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