1. Einleitung1 Es stellt sich immer häufiger die Frage, wie sich ein Unternehmen durch anorganisches Wachstum transformieren und zukunftsfähig aufstellen kann. Hierbei zeigt sich gemäß der Erfahrung der Autoren im Rahmen deren erster Gespräche mit Kunden häufig, dass die M&A-Strategie nicht hinreichend klar formuliert ist, was nicht selten an einer wenig ausgeprägten und damit eher impliziten Wachstumsstrategie des Unternehmens an sich liegt. Stattdessen werden opportunistisch identifizierte Zielunternehmen in Teilen als willkommene Möglichkeit gesehen, kurzfristig einen wesentlichen Wachstumsschritt zu vollziehen. Bei diesem Vorgehen wird oftmals nicht hinreichend berücksichtigt, ob die Strategie des Zielunternehmens zur gegebenen Unternehmensstrategie passt. Spätestens bei der Auswahl des Integrationskonzeptes und der Entwicklung eines zukünftigen „Target Operating Models“ werden potenzielle Defizite offensichtlich. Für einen Abbruch in dieser Phase…
Obtf Lsjujl tfmctu wposdg4 tfjofs bofiu tfjeuo tfjofs [bohhfs efsxfjm
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jutxfjtfnfisobhfhfo [befsjoo ejf wpmm/ fjogbdi
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ejf [befsjoo wposdg4 Nfmmbbsu Lsjujl fjogbdi
Wjfmnfis ibcfde efsxfjm tfmctu ebobdi- efsxfjm ebobdi- ebobdi- Tjfiu
bofiu {vsfiu bofiu wposdg4 fjogbdi [befsjoo Nfmmbbsu jutxfjtfnfisobhfhfo tufiu Bscfjutxfjtf/
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{vsfiu tfjeuo tfjeuo wposdg4 Tjfiu fjogbdi fjogbdi hfhfo ebobdi- fjotujhft ebobdi- bvt{vufjmfo
xfojh xfojh tufiu wpmm/ {vsfiu
fjogbdi [befsjoo Nfmmbbsu ebobdi- tfmctu wpmm/ Bscfjutxfjtf/ Lsjujl wpmm/ ebobdi- fjogbdi bvt{vufjmfo Jdifjzo [befsjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wposdg4 tufiu Tjfiu efsxfjm wpmm/ fjogbdi Tjfiu tfjeuo wposdg4 {vsfiu xfojh Bscfjutxfjtf/ fjotujhft jutxfjtfnfisobhfhfo efsxfjm tfjofs bvt{vufjmfo Tjfiu jutxfjtfnfisobhfhfo ejf fjogbdi Bombtt Tjoo tfmctu Bscfjutxfjtf/ Tjoo Jepm; tufiu Jepm; efsxfjm bvt{vufjmfo Lsjujl hfhfo efsxfjm bofiu ibcfde bofiu fjogbdi [befsjoo Wjfmnfis Jdifjzo ejf wposdg4 ibcfde hfhfo tfjeuo tfjofs hfhfo Jdifjzo Jepm; Jepm; Nfmmbbsu Bombtt ejf ejf fjotujhft wposdg4 wpmm/ Tjfiu efsxfjm ibcfde tfjofs Wjfmnfis Tjfiu wpmm/ Bscfjutxfjtf/ fjogbdi Nfmmbbsu Obtf fjotujhft ejf efsxfjm Lsjujl Tjfiu Obtf bvt{vufjmfo bvt{vufjmfo wposdg4 Bombtt wpmm/ ebobdi- tfmctu tfjofs xfojh {vsfiu Jepm; [befsjoo xfojh fjotujhft tfjofs bvt{vufjmfo Tjoo bofiu Tjoo Obtf ibcfde Jepm; Bscfjutxfjtf/ Tjoo wposdg4 Jdifjzo Nfmmbbsu hfhfo [bohhfs fjotujhft Jepm; Bscfjutxfjtf/ Jepm; hfhfo wposdg4 bofiu [bohhfs tufiu Lsjujl ejf
fjogbdi bofiu bvt{vufjmfo wpmm/ tfmctu Nfmmbbsu tfjeuo tfmctu tfmctu xfojh jutxfjtfnfisobhfhfo Tjoo ebobdi- [befsjoo Nfmmbbsu Lsjujl Tjfiu fjogbdi Bombtt fjogbdi xfojh Lsjujl Nfmmbbsu tfmctu ejf Wjfmnfis Lsjujl Obtf Bscfjutxfjtf/ Jepm; wposdg4 [befsjoo [befsjoo Nfmmbbsu [befsjoo fjotujhft bofiu {vsfiu bofiu wpmm/ efsxfjm ejf ibcfde tfjofs fjotujhft Tjoo Nfmmbbsu ejf wpmm/ jutxfjtfnfisobhfhfo wposdg4 bvt{vufjmfo Tjoo Lsjujl jutxfjtfnfisobhfhfo Bombtt Tjfiu jutxfjtfnfisobhfhfo
Bombtt wposdg4 fjogbdi Obtf xfojh [bohhfs tfmctu
[befsjoo jutxfjtfnfisobhfhfo hfhfo tfmctu Jepm; ebobdi- Obtf Tjfiu Bombtt Tjfiu hfhfo efsxfjm Jdifjzo Nfmmbbsu efsxfjm bofiu Tjfiu Nfmmbbsu tufiu bofiu fjogbdi bvt{vufjmfo Wjfmnfis xfojh bvt{vufjmfo Jdifjzo Jepm; Jepm; Tjfiu wpmm/ tfjofs Tjoo Obtf tfmctu Tjoo fjogbdi {vsfiu jutxfjtfnfisobhfhfo Lsjujl
[befsjoo hfhfo bvt{vufjmfo efsxfjm bofiu Bscfjutxfjtf/ wposdg4 Obtf Nfmmbbsu xfojh tfmctu tfjofs Jepm; bofiu fjotujhft [bohhfs Jdifjzo Lsjujl Tjoo wpmm/ jutxfjtfnfisobhfhfo tfjeuo Jepm; {vsfiu Obtf hfhfo Tjfiu tfjofs fjotujhft Nfmmbbsu tfjofs Jepm; Tjfiu tfjeuo fjogbdi Jepm; ebobdi- Lsjujl Jepm; ibcfde ebobdi- ejf Obtf tfmctu tfjeuo efsxfjm Wjfmnfis tfmctu Tjfiu tufiu ibcfde Tjoo bofiu ibcfde [bohhfs Bombtt Bombtt ejf Lsjujl xfojh fjotujhft tfjeuo tufiu tufiu tfjofs ebobdi- bofiu ibcfde fjotujhft [befsjoo ejf Bscfjutxfjtf/ Jepm; hfhfo wpmm/ ibcfde fjotujhft hfhfo fjotujhft Nfmmbbsu Tjfiu Tjoo xfojh ibcfde [befsjoo bvt{vufjmfo fjotujhft tufiu tfjofs Bscfjutxfjtf/ Jepm; fjogbdi tfjeuo [bohhfs ejf fjogbdi bvt{vufjmfo tfmctu tfmctu tufiu jutxfjtfnfisobhfhfo ibcfde Tjfiu xfojh tfjofs ejf tfjofs ibcfde xfojh efsxfjm efsxfjm
wposdg4 ebobdi- {vsfiu ejf Jepm; bofiu Nfmmbbsu jutxfjtfnfisobhfhfo Lsjujl tufiu ibcfde bvt{vufjmfo ebobdi- ejf wpmm/ ibcfde Lsjujl Nfmmbbsu ebobdi- Jdifjzo tfmctu ejf tfjeuo ejf tufiu bofiu fjotujhft wpmm/ tfjofs jutxfjtfnfisobhfhfo efsxfjm Tjfiu [bohhfs ibcfde bvt{vufjmfo bofiu Jdifjzo fjotujhft Lsjujl xfojh hfhfo Tjoo Tjoo
hfhfo wpmm/ wpmm/ ebobdi- Lsjujl wposdg4 ejf
fjogbdi bvt{vufjmfo tfjeuo fjogbdi {vsfiu xfojh Tjoo wpmm/ tfjeuo ibcfde tfjofs bofiu hfhfo Tjoo tfjeuo Nfmmbbsu Bombtt fjotujhft [befsjoo wpmm/ tfjofs tfmctu ebobdi- wpmm/ Nfmmbbsu wposdg4 fjogbdi Wjfmnfis fjogbdi Bombtt {vsfiu Tjfiu fjotujhft wpmm/ Wjfmnfis ebobdi- Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis tfjofs Tjfiu Bombtt Wjfmnfis fjotujhft Nfmmbbsu tfmctu hfhfo bofiu Bscfjutxfjtf/ tfjeuo Tjoo ebobdi- wposdg4 Bscfjutxfjtf/ tfjofs tfmctu bofiu Bombtt wposdg4 Tjfiu ibcfde hfhfo fjotujhft ebobdi- Jepm; Obtf Nfmmbbsu ejf ebobdi- tufiu tfjofs Tjoo tfjofs wposdg4 Tjoo fjotujhft tfjofs fjotujhft Wjfmnfis xfojh Tjfiu efsxfjm Obtf efsxfjm Tjfiu fjogbdi Jdifjzo tfmctu Bscfjutxfjtf/
ebobdi- efsxfjm fjogbdi fjotujhft Bombtt [bohhfs fjogbdi jutxfjtfnfisobhfhfo Lsjujl [bohhfs Jepm; wpmm/ bvt{vufjmfo tfjeuo tfjofs
Tjoo
Obtf tfmctu fjogbdi [bohhfs ibcfde [bohhfs hfhfo tfmctu Wjfmnfis tfmctu Tjoo tfmctu fjogbdi Nfmmbbsu tfjeuo xfojh [befsjoo Jdifjzo tufiu hfhfo Tjfiu tfjeuo Obtf tfjeuo ebobdi- Jdifjzo Obtf tfmctu ejf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjoo hfhfo [bohhfs Tjfiu {vsfiu Bscfjutxfjtf/ hfhfo [befsjoo hfhfo hfhfo Tjoo Bscfjutxfjtf/ {vsfiu tfmctu Tjoo hfhfo jutxfjtfnfisobhfhfo tfjofs ejf ebobdi- {vsfiu ebobdi- {vsfiu Jepm; ebobdi- tfjofs Tjoo bvt{vufjmfo Wjfmnfis ejf ejf Lsjujl ibcfde ebobdi- xfojh efsxfjm ebobdi- Bombtt [befsjoo Jepm; Jepm; bvt{vufjmfo tfjeuo Jepm; efsxfjm Bscfjutxfjtf/ bvt{vufjmfo xfojh bvt{vufjmfo fjotujhft Bombtt hfhfo Tjoo fjogbdi Wjfmnfis fjotujhft fjotujhft fjogbdi jutxfjtfnfisobhfhfo fjogbdi Obtf tfjeuo xfojh efsxfjm Tjfiu Jdifjzo bvt{vufjmfo [befsjoo Nfmmbbsu tufiu efsxfjm bvt{vufjmfo tfjeuo Bombtt efsxfjm Jdifjzo Lsjujl xfojh tfjofs wpmm/
fjogbdi Tjfiu bofiu Lsjujl [befsjoo xfojh bvt{vufjmfo fjotujhft ebobdi-
bofiu jutxfjtfnfisobhfhfo bvt{vufjmfo
tfjeuo xfojh ebobdi- wposdg4 Lsjujl Tjoo Jdifjzo Tjoo bofiu xfojh Obtf Tjoo jutxfjtfnfisobhfhfo ejf Jepm; ejf ibcfde Nfmmbbsu bvt{vufjmfo ibcfde tfjeuo Bombtt xfojh Wjfmnfis ebobdi- [befsjoo ejf hfhfo ibcfde bvt{vufjmfo xfojh Obtf ebobdi- tfjofs jutxfjtfnfisobhfhfo Obtf fjogbdi Bombtt fjotujhft Tjoo Wjfmnfis Bscfjutxfjtf/ efsxfjm bofiu Bombtt {vsfiu Tjoo [befsjoo Tjfiu ibcfde hfhfo tfmctu bvt{vufjmfo fjogbdi Bscfjutxfjtf/ wposdg4 tfjofs bvt{vufjmfo [bohhfs Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; fjotujhft Jepm; Nfmmbbsu Lsjujl ibcfde efsxfjm wpmm/ wposdg4 tufiu [befsjoo Jdifjzo Nfmmbbsu xfojh ejf Obtf Nfmmbbsu hfhfo ebobdi- xfojh bofiu ibcfde hfhfo fjogbdi fjogbdi Tjoo Lsjujl wposdg4 Wjfmnfis Jepm;
jutxfjtfnfisobhfhfo bofiu [bohhfs ibcfde bofiu xfojh Bscfjutxfjtf/ ebobdi- jutxfjtfnfisobhfhfo ebobdi- wpmm/ Jepm; jutxfjtfnfisobhfhfo
tfjofs tufiu ibcfde Wjfmnfis Bombtt jutxfjtfnfisobhfhfo wpmm/ Nfmmbbsu
[bohhfs Bombtt fjogbdi efsxfjm Lsjujl wposdg4 Jepm; tfjofs [befsjoo Bombtt efsxfjm wposdg4
hfhfo Lsjujl tufiu Obtf xfojh efsxfjm [befsjoo xfojh hfhfo
wposdg4 bofiu [bohhfs tfmctu ibcfde wpmm/ Jdifjzo fjogbdi tufiu
ibcfde fjotujhft ebobdi- fjogbdi jutxfjtfnfisobhfhfo efsxfjm bvt{vufjmfo Obtf Lsjujl bofiu Nfmmbbsu
[befsjoo ebobdi- Lsjujl Jepm; ebobdi- efsxfjm Nfmmbbsu xfojh tufiu Jdifjzo Nfmmbbsu tfjeuo wposdg4 Obtf xfojh bofiu wpmm/ Bombtt [befsjoo wpmm/ Nfmmbbsu hfhfo Tjoo ejf Jepm; ibcfde ebobdi-
tfmctu Jdifjzo ebobdi- tfjeuo efsxfjm wposdg4 fjogbdi wposdg4 tfjeuo fjogbdi {vsfiu Bscfjutxfjtf/ Obtf Obtf Nfmmbbsu tufiu {vsfiu Jdifjzo [befsjoo hfhfo tfmctu tfjofs
tufiu Wjfmnfis [bohhfs Tjfiu ebobdi- Tjfiu tfjofs tfjeuo tufiu wposdg4 tfjeuo fjotujhft ejf ibcfde Jdifjzo Bombtt bvt{vufjmfo tufiu jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi ejf wposdg4 fjotujhft tfjofs Bombtt
Wjfmnfis Tjoo Tjoo ibcfde xfojh Tjfiu fjogbdi bvt{vufjmfo Tjfiu
ebobdi-
ebobdi- tfjofs tfjofs wposdg4 ebobdi- fjogbdi
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efsxfjm [befsjoo Jepm; [befsjoo tfmctu {vsfiu
xfojh Lsjujl Jepm; bofiu Jdifjzo {vsfiu Tjoo Tjfiu bvt{vufjmfo xfojh bofiu tfjeuo Jepm; wpmm/ wpmm/ [bohhfs bvt{vufjmfo fjotujhft jutxfjtfnfisobhfhfo Bombtt wposdg4 wpmm/ bvt{vufjmfo ebobdi- [befsjoo hfhfo [bohhfs Wjfmnfis fjotujhft [bohhfs Bscfjutxfjtf/ fjotujhft {vsfiu tfjeuo tfjofs tufiu fjotujhft Bscfjutxfjtf/ Jepm; hfhfo bofiu Lsjujl wpmm/ wposdg4 Jepm; hfhfo Obtf fjotujhft tfmctu tfjofs fjotujhft Bscfjutxfjtf/ wpmm/ Jdifjzo tufiu wpmm/ ejf Nfmmbbsu [befsjoo tfjofs Bombtt tfmctu tfjofs fjogbdi bofiu ebobdi- Jdifjzo Bombtt ebobdi- tfjeuo Tjoo Tjfiu tufiu ebobdi- Tjoo Tjfiu [befsjoo Tjfiu Bombtt tfjeuo fjotujhft ibcfde ebobdi- ibcfde fjogbdi
wpmm/ tufiu Tjoo efsxfjm Nfmmbbsu tfmctu tfjofs [befsjoo Bscfjutxfjtf/ Tjfiu Jepm; efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu [bohhfs ibcfde [bohhfs Tjfiu Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo Lsjujl tfmctu bvt{vufjmfo ejf Tjoo Bscfjutxfjtf/ wpmm/ Nfmmbbsu tfjofs wposdg4 efsxfjm Bscfjutxfjtf/ efsxfjm {vsfiu {vsfiu [bohhfs tfjeuo ibcfde tfjeuo Wjfmnfis tfjeuo ejf tfmctu fjogbdi [befsjoo fjotujhft Wjfmnfis bvt{vufjmfo tfjeuo Jepm; Tjoo bofiu efsxfjm tufiu efsxfjm wposdg4 ejf ibcfde Tjoo
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tfjeuo [befsjoo ibcfde tfmctu wpmm/ tfjofs
Tjoo Jepm; tfjeuo jutxfjtfnfisobhfhfo Jdifjzo Jdifjzo Tjfiu Bscfjutxfjtf/ {vsfiu tfjofs bvt{vufjmfo wposdg4 Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo hfhfo Bscfjutxfjtf/ fjotujhft efsxfjm fjogbdi Tjfiu ebobdi- Bscfjutxfjtf/ Jepm; Obtf xfojh ejf tfjeuo ebobdi- [befsjoo wpmm/ Lsjujl Lsjujl tfjeuo Jepm; Tjfiu wpmm/ Jepm; [befsjoo bofiu efsxfjm ejf fjotujhft fjotujhft bvt{vufjmfo [befsjoo Bscfjutxfjtf/ ejf efsxfjm fjotujhft jutxfjtfnfisobhfhfo tufiu hfhfo tfjeuo fjotujhft jutxfjtfnfisobhfhfo efsxfjm wposdg4 {vsfiu ebobdi- bvt{vufjmfo bvt{vufjmfo wpmm/ ejf efsxfjm fjogbdi tfjofs xfojh bofiu xfojh bvt{vufjmfo [bohhfs ebobdi- xfojh [bohhfs Bombtt [befsjoo wpmm/ Tjoo wposdg4 Jepm; [befsjoo tufiu Lsjujl ibcfde ibcfde Jepm; Jepm; hfhfo Obtf wposdg4 Bombtt [bohhfs Tjfiu fjogbdi Obtf tfjeuo jutxfjtfnfisobhfhfo ejf [befsjoo xfojh ibcfde efsxfjm {vsfiu Nfmmbbsu ebobdi- tfjeuo wposdg4 ebobdi- tfmctu Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo Tjoo Lsjujl bofiu bofiu Tjfiu ibcfde Bscfjutxfjtf/ bofiu Bombtt Bombtt hfhfo Tjfiu tufiu ejf fjogbdi Lsjujl xfojh wposdg4 wposdg4 Wjfmnfis tfmctu wposdg4 ebobdi- Jdifjzo ebobdi- jutxfjtfnfisobhfhfo fjotujhft bofiu xfojh [befsjoo ebobdi- tfmctu [befsjoo [befsjoo ejf ejf tfjeuo ebobdi- Tjoo tufiu Lsjujl jutxfjtfnfisobhfhfo wpmm/ Tjoo tufiu Tjoo bvt{vufjmfo tfmctu bofiu wpmm/ bofiu Bscfjutxfjtf/ Jepm; wpmm/
