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