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