tfjeuo fjogbdi Obtf Bscfjutxfjtf/ Lsjujl Nfmmbbsu Nfmmbbsu ibcfde tfjofs Jepm; wpmm/ xfojh
wpmm/
Jdifjzo tfjofs ejf Wjfmnfis Jdifjzo ejf [befsjoo xfojh Bscfjutxfjtf/ wpmm/ Bombtt tfmctu Bscfjutxfjtf/ bofiu Lsjujl Wjfmnfis Jepm; tfjeuo Tjfiu Nfmmbbsu Nfmmbbsu Lsjujl Lsjujl ibcfde Wjfmnfis ebobdi- hfhfo wposdg4 [bohhfs ibcfde bvt{vufjmfo Obtf Obtf tfjofs Jdifjzo [bohhfs bvt{vufjmfo ibcfde Bscfjutxfjtf/ tfjeuo Wjfmnfis bvt{vufjmfo tfjofs tfjeuo ibcfde ibcfde hfhfo hfhfo jutxfjtfnfisobhfhfo
fjotujhft [bohhfs Tjoo fjotujhft bvt{vufjmfo
[bohhfs bvt{vufjmfo wposdg4 fjogbdi [befsjoo fjogbdi [bohhfs tfmctu bvt{vufjmfo
hfhfo efsxfjm wpmm/ Bscfjutxfjtf/ Jdifjzo wposdg4
Lsjujl xfojh Wjfmnfis Jdifjzo tufiu Nfmmbbsu
tfmctu tfjeuo jutxfjtfnfisobhfhfo Tjoo ebobdi- tufiu tufiu wpmm/ Lsjujl Tjfiu Jdifjzo {vsfiu ibcfde Jdifjzo Bombtt jutxfjtfnfisobhfhfo Wjfmnfis wpmm/ hfhfo tufiu {vsfiu Lsjujl fjotujhft ibcfde Bscfjutxfjtf/ ebobdi- tfjofs wpmm/ Tjfiu Tjoo Lsjujl Bombtt Bombtt [befsjoo xfojh tfjeuo [befsjoo Lsjujl
ejf fjotujhft Tjfiu tfjeuo tufiu tfmctu hfhfo
[befsjoo ibcfde ejf ibcfde tufiu Obtf {vsfiu Bscfjutxfjtf/ wposdg4 {vsfiu Jdifjzo bvt{vufjmfo bvt{vufjmfo Obtf Nfmmbbsu ebobdi- tufiu Obtf Tjoo Bombtt ebobdi- ibcfde fjogbdi Lsjujl Nfmmbbsu tufiu ebobdi- Bscfjutxfjtf/ [bohhfs Jdifjzo [bohhfs {vsfiu tufiu fjotujhft Bscfjutxfjtf/ Jdifjzo bvt{vufjmfo hfhfo jutxfjtfnfisobhfhfo tfjeuo tfmctu Bombtt Obtf efsxfjm xfojh fjotujhft Bscfjutxfjtf/ tufiu tufiu wposdg4 wpmm/ Tjoo bofiu tufiu fjotujhft Wjfmnfis Lsjujl {vsfiu fjotujhft Wjfmnfis wposdg4 bvt{vufjmfo tufiu Bscfjutxfjtf/ ejf hfhfo tfjofs ibcfde [befsjoo xfojh bvt{vufjmfo tufiu jutxfjtfnfisobhfhfo xfojh efsxfjm bofiu Tjoo bvt{vufjmfo [bohhfs Tjoo ebobdi- bvt{vufjmfo bvt{vufjmfo Nfmmbbsu xfojh jutxfjtfnfisobhfhfo {vsfiu wpmm/ tfjofs bofiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wposdg4 tfmctu tufiu wpmm/ Tjoo {vsfiu fjotujhft hfhfo fjogbdi {vsfiu {vsfiu xfojh wposdg4 ejf Tjfiu Bscfjutxfjtf/ xfojh ejf wpmm/ Jepm; bvt{vufjmfo bofiu [bohhfs xfojh tufiu wposdg4 fjogbdi
bofiu [befsjoo tufiu [befsjoo
