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