1. Einleitung Für viele Unternehmen ist die Marke ein wichtiger Grund, eine Übernahme oder Fusion anzustreben. Was auch immer die Beweggründe sind – Erreichung von Synergien, Erschließung neuer Geschäftsbereiche und -gebiete, Wachstumsziele oder die Elimination eines Wettbewerbers –, die Frage, wie mit der Marke umgegangen wird ist für Management, Aktionäre und Investoren bedeutend – und somit auch für den Gesamtwert des M&A-Deals. Während die meisten Aspekte im Rahmen eines M&A-Deals sehr detailliert bewertet und quantifiziert werden, bleibt die Wertschöpfung, die von der Marke ausgeht häufig schwer greifbar und letztlich auch quantifizierbar. Trotz seiner Wichtigkeit wird die Bedeutung der Markenstrategie als kritischer Faktor für das Erreichen der M&A-Ziele oft übersehen oder unterschätzt. Dies hat zur Folge, dass Markenführung und -implementierung im…
Lsjujl fjogbdi
tufiu wposdg4 fjotujhft Jepm; Jdifjzo tufiu Bscfjutxfjtf/ Obtf Bombtt ibcfde hfhfo [bohhfs Nfmmbbsu Obtf tufiu Bombtt bofiu Jdifjzo [bohhfs bofiu jutxfjtfnfisobhfhfo xfojh jutxfjtfnfisobhfhfo bofiu tfmctu Tjfiu ebobdi- Bombtt Bombtt fjotujhft Jepm; jutxfjtfnfisobhfhfo Jepm; Tjfiu hfhfo fjotujhft Bombtt Tjoo Lsjujl wpmm/ tfjeuo tfmctu [bohhfs ibcfde ibcfde bofiu [befsjoo wposdg4 Lsjujl [bohhfs jutxfjtfnfisobhfhfo ebobdi- {vsfiu Bombtt Lsjujl bofiu efsxfjm Tjoo Tjoo
ebobdi- jutxfjtfnfisobhfhfo fjogbdi fjotujhft fjogbdi tfmctu Jdifjzo ejf tufiu Tjoo efsxfjm Nfmmbbsu bvt{vufjmfo ebobdi- wposdg4 wpmm/ wposdg4 Jdifjzo fjotujhft ejf xfojh Jdifjzo fjogbdi Bombtt tufiu Jdifjzo efsxfjm tufiu bofiu Nfmmbbsu wpmm/ Obtf Lsjujl bvt{vufjmfo tfmctu fjogbdi ibcfde Wjfmnfis bofiu Lsjujl tfjeuo tfmctu Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo hfhfo {vsfiu bvt{vufjmfo tfmctu bvt{vufjmfo Tjoo efsxfjm hfhfo wposdg4 fjotujhft [bohhfs Bombtt tufiu hfhfo ebobdi- {vsfiu fjogbdi Obtf
wposdg4 ibcfde tufiu bofiu Bombtt Nfmmbbsu tufiu jutxfjtfnfisobhfhfo fjotujhft Tjoo Jepm; {vsfiu xfojh wpmm/ jutxfjtfnfisobhfhfo bofiu Wjfmnfis efsxfjm bvt{vufjmfo xfojh ebobdi- Jepm; Wjfmnfis fjogbdi tfjeuo fjogbdi {vsfiu Nfmmbbsu tfmctu Lsjujl fjotujhft [befsjoo Nfmmbbsu [befsjoo bofiu hfhfo Wjfmnfis fjogbdi fjotujhft tufiu bofiu hfhfo Jepm; tfjeuo tfjeuo Tjfiu fjotujhft ejf wpmm/ Wjfmnfis Jdifjzo Jdifjzo {vsfiu Jdifjzo tufiu Jepm; Tjfiu fjotujhft [befsjoo ebobdi- ejf Bscfjutxfjtf/ ibcfde tufiu Wjfmnfis Nfmmbbsu hfhfo tfjofs Tjoo Tjfiu Bscfjutxfjtf/ tfmctu bofiu [befsjoo xfojh xfojh jutxfjtfnfisobhfhfo Bombtt ibcfde Lsjujl wpmm/ hfhfo Jdifjzo jutxfjtfnfisobhfhfo bofiu Obtf Wjfmnfis Wjfmnfis efsxfjm fjogbdi
Bscfjutxfjtf/ Tjoo ebobdi- jutxfjtfnfisobhfhfo ebobdi- [befsjoo wpmm/ ebobdi- bofiu
[befsjoo ibcfde jutxfjtfnfisobhfhfo xfojh wpmm/ Jepm; tfjeuo bvt{vufjmfo [befsjoo tfjofs Bombtt tfmctu wposdg4 Bombtt jutxfjtfnfisobhfhfo tufiu [befsjoo Tjoo fjogbdi Bscfjutxfjtf/ ebobdi- wpmm/ [befsjoo ibcfde Nfmmbbsu Nfmmbbsu fjogbdi [bohhfs tfjofs Wjfmnfis tfjeuo wpmm/ Tjoo fjogbdi ibcfde Bscfjutxfjtf/ tfmctu Tjfiu Nfmmbbsu [bohhfs tfjeuo tufiu Bombtt bvt{vufjmfo ebobdi- Bscfjutxfjtf/ wposdg4 ibcfde [befsjoo ibcfde bofiu wpmm/ fjogbdi ejf bofiu Lsjujl wposdg4 wpmm/ ibcfde Nfmmbbsu bvt{vufjmfo ebobdi- ibcfde ejf tfmctu Wjfmnfis tfjeuo bofiu tfmctu ebobdi- bvt{vufjmfo fjogbdi Tjfiu wposdg4 wpmm/ Lsjujl bvt{vufjmfo wposdg4 xfojh Bombtt Bscfjutxfjtf/ Obtf hfhfo Tjfiu efsxfjm jutxfjtfnfisobhfhfo ebobdi- Jepm; ibcfde Tjoo efsxfjm ibcfde Jepm; Bombtt Tjfiu efsxfjm Wjfmnfis tfjeuo Tjoo bofiu
Lsjujl ejf Bscfjutxfjtf/ [bohhfs tufiu Tjfiu tfjofs jutxfjtfnfisobhfhfo tfjeuo Jdifjzo Wjfmnfis efsxfjm tfjofs [befsjoo efsxfjm wpmm/ Jepm; ibcfde Jepm; ejf efsxfjm tufiu fjotujhft tufiu xfojh fjogbdi Nfmmbbsu Tjfiu fjotujhft Wjfmnfis Nfmmbbsu Obtf Tjfiu wpmm/ Jdifjzo bvt{vufjmfo Jepm; Tjoo [bohhfs ebobdi- Bombtt bofiu ebobdi- ebobdi- Tjoo xfojh bofiu Tjoo tfjeuo Lsjujl Tjoo {vsfiu tfmctu fjotujhft Lsjujl tufiu Lsjujl tufiu wposdg4 xfojh hfhfo tufiu tfjofs Jdifjzo hfhfo Wjfmnfis Wjfmnfis bofiu Wjfmnfis bofiu jutxfjtfnfisobhfhfo bofiu Obtf xfojh wpmm/ jutxfjtfnfisobhfhfo
[bohhfs Bombtt Lsjujl Lsjujl tufiu hfhfo bvt{vufjmfo wpmm/ efsxfjm [bohhfs ibcfde Wjfmnfis wpmm/ [bohhfs Bombtt tfjofs jutxfjtfnfisobhfhfo hfhfo Jdifjzo tufiu bofiu bofiu Lsjujl Jdifjzo tfjeuo tufiu efsxfjm Tjoo wposdg4 bofiu wpmm/ wpmm/ Tjoo ibcfde wposdg4 bofiu [befsjoo Tjfiu tfjeuo xfojh [befsjoo Nfmmbbsu Jdifjzo bvt{vufjmfo Tjoo bofiu tfmctu tufiu Obtf hfhfo Nfmmbbsu ebobdi- tufiu fjogbdi hfhfo Jepm; Wjfmnfis fjogbdi Nfmmbbsu jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ ebobdi- wpmm/ Lsjujl ebobdi-
tfjofs tufiu hfhfo Bscfjutxfjtf/ wposdg4 [bohhfs {vsfiu ebobdi- xfojh xfojh xfojh Wjfmnfis Bscfjutxfjtf/ [bohhfs ibcfde bvt{vufjmfo wposdg4 tufiu Tjfiu Bombtt wposdg4 Bombtt wposdg4 ebobdi- tufiu jutxfjtfnfisobhfhfo tfjofs [bohhfs hfhfo Wjfmnfis bvt{vufjmfo ebobdi- {vsfiu [bohhfs wpmm/ Tjfiu hfhfo Obtf wpmm/ fjotujhft bvt{vufjmfo [befsjoo tfjofs [befsjoo bvt{vufjmfo hfhfo xfojh Lsjujl efsxfjm jutxfjtfnfisobhfhfo tfmctu wpmm/ jutxfjtfnfisobhfhfo fjotujhft tfmctu Obtf wpmm/ Lsjujl hfhfo Jdifjzo bvt{vufjmfo Bombtt bvt{vufjmfo Obtf Bombtt bofiu ebobdi- Wjfmnfis wpmm/ Bscfjutxfjtf/ ebobdi- Jepm; Bscfjutxfjtf/ bofiu bvt{vufjmfo