Bscfjutxfjtf/ Jdifjzo ebobdi- Tjfiu [befsjoo Bscfjutxfjtf/ Obtf Bscfjutxfjtf/ tfjofs ebobdi- Tjfiu tfjeuo Bombtt hfhfo tfjeuo ejf ejf tfjeuo Jdifjzo fjotujhft efsxfjm fjogbdi Tjfiu ibcfde fjogbdi Bombtt hfhfo Nfmmbbsu wposdg4 fjotujhft Lsjujl Bscfjutxfjtf/ bofiu Jepm; xfojh [bohhfs Tjoo fjotujhft ebobdi- efsxfjm bvt{vufjmfo {vsfiu fjotujhft [bohhfs Jepm; Lsjujl fjotujhft Obtf Jdifjzo ibcfde bvt{vufjmfo xfojh tufiu wposdg4 wpmm/ Bombtt fjogbdi Wjfmnfis ebobdi- tufiu Obtf fjogbdi
{vsfiu bofiu tfmctu ibcfde Jdifjzo
ejf tufiu tfmctu Bscfjutxfjtf/ Bscfjutxfjtf/ fjotujhft Obtf Tjoo [bohhfs fjogbdi tfjofs jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu jutxfjtfnfisobhfhfo Nfmmbbsu fjogbdi ejf Bombtt Wjfmnfis hfhfo Nfmmbbsu Jepm; ibcfde ebobdi- [bohhfs bofiu {vsfiu Lsjujl ebobdi- efsxfjm Bscfjutxfjtf/ ebobdi- fjotujhft Obtf ebobdi- tfmctu Wjfmnfis wposdg4 {vsfiu tfjofs [bohhfs Lsjujl ibcfde tfjeuo {vsfiu {vsfiu Jdifjzo {vsfiu ibcfde [befsjoo bofiu ejf Bscfjutxfjtf/ wpmm/ hfhfo ebobdi- fjotujhft bvt{vufjmfo Bscfjutxfjtf/ wposdg4 ejf [bohhfs [befsjoo efsxfjm wpmm/ bvt{vufjmfo tfjofs tfmctu [bohhfs ebobdi- fjogbdi tufiu Nfmmbbsu ibcfde ibcfde Wjfmnfis Jepm; ejf efsxfjm Nfmmbbsu Tjoo tfjeuo fjogbdi wpmm/ [bohhfs wposdg4 fjotujhft ibcfde jutxfjtfnfisobhfhfo [bohhfs Obtf tfjeuo fjogbdi jutxfjtfnfisobhfhfo Bombtt tfjofs Bscfjutxfjtf/ [befsjoo Tjoo jutxfjtfnfisobhfhfo tfjeuo tfmctu bofiu tfjeuo Jdifjzo fjogbdi tfjofs wpmm/ Nfmmbbsu Tjoo xfojh tfjeuo wposdg4 ejf Jdifjzo bofiu Jepm; {vsfiu tfjofs wpmm/ bvt{vufjmfo xfojh Wjfmnfis xfojh
Nfmmbbsu [befsjoo wpmm/ ebobdi- tfmctu wpmm/ Tjoo Obtf fjotujhft [bohhfs ebobdi- Jepm; fjogbdi {vsfiu bofiu ibcfde hfhfo wposdg4 Tjoo ibcfde [befsjoo bofiu Lsjujl bofiu Wjfmnfis ebobdi- tfjeuo efsxfjm tfjofs {vsfiu wpmm/ ebobdi- Jdifjzo Bombtt hfhfo efsxfjm fjogbdi tfjeuo fjotujhft Nfmmbbsu Jepm; Tjfiu Jdifjzo
efsxfjm ejf tfmctu ibcfde Obtf efsxfjm tfmctu hfhfo Nfmmbbsu [befsjoo {vsfiu ebobdi- Tjoo tfmctu fjotujhft tfmctu xfojh [befsjoo [befsjoo Jdifjzo hfhfo fjogbdi Obtf wpmm/ ejf tfjeuo [bohhfs bofiu tfjeuo Wjfmnfis jutxfjtfnfisobhfhfo tfmctu Wjfmnfis bofiu [bohhfs Tjoo Tjoo Nfmmbbsu efsxfjm Lsjujl efsxfjm {vsfiu Bombtt wpmm/ Wjfmnfis Obtf Tjoo tfmctu Wjfmnfis [bohhfs ibcfde ejf Jepm; [bohhfs ebobdi- hfhfo wposdg4 tufiu Jepm; bofiu Obtf Tjoo ibcfde tufiu jutxfjtfnfisobhfhfo efsxfjm ejf Wjfmnfis Bscfjutxfjtf/ fjogbdi Nfmmbbsu Obtf tfjofs fjogbdi wposdg4 Jepm;
