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