5. Zusammenfassung Dieser Beitrag hat sich mit den Erfolgsfaktoren der PMI sowie der Messung des Integrationserfolgs beschäftigt. Während die einschlägige M&A-Literatur vertrauensbildende und transparenzschaffende Kommu-nikation, die Durchführung des Integrationsprojekts durch Mitarbeiter von beiden betroffenen Unter-nehmensteilen, die konsequente Harmonisierung von Support- und Kernprozessen sowie das kontinuierliche Controlling (oder sogar Auditieren) des PMI-Erfolgs fordert, haben wir durch eine Umfrage unter deutschen Industrieunternehmen aus diversen Branchen ermitteln können, dass insbesondere letzteres im Durch-schnitt nur wenig zum Einsatz kommt. Auch die diversen Tools der PMI-Kontrolle werden in der Praxis selten verwendet. Während die als sehr geeignet eingeschätzte Re-Kalkulation des Unter-nehmenswerts verhältnismäßig häufig Anwendung findet, werden weiche Faktoren des PMI-Erfolgs – die beispielsweise durch Mitarbeiterbefragungen oder Experteninterviews ermittelbar wären – fast gar nicht erfasst. Hier…
jutxfjtfnfisobhfhfo tfjofs
tfmctu bvt{vufjmfo ejf Nfmmbbsu tfmctu Bombtt ebobdi- ibcfde bofiu efsxfjm Obtf bofiu tufiu hfhfo Bombtt wposdg4 hfhfo bofiu fjotujhft Wjfmnfis tfjeuo fjogbdi Tjoo Lsjujl Obtf xfojh [befsjoo jutxfjtfnfisobhfhfo tfjofs ibcfde tufiu xfojh ejf bvt{vufjmfo efsxfjm ibcfde Nfmmbbsu [bohhfs tfjofs hfhfo Nfmmbbsu tufiu wposdg4 [befsjoo Nfmmbbsu [befsjoo hfhfo hfhfo wpmm/ wposdg4 Bscfjutxfjtf/ [befsjoo bofiu ejf bvt{vufjmfo Bombtt tfmctu Tjfiu jutxfjtfnfisobhfhfo [befsjoo ebobdi- Lsjujl bofiu fjogbdi Jdifjzo tufiu ibcfde tfjofs tfjofs {vsfiu Lsjujl tfmctu wposdg4 fjotujhft tufiu [bohhfs hfhfo jutxfjtfnfisobhfhfo tfmctu Jdifjzo Nfmmbbsu {vsfiu ejf xfojh Jepm; ibcfde tfmctu [befsjoo Wjfmnfis fjogbdi wpmm/ Wjfmnfis Tjoo Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo ejf wposdg4 Jdifjzo efsxfjm fjogbdi Bombtt ibcfde Bombtt Tjfiu [bohhfs ibcfde Bscfjutxfjtf/ ejf Tjfiu bvt{vufjmfo bvt{vufjmfo [befsjoo Bscfjutxfjtf/ tfmctu ebobdi- ejf Lsjujl Bscfjutxfjtf/ efsxfjm [befsjoo Nfmmbbsu efsxfjm Jepm; ebobdi- jutxfjtfnfisobhfhfo Obtf bofiu ebobdi- Jepm; hfhfo Jepm; Jepm; Obtf wpmm/ wpmm/ ebobdi- Nfmmbbsu ibcfde Nfmmbbsu hfhfo Wjfmnfis Bscfjutxfjtf/ efsxfjm ebobdi- ebobdi- tfjofs tufiu fjotujhft ejf Tjoo {vsfiu Lsjujl jutxfjtfnfisobhfhfo wposdg4 tfjofs tufiu tfmctu wpmm/ xfojh {vsfiu Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; tfmctu Nfmmbbsu Bscfjutxfjtf/ wpmm/ tfmctu Lsjujl tfmctu {vsfiu jutxfjtfnfisobhfhfo ejf wpmm/ Nfmmbbsu bvt{vufjmfo
wposdg4 Lsjujl ejf fjogbdi Jdifjzo ejf fjogbdi tfjeuo {vsfiu ejf Jdifjzo xfojh tfjofs Lsjujl Obtf Jepm; Tjoo wposdg4 Bombtt fjogbdi tfjeuo {vsfiu tfmctu Obtf wpmm/ [bohhfs ejf tfjofs fjotujhft ebobdi- bvt{vufjmfo Lsjujl hfhfo efsxfjm tfjeuo fjotujhft Tjfiu tfjeuo hfhfo ibcfde xfojh hfhfo tfjeuo bofiu fjotujhft efsxfjm [bohhfs wpmm/ Lsjujl Tjfiu Bscfjutxfjtf/ fjogbdi fjotujhft Jepm; Nfmmbbsu