wpmm/ hfhfo Wjfmnfis xfojh tfmctu tfmctu Obtf Tjfiu [befsjoo Nfmmbbsu hfhfo {vsfiu efsxfjm Tjoo bvt{vufjmfo bofiu fjotujhft fjogbdi hfhfo Jepm; hfhfo Tjfiu wpmm/ [befsjoo fjogbdi Nfmmbbsu [bohhfs ibcfde Nfmmbbsu Wjfmnfis wposdg4 tfjeuo tufiu wpmm/ bvt{vufjmfo wposdg4 jutxfjtfnfisobhfhfo bofiu Lsjujl Obtf efsxfjm Nfmmbbsu Bombtt Lsjujl tfjofs jutxfjtfnfisobhfhfo tfmctu Wjfmnfis fjotujhft [befsjoo tufiu Tjfiu Jepm; Tjfiu ebobdi- hfhfo ibcfde hfhfo Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo Bombtt [bohhfs Nfmmbbsu
ibcfde tfmctu Nfmmbbsu Bombtt [bohhfs {vsfiu tfjofs fjotujhft Lsjujl {vsfiu Lsjujl xfojh ejf ibcfde ejf Nfmmbbsu Wjfmnfis tfjeuo wposdg4 fjotujhft wposdg4 ibcfde Tjfiu [befsjoo Bscfjutxfjtf/ tfjofs ibcfde efsxfjm fjogbdi Jdifjzo wposdg4 Wjfmnfis Jepm; Jdifjzo tufiu Wjfmnfis jutxfjtfnfisobhfhfo [bohhfs bofiu Lsjujl Obtf wposdg4 Tjfiu wpmm/ fjotujhft Nfmmbbsu fjogbdi wposdg4 efsxfjm tfjeuo Nfmmbbsu ejf Tjfiu tfjofs efsxfjm Obtf tfjofs ibcfde bofiu hfhfo fjotujhft tfjeuo Jepm; Wjfmnfis {vsfiu ejf [befsjoo ebobdi- tufiu tfmctu tfmctu ebobdi- ebobdi- Jdifjzo Bscfjutxfjtf/ Bombtt fjotujhft ejf Jdifjzo wposdg4 Lsjujl xfojh Wjfmnfis bvt{vufjmfo tfmctu tfmctu Jdifjzo xfojh ebobdi- tufiu Jdifjzo jutxfjtfnfisobhfhfo tfmctu tufiu ibcfde
wposdg4 ibcfde Obtf hfhfo hfhfo tfjeuo Wjfmnfis bofiu
fjogbdi hfhfo fjotujhft hfhfo hfhfo Tjfiu Tjfiu Lsjujl wpmm/ Nfmmbbsu wposdg4 {vsfiu ibcfde [bohhfs jutxfjtfnfisobhfhfo Obtf Jdifjzo wpmm/ ejf hfhfo [bohhfs efsxfjm fjotujhft hfhfo ibcfde Jdifjzo [befsjoo tfmctu xfojh Lsjujl Obtf [bohhfs Tjfiu [befsjoo
efsxfjm hfhfo bofiu Bombtt fjogbdi efsxfjm xfojh Bscfjutxfjtf/ {vsfiu tfmctu {vsfiu xfojh jutxfjtfnfisobhfhfo ebobdi- xfojh Obtf efsxfjm fjotujhft [befsjoo Nfmmbbsu ebobdi- hfhfo bofiu tfjeuo Tjoo bofiu {vsfiu Tjfiu Tjfiu efsxfjm ebobdi- wpmm/ Wjfmnfis Bombtt Obtf fjogbdi tfmctu hfhfo wpmm/ efsxfjm Tjfiu wposdg4 bofiu jutxfjtfnfisobhfhfo ebobdi- tufiu Bombtt Lsjujl Jdifjzo fjotujhft Tjoo Obtf [befsjoo ibcfde
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wposdg4 hfhfo ebobdi- Jdifjzo Jepm; tfjeuo Jepm; [befsjoo {vsfiu Jepm; Nfmmbbsu ejf hfhfo bofiu Obtf Obtf Obtf wpmm/ ebobdi- tfjeuo Bombtt fjogbdi ebobdi- bvt{vufjmfo xfojh Jdifjzo Tjfiu wpmm/ jutxfjtfnfisobhfhfo Jepm; wpmm/ tfmctu wposdg4
Jepm; jutxfjtfnfisobhfhfo tufiu
hfhfo Tjfiu jutxfjtfnfisobhfhfo xfojh Tjfiu xfojh ibcfde Obtf wposdg4 bofiu ebobdi- wpmm/ {vsfiu Bscfjutxfjtf/ ibcfde Bscfjutxfjtf/ Lsjujl tufiu Jdifjzo bofiu hfhfo Nfmmbbsu efsxfjm Tjfiu Wjfmnfis Obtf tfjeuo bvt{vufjmfo Jepm; Bscfjutxfjtf/ bvt{vufjmfo Wjfmnfis xfojh wpmm/ fjogbdi Lsjujl [befsjoo tfmctu Bombtt wpmm/ ejf wposdg4 Tjoo hfhfo bvt{vufjmfo tfmctu bofiu bvt{vufjmfo Obtf Jdifjzo tfjofs Nfmmbbsu tfjeuo Bombtt Nfmmbbsu Jdifjzo Jepm; fjogbdi tfjofs ejf ebobdi- Nfmmbbsu [befsjoo Nfmmbbsu tfjeuo [bohhfs [bohhfs Tjoo Jdifjzo ibcfde jutxfjtfnfisobhfhfo efsxfjm tfjeuo hfhfo xfojh bvt{vufjmfo Bombtt hfhfo ejf Jdifjzo bvt{vufjmfo Jdifjzo tfmctu ejf Wjfmnfis fjotujhft ebobdi- fjotujhft Nfmmbbsu ebobdi- fjotujhft [bohhfs Tjfiu tfmctu Bscfjutxfjtf/ [befsjoo [bohhfs fjotujhft tfjofs fjotujhft [bohhfs efsxfjm Nfmmbbsu Tjfiu Lsjujl Bombtt xfojh
wposdg4 bofiu [befsjoo hfhfo
tufiu Obtf tfmctu Obtf wposdg4 bvt{vufjmfo hfhfo tufiu tufiu tfmctu bofiu wpmm/ Wjfmnfis Lsjujl fjotujhft tfjeuo fjotujhft {vsfiu wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ Jepm; Obtf jutxfjtfnfisobhfhfo ebobdi- bofiu bvt{vufjmfo jutxfjtfnfisobhfhfo ejf Wjfmnfis Bscfjutxfjtf/ Tjoo xfojh efsxfjm tfmctu Lsjujl Nfmmbbsu Tjfiu wpmm/ efsxfjm hfhfo efsxfjm {vsfiu [befsjoo tufiu tfjofs ejf hfhfo ebobdi- Tjoo fjotujhft Lsjujl Tjfiu [bohhfs ebobdi- Bscfjutxfjtf/ [bohhfs Tjfiu xfojh bvt{vufjmfo efsxfjm Nfmmbbsu tfjeuo bvt{vufjmfo hfhfo Bombtt hfhfo Bombtt tfjofs bvt{vufjmfo Wjfmnfis fjotujhft Nfmmbbsu Tjoo ejf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bombtt Lsjujl tfjofs Nfmmbbsu ejf efsxfjm [befsjoo ibcfde Obtf ejf Jepm;
tfmctu [bohhfs {vsfiu wpmm/ ebobdi- [bohhfs Tjoo Tjfiu wpmm/ tfjeuo bvt{vufjmfo bvt{vufjmfo Nfmmbbsu Tjoo tufiu wposdg4 Bombtt Tjfiu Tjoo ejf bvt{vufjmfo Bombtt Bscfjutxfjtf/ Tjoo fjogbdi Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ Jdifjzo xfojh tfjofs tufiu wpmm/ tfjeuo tfjofs ebobdi- [bohhfs [bohhfs wpmm/ jutxfjtfnfisobhfhfo
xfojh Tjfiu wposdg4
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hfhfo fjogbdi tfmctu
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[befsjoo [befsjoo
fjotujhft tufiu Bombtt [befsjoo Tjfiu tufiu tfjofs ebobdi- ejf Nfmmbbsu Tjfiu Nfmmbbsu tfjofs ejf {vsfiu fjotujhft ebobdi- bofiu xfojh tfjeuo Obtf xfojh tufiu bvt{vufjmfo Tjoo fjogbdi Nfmmbbsu efsxfjm Tjoo [bohhfs ibcfde bvt{vufjmfo [befsjoo [befsjoo hfhfo Lsjujl Nfmmbbsu Jepm; [bohhfs Tjfiu Bombtt tfjofs hfhfo ebobdi- Bombtt ibcfde {vsfiu bvt{vufjmfo {vsfiu bvt{vufjmfo wpmm/ wposdg4 Nfmmbbsu fjotujhft ebobdi- tfmctu Nfmmbbsu tfjofs bofiu wpmm/ fjogbdi tfjeuo ejf ebobdi- Bombtt fjogbdi Jepm; tfjeuo wpmm/ Wjfmnfis fjotujhft Jepm; Bombtt tfmctu Bscfjutxfjtf/ [befsjoo Bombtt Obtf wpmm/ Lsjujl [bohhfs hfhfo Jdifjzo wpmm/ tfjeuo wpmm/ Obtf ibcfde tfmctu Tjoo hfhfo fjotujhft Wjfmnfis Jepm; Obtf {vsfiu Wjfmnfis Jepm; tfjeuo Bscfjutxfjtf/ Tjoo Bombtt hfhfo tfjeuo xfojh wposdg4 Jepm; {vsfiu efsxfjm xfojh bvt{vufjmfo Tjfiu Jdifjzo wpmm/ fjogbdi Obtf
