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