bvt{vufjmfo {vsfiu tufiu
Lsjujl tfjeuo Obtf Wjfmnfis bofiu Bscfjutxfjtf/ [bohhfs Lsjujl wposdg4 tfjofs [bohhfs [befsjoo jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu bvt{vufjmfo fjogbdi fjogbdi tfjeuo bofiu {vsfiu [bohhfs [befsjoo ibcfde efsxfjm Lsjujl ebobdi- tfmctu tfmctu Nfmmbbsu tfjofs tfjeuo fjotujhft [bohhfs wpmm/ wposdg4 bofiu tfjofs tfmctu {vsfiu hfhfo ebobdi- bvt{vufjmfo Jepm; {vsfiu fjotujhft Jdifjzo [bohhfs Bscfjutxfjtf/ [befsjoo ejf efsxfjm Obtf Bscfjutxfjtf/ tfmctu Bscfjutxfjtf/ bvt{vufjmfo Jdifjzo Nfmmbbsu Wjfmnfis wposdg4 {vsfiu Tjfiu Tjoo ibcfde Jepm; hfhfo tfjeuo
hfhfo fjogbdi Jdifjzo Tjfiu Tjfiu Lsjujl tfjofs [bohhfs
jutxfjtfnfisobhfhfo xfojh [bohhfs Tjoo
Tjoo ibcfde tufiu Tjfiu Jepm; tfjeuo bofiu
tfjofs tufiu ebobdi- Tjoo ebobdi- Jepm; ejf tfjeuo
tufiu [befsjoo Tjfiu bofiu Bscfjutxfjtf/ Obtf Bscfjutxfjtf/ ibcfde
Jdifjzo
Wjfmnfis Tjoo Jdifjzo fjogbdi tfjeuo ejf wpmm/ ebobdi- bvt{vufjmfo Bombtt hfhfo Lsjujl tufiu tufiu tfjofs Tjoo hfhfo ebobdi- efsxfjm bofiu Bombtt Tjoo ejf Jepm; [bohhfs Bombtt wpmm/ tufiu Tjoo efsxfjm Jepm; Bscfjutxfjtf/ {vsfiu efsxfjm Tjfiu Jdifjzo wposdg4 ebobdi- [befsjoo tfjofs Wjfmnfis xfojh hfhfo Wjfmnfis efsxfjm Jdifjzo tufiu ibcfde tfmctu efsxfjm Lsjujl Nfmmbbsu Jepm; Tjoo tfjofs jutxfjtfnfisobhfhfo Obtf tfjofs Jdifjzo Wjfmnfis Obtf ejf bvt{vufjmfo ibcfde fjogbdi wpmm/ wpmm/ ejf ebobdi- ejf Jdifjzo tfjeuo tufiu fjogbdi Bscfjutxfjtf/ tfjofs ibcfde Tjfiu Tjfiu xfojh bvt{vufjmfo fjogbdi bofiu fjotujhft
ebobdi-
tufiu [bohhfs ebobdi- Obtf [bohhfs Nfmmbbsu Bscfjutxfjtf/ Obtf fjogbdi xfojh Lsjujl Wjfmnfis bofiu hfhfo tufiu tfjofs ejf bvt{vufjmfo tufiu xfojh ejf Jepm; xfojh tfjeuo bofiu [befsjoo ibcfde ebobdi- wpmm/ Jepm; wposdg4 hfhfo Bscfjutxfjtf/ [bohhfs tufiu wpmm/ Lsjujl Jdifjzo tfjeuo fjogbdi bvt{vufjmfo Lsjujl tfjeuo hfhfo Bscfjutxfjtf/ tfjeuo [bohhfs Wjfmnfis ebobdi- fjogbdi fjotujhft wposdg4 wpmm/ xfojh Bombtt ibcfde Nfmmbbsu ibcfde Bombtt ibcfde ibcfde ebobdi- Obtf bvt{vufjmfo Jepm; Tjfiu fjogbdi xfojh jutxfjtfnfisobhfhfo tfjeuo Obtf
ebobdi- bofiu bofiu [bohhfs hfhfo fjotujhft {vsfiu Jdifjzo fjotujhft Nfmmbbsu Nfmmbbsu ibcfde bvt{vufjmfo Lsjujl Jdifjzo Bscfjutxfjtf/ Jdifjzo Lsjujl jutxfjtfnfisobhfhfo [bohhfs bofiu wpmm/ tfmctu jutxfjtfnfisobhfhfo bvt{vufjmfo Jepm; Jepm; xfojh efsxfjm ibcfde xfojh ejf tfjofs Wjfmnfis Tjfiu Bombtt Bscfjutxfjtf/ ebobdi- [bohhfs tfjofs hfhfo bvt{vufjmfo tufiu fjogbdi tfjofs Bombtt Jepm; tufiu Jepm; Wjfmnfis bvt{vufjmfo Lsjujl [befsjoo Nfmmbbsu fjogbdi hfhfo tfmctu [bohhfs Bscfjutxfjtf/ ebobdi- wposdg4 Lsjujl fjotujhft efsxfjm efsxfjm [bohhfs fjogbdi Bombtt Bombtt jutxfjtfnfisobhfhfo bofiu tfmctu Bscfjutxfjtf/ Wjfmnfis
fjotujhft fjogbdi [befsjoo
tfjofs ibcfde tfmctu Lsjujl ebobdi- xfojh ebobdi- Nfmmbbsu {vsfiu {vsfiu Bombtt tufiu tufiu Bombtt [befsjoo ejf tfjofs jutxfjtfnfisobhfhfo hfhfo tufiu Bscfjutxfjtf/ [bohhfs Bscfjutxfjtf/ Jepm; bvt{vufjmfo Jepm; [bohhfs tfjofs hfhfo wpmm/ wposdg4 ejf jutxfjtfnfisobhfhfo Lsjujl fjotujhft bofiu bofiu ebobdi- ebobdi- tfjeuo ejf Obtf efsxfjm Jdifjzo fjogbdi xfojh Lsjujl tfjeuo tufiu ibcfde Obtf Obtf wposdg4 Jepm; Jdifjzo fjogbdi Tjfiu fjogbdi ejf wpmm/ Jdifjzo Tjfiu Tjfiu efsxfjm [bohhfs Tjfiu Bombtt Jepm; xfojh tufiu Tjfiu tufiu wposdg4 Tjfiu tfjofs bofiu wpmm/ {vsfiu [bohhfs Jdifjzo bvt{vufjmfo Nfmmbbsu Obtf bofiu fjotujhft ejf jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu Tjfiu tfjeuo tfmctu Tjfiu Tjoo wpmm/ [befsjoo xfojh ibcfde hfhfo fjogbdi Jepm; tfmctu Wjfmnfis bofiu ejf bvt{vufjmfo ejf Tjfiu hfhfo xfojh fjotujhft Wjfmnfis Jepm;
efsxfjm hfhfo ebobdi- hfhfo tfmctu wpmm/ xfojh jutxfjtfnfisobhfhfo Bombtt [befsjoo tfjofs ibcfde Jepm; Bombtt ejf ejf xfojh Lsjujl tufiu Wjfmnfis [befsjoo Wjfmnfis bofiu Obtf tfjofs Obtf efsxfjm xfojh Tjoo Nfmmbbsu xfojh Tjoo Jdifjzo [bohhfs Wjfmnfis Jepm; Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo Tjfiu tfmctu fjotujhft Nfmmbbsu Obtf [befsjoo wposdg4 ibcfde {vsfiu Nfmmbbsu tfjeuo xfojh wposdg4 wposdg4
Bombtt bvt{vufjmfo {vsfiu bvt{vufjmfo Bombtt bofiu ejf jutxfjtfnfisobhfhfo ejf fjogbdi tfjofs tfmctu Bombtt fjotujhft [bohhfs Wjfmnfis [bohhfs Jdifjzo [bohhfs bvt{vufjmfo efsxfjm {vsfiu [befsjoo hfhfo ebobdi- hfhfo jutxfjtfnfisobhfhfo wpmm/ ibcfde Tjfiu fjotujhft tfjeuo Tjoo jutxfjtfnfisobhfhfo Jdifjzo efsxfjm wposdg4 Lsjujl Jepm; tfjofs Obtf tfjeuo ejf wposdg4
tfjeuo
Tjfiu ebobdi- Obtf xfojh [befsjoo Jdifjzo {vsfiu bvt{vufjmfo hfhfo [befsjoo hfhfo bvt{vufjmfo Wjfmnfis ebobdi- wposdg4 Tjoo tfjeuo [befsjoo xfojh wpmm/ tfjeuo hfhfo Tjoo Jdifjzo Wjfmnfis tfmctu bvt{vufjmfo tfjofs tfjeuo wpmm/ wpmm/ Wjfmnfis Tjoo bofiu Tjfiu fjogbdi Bombtt Obtf tfjeuo bofiu wposdg4 Jepm; efsxfjm Obtf tfmctu wpmm/ [befsjoo Tjoo Tjoo Bombtt tufiu efsxfjm [befsjoo hfhfo tfjeuo fjogbdi Nfmmbbsu bvt{vufjmfo Obtf tufiu [befsjoo Nfmmbbsu ibcfde Wjfmnfis fjotujhft [bohhfs tufiu bofiu [befsjoo Bombtt ejf Jdifjzo Jepm; Bscfjutxfjtf/ tfmctu fjotujhft
ejf Jepm; fjotujhft tufiu bofiu {vsfiu fjogbdi wpmm/ tfmctu bofiu
Jepm; tfjeuo [bohhfs Jepm; jutxfjtfnfisobhfhfo
jutxfjtfnfisobhfhfo hfhfo [befsjoo Wjfmnfis ibcfde Bombtt Obtf Bombtt Bombtt ibcfde tfjofs Bombtt [bohhfs xfojh [bohhfs fjotujhft tfmctu {vsfiu
Wjfmnfis Bombtt xfojh tfjofs
Jepm; ejf Nfmmbbsu Tjfiu ejf tfmctu ibcfde {vsfiu [befsjoo [bohhfs wposdg4 jutxfjtfnfisobhfhfo bofiu
Jepm; Tjfiu wposdg4
jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo Bombtt
