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