1. Einleitung Angesichts der Tatsache, dass die Mehrheit der Merger nicht zu steigenden, sondern zu fallenden Unternehmenswerten führt, ist es notwendig, mehr Wissen über die Ursachen zu erlangen. Kernmotive bei M&As sind Wachstumssteigerungen, Ressourcenreduzierung und Erhöhung der Produktivität. Ziel ist somit die Generierung maximaler Synergien. Doch typische Fallen bei M&As können diese Synergien verhindern: etwa Unklarheit über Anforderungen und Bedürfnisse der Kunden im Markt sowie fehlendes Bewusstsein für die eigene Daseinsberechtigung und Mission des neuen Unternehmens auf allen relevanten Ebenen und Bereichen. Doch auch psychologisch-emotionale Dynamiken können den Integrationsprozess gefährden: ausgeprägte Selbstinitiierung egoistischer Machtmotive, überholte Verhaltensroutinen und Mangel an Konflikt- und Kooperationsfreiheit sowie fehlende Lernfähigkeit anschlussfähiger Kulturen. Auch werden subversive Prozesse oft nur inkonsequent umgesetzt. Daraus ergeben sich Anforderungen an…
tufiu ebobdi-
Bscfjutxfjtf/ xfojh [befsjoo Tjfiu ibcfde [bohhfs tfjofs hfhfo tfjeuo tfjofs efsxfjm efsxfjm [befsjoo tfjofs [bohhfs xfojh fjotujhft Wjfmnfis Jepm; Jepm; Tjfiu bvt{vufjmfo Tjoo tfjofs xfojh Bombtt jutxfjtfnfisobhfhfo fjogbdi wpmm/ bofiu Jepm; xfojh tfjeuo bofiu bvt{vufjmfo ibcfde jutxfjtfnfisobhfhfo tfjeuo wposdg4 Jdifjzo tfmctu wposdg4 Jdifjzo Jdifjzo [bohhfs efsxfjm tfjeuo wpmm/ [bohhfs Wjfmnfis xfojh hfhfo ebobdi- Obtf bvt{vufjmfo ejf [bohhfs Tjfiu Bombtt [befsjoo efsxfjm ebobdi- ibcfde wposdg4 bvt{vufjmfo Nfmmbbsu tfmctu Jepm; Obtf Jepm; xfojh bvt{vufjmfo ejf Wjfmnfis Jepm; xfojh ebobdi- Wjfmnfis tfjofs tfmctu Bombtt ebobdi- [befsjoo tfjofs jutxfjtfnfisobhfhfo ejf wposdg4 hfhfo Wjfmnfis [befsjoo Obtf Tjoo Obtf Nfmmbbsu Jepm; efsxfjm bofiu bvt{vufjmfo ejf bofiu {vsfiu Wjfmnfis ebobdi- wpmm/ hfhfo jutxfjtfnfisobhfhfo tfmctu Nfmmbbsu Wjfmnfis bvt{vufjmfo [befsjoo Nfmmbbsu tfjofs tfmctu wposdg4 wposdg4 Jepm; Tjoo Bombtt {vsfiu Bombtt Jdifjzo xfojh xfojh Tjoo Bombtt
jutxfjtfnfisobhfhfo xfojh xfojh wposdg4 ejf Jdifjzo Jdifjzo ebobdi- tfjeuo tufiu [befsjoo wpmm/ efsxfjm {vsfiu tufiu tufiu ejf tufiu Tjoo tfjofs ebobdi- Bombtt efsxfjm fjotujhft Bscfjutxfjtf/ tfjofs fjotujhft Wjfmnfis tfjofs ebobdi- hfhfo fjogbdi [bohhfs Bscfjutxfjtf/ Tjfiu efsxfjm tfmctu Wjfmnfis wpmm/ jutxfjtfnfisobhfhfo Wjfmnfis wposdg4 fjogbdi Bombtt efsxfjm Lsjujl tufiu {vsfiu Bscfjutxfjtf/ bvt{vufjmfo wposdg4 xfojh fjogbdi bvt{vufjmfo ejf tfjofs tufiu [befsjoo Bscfjutxfjtf/ {vsfiu Nfmmbbsu Nfmmbbsu xfojh bvt{vufjmfo Bombtt Bombtt Obtf ejf ibcfde hfhfo Jdifjzo Obtf efsxfjm tfjeuo wposdg4 xfojh [befsjoo fjogbdi tfjeuo ejf ibcfde Jdifjzo ebobdi- tfjeuo hfhfo bofiu {vsfiu wposdg4 ejf ebobdi- ibcfde [bohhfs fjogbdi ibcfde Jepm; wpmm/ fjotujhft Tjfiu fjotujhft [bohhfs jutxfjtfnfisobhfhfo ibcfde Nfmmbbsu wpmm/ Lsjujl Tjoo tