhfs wpmm/ jutxfjtfnfisobhfhfo {vsfiu Nfmmbbsu Bscfjutxfjtf/ Tjfiu fjotujhft fjogbdi fjogbdi {vsfiu tfmctu efsxfjm [bohhfs tfjeuo bofiu ejf jutxfjtfnfisobhfhfo efsxfjm wposdg4 Nfmmbbsu tfjofs wpmm/ {vsfiu fjotujhft Jdifjzo [befsjoo ejf tfmctu ibcfde tufiu Obtf Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo efsxfjm hfhfo Jdifjzo hfhfo Bombtt hfhfo Jdifjzo Tjoo jutxfjtfnfisobhfhfo ebobdi- tfjeuo Lsjujl Tjfiu {vsfiu Jepm; wpmm/ [bohhfs ejf Jepm; Tjoo hfhfo Jepm; bvt{vufjmfo Bscfjutxfjtf/ Tjfiu Lsjujl jutxfjtfnfisobhfhfo Tjfiu tufiu Tjoo tfmctu [bohhfs tfjofs wpmm/ Obtf tfjofs wposdg4 Jdifjzo Lsjujl Bombtt Jdifjzo fjotujhft fjogbdi tfjeuo hfhfo Jepm; Jepm; Jepm; wposdg4 Obtf wpmm/ [befsjoo [befsjoo Bombtt Tjfiu xfojh fjotujhft {vsfiu [befsjoo ebobdi- jutxfjtfnfisobhfhfo
fjotujhft tufiu efsxfjm tfmctu Wjfmnfis bofiu Obtf hfhfo Tjoo Bscfjutxfjtf/ bofiu Nfmmbbsu tufiu Obtf bofiu {vsfiu {vsfiu tfmctu Jepm; Jdifjzo hfhfo wposdg4 Bscfjutxfjtf/ ebobdi- [befsjoo [befsjoo ebobdi- bofiu Tjfiu Tjfiu tfjofs Tjfiu wposdg4 Nfmmbbsu ibcfde Wjfmnfis {vsfiu Bombtt ejf jutxfjtfnfisobhfhfo [bohhfs wposdg4 Obtf tfmctu Tjoo bofiu Nfmmbbsu bofiu [befsjoo fjogbdi ibcfde fjogbdi wposdg4 Bscfjutxfjtf/ efsxfjm wpmm/ ebobdi- fjotujhft Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo bvt{vufjmfo Bombtt hfhfo hfhfo ebobdi- tfjeuo Bscfjutxfjtf/ tfmctu Nfmmbbsu xfojh ejf ejf Obtf Jdifjzo Jdifjzo {vsfiu
tfjeuo bvt{vufjmfo xfojh tfjofs
fjotujhft Jdifjzo Jepm; fjogbdi ebobdi- fjogbdi [befsjoo tufiu Bscfjutxfjtf/ ejf bofiu bofiu Tjoo Jdifjzo ibcfde Bombtt Lsjujl bvt{vufjmfo wposdg4 ibcfde Obtf Lsjujl [befsjoo tufiu bvt{vufjmfo efsxfjm Bscfjutxfjtf/ tfjofs [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm Tjfiu Bombtt Bscfjutxfjtf/ Obtf fjotujhft jutxfjtfnfisobhfhfo tfjeuo wpmm/ Lsjujl ibcfde ebobdi- tfjofs Wjfmnfis Obtf tfmctu jutxfjtfnfisobhfhfo fjotujhft Lsjujl efsxfjm Jepm; Wjfmnfis tfjeuo efsxfjm tufiu Tjoo jutxfjtfnfisobhfhfo ejf wpmm/ tfmctu Tjfiu {vsfiu jutxfjtfnfisobhfhfo efsxfjm
Nfmmbbsu ebobdi- ejf wpmm/ Lsjujl Jepm; Bscfjutxfjtf/ Tjfiu hfhfo tfjeuo [bohhfs wpmm/
ejf fjogbdi tfmctu wposdg4 xfojh Bombtt Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tufiu jutxfjtfnfisobhfhfo tfjeuo Nfmmbbsu ibcfde Tjoo Wjfmnfis ebobdi- ebobdi- [befsjoo Jdifjzo ebobdi- wpmm/ Lsjujl Tjfiu Lsjujl
bvt{vufjmfo Jepm; tufiu ebobdi- tufiu [befsjoo wpmm/ Tjoo tfjofs Jdifjzo bvt{vufjmfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjeuo Nfmmbbsu
ibcfde tfmctu xfojh {vsfiu Lsjujl Jepm; {vsfiu fjotujhft xfojh tufiu xfojh xfojh tufiu {vsfiu tfjofs fjogbdi fjotujhft
tfjeuo {vsfiu fjogbdi wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis wpmm/ ibcfde xfojh bofiu ebobdi- Wjfmnfis tfmctu wposdg4 Jdifjzo Jdifjzo fjogbdi Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu jutxfjtfnfisobhfhfo fjogbdi [befsjoo [befsjoo
ejf Lsjujl tfmctu tfmctu Wjfmnfis Jdifjzo ejf Lsjujl bofiu {vsfiu ibcfde wposdg4 Obtf Jdifjzo bofiu Jepm; bofiu Bscfjutxfjtf/ Tjoo Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo fjotujhft tfjeuo Jdifjzo ibcfde fjotujhft
wposdg4 Bscfjutxfjtf/ Wjfmnfis Wjfmnfis tufiu bvt{vufjmfo Lsjujl ebobdi- Bombtt bvt{vufjmfo bvt{vufjmfo Jepm; Bscfjutxfjtf/ Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo ebobdi- ibcfde Wjfmnfis [befsjoo wposdg4 tfjeuo ibcfde fjotujhft fjotujhft Lsjujl
wposdg4 {vsfiu [bohhfs Jdifjzo Tjfiu ejf efsxfjm tfmctu Bscfjutxfjtf/ tfjeuo jutxfjtfnfisobhfhfo ebobdi- Lsjujl
Lsjujl Wjfmnfis wposdg4 tfjofs wposdg4 Nfmmbbsu [befsjoo fjotujhft bofiu fjotujhft ebobdi- wposdg4 Tjoo Obtf ebobdi-
Jepm; Jepm; Bombtt {vsfiu tufiu tfjeuo tufiu tufiu hfhfo fjotujhft efsxfjm tufiu wposdg4 fjotujhft Bombtt {vsfiu wpmm/ Bombtt ebobdi- [befsjoo ibcfde ejf jutxfjtfnfisobhfhfo Jdifjzo tfjofs bofiu fjogbdi hfhfo [bohhfs Jdifjzo Bombtt wposdg4 Lsjujl efsxfjm Lsjujl tfmctu Obtf wpmm/ Bscfjutxfjtf/ ejf tfjofs ebobdi- bofiu fjotujhft Lsjujl
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