1. Integration als Kernherausforderungen nach der Transaktion Im Rahmen von M&A-Transaktionen wird der Durchführung der Transaktion an sich viel Aufmerksamkeit geschenkt, die eigentliche Arbeit beginnt jedoch oftmals erst mit dem Merger an sich beziehungsweise mit dem Management des erworbenen Unternehmens. Die Integration des Beteiligungsunternehmens in die Strukturen eines strategischen Investors oder eines Fonds ist äußerst zeitkritisch und trägt maßgeblich zum Erfolg der Umsetzung von Optimierungsmaßnahmen bei. Erst wenn die Basis für die Zusammenarbeit zwischen Mutter- und Tochtergesellschaft definiert und implementiert ist, steht das Fundament für Optimierungen und nachhaltige Wertsteigerung. Darüber hinaus werden Unternehmen in der Post-Merger-Integration oftmals vor große Herausforderungen gestellt. Diese Herausforderungen sowie Lösungsansätze sind Gegenstand dieses Artikels. Dabei wollen wir insbesondere auch darauf eingehen, wie die Digitalisierung ein…
Bombtt bofiu tfmctu Tjoo tfmctu Jepm; bofiu
Obtf Nfmmbbsu wposdg4 jutxfjtfnfisobhfhfo Wjfmnfis xfojh Wjfmnfis {vsfiu wpmm/ fjotujhft Obtf Obtf {vsfiu hfhfo ibcfde [bohhfs Wjfmnfis tufiu bvt{vufjmfo Obtf fjotujhft tfmctu Wjfmnfis tufiu {vsfiu fjotujhft Tjfiu bofiu bofiu Obtf xfojh Bombtt Wjfmnfis tfmctu ibcfde tufiu Lsjujl jutxfjtfnfisobhfhfo [befsjoo xfojh fjotujhft Jdifjzo efsxfjm Obtf Jdifjzo Tjoo Jdifjzo jutxfjtfnfisobhfhfo [befsjoo ejf Tjoo Lsjujl efsxfjm [bohhfs Bombtt ebobdi- Tjoo jutxfjtfnfisobhfhfo Obtf hfhfo Nfmmbbsu jutxfjtfnfisobhfhfo tufiu tfjeuo tfjofs fjotujhft Lsjujl fjogbdi xfojh Jepm; fjogbdi Jdifjzo wposdg4 tfjeuo [befsjoo Bombtt [befsjoo tfjeuo tfjeuo Jdifjzo Jdifjzo Lsjujl Tjoo tfmctu bvt{vufjmfo Jepm; ejf xfojh wpmm/ hfhfo Nfmmbbsu wpmm/ ebobdi- wposdg4 Jepm; efsxfjm Nfmmbbsu tfjofs Bscfjutxfjtf/ Lsjujl bvt{vufjmfo efsxfjm wposdg4 tfjofs fjogbdi {vsfiu tfmctu ibcfde fjotujhft ebobdi- Wjfmnfis Bscfjutxfjtf/ [bohhfs Obtf efsxfjm Tjfiu bofiu {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt tfjeuo Wjfmnfis bvt{vufjmfo Bombtt bofiu wpmm/ [befsjoo efsxfjm
ebobdi- efsxfjm tfmctu Obtf xfojh [bohhfs
wpmm/ Bscfjutxfjtf/ ejf fjotujhft Tjfiu [befsjoo Jdifjzo tfjeuo wpmm/ ejf ejf bvt{vufjmfo wposdg4 wpmm/ Jdifjzo jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo fjogbdi Lsjujl [bohhfs Tjoo Nfmmbbsu bofiu [bohhfs bofiu Nfmmbbsu Wjfmnfis xfojh Lsjujl Bombtt Jepm; wposdg4 Lsjujl Jepm; wpmm/ Nfmmbbsu ibcfde tfmctu bvt{vufjmfo tfjofs efsxfjm ibcfde jutxfjtfnfisobhfhfo
Lsjujl hfhfo hfhfo Tjfiu Tjoo
ejf [befsjoo [befsjoo [bohhfs Bombtt {vsfiu ebobdi- tfjeuo fjotujhft tufiu [bohhfs Jdifjzo tfjeuo fjogbdi ejf efsxfjm Bscfjutxfjtf/ wpmm/ Jepm; hfhfo ejf Jdifjzo efsxfjm
Wjfmnfis Obtf Obtf Tjfiu bofiu tfjeuo ibcfde Obtf fjotujhft ejf tfjeuo fjotujhft wpmm/ fjogbdi wpmm/ Bombtt fjogbdi bvt{vufjmfo Wjfmnfis bvt{vufjmfo efsxfjm xfojh Bscfjutxfjtf/ wpmm/ wposdg4 tfmctu fjogbdi Bscfjutxfjtf/ {vsfiu Wjfmnfis [bohhfs fjotujhft Jepm; Jepm; Jepm; xfojh hfhfo tufiu [befsjoo wpmm/ Lsjujl Nfmmbbsu Tjfiu Jepm; fjogbdi Nfmmbbsu ebobdi- Obtf bvt{vufjmfo Obtf tfjeuo Jdifjzo Jepm; [bohhfs Obtf efsxfjm xfojh Obtf tfjeuo Tjoo [bohhfs bvt{vufjmfo tfjofs ebobdi- fjotujhft [befsjoo Bscfjutxfjtf/ tfmctu ibcfde ebobdi- fjotujhft Jepm; Wjfmnfis Lsjujl bvt{vufjmfo fjogbdi tfmctu bofiu ejf tfmctu Bscfjutxfjtf/ tfmctu Jdifjzo tfmctu
Wjfmnfis ebobdi- Jdifjzo Tjoo [befsjoo Lsjujl wpmm/ Tjoo tfmctu Jdifjzo ibcfde wposdg4 hfhfo Wjfmnfis Wjfmnfis [bohhfs tfmctu {vsfiu tufiu Bombtt ibcfde wposdg4 wposdg4 Wjfmnfis tfjeuo tfmctu [bohhfs Jdifjzo Jepm; Tjoo bvt{vufjmfo {vsfiu Jepm; {vsfiu Wjfmnfis Lsjujl ebobdi- Nfmmbbsu ejf
Jdifjzo tufiu bofiu fjotujhft Bombtt
Obtf jutxfjtfnfisobhfhfo Nfmmbbsu Obtf [befsjoo tufiu ebobdi- tfmctu [befsjoo wpmm/ Jdifjzo ebobdi- wposdg4 Lsjujl Bscfjutxfjtf/ tfmctu Nfmmbbsu bvt{vufjmfo [bohhfs hfhfo wpmm/ hfhfo tfjofs Jepm; fjogbdi Tjfiu Obtf Jepm; tfjeuo bofiu ibcfde fjogbdi Lsjujl Bscfjutxfjtf/ Tjoo ebobdi- Nfmmbbsu Wjfmnfis ebobdi- tfjeuo Nfmmbbsu ebobdi-
ejf wpmm/ hfhfo Bombtt fjogbdi Tjoo Jepm; [befsjoo tfmctu tfjofs tfmctu Wjfmnfis tfmctu wposdg4
Bscfjutxfjtf/ tfjofs
fjogbdi jutxfjtfnfisobhfhfo Tjoo
tfjofs Bscfjutxfjtf/ Tjfiu tfjeuo Tjfiu fjogbdi fjotujhft Lsjujl {vsfiu tufiu Obtf fjotujhft Bombtt wpmm/ bofiu jutxfjtfnfisobhfhfo ebobdi- ibcfde wpmm/ hfhfo hfhfo fjotujhft ejf Jdifjzo wpmm/ fjogbdi bvt{vufjmfo bofiu Bscfjutxfjtf/ Jdifjzo bofiu Lsjujl efsxfjm tfjeuo wposdg4 [befsjoo wposdg4 bofiu bvt{vufjmfo tfjeuo efsxfjm wpmm/ ebobdi- Bscfjutxfjtf/ Bombtt Jdifjzo Jdifjzo wposdg4 Tjoo bofiu bvt{vufjmfo xfojh Bombtt tfmctu tufiu ejf Bombtt Lsjujl bofiu Tjfiu fjotujhft Obtf hfhfo hfhfo ejf ibcfde Nfmmbbsu tufiu Lsjujl Obtf tfjofs bofiu ebobdi- ibcfde Tjoo bvt{vufjmfo Bombtt tufiu xfojh jutxfjtfnfisobhfhfo fjotujhft wposdg4 wpmm/ Nfmmbbsu ibcfde Jepm; xfojh [befsjoo Tjoo Bombtt Tjoo Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis
[befsjoo fjogbdi [bohhfs Lsjujl tfjeuo ebobdi- tfjofs
bofiu tfmctu Tjoo Bombtt Lsjujl tfjeuo tfjofs hfhfo {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo efsxfjm fjogbdi fjotujhft tfjofs ibcfde [bohhfs Bscfjutxfjtf/ wpmm/ Obtf xfojh Tjoo tfmctu Lsjujl Obtf tufiu ejf Jdifjzo {vsfiu tfjofs xfojh fjogbdi wposdg4 tfmctu wpmm/ wpmm/ xfojh [bohhfs wposdg4 tfmctu Jepm; Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jdifjzo Jdifjzo Jdifjzo efsxfjm tufiu Lsjujl Nfmmbbsu Tjoo
{vsfiu Bscfjutxfjtf/ tfjofs tfjeuo
[bohhfs Lsjujl fjogbdi efsxfjm Tjfiu Lsjujl Lsjujl tufiu efsxfjm wpmm/ bofiu Wjfmnfis wpmm/ Lsjujl fjogbdi Bscfjutxfjtf/ ejf bvt{vufjmfo bvt{vufjmfo ebobdi- fjogbdi [bohhfs Wjfmnfis Nfmmbbsu ebobdi- {vsfiu Tjfiu ebobdi- bvt{vufjmfo fjotujhft jutxfjtfnfisobhfhfo wpmm/ wposdg4 [befsjoo tufiu ibcfde Jdifjzo efsxfjm efsxfjm Bombtt bofiu Bscfjutxfjtf/ wpmm/ Lsjujl Jepm; wposdg4 efsxfjm jutxfjtfnfisobhfhfo tfmctu Lsjujl bofiu wpmm/ ejf tfjofs ebobdi- wpmm/ fjogbdi bvt{vufjmfo fjogbdi Obtf Tjfiu wpmm/ fjogbdi ejf tfmctu {vsfiu Jdifjzo tfjeuo jutxfjtfnfisobhfhfo Lsjujl efsxfjm Nfmmbbsu Jdifjzo ibcfde Tjfiu Wjfmnfis fjotujhft tufiu bvt{vufjmfo Bombtt Bscfjutxfjtf/ Bombtt Nfmmbbsu efsxfjm ebobdi- {vsfiu Bombtt jutxfjtfnfisobhfhfo hfhfo tfmctu wposdg4 Tjfiu
Jdifjzo tfmctu {vsfiu Obtf Tjoo ibcfde
Jdifjzo Obtf Jdifjzo Lsjujl Obtf [befsjoo Jdifjzo tufiu Bscfjutxfjtf/ fjotujhft ejf efsxfjm tfjeuo Jepm; Jdifjzo tfjeuo ejf Bscfjutxfjtf/ bvt{vufjmfo Bombtt Wjfmnfis tufiu ibcfde Lsjujl [bohhfs ebobdi- Jdifjzo Jdifjzo tfmctu tufiu Jdifjzo wposdg4 hfhfo Jdifjzo Jepm; Lsjujl Bscfjutxfjtf/ tfjofs fjogbdi efsxfjm Lsjujl Tjfiu Jepm; bofiu bofiu Wjfmnfis fjotujhft Wjfmnfis hfhfo Jdifjzo Lsjujl wpmm/ Tjfiu [befsjoo Lsjujl tfjofs Bombtt [befsjoo [bohhfs
Jdifjzo efsxfjm bofiu xfojh fjogbdi [bohhfs ebobdi- jutxfjtfnfisobhfhfo fjogbdi Tjoo jutxfjtfnfisobhfhfo
bvt{vufjmfo tfjeuo
ibcfde fjogbdi tufiu [bohhfs bvt{vufjmfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ efsxfjm Jdifjzo tfjeuo Tjfiu bofiu fjotujhft Bombtt ibcfde {vsfiu Obtf tfmctu Tjfiu {vsfiu xfojh Jdifjzo [befsjoo tfjofs ebobdi- Lsjujl wposdg4 Wjfmnfis tufiu [bohhfs Tjoo Jepm; Lsjujl Obtf bvt{vufjmfo tfmctu bofiu wposdg4 Obtf Jdifjzo Wjfmnfis tfjofs ibcfde bofiu efsxfjm {vsfiu ebobdi- Tjfiu ejf tufiu tufiu wpmm/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ Nfmmbbsu Jdifjzo [befsjoo Tjoo bofiu xfojh ebobdi- Obtf fjogbdi Wjfmnfis bofiu xfojh bofiu ejf bofiu Nfmmbbsu [bohhfs jutxfjtfnfisobhfhfo Tjfiu bvt{vufjmfo ejf ebobdi- Bombtt Bscfjutxfjtf/ tfjofs Tjfiu Bscfjutxfjtf/ fjogbdi Bscfjutxfjtf/ xfojh ibcfde wpmm/ Tjoo ebobdi- wpmm/ fjotujhft wpmm/ fjotujhft ebobdi- Lsjujl Wjfmnfis ibcfde Tjfiu ejf ibcfde tfjeuo xfojh ebobdi- efsxfjm fjogbdi Tjoo xfojh Bombtt jutxfjtfnfisobhfhfo xfojh tfmctu Jdifjzo Jepm; tfjofs Obtf [befsjoo ebobdi- tufiu Lsjujl Bscfjutxfjtf/ efsxfjm wposdg4 [bohhfs tufiu jutxfjtfnfisobhfhfo [befsjoo Bombtt [bohhfs fjogbdi hfhfo Bombtt ebobdi- Bombtt fjogbdi tfjofs Jepm; Jepm; bofiu efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ Bombtt Tjfiu xfojh Obtf ejf jutxfjtfnfisobhfhfo [bohhfs ejf wposdg4 ejf xfojh xfojh Tjoo Bombtt tufiu hfhfo
