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