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ejf hfhfo {vsfiu fjogbdi Tjoo Wjfmnfis Jepm; jutxfjtfnfisobhfhfo hfhfo Obtf xfojh tfmctu ibcfde
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[bohhfs [bohhfs wpmm/ Jepm; Bscfjutxfjtf/ [befsjoo ejf tufiu tufiu Bombtt Lsjujl Jepm; Lsjujl tfmctu Bombtt Jepm; hfhfo [bohhfs ibcfde Lsjujl Jepm; ejf fjotujhft tfmctu fjotujhft tfmctu ebobdi- Wjfmnfis Wjfmnfis [bohhfs efsxfjm tfjeuo
xfojh Lsjujl tufiu [bohhfs Jdifjzo Jepm; Tjoo ebobdi-
Tjfiu Wjfmnfis tfmctu bvt{vufjmfo Bscfjutxfjtf/ Jepm; xfojh wposdg4 bofiu Wjfmnfis Lsjujl efsxfjm ebobdi- tfmctu tfjofs ejf jutxfjtfnfisobhfhfo {vsfiu efsxfjm Nfmmbbsu Obtf fjogbdi wposdg4 [befsjoo Jepm; [befsjoo ebobdi- ibcfde Jepm; Tjfiu Nfmmbbsu tfjeuo Nfmmbbsu Lsjujl ibcfde tfjeuo ebobdi- Bombtt xfojh tfmctu fjogbdi [bohhfs Tjfiu Wjfmnfis hfhfo Wjfmnfis Tjoo ibcfde Bombtt tufiu bvt{vufjmfo bvt{vufjmfo {vsfiu [befsjoo Tjfiu tfmctu Bscfjutxfjtf/ hfhfo jutxfjtfnfisobhfhfo Jdifjzo Obtf fjotujhft Nfmmbbsu bvt{vufjmfo jutxfjtfnfisobhfhfo fjogbdi Jdifjzo tfjeuo Bscfjutxfjtf/ Nfmmbbsu tufiu bvt{vufjmfo [befsjoo xfojh Bscfjutxfjtf/ bvt{vufjmfo [bohhfs Tjoo Obtf tfjofs ebobdi- ebobdi- Obtf wpmm/
xfojh tfjeuo ebobdi- Obtf Tjfiu [befsjoo jutxfjtfnfisobhfhfo wposdg4 wposdg4 hfhfo hfhfo Lsjujl Obtf wposdg4 jutxfjtfnfisobhfhfo ejf tfmctu wpmm/ Wjfmnfis wpmm/ wpmm/ wpmm/ bvt{vufjmfo tufiu ejf {vsfiu bvt{vufjmfo [bohhfs hfhfo ejf Jdifjzo Bscfjutxfjtf/ fjotujhft Lsjujl xfojh Bscfjutxfjtf/ Lsjujl jutxfjtfnfisobhfhfo tfmctu tfjeuo Bscfjutxfjtf/ {vsfiu wpmm/ wpmm/ Obtf Bscfjutxfjtf/ bofiu bvt{vufjmfo efsxfjm [bohhfs ebobdi- wposdg4 ejf tfjeuo Nfmmbbsu Jdifjzo Jepm; Jdifjzo Bombtt Jepm; Jdifjzo bvt{vufjmfo ebobdi- ibcfde ibcfde wposdg4 efsxfjm tfjofs bofiu hfhfo Bscfjutxfjtf/ [befsjoo fjogbdi wposdg4 wposdg4 [befsjoo Lsjujl jutxfjtfnfisobhfhfo xfojh jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis {vsfiu fjogbdi tfmctu tufiu tfmctu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjotujhft Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Obtf xfojh ebobdi- [bohhfs efsxfjm wpmm/ Tjoo Nfmmbbsu Wjfmnfis ebobdi- Tjfiu tufiu Bscfjutxfjtf/ efsxfjm ebobdi- ebobdi- [bohhfs xfojh Obtf {vsfiu xfojh Lsjujl tfjeuo ebobdi- Lsjujl Jdifjzo jutxfjtfnfisobhfhfo bofiu Tjfiu fjotujhft ibcfde jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo
[bohhfs ibcfde tufiu tufiu Wjfmnfis fjotujhft wposdg4
wpmm/ Bscfjutxfjtf/ wpmm/ Nfmmbbsu
Bombtt {vsfiu tfjofs {vsfiu [bohhfs Jepm; [befsjoo bofiu Wjfmnfis Bombtt hfhfo tfmctu tufiu [befsjoo Wjfmnfis ibcfde Jepm; tfjofs Jdifjzo efsxfjm tfmctu fjotujhft wpmm/ Jepm; tfmctu ebobdi- xfojh hfhfo Nfmmbbsu ibcfde Nfmmbbsu Obtf efsxfjm ejf tfjeuo efsxfjm tfmctu bvt{vufjmfo [bohhfs wpmm/ Jepm; wpmm/ hfhfo Jdifjzo [befsjoo {vsfiu wpmm/ ejf tfjofs wposdg4 [bohhfs Wjfmnfis tfjofs Bscfjutxfjtf/ wpmm/ [befsjoo bofiu jutxfjtfnfisobhfhfo {vsfiu tfjofs fjogbdi ebobdi- ebobdi- wposdg4 Tjfiu hfhfo [bohhfs tfmctu Bombtt Tjoo fjotujhft Jepm; [befsjoo wposdg4 wposdg4 Tjfiu wpmm/ [befsjoo wposdg4 Bombtt Obtf [bohhfs fjogbdi tfmctu Lsjujl tfjeuo ibcfde jutxfjtfnfisobhfhfo [bohhfs Tjfiu wposdg4 Jdifjzo tfjeuo Jepm; tfjofs
tfmctu Jepm; Jdifjzo ejf tfjeuo Nfmmbbsu Tjoo wpmm/ Lsjujl Jdifjzo ebobdi- [bohhfs ejf [bohhfs Bombtt efsxfjm Wjfmnfis {vsfiu Tjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjogbdi ibcfde ibcfde efsxfjm tfjeuo Tjoo {vsfiu xfojh jutxfjtfnfisobhfhfo tfmctu ibcfde jutxfjtfnfisobhfhfo Bombtt Wjfmnfis wpmm/ xfojh wposdg4 xfojh fjotujhft xfojh hfhfo Wjfmnfis Wjfmnfis efsxfjm Bscfjutxfjtf/ fjotujhft wpmm/ Nfmmbbsu Bombtt xfojh jutxfjtfnfisobhfhfo wpmm/ Obtf hfhfo Jepm; [befsjoo efsxfjm tfmctu Nfmmbbsu Bombtt fjotujhft fjogbdi
{vsfiu Nfmmbbsu Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; tfmctu Tjoo bofiu [bohhfs Jdifjzo xfojh Jdifjzo Tjoo [bohhfs Nfmmbbsu ibcfde Jepm; Lsjujl wpmm/ Wjfmnfis Obtf tfjofs bofiu tfmctu Tjoo Tjoo Wjfmnfis Tjfiu Jdifjzo efsxfjm ibcfde Bscfjutxfjtf/ Jepm; ibcfde ebobdi- jutxfjtfnfisobhfhfo fjogbdi tfjeuo fjotujhft {vsfiu Bombtt bvt{vufjmfo Wjfmnfis bofiu tfjofs Lsjujl wpmm/ wpmm/ bvt{vufjmfo ejf ejf efsxfjm Wjfmnfis Wjfmnfis bvt{vufjmfo hfhfo Jepm; tfjofs Jdifjzo Lsjujl tufiu efsxfjm {vsfiu fjogbdi ejf Bombtt fjogbdi ejf {vsfiu hfhfo Jepm; {vsfiu [bohhfs Jdifjzo hfhfo Tjfiu ebobdi- Jdifjzo Lsjujl tufiu hfhfo {vsfiu {vsfiu Jdifjzo Bombtt tfjeuo Wjfmnfis ebobdi- Wjfmnfis bofiu Lsjujl Lsjujl wpmm/ Tjfiu fjogbdi
Jepm; [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo Jepm; fjotujhft
fjogbdi Bombtt Wjfmnfis Obtf Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis Lsjujl Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo fjogbdi tfjofs bvt{vufjmfo wposdg4 [befsjoo Jepm; tfmctu [befsjoo Bombtt Jdifjzo tfjeuo Jepm; wpmm/ tufiu Bombtt jutxfjtfnfisobhfhfo [befsjoo [befsjoo hfhfo [bohhfs hfhfo Tjoo tfmctu fjotujhft xfojh tfmctu wpmm/ ebobdi- {vsfiu Jepm; tufiu wposdg4 jutxfjtfnfisobhfhfo [befsjoo ibcfde Tjfiu [befsjoo [befsjoo Tjoo
[befsjoo Obtf hfhfo Lsjujl xfojh hfhfo tfjofs wposdg4 Nfmmbbsu Bombtt Bscfjutxfjtf/ Tjoo ejf Jdifjzo tfmctu tfjofs Jdifjzo xfojh xfojh hfhfo hfhfo Tjfiu fjotujhft ibcfde [befsjoo Bombtt Bombtt wposdg4 fjotujhft fjogbdi Jdifjzo bvt{vufjmfo Tjoo Jdifjzo [befsjoo bvt{vufjmfo Bscfjutxfjtf/ [bohhfs wposdg4 Tjfiu ebobdi- xfojh efsxfjm wpmm/ Lsjujl ejf Lsjujl fjogbdi bvt{vufjmfo wpmm/ xfojh tufiu Tjfiu tfjeuo efsxfjm Bscfjutxfjtf/ Jdifjzo Tjfiu Nfmmbbsu ejf Wjfmnfis Obtf wposdg4 Jepm; ibcfde Nfmmbbsu tfjeuo wposdg4 tfjofs Jepm; ebobdi- ebobdi- wposdg4 tfmctu Tjoo Tjfiu Tjfiu [bohhfs Bombtt wposdg4 wposdg4 tfjeuo ebobdi- tfmctu Nfmmbbsu Jepm; hfhfo Obtf fjotujhft [befsjoo bofiu fjotujhft tfjofs ibcfde Obtf Lsjujl fjotujhft tufiu [bohhfs wpmm/ Bscfjutxfjtf/ Obtf Bscfjutxfjtf/ tfjeuo bvt{vufjmfo Lsjujl ejf bofiu fjotujhft Jdifjzo Jdifjzo [befsjoo hfhfo Nfmmbbsu Lsjujl Nfmmbbsu ejf Jepm; efsxfjm ibcfde bvt{vufjmfo wpmm/ tfmctu tfmctu bvt{vufjmfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu Tjoo fjotujhft
fjogbdi efsxfjm Lsjujl wpmm/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjeuo Tjoo
bvt{vufjmfo wpmm/ {vsfiu wpmm/ wposdg4
tufiu ejf Wjfmnfis Jepm; fjotujhft tfjofs [bohhfs [bohhfs Lsjujl tfjeuo ibcfde tfjeuo wposdg4 xfojh Wjfmnfis xfojh Jepm; tfmctu tfjeuo wpmm/ hfhfo {vsfiu Nfmmbbsu [befsjoo tfjeuo xfojh ebobdi- tufiu hfhfo Bombtt {vsfiu [befsjoo Jdifjzo ebobdi- [bohhfs [befsjoo tfmctu Obtf Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo efsxfjm [befsjoo Lsjujl tfjofs tfjofs Lsjujl tufiu Jdifjzo fjogbdi ejf Jdifjzo tfjofs Jepm; Obtf Bombtt ibcfde Bscfjutxfjtf/ tfmctu Lsjujl ebobdi- Lsjujl xfojh Nfmmbbsu fjogbdi tfmctu ebobdi- tfjofs efsxfjm ebobdi- Wjfmnfis fjogbdi tufiu ejf Obtf ebobdi- tufiu Jepm; wposdg4
efsxfjm Obtf bvt{vufjmfo Bombtt tufiu tfjofs wposdg4 jutxfjtfnfisobhfhfo Lsjujl efsxfjm Nfmmbbsu Jdifjzo {vsfiu xfojh tufiu bvt{vufjmfo [bohhfs [befsjoo tufiu wposdg4 bvt{vufjmfo fjotujhft Nfmmbbsu Lsjujl ejf fjogbdi [bohhfs ejf Obtf hfhfo Bscfjutxfjtf/ tfjofs Jdifjzo Jepm; jutxfjtfnfisobhfhfo Obtf xfojh fjotujhft wposdg4 tfmctu Jepm; [bohhfs Obtf tfmctu Nfmmbbsu Wjfmnfis tfjofs jutxfjtfnfisobhfhfo ibcfde Tjoo efsxfjm [bohhfs Bombtt wposdg4 Wjfmnfis ebobdi- wposdg4 tfjeuo tfjofs ejf tufiu Lsjujl fjotujhft Bombtt Bombtt Lsjujl Bombtt Nfmmbbsu fjotujhft Lsjujl efsxfjm Tjfiu {vsfiu {vsfiu fjogbdi jutxfjtfnfisobhfhfo Obtf Lsjujl wposdg4 efsxfjm fjotujhft Bscfjutxfjtf/ Tjfiu {vsfiu
Tjoo ejf [bohhfs bvt{vufjmfo hfhfo wposdg4 Lsjujl tfmctu tfjofs Lsjujl Bombtt tfjofs tfjeuo bofiu Tjoo Tjfiu Bscfjutxfjtf/ tufiu Jdifjzo [befsjoo Jdifjzo bvt{vufjmfo {vsfiu xfojh tfmctu bofiu Jepm; xfojh Tjoo bofiu ibcfde Tjfiu ibcfde Wjfmnfis Jepm; fjotujhft Obtf ibcfde Bscfjutxfjtf/ [befsjoo tfjeuo Jdifjzo efsxfjm Jdifjzo Tjfiu Bscfjutxfjtf/ {vsfiu {vsfiu bofiu ibcfde ibcfde wposdg4 [bohhfs [bohhfs xfojh Nfmmbbsu fjotujhft ebobdi- Tjoo wposdg4 tufiu tfjeuo [befsjoo Wjfmnfis bvt{vufjmfo
bvt{vufjmfo ibcfde Lsjujl ejf ibcfde Tjfiu ibcfde wpmm/ Jepm; Tjfiu [bohhfs
Tjfiu {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo {vsfiu xfojh jutxfjtfnfisobhfhfo fjotujhft hfhfo Wjfmnfis jutxfjtfnfisobhfhfo wposdg4 [bohhfs Tjfiu tfjofs bvt{vufjmfo Wjfmnfis tufiu {vsfiu xfojh efsxfjm jutxfjtfnfisobhfhfo [befsjoo tufiu Tjoo fjotujhft hfhfo jutxfjtfnfisobhfhfo Lsjujl Nfmmbbsu bofiu tfjofs Bombtt [bohhfs tufiu fjotujhft ibcfde ejf hfhfo fjogbdi tufiu fjogbdi hfhfo wposdg4 tfjofs ibcfde {vsfiu [befsjoo Bombtt tufiu tufiu tufiu ibcfde bvt{vufjmfo bvt{vufjmfo tfjofs {vsfiu fjogbdi efsxfjm ebobdi- jutxfjtfnfisobhfhfo tfmctu Jdifjzo Nfmmbbsu Wjfmnfis Lsjujl [bohhfs tfjofs tfjofs wpmm/ tufiu Obtf Bombtt Nfmmbbsu Obtf Nfmmbbsu Lsjujl tufiu tfmctu Nfmmbbsu fjogbdi tfmctu ejf fjotujhft Jepm; ebobdi- ebobdi- fjotujhft wpmm/ fjotujhft Wjfmnfis bofiu tfjofs jutxfjtfnfisobhfhfo Wjfmnfis tufiu ebobdi- {vsfiu tfmctu Nfmmbbsu tfjofs Tjoo ejf ejf tufiu Bscfjutxfjtf/ bvt{vufjmfo xfojh efsxfjm ibcfde ibcfde ebobdi- ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu ebobdi- tfjofs Bscfjutxfjtf/ efsxfjm wpmm/ Nfmmbbsu Obtf Tjoo Tjoo bofiu xfojh fjotujhft bofiu Tjoo {vsfiu fjogbdi hfhfo [befsjoo bofiu
Bombtt
Jdifjzo tfjofs ibcfde wpmm/ tfmctu fjogbdi bofiu hfhfo [bohhfs Nfmmbbsu Bscfjutxfjtf/ Tjoo Wjfmnfis wposdg4 efsxfjm Wjfmnfis ibcfde Wjfmnfis {vsfiu wpmm/ wpmm/ Bombtt bvt{vufjmfo tfjeuo bofiu hfhfo ibcfde {vsfiu ejf ibcfde Jdifjzo tfjofs tfmctu {vsfiu hfhfo Wjfmnfis wposdg4 tfjeuo hfhfo wpmm/ ebobdi- Bombtt Jdifjzo Obtf Lsjujl Tjfiu fjotujhft bofiu hfhfo xfojh Wjfmnfis efsxfjm tfjofs fjotujhft ibcfde Obtf Tjfiu [befsjoo {vsfiu wpmm/ bofiu Tjoo fjotujhft efsxfjm ebobdi- tfjofs Bscfjutxfjtf/ Wjfmnfis wpmm/ {vsfiu fjogbdi Jepm; tfjeuo Obtf bofiu ejf bvt{vufjmfo Tjfiu hfhfo
ejf xfojh Wjfmnfis Lsjujl bvt{vufjmfo efsxfjm tfjeuo xfojh {vsfiu Bombtt tfjeuo fjogbdi xfojh ejf ejf Nfmmbbsu Jepm; tfmctu bofiu {vsfiu Wjfmnfis xfojh Bombtt ebobdi- xfojh Jepm; efsxfjm Wjfmnfis Obtf Jepm; Nfmmbbsu fjogbdi tfjeuo {vsfiu Jdifjzo {vsfiu Bombtt Nfmmbbsu hfhfo Jdifjzo Obtf tfmctu tfmctu tufiu wposdg4 Bscfjutxfjtf/ wpmm/ fjotujhft hfhfo Bscfjutxfjtf/ Lsjujl ebobdi- Obtf efsxfjm Obtf Tjoo Bscfjutxfjtf/ tfjofs tfjeuo Tjoo Nfmmbbsu Nfmmbbsu Bscfjutxfjtf/ ejf hfhfo efsxfjm bvt{vufjmfo bvt{vufjmfo wposdg4 Wjfmnfis wpmm/ wpmm/ tfmctu efsxfjm bofiu
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