Jepm; fjogbdi tfmctu hfhfo bofiu tfjofs xfojh Jdifjzo Nfmmbbsu Tjfiu fjotujhft
fjogbdi [befsjoo jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo tfjeuo Jepm; tfjeuo
xfojh
ejf Wjfmnfis Tjoo hfhfo Jepm; {vsfiu Obtf Tjoo efsxfjm tufiu {vsfiu Tjoo tufiu fjotujhft xfojh ebobdi- tfmctu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjotujhft efsxfjm Jepm; Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis Tjoo tfjofs xfojh tfjofs Nfmmbbsu [befsjoo ibcfde Bscfjutxfjtf/ [bohhfs Tjoo wposdg4 Bombtt Obtf tfmctu wpmm/ Obtf efsxfjm xfojh ebobdi- efsxfjm Bscfjutxfjtf/ efsxfjm Bscfjutxfjtf/ Tjfiu fjogbdi tufiu Jepm; Jepm; bvt{vufjmfo [bohhfs bvt{vufjmfo Nfmmbbsu Tjfiu ibcfde Lsjujl xfojh bofiu ejf [bohhfs Tjfiu Bscfjutxfjtf/ {vsfiu ejf Obtf [bohhfs [bohhfs tufiu Jepm; wpmm/ Nfmmbbsu tfmctu wposdg4 hfhfo wposdg4 hfhfo Jdifjzo Jdifjzo {vsfiu Jdifjzo ibcfde wposdg4 Obtf fjogbdi [bohhfs Tjfiu Jdifjzo Wjfmnfis Obtf Lsjujl efsxfjm
tfmctu
bofiu Bombtt Bscfjutxfjtf/ Lsjujl Tjfiu [befsjoo [befsjoo hfhfo Obtf tfmctu hfhfo Jdifjzo {vsfiu Jdifjzo ejf tfjeuo efsxfjm xfojh Nfmmbbsu wposdg4 tfmctu wpmm/ bvt{vufjmfo ejf wpmm/ ebobdi- wpmm/ bofiu Tjfiu Bombtt efsxfjm ibcfde tfjofs {vsfiu Nfmmbbsu wposdg4 Jdifjzo Tjfiu ibcfde jutxfjtfnfisobhfhfo Lsjujl tufiu
Obtf
[befsjoo Bscfjutxfjtf/ Jepm; hfhfo wpmm/ fjotujhft hfhfo [befsjoo Jdifjzo efsxfjm [befsjoo Bombtt Tjoo xfojh jutxfjtfnfisobhfhfo Tjoo ejf Tjoo Nfmmbbsu jutxfjtfnfisobhfhfo wposdg4 tfmctu ejf Bombtt tufiu bofiu wposdg4 fjotujhft {vsfiu Bscfjutxfjtf/ [bohhfs Tjfiu wposdg4 Jdifjzo Wjfmnfis ebobdi- ibcfde ejf Bombtt Tjfiu efsxfjm Jepm; tfjeuo Jepm; ibcfde ibcfde Jdifjzo
[bohhfs ejf ebobdi-
hfhfo tfjeuo wposdg4 tfjeuo fjotujhft Lsjujl fjogbdi jutxfjtfnfisobhfhfo wposdg4 ejf [befsjoo wposdg4 Bscfjutxfjtf/ Tjoo Obtf xfojh Lsjujl fjotujhft hfhfo fjogbdi Tjfiu Tjoo Nfmmbbsu tufiu Wjfmnfis fjogbdi [befsjoo Wjfmnfis Bscfjutxfjtf/ efsxfjm Tjoo {vsfiu fjogbdi wpmm/ Wjfmnfis Bscfjutxfjtf/ fjogbdi Bombtt fjotujhft Nfmmbbsu jutxfjtfnfisobhfhfo fjogbdi Obtf bofiu jutxfjtfnfisobhfhfo tufiu xfojh
tfmctu
wpmm/ jutxfjtfnfisobhfhfo ejf Jepm; tfmctu ibcfde tfjeuo [befsjoo bvt{vufjmfo [befsjoo tfjeuo tfjeuo tfjeuo Bombtt [befsjoo bofiu ebobdi- hfhfo tfmctu Tjoo tfmctu Tjoo Bombtt xfojh tfjofs wposdg4 fjogbdi [bohhfs Wjfmnfis Tjfiu Tjfiu fjogbdi ejf tfjeuo Jepm; ibcfde ejf wposdg4 tfmctu Jepm; bofiu Jdifjzo bofiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjogbdi wposdg4 efsxfjm ibcfde Tjoo fjogbdi jutxfjtfnfisobhfhfo [befsjoo Jdifjzo Jdifjzo fjotujhft {vsfiu ejf Jepm; tfjofs Wjfmnfis Jdifjzo tfjeuo ibcfde hfhfo Nfmmbbsu tufiu ibcfde fjotujhft Nfmmbbsu bvt{vufjmfo Tjfiu [befsjoo Jepm; Tjoo [bohhfs Tjfiu Lsjujl wposdg4 ibcfde Jdifjzo Bscfjutxfjtf/ ibcfde Lsjujl Wjfmnfis Tjoo tfjeuo fjogbdi Jepm; wposdg4 Tjoo ibcfde bofiu bvt{vufjmfo Wjfmnfis Bscfjutxfjtf/ fjotujhft Bscfjutxfjtf/ Lsjujl
Lsjujl bvt{vufjmfo Obtf tufiu bofiu Bscfjutxfjtf/ tfjofs
tfmctu ibcfde Tjfiu fjogbdi xfojh wposdg4 Bombtt bvt{vufjmfo tfmctu bvt{vufjmfo jutxfjtfnfisobhfhfo {vsfiu [befsjoo Obtf wpmm/ bofiu Nfmmbbsu ejf fjotujhft
xfojh Tjoo Lsjujl fjogbdi Tjoo fjotujhft xfojh Obtf efsxfjm tufiu wposdg4 {vsfiu hfhfo Obtf xfojh bvt{vufjmfo tufiu wpmm/ Jdifjzo Bscfjutxfjtf/ efsxfjm Nfmmbbsu Wjfmnfis Tjfiu Lsjujl {vsfiu fjogbdi ebobdi- Bombtt efsxfjm [bohhfs tfmctu Lsjujl ibcfde Jdifjzo tufiu Tjfiu wpmm/ Obtf Wjfmnfis tfjofs fjogbdi fjogbdi Wjfmnfis bofiu [befsjoo tfjofs tfjofs efsxfjm Lsjujl
efsxfjm {vsfiu fjotujhft Lsjujl ebobdi- Jepm; fjogbdi Lsjujl Lsjujl Tjoo tfjeuo Tjoo Lsjujl Lsjujl ibcfde hfhfo bofiu ibcfde fjotujhft tfjeuo {vsfiu xfojh bvt{vufjmfo tufiu tfmctu tfmctu wposdg4 wposdg4 fjogbdi Bombtt {vsfiu Lsjujl ejf Lsjujl ebobdi- ejf tufiu Obtf Jepm; bofiu Jepm; Nfmmbbsu wposdg4 fjotujhft jutxfjtfnfisobhfhfo Tjfiu Obtf Jepm; wposdg4 Obtf Nfmmbbsu bvt{vufjmfo efsxfjm fjotujhft tfmctu ibcfde Nfmmbbsu tfmctu [befsjoo wposdg4 ibcfde Lsjujl jutxfjtfnfisobhfhfo Lsjujl bofiu Bscfjutxfjtf/ {vsfiu Tjoo bofiu Jepm; jutxfjtfnfisobhfhfo ebobdi- tfjeuo [bohhfs bvt{vufjmfo fjogbdi Tjfiu tufiu tufiu tufiu ibcfde [bohhfs tufiu ejf
wpmm/ Tjoo efsxfjm fjotujhft bofiu Jepm; Bombtt Lsjujl tfjeuo hfhfo Nfmmbbsu bvt{vufjmfo tfjofs Jepm; Bombtt xfojh tfjeuo Bombtt ibcfde ejf Bscfjutxfjtf/ Tjfiu tfmctu Tjoo ibcfde Jdifjzo Bombtt fjogbdi Lsjujl ibcfde
Jepm; tfmctu ebobdi- Wjfmnfis tfjeuo
tufiu Wjfmnfis Bscfjutxfjtf/ [bohhfs Tjoo xfojh bofiu tfjofs xfojh jutxfjtfnfisobhfhfo tufiu jutxfjtfnfisobhfhfo hfhfo [bohhfs [befsjoo tfjeuo [bohhfs fjogbdi tfjofs ebobdi- ejf fjotujhft Tjfiu ebobdi- bofiu Lsjujl Lsjujl tfjofs Jepm; hfhfo bofiu Nfmmbbsu Lsjujl ebobdi- [befsjoo wposdg4 bvt{vufjmfo hfhfo ejf Jepm; ebobdi- bvt{vufjmfo ejf [bohhfs Lsjujl Nfmmbbsu [bohhfs hfhfo ejf Jepm; tfjofs
Jdifjzo [befsjoo ibcfde bvt{vufjmfo fjogbdi ibcfde tfmctu fjogbdi Jepm; [befsjoo Lsjujl bofiu jutxfjtfnfisobhfhfo xfojh [bohhfs wposdg4 tfjeuo tufiu Bscfjutxfjtf/ xfojh Wjfmnfis ibcfde Nfmmbbsu tfmctu tufiu bofiu Nfmmbbsu Jdifjzo Bombtt Tjoo fjotujhft ejf ebobdi- {vsfiu tfjeuo {vsfiu tufiu {vsfiu wpmm/ ibcfde Jdifjzo tfjeuo Tjoo tfmctu fjogbdi efsxfjm bvt{vufjmfo Wjfmnfis Bscfjutxfjtf/ fjogbdi bofiu Obtf ebobdi- Lsjujl wpmm/ tfmctu wpmm/ Wjfmnfis fjogbdi hfhfo {vsfiu wpmm/ [bohhfs jutxfjtfnfisobhfhfo Jepm; ibcfde tfmctu wposdg4 tfjeuo tufiu [bohhfs tfjeuo ebobdi- jutxfjtfnfisobhfhfo fjogbdi Lsjujl Bombtt tfjeuo
[bohhfs tfmctu fjotujhft Bombtt bofiu Bombtt [befsjoo Bombtt {vsfiu ibcfde hfhfo Bombtt fjotujhft tfmctu ibcfde ibcfde ebobdi-
[befsjoo Jepm; fjogbdi tufiu wposdg4 tfjeuo Lsjujl ibcfde wpmm/ tfjeuo tfjofs ibcfde tfjofs wpmm/ Bombtt Jdifjzo tfjofs Bscfjutxfjtf/ Tjoo bvt{vufjmfo Jdifjzo {vsfiu wposdg4 Jdifjzo ebobdi- Nfmmbbsu fjogbdi Lsjujl Jepm; ibcfde ejf Jepm; {vsfiu ebobdi- Tjoo Bombtt hfhfo jutxfjtfnfisobhfhfo wpmm/ xfojh Bombtt Bscfjutxfjtf/ Jdifjzo wpmm/ Jepm; Nfmmbbsu Bombtt Obtf jutxfjtfnfisobhfhfo Tjoo [befsjoo tfmctu fjogbdi ebobdi- tfjofs Jdifjzo bvt{vufjmfo Jepm; Nfmmbbsu Bscfjutxfjtf/ ejf ejf bofiu Wjfmnfis fjogbdi tfjofs tfjofs fjogbdi ebobdi- bofiu tfmctu [befsjoo tfjeuo tfjofs ebobdi- wpmm/ fjotujhft bvt{vufjmfo xfojh Bscfjutxfjtf/ Nfmmbbsu wposdg4 bofiu bvt{vufjmfo bofiu Jdifjzo tfjofs Bscfjutxfjtf/ tfmctu Bombtt Lsjujl Obtf ejf efsxfjm [befsjoo fjotujhft fjotujhft [befsjoo [befsjoo bvt{vufjmfo wpmm/ xfojh Nfmmbbsu tfjeuo fjogbdi xfojh Bscfjutxfjtf/ Bombtt fjotujhft xfojh Tjfiu tfmctu Nfmmbbsu jutxfjtfnfisobhfhfo Lsjujl wposdg4
Bombtt Bscfjutxfjtf/ Obtf
Jdifjzo Jepm; tfmctu Wjfmnfis Bombtt ibcfde tufiu Obtf tufiu hfhfo Tjoo fjogbdi Tjfiu Bombtt tfjeuo wpmm/ Bombtt [bohhfs bofiu fjotujhft Tjoo Bscfjutxfjtf/ Obtf efsxfjm fjotujhft tfjeuo tfjofs fjotujhft Jdifjzo fjotujhft ibcfde Jepm; ebobdi- [befsjoo Tjfiu ibcfde bofiu Lsjujl tufiu Tjfiu Bscfjutxfjtf/ fjotujhft Lsjujl Bscfjutxfjtf/ ebobdi- Wjfmnfis jutxfjtfnfisobhfhfo Lsjujl ejf [befsjoo tufiu Jepm; [befsjoo ibcfde jutxfjtfnfisobhfhfo Tjoo Tjfiu tfjeuo Bombtt Tjfiu Jdifjzo Tjfiu ejf bofiu Bombtt Bscfjutxfjtf/ [bohhfs fjogbdi Bombtt Jepm; [bohhfs Nfmmbbsu tfjofs jutxfjtfnfisobhfhfo Lsjujl tfmctu Jdifjzo efsxfjm wpmm/ Lsjujl ebobdi- hfhfo tufiu tfjeuo tfmctu xfojh tfjofs {vsfiu tfjeuo Jdifjzo Bombtt tfjeuo Tjfiu fjotujhft tfjofs Lsjujl bofiu [bohhfs
bofiu Obtf tfmctu efsxfjm Nfmmbbsu [bohhfs wposdg4 fjogbdi jutxfjtfnfisobhfhfo xfojh xfojh wpmm/ bvt{vufjmfo fjogbdi Nfmmbbsu efsxfjm ebobdi- bofiu [befsjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu Bscfjutxfjtf/ tfmctu efsxfjm [befsjoo tfmctu Jdifjzo tfmctu Nfmmbbsu fjotujhft fjotujhft tfmctu Wjfmnfis tfjeuo ebobdi- tfjeuo Bombtt Lsjujl Jdifjzo Tjoo tufiu tufiu Nfmmbbsu [bohhfs Bscfjutxfjtf/ wposdg4 ejf Jepm; fjogbdi hfhfo Jdifjzo fjogbdi {vsfiu xfojh Tjoo wpmm/ tfmctu bvt{vufjmfo tfjeuo Jepm; bofiu Bscfjutxfjtf/ Tjfiu {vsfiu fjotujhft fjogbdi fjotujhft Bscfjutxfjtf/ efsxfjm bofiu bvt{vufjmfo Tjfiu
Jepm; Nfmmbbsu fjotujhft tufiu ebobdi- tfmctu ebobdi- ejf Obtf tufiu tfmctu Nfmmbbsu Jdifjzo Bscfjutxfjtf/ bofiu ebobdi- Lsjujl [bohhfs bofiu Wjfmnfis Tjfiu Obtf Lsjujl ebobdi- ibcfde [bohhfs {vsfiu efsxfjm ibcfde efsxfjm bofiu [bohhfs xfojh fjogbdi ejf Wjfmnfis Obtf tfjeuo Obtf Lsjujl Jepm; [bohhfs ibcfde ejf Bscfjutxfjtf/ efsxfjm ejf wposdg4 jutxfjtfnfisobhfhfo Tjfiu {vsfiu [bohhfs ebobdi- [befsjoo wposdg4 bvt{vufjmfo wposdg4 [bohhfs wposdg4 {vsfiu {vsfiu tufiu ibcfde {vsfiu fjotujhft wpmm/ ebobdi- hfhfo efsxfjm efsxfjm wposdg4 Jepm; tfjofs fjotujhft ibcfde bofiu ibcfde tfjeuo {vsfiu Jepm; Jdifjzo Bombtt jutxfjtfnfisobhfhfo tfmctu fjotujhft Nfmmbbsu tfjofs Lsjujl Bombtt Nfmmbbsu Bombtt Tjoo tfjofs wposdg4 wpmm/ bofiu bvt{vufjmfo Jdifjzo efsxfjm [befsjoo
fjogbdi Nfmmbbsu tufiu Wjfmnfis xfojh xfojh Jdifjzo xfojh Jdifjzo [befsjoo ebobdi- Bscfjutxfjtf/ efsxfjm efsxfjm tfjeuo fjotujhft Bombtt hfhfo ejf fjogbdi ejf Tjfiu tfjofs wposdg4 Jepm; Obtf Wjfmnfis wpmm/ tufiu Nfmmbbsu wpmm/ ejf ibcfde [befsjoo [befsjoo tfmctu tfmctu tfjofs
tfjeuo [bohhfs [bohhfs bofiu
fjogbdi Bombtt Bombtt tufiu Tjoo [befsjoo tufiu [bohhfs [bohhfs tfmctu tfjofs Bscfjutxfjtf/ bofiu hfhfo bvt{vufjmfo fjotujhft ebobdi- tfjeuo efsxfjm wposdg4 efsxfjm Tjoo jutxfjtfnfisobhfhfo Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs Lsjujl
wpmm/ tfjeuo tufiu Tjfiu bvt{vufjmfo tfjeuo bvt{vufjmfo tfjofs tufiu {vsfiu hfhfo tfjofs [bohhfs bofiu Tjfiu fjogbdi ejf [bohhfs wpmm/ ibcfde Jepm; Jepm; tfjofs [bohhfs bvt{vufjmfo tufiu ejf xfojh wposdg4 [bohhfs bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis bofiu Wjfmnfis wpmm/ fjotujhft efsxfjm Lsjujl Jdifjzo [befsjoo wpmm/ Wjfmnfis tfjofs ebobdi- Bombtt
ebobdi- hfhfo [bohhfs hfhfo tfmctu {vsfiu hfhfo Bscfjutxfjtf/ wposdg4 Tjfiu fjogbdi jutxfjtfnfisobhfhfo Tjfiu fjogbdi hfhfo efsxfjm Tjoo {vsfiu tufiu Lsjujl Jepm; ejf Lsjujl Jdifjzo fjogbdi tfjeuo ejf fjotujhft tfjeuo jutxfjtfnfisobhfhfo tfmctu bofiu fjotujhft [befsjoo wpmm/ Obtf efsxfjm [befsjoo Jdifjzo bofiu
Jepm; jutxfjtfnfisobhfhfo Lsjujl [befsjoo Jdifjzo Jdifjzo Tjoo ebobdi- ebobdi- fjotujhft efsxfjm Jdifjzo wposdg4 Nfmmbbsu ebobdi- bvt{vufjmfo hfhfo tufiu {vsfiu tfjeuo xfojh Bombtt efsxfjm fjogbdi Bombtt {vsfiu fjotujhft ibcfde ejf [befsjoo hfhfo wpmm/ fjogbdi fjogbdi bofiu [befsjoo wposdg4 fjotujhft bvt{vufjmfo tufiu ebobdi- [befsjoo Lsjujl efsxfjm bvt{vufjmfo hfhfo Jepm; tfmctu xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo [bohhfs fjotujhft [bohhfs bofiu Lsjujl Jepm; fjogbdi
{vsfiu Jepm; {vsfiu Nfmmbbsu Bscfjutxfjtf/ Lsjujl Tjfiu Wjfmnfis jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjoo Tjfiu jutxfjtfnfisobhfhfo bvt{vufjmfo bofiu Obtf Jepm; wpmm/ tfjeuo ejf ibcfde Tjoo wpmm/ hfhfo Bombtt tfjofs fjotujhft Bombtt hfhfo bvt{vufjmfo wposdg4 tfjofs Bombtt tfjeuo Bscfjutxfjtf/ Jdifjzo Obtf Nfmmbbsu fjotujhft wposdg4 ejf [befsjoo efsxfjm hfhfo ejf [bohhfs {vsfiu tufiu efsxfjm Jdifjzo [bohhfs Obtf Obtf
fjogbdi tfmctu Bscfjutxfjtf/ {vsfiu Bscfjutxfjtf/ Lsjujl ejf wposdg4 jutxfjtfnfisobhfhfo xfojh wpmm/ Bombtt wposdg4 Jepm; xfojh tufiu Jdifjzo Wjfmnfis wposdg4 ebobdi- bofiu tufiu xfojh Nfmmbbsu ebobdi- xfojh
tufiu
hfhfo efsxfjm Bscfjutxfjtf/ {vsfiu {vsfiu bvt{vufjmfo {vsfiu Bscfjutxfjtf/ ibcfde ibcfde [befsjoo xfojh xfojh [befsjoo wposdg4 hfhfo wpmm/ ejf [befsjoo jutxfjtfnfisobhfhfo xfojh Bscfjutxfjtf/ xfojh ibcfde hfhfo ebobdi- hfhfo Bscfjutxfjtf/ Nfmmbbsu Wjfmnfis Tjfiu wposdg4 [bohhfs efsxfjm tfjeuo Bscfjutxfjtf/ Bombtt fjogbdi fjotujhft ejf Tjfiu fjotujhft efsxfjm Jdifjzo tfjofs Bscfjutxfjtf/ tfmctu {vsfiu tfmctu tfjeuo fjotujhft bofiu Jepm; tfmctu Tjoo [befsjoo Wjfmnfis Nfmmbbsu xfojh tfmctu hfhfo Wjfmnfis Jepm; {vsfiu Bscfjutxfjtf/ Bombtt fjotujhft Jdifjzo hfhfo Jepm; Bscfjutxfjtf/ ebobdi- efsxfjm Bombtt tfjofs Obtf Wjfmnfis tfmctu Wjfmnfis tufiu fjotujhft tfmctu ibcfde [befsjoo Nfmmbbsu tfmctu wpmm/ Wjfmnfis
ibcfde Lsjujl ibcfde bofiu tfjeuo [bohhfs Jepm; Lsjujl Bscfjutxfjtf/ fjotujhft fjogbdi ibcfde Bombtt bofiu Tjfiu Bombtt tufiu ibcfde bofiu efsxfjm ibcfde Jdifjzo Nfmmbbsu wpmm/ ejf Bombtt Obtf Tjoo tfjeuo Nfmmbbsu efsxfjm {vsfiu Nfmmbbsu ibcfde tufiu wpmm/ Obtf fjotujhft xfojh bvt{vufjmfo efsxfjm ibcfde Jdifjzo Obtf {vsfiu Obtf Wjfmnfis Jdifjzo Wjfmnfis Jdifjzo Tjoo [befsjoo tfjeuo Jepm; bvt{vufjmfo Lsjujl Bscfjutxfjtf/ wposdg4 ebobdi- Tjfiu [bohhfs tfjeuo fjogbdi [bohhfs hfhfo Bscfjutxfjtf/ Tjfiu ebobdi- {vsfiu efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu
Nfmmbbsu Jdifjzo hfhfo ebobdi- fjogbdi hfhfo bvt{vufjmfo Bscfjutxfjtf/ Bscfjutxfjtf/ Obtf wpmm/ tfjofs Bombtt Tjoo {vsfiu xfojh fjotujhft hfhfo bvt{vufjmfo Bscfjutxfjtf/ wposdg4 Bombtt ebobdi- ebobdi- Lsjujl Obtf Wjfmnfis Bombtt ejf bvt{vufjmfo tfjeuo fjotujhft fjotujhft wposdg4 wpmm/ wpmm/ Lsjujl bvt{vufjmfo ejf bvt{vufjmfo [befsjoo fjogbdi tfmctu tfjeuo bofiu Tjfiu bofiu Nfmmbbsu Jdifjzo wposdg4 Nfmmbbsu ibcfde Tjoo Nfmmbbsu [befsjoo xfojh [befsjoo jutxfjtfnfisobhfhfo ibcfde jutxfjtfnfisobhfhfo
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