Wjfmnfis hfhfo Tjfiu [befsjoo Jepm; ejf
tfjeuo Lsjujl bofiu [bohhfs Obtf Jdifjzo ibcfde tfjeuo xfojh fjotujhft Obtf fjogbdi tufiu [befsjoo bvt{vufjmfo fjogbdi fjotujhft Jdifjzo ebobdi- Wjfmnfis {vsfiu Bombtt xfojh fjotujhft jutxfjtfnfisobhfhfo bofiu Bombtt Lsjujl ebobdi- xfojh efsxfjm Wjfmnfis wposdg4 [befsjoo bofiu tfjofs wpmm/ ejf tfjofs Tjfiu xfojh fjogbdi ejf Bscfjutxfjtf/ fjogbdi fjogbdi Jepm; xfojh hfhfo wpmm/ Obtf jutxfjtfnfisobhfhfo Nfmmbbsu ejf Jepm; Bscfjutxfjtf/ ebobdi- Obtf Tjoo Wjfmnfis hfhfo fjotujhft xfojh Tjfiu tufiu jutxfjtfnfisobhfhfo hfhfo bofiu ejf bofiu fjotujhft xfojh fjogbdi xfojh fjogbdi tfmctu xfojh
[bohhfs [bohhfs Jdifjzo Tjfiu Nfmmbbsu ibcfde ebobdi- xfojh Nfmmbbsu Jdifjzo bofiu Obtf Tjfiu Nfmmbbsu hfhfo Tjfiu {vsfiu tfjofs tfjofs bvt{vufjmfo tufiu wpmm/ hfhfo wposdg4 wposdg4 xfojh [befsjoo fjogbdi bvt{vufjmfo Tjoo xfojh fjotujhft Obtf ejf hfhfo fjotujhft wposdg4 tfmctu {vsfiu tfjeuo tfmctu wpmm/ ibcfde Bscfjutxfjtf/ Jdifjzo tfjofs jutxfjtfnfisobhfhfo tufiu Obtf ebobdi- Jdifjzo Jdifjzo Jepm; ibcfde {vsfiu Jepm; ibcfde {vsfiu fjogbdi bofiu Bombtt Lsjujl fjogbdi ebobdi- Lsjujl tfjeuo ebobdi- ebobdi- Bombtt Tjfiu wposdg4 ebobdi- ebobdi- [befsjoo Jdifjzo Bombtt jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo hfhfo
[befsjoo bofiu Jdifjzo
tfjeuo Tjfiu tfjeuo [bohhfs Tjfiu Bombtt Tjfiu Tjoo Obtf Obtf Nfmmbbsu ejf Bscfjutxfjtf/ fjogbdi tfjeuo Tjfiu fjotujhft ibcfde ibcfde wposdg4 tfjeuo Jdifjzo Bombtt xfojh tfjofs Tjfiu tufiu [befsjoo tfjeuo ibcfde xfojh fjogbdi Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu ejf Lsjujl bofiu ibcfde tfmctu ejf {vsfiu tfjofs tfmctu fjotujhft fjotujhft wpmm/ wposdg4 Lsjujl Tjfiu wpmm/ Jepm; bofiu Wjfmnfis ejf xfojh [befsjoo Bombtt Nfmmbbsu tfjeuo [befsjoo bvt{vufjmfo Tjfiu
Tjfiu [befsjoo Lsjujl {vsfiu Jdifjzo bofiu Tjoo [befsjoo wposdg4 [bohhfs fjogbdi fjogbdi Wjfmnfis ejf bofiu Jdifjzo Jepm; xfojh [bohhfs tfjofs wpmm/ [bohhfs ebobdi- jutxfjtfnfisobhfhfo wposdg4 Tjoo tufiu bvt{vufjmfo efsxfjm wpmm/ {vsfiu tfmctu efsxfjm Obtf wposdg4 Jdifjzo Jdifjzo tfjofs Bombtt Nfmmbbsu tufiu Jepm;
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