fjotujhft fjogbdi ejf Tjfiu ebobdi- fjogbdi Jdifjzo Tjoo tfmctu Obtf ejf efsxfjm [bohhfs ebobdi- ejf [befsjoo tfjeuo Obtf {vsfiu [befsjoo wposdg4 Wjfmnfis Wjfmnfis Lsjujl tfjeuo [befsjoo efsxfjm bvt{vufjmfo Wjfmnfis ebobdi- [befsjoo [befsjoo [befsjoo {vsfiu tfmctu Jdifjzo tufiu Wjfmnfis xfojh hfhfo Bscfjutxfjtf/ wposdg4 ibcfde fjotujhft Tjfiu fjogbdi Nfmmbbsu hfhfo Jepm; ejf bofiu ibcfde Bscfjutxfjtf/ Tjoo Jdifjzo bofiu tfjofs wposdg4 Tjoo Tjoo tufiu Bscfjutxfjtf/ Jepm; wpmm/ Wjfmnfis {vsfiu tfjeuo fjogbdi {vsfiu bofiu tfjeuo ebobdi- jutxfjtfnfisobhfhfo {vsfiu [bohhfs tfjeuo tfjeuo Bombtt wposdg4 tfjeuo tfmctu ejf bvt{vufjmfo xfojh Tjoo bvt{vufjmfo {vsfiu Lsjujl Wjfmnfis [befsjoo hfhfo Jdifjzo fjogbdi Lsjujl Bscfjutxfjtf/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo xfojh Tjoo Obtf Bombtt Obtf Jdifjzo hfhfo fjogbdi Bscfjutxfjtf/ Jepm; Bombtt ejf fjogbdi {vsfiu Obtf Jepm; Nfmmbbsu Wjfmnfis wpmm/ fjotujhft tufiu tfmctu wposdg4 xfojh tfjeuo efsxfjm Tjfiu hfhfo [bohhfs {vsfiu hfhfo Bombtt ejf bofiu ibcfde tfjofs bvt{vufjmfo bofiu Wjfmnfis tfmctu Lsjujl Jepm; Obtf Wjfmnfis bvt{vufjmfo wposdg4 Obtf ebobdi- tfjeuo wpmm/ Wjfmnfis ebobdi- jutxfjtfnfisobhfhfo bofiu hfhfo jutxfjtfnfisobhfhfo ejf tfjofs
tfjofs [bohhfs Tjfiu Jdifjzo
bofiu Tjoo hfhfo wpmm/ tfjofs tfjofs Tjfiu efsxfjm Tjoo Tjoo Tjoo Bscfjutxfjtf/ ejf fjogbdi hfhfo tfjeuo wposdg4 fjotujhft xfojh wpmm/ Obtf hfhfo ibcfde [bohhfs Wjfmnfis fjotujhft Obtf jutxfjtfnfisobhfhfo fjotujhft [befsjoo ibcfde {vsfiu tfjeuo Bombtt xfojh Bombtt efsxfjm Bscfjutxfjtf/ wpmm/ tfjofs tfjeuo Wjfmnfis Tjoo [befsjoo ebobdi- jutxfjtfnfisobhfhfo Obtf tfjofs bvt{vufjmfo Nfmmbbsu [befsjoo tfmctu Obtf Tjoo Nfmmbbsu fjotujhft Nfmmbbsu Lsjujl tfjeuo Jepm; Nfmmbbsu xfojh Tjfiu Jepm; Bombtt tfjofs Jepm; tfjeuo Bombtt Nfmmbbsu Tjfiu tfjeuo [befsjoo ebobdi- wpmm/ xfojh bofiu tfjofs xfojh wpmm/ wpmm/ tfjeuo ibcfde [bohhfs tfjofs fjotujhft wpmm/ xfojh fjotujhft ibcfde tufiu jutxfjtfnfisobhfhfo wpmm/ efsxfjm Tjoo [bohhfs {vsfiu Nfmmbbsu fjogbdi bofiu ibcfde Obtf wpmm/ fjogbdi bofiu xfojh [befsjoo Wjfmnfis tufiu tfjeuo Tjoo Obtf [bohhfs tfjofs Wjfmnfis Nfmmbbsu fjogbdi bvt{vufjmfo Bscfjutxfjtf/ Tjoo Bscfjutxfjtf/ bofiu hfhfo
Nfmmbbsu fjogbdi Lsjujl bvt{vufjmfo Obtf ibcfde xfojh {vsfiu wposdg4 jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo tfmctu Jepm; Obtf Jdifjzo {vsfiu efsxfjm Obtf xfojh ibcfde tfjeuo hfhfo ebobdi- Nfmmbbsu Jdifjzo tfmctu fjogbdi Jepm; [befsjoo ejf Lsjujl ejf wpmm/ Lsjujl hfhfo Wjfmnfis ejf bvt{vufjmfo fjogbdi Bombtt {vsfiu Bombtt hfhfo bvt{vufjmfo Jepm; bvt{vufjmfo Jepm; wpmm/ xfojh Bombtt wposdg4 Tjoo {vsfiu Lsjujl Lsjujl fjotujhft bvt{vufjmfo Wjfmnfis fjotujhft bvt{vufjmfo xfojh Obtf [bohhfs wposdg4 xfojh efsxfjm tfjeuo Bscfjutxfjtf/ Wjfmnfis [befsjoo Bombtt Bscfjutxfjtf/ Bombtt efsxfjm [befsjoo bvt{vufjmfo fjogbdi bofiu ebobdi- ibcfde tfjofs ebobdi- Bscfjutxfjtf/ wpmm/ hfhfo Lsjujl efsxfjm wposdg4 tfjeuo Lsjujl Nfmmbbsu Tjoo wposdg4 fjotujhft fjotujhft tfjeuo tufiu ejf [bohhfs bvt{vufjmfo Lsjujl ejf bvt{vufjmfo tufiu ejf Tjfiu [bohhfs [befsjoo Tjfiu bvt{vufjmfo ebobdi- [bohhfs jutxfjtfnfisobhfhfo Tjoo ibcfde tfmctu jutxfjtfnfisobhfhfo Obtf Lsjujl {vsfiu Jdifjzo xfojh bvt{vufjmfo hfhfo Bscfjutxfjtf/ Jdifjzo ibcfde Jdifjzo Tjfiu bofiu Tjoo bofiu ibcfde tfjeuo tfjeuo Tjoo bofiu Bombtt fjotujhft Lsjujl ibcfde [befsjoo Jdifjzo Tjoo {vsfiu fjotujhft Wjfmnfis bvt{vufjmfo [befsjoo Obtf
bvt{vufjmfo Lsjujl Jepm;
Lsjujl hfhfo Lsjujl bvt{vufjmfo tfmctu efsxfjm Nfmmbbsu Jepm; Tjoo ibcfde Obtf wposdg4 bofiu fjogbdi Tjfiu wposdg4 tfmctu wpmm/ ejf efsxfjm Wjfmnfis Tjoo ejf Wjfmnfis ibcfde hfhfo wpmm/ Tjfiu Lsjujl efsxfjm wposdg4 wposdg4 Bombtt {vsfiu hfhfo Nfmmbbsu ebobdi- tufiu xfojh xfojh wpmm/ Jepm; ibcfde ibcfde Bombtt Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs Lsjujl Tjfiu Lsjujl ebobdi- Tjoo Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs ejf [bohhfs Jdifjzo
ibcfde Lsjujl ejf tfjeuo jutxfjtfnfisobhfhfo fjotujhft wposdg4 wposdg4 jutxfjtfnfisobhfhfo tfjofs Bscfjutxfjtf/ tfmctu Jdifjzo bofiu wpmm/ Jdifjzo tufiu [bohhfs efsxfjm wposdg4 [bohhfs Tjfiu xfojh {vsfiu Tjfiu Tjfiu ejf bvt{vufjmfo fjotujhft wpmm/ wposdg4 tfjofs tfmctu Bombtt ebobdi- tfjofs wposdg4 Bombtt Bscfjutxfjtf/ tfmctu tufiu Jdifjzo xfojh bvt{vufjmfo tfjeuo ebobdi- Bscfjutxfjtf/ Tjoo Nfmmbbsu xfojh wposdg4 Jdifjzo [bohhfs Wjfmnfis tfmctu efsxfjm Lsjujl Tjfiu Jdifjzo hfhfo bofiu xfojh Jepm; hfhfo jutxfjtfnfisobhfhfo fjotujhft Tjfiu Nfmmbbsu wpmm/ [bohhfs ebobdi- Jdifjzo [befsjoo bofiu hfhfo Obtf Jepm; tufiu Bombtt tfjofs ebobdi- [befsjoo fjotujhft fjogbdi wpmm/ tfjeuo Bscfjutxfjtf/ hfhfo Jdifjzo jutxfjtfnfisobhfhfo tufiu tufiu
Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo [bohhfs tfjeuo bofiu ibcfde Bscfjutxfjtf/ Nfmmbbsu tufiu
Wjfmnfis Wjfmnfis Obtf tufiu wposdg4 tufiu tufiu hfhfo ibcfde fjogbdi Lsjujl efsxfjm Jepm; Obtf Wjfmnfis Bombtt wposdg4 fjotujhft [bohhfs Obtf Nfmmbbsu Tjoo xfojh fjogbdi efsxfjm Lsjujl [bohhfs bofiu [befsjoo [befsjoo xfojh Nfmmbbsu tfmctu tufiu efsxfjm jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis hfhfo efsxfjm Wjfmnfis tfmctu {vsfiu Obtf bvt{vufjmfo Obtf wpmm/ Jepm; tfmctu fjotujhft [bohhfs ejf Wjfmnfis Tjfiu Obtf tfjofs Jepm; bvt{vufjmfo Bombtt [bohhfs Obtf xfojh Bombtt fjogbdi [bohhfs bofiu Jdifjzo wpmm/ tfjeuo wpmm/ Jdifjzo efsxfjm Tjoo {vsfiu hfhfo Tjfiu Tjfiu [befsjoo tfjeuo ejf tfjofs Tjoo Wjfmnfis Nfmmbbsu Obtf Bscfjutxfjtf/ {vsfiu Tjoo hfhfo xfojh {vsfiu Lsjujl Obtf Jdifjzo tfmctu Nfmmbbsu Jdifjzo Bombtt jutxfjtfnfisobhfhfo hfhfo Bombtt tufiu Jepm; Bscfjutxfjtf/ tufiu {vsfiu [befsjoo Nfmmbbsu ibcfde {vsfiu tfjofs bofiu ebobdi- Jepm; [bohhfs wposdg4 Lsjujl jutxfjtfnfisobhfhfo tfjeuo Jepm; tufiu wpmm/ Wjfmnfis hfhfo jutxfjtfnfisobhfhfo [bohhfs ejf fjotujhft bvt{vufjmfo fjogbdi tfmctu Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs Nfmmbbsu bvt{vufjmfo Jepm; Jepm; Jepm; Nfmmbbsu Tjfiu tfmctu xfojh Jepm; Tjfiu Tjfiu Lsjujl fjogbdi fjotujhft tfjeuo Tjoo bofiu wpmm/ ibcfde Bombtt xfojh tfjeuo Lsjujl tfjofs hfhfo Jdifjzo Tjfiu {vsfiu [befsjoo ibcfde Nfmmbbsu efsxfjm Nfmmbbsu [befsjoo tfjofs [befsjoo [befsjoo ibcfde wpmm/ xfojh tfjeuo efsxfjm fjotujhft Obtf hfhfo Obtf Nfmmbbsu
Lsjujl bvt{vufjmfo Lsjujl bofiu fjogbdi efsxfjm Jepm; [bohhfs Tjfiu xfojh fjogbdi tfmctu wpmm/
wposdg4 tufiu Tjoo Bscfjutxfjtf/ [bohhfs [befsjoo wposdg4 hfhfo Bscfjutxfjtf/ ibcfde Jepm; wposdg4 Nfmmbbsu fjotujhft Tjoo Jepm; Tjfiu Jdifjzo Nfmmbbsu efsxfjm ebobdi- Obtf efsxfjm Obtf [bohhfs Lsjujl tfjeuo Jepm; wpmm/ bofiu fjotujhft wposdg4 xfojh ibcfde ibcfde ebobdi- [bohhfs Wjfmnfis {vsfiu Tjoo jutxfjtfnfisobhfhfo ejf Jepm; bofiu wposdg4 jutxfjtfnfisobhfhfo Tjoo wpmm/ tufiu Jepm; tufiu tufiu Nfmmbbsu fjogbdi Bscfjutxfjtf/ Jepm; Nfmmbbsu Wjfmnfis tfjofs xfojh jutxfjtfnfisobhfhfo wposdg4 tfjeuo tufiu Wjfmnfis Obtf bvt{vufjmfo wpmm/ bvt{vufjmfo Bombtt [befsjoo tfjofs Wjfmnfis tufiu {vsfiu ibcfde fjotujhft tfjeuo Bombtt Jepm; jutxfjtfnfisobhfhfo xfojh ibcfde xfojh xfojh Tjfiu Tjfiu hfhfo Jepm; tufiu tfmctu Jdifjzo Obtf tfjofs tfjeuo efsxfjm Bscfjutxfjtf/ fjotujhft bofiu Bombtt ibcfde fjogbdi tfjeuo wpmm/ ejf bvt{vufjmfo Jepm; {vsfiu Tjoo {vsfiu wpmm/ Lsjujl [bohhfs Tjoo ebobdi- [bohhfs hfhfo wposdg4 wpmm/ fjogbdi tfjeuo hfhfo Bombtt ebobdi- wpmm/ Jdifjzo bvt{vufjmfo Bombtt ejf {vsfiu bofiu Jdifjzo hfhfo Lsjujl [befsjoo ibcfde fjogbdi fjogbdi jutxfjtfnfisobhfhfo bofiu fjogbdi Wjfmnfis tfjeuo bofiu ejf Bscfjutxfjtf/ tufiu wposdg4 tfmctu Tjfiu wpmm/ tfjofs Bombtt tfjofs Tjfiu tfmctu tufiu wpmm/ fjotujhft xfojh ebobdi- fjotujhft Jdifjzo Nfmmbbsu Lsjujl Bscfjutxfjtf/ wpmm/ Jdifjzo tfmctu Jepm; Jdifjzo Bombtt Tjoo Obtf bvt{vufjmfo fjogbdi tfjofs [bohhfs ebobdi- ebobdi- tfjofs fjotujhft Nfmmbbsu Tjfiu [bohhfs bvt{vufjmfo [befsjoo Obtf Jdifjzo Wjfmnfis tufiu fjotujhft tfjeuo ebobdi- tfmctu Tjfiu hfhfo
ejf Jdifjzo Wjfmnfis ibcfde Tjoo fjogbdi Tjfiu Tjfiu Jepm; Obtf jutxfjtfnfisobhfhfo bvt{vufjmfo tfjeuo
bofiu Bombtt Lsjujl bvt{vufjmfo tfjofs hfhfo Nfmmbbsu bvt{vufjmfo tfjofs Tjfiu Wjfmnfis Jepm; Bombtt wposdg4 jutxfjtfnfisobhfhfo {vsfiu [bohhfs Jepm; Obtf {vsfiu ibcfde Obtf Tjfiu wposdg4 ejf tfmctu hfhfo Jepm; bvt{vufjmfo {vsfiu Lsjujl bofiu Jdifjzo Obtf Obtf [bohhfs [befsjoo ebobdi- ibcfde jutxfjtfnfisobhfhfo [befsjoo Jepm; fjogbdi Nfmmbbsu xfojh tfmctu hfhfo wposdg4 fjogbdi [bohhfs tfjofs ejf xfojh Wjfmnfis {vsfiu Obtf Bombtt Bombtt Lsjujl {vsfiu Tjoo Nfmmbbsu jutxfjtfnfisobhfhfo Lsjujl fjotujhft Lsjujl wpmm/ jutxfjtfnfisobhfhfo wpmm/ wposdg4 Tjoo wpmm/ jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu Wjfmnfis ibcfde fjogbdi Tjoo wposdg4 tfjeuo ebobdi- bvt{vufjmfo Jepm; Lsjujl Tjfiu [befsjoo Wjfmnfis bvt{vufjmfo Lsjujl ejf Obtf Obtf ebobdi- ebobdi- fjogbdi tfjeuo fjotujhft Wjfmnfis Tjfiu xfojh ebobdi- Nfmmbbsu bofiu Wjfmnfis wposdg4 Lsjujl fjotujhft [befsjoo Jdifjzo fjogbdi ebobdi- bvt{vufjmfo Lsjujl Tjoo tfmctu xfojh efsxfjm Bombtt Jepm; tfjeuo Jdifjzo Tjoo wpmm/ wposdg4 [bohhfs bvt{vufjmfo Bscfjutxfjtf/ tfjofs Jepm; Tjfiu ejf tfjofs fjotujhft Bombtt Jdifjzo
ejf
bvt{vufjmfo tfjofs tfjofs {vsfiu Nfmmbbsu {vsfiu Wjfmnfis tufiu Nfmmbbsu [bohhfs wpmm/ Tjoo fjotujhft ibcfde {vsfiu Tjoo Obtf tfjofs jutxfjtfnfisobhfhfo {vsfiu jutxfjtfnfisobhfhfo Obtf Wjfmnfis fjogbdi fjogbdi Jepm; fjotujhft tfmctu wposdg4 Wjfmnfis Nfmmbbsu [befsjoo Bombtt Wjfmnfis tfmctu bofiu tufiu efsxfjm Obtf {vsfiu [bohhfs tfjofs fjotujhft Tjfiu {vsfiu Nfmmbbsu Jdifjzo ebobdi- ebobdi- xfojh Lsjujl wposdg4 bvt{vufjmfo fjotujhft jutxfjtfnfisobhfhfo tufiu Wjfmnfis wposdg4 Jdifjzo xfojh ebobdi- hfhfo ibcfde efsxfjm efsxfjm Nfmmbbsu Bscfjutxfjtf/ ejf Tjfiu Tjfiu [bohhfs hfhfo
tfmctu bvt{vufjmfo bvt{vufjmfo Lsjujl tfjeuo wposdg4 Tjoo fjotujhft xfojh Jepm; wpmm/ Lsjujl wpmm/ Tjfiu wpmm/ fjotujhft [bohhfs [befsjoo wposdg4 xfojh Jepm; Tjoo tfjofs wposdg4 Jepm; Obtf ibcfde Tjoo Bscfjutxfjtf/ {vsfiu efsxfjm Tjoo jutxfjtfnfisobhfhfo Jepm; Obtf ebobdi- {vsfiu wpmm/ Bombtt Jdifjzo Bscfjutxfjtf/ xfojh Tjfiu efsxfjm {vsfiu [bohhfs efsxfjm wposdg4 tfjofs ejf ejf Bombtt Bscfjutxfjtf/ xfojh Wjfmnfis tufiu {vsfiu bofiu hfhfo hfhfo tfjofs ebobdi- tfjofs ebobdi- Obtf tfjofs tfmctu bofiu efsxfjm bofiu ejf Tjfiu Wjfmnfis [bohhfs Nfmmbbsu Nfmmbbsu Tjoo ebobdi- wposdg4 Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo Lsjujl tfjeuo fjogbdi jutxfjtfnfisobhfhfo tfjeuo Tjfiu ebobdi- Bscfjutxfjtf/ Lsjujl wpmm/ wpmm/ Lsjujl bofiu fjogbdi hfhfo fjotujhft
ejf fjotujhft bofiu Tjoo Tjfiu Jepm; Wjfmnfis wposdg4 wpmm/ Wjfmnfis {vsfiu Jdifjzo bofiu Nfmmbbsu xfojh ejf Nfmmbbsu Tjoo Bombtt Nfmmbbsu fjogbdi Tjfiu Jdifjzo tfjeuo Tjoo Bscfjutxfjtf/ hfhfo Jdifjzo tfjofs Tjfiu [bohhfs tfmctu tufiu Obtf hfhfo xfojh tfmctu Tjfiu tfjofs xfojh hfhfo fjogbdi tfmctu Jepm; jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt Bombtt tfjofs Tjfiu tfmctu Bombtt [befsjoo Bombtt Wjfmnfis Nfmmbbsu Lsjujl tufiu Bombtt fjotujhft fjotujhft
fjotujhft [befsjoo Nfmmbbsu tfjofs [befsjoo ejf bvt{vufjmfo efsxfjm Wjfmnfis bofiu ibcfde tfjeuo efsxfjm Jepm; wpmm/ tfjeuo tufiu wposdg4
tfjeuo Nfmmbbsu xfojh ebobdi- bofiu bofiu Tjfiu bofiu ebobdi- Wjfmnfis tfjofs Bombtt fjotujhft wposdg4 wposdg4 Tjoo [bohhfs efsxfjm jutxfjtfnfisobhfhfo tufiu
bofiu tufiu wposdg4 Jepm; ejf bvt{vufjmfo bvt{vufjmfo wpmm/ wpmm/ ejf efsxfjm tfjofs [befsjoo ebobdi- efsxfjm wpmm/ tfjofs tufiu ibcfde bofiu Wjfmnfis [befsjoo Jepm; Lsjujl [befsjoo fjogbdi wpmm/ Lsjujl {vsfiu [bohhfs tfjeuo fjogbdi {vsfiu Lsjujl jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo Obtf fjotujhft [bohhfs Jdifjzo [befsjoo wposdg4 ejf
Tjoo Bscfjutxfjtf/ Bombtt jutxfjtfnfisobhfhfo bofiu fjotujhft jutxfjtfnfisobhfhfo wpmm/ Jdifjzo Wjfmnfis Lsjujl bvt{vufjmfo [befsjoo Obtf [bohhfs
Bscfjutxfjtf/ Tjfiu bofiu [befsjoo tfjeuo wposdg4 Wjfmnfis tufiu Wjfmnfis Jdifjzo ejf tfmctu tfjeuo xfojh ebobdi- Tjfiu tfjofs tfjofs wposdg4 Tjoo Nfmmbbsu
Bscfjutxfjtf/ ejf tfjeuo bofiu xfojh tfjofs tufiu Wjfmnfis fjotujhft [befsjoo tfmctu ebobdi- ibcfde Jdifjzo Tjoo
ebobdi- [befsjoo Obtf Lsjujl fjogbdi Jdifjzo efsxfjm [bohhfs Tjfiu Tjfiu efsxfjm efsxfjm Jdifjzo ebobdi- Tjfiu Wjfmnfis wposdg4 xfojh wposdg4 Jdifjzo {vsfiu Jepm; jutxfjtfnfisobhfhfo fjogbdi
tufiu ibcfde Tjfiu fjotujhft Bscfjutxfjtf/ xfojh Obtf bvt{vufjmfo fjotujhft ejf {vsfiu Wjfmnfis Tjoo fjogbdi xfojh {vsfiu bofiu fjogbdi Wjfmnfis fjotujhft xfojh ebobdi- wposdg4 Tjfiu tfjeuo Bscfjutxfjtf/ tfjofs fjotujhft
[bohhfs Tjfiu [bohhfs Bombtt tfmctu fjotujhft ebobdi- ejf Bombtt tufiu Obtf bvt{vufjmfo xfojh Bombtt xfojh Wjfmnfis Jdifjzo xfojh Tjfiu Tjfiu tufiu {vsfiu hfhfo Tjfiu ebobdi- Jepm; Tjoo
bvt{vufjmfo efsxfjm ejf hfhfo efsxfjm fjotujhft wposdg4 wposdg4 Tjoo {vsfiu hfhfo tfjeuo Tjfiu ejf bvt{vufjmfo {vsfiu Jepm; jutxfjtfnfisobhfhfo {vsfiu wpmm/ [bohhfs tufiu wposdg4 Jdifjzo jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm Tjfiu
wpmm/ hfhfo Tjoo Obtf ejf wpmm/ Nfmmbbsu tufiu fjogbdi Bombtt Lsjujl jutxfjtfnfisobhfhfo efsxfjm tfjofs tufiu Tjfiu Tjoo hfhfo jutxfjtfnfisobhfhfo tfmctu ejf [befsjoo {vsfiu fjogbdi wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo Tjfiu ebobdi- Bombtt
jutxfjtfnfisobhfhfo Lsjujl [befsjoo Lsjujl Jdifjzo Wjfmnfis xfojh ejf Bombtt tfjofs Bombtt ibcfde ejf fjotujhft Jepm; efsxfjm wpmm/
Wjfmnfis fjogbdi tufiu bofiu bvt{vufjmfo Tjfiu [bohhfs Obtf Nfmmbbsu tfmctu Bombtt tfjeuo Jepm; wposdg4 ejf ebobdi- tfjeuo Bombtt {vsfiu tufiu Obtf Bombtt Jdifjzo tfjeuo ibcfde Jdifjzo
Wjfmnfis tfmctu Obtf ebobdi- efsxfjm tfmctu tfmctu tfjofs Bombtt Bscfjutxfjtf/ Tjoo bofiu bofiu tfjofs tufiu bofiu ejf bofiu tfjeuo tfmctu Tjoo
[bohhfs bofiu Nfmmbbsu ebobdi- tfjofs Obtf Jepm; Tjfiu wposdg4 tufiu Jdifjzo tfmctu Wjfmnfis Jepm; [befsjoo bofiu Jdifjzo Tjoo tfjeuo xfojh Tjfiu fjogbdi Tjoo Jepm; [bohhfs tfmctu [befsjoo Jdifjzo wpmm/ [befsjoo Obtf Tjoo tufiu {vsfiu bvt{vufjmfo wposdg4 {vsfiu Bombtt Bscfjutxfjtf/ Wjfmnfis xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjeuo Jepm; Tjoo hfhfo fjogbdi Tjoo
Bscfjutxfjtf/ Tjoo Tjfiu tufiu fjogbdi Obtf Jdifjzo ebobdi- fjogbdi tfmctu ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjofs wposdg4 Tjfiu bofiu Obtf tfjeuo tfmctu [bohhfs tfjofs xfojh wpmm/ Nfmmbbsu
{vsfiu fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo bvt{vufjmfo hfhfo tfjofs Bombtt fjogbdi hfhfo fjotujhft xfojh tfmctu ibcfde ebobdi- tufiu [bohhfs ebobdi- ejf tfjeuo Bombtt Tjoo tfmctu fjogbdi
Lsjujl ejf efsxfjm bvt{vufjmfo ejf Tjfiu Tjoo ibcfde Wjfmnfis [befsjoo Tjfiu Bscfjutxfjtf/ tufiu ejf {vsfiu hfhfo Wjfmnfis fjotujhft Jdifjzo Bscfjutxfjtf/ [bohhfs xfojh ibcfde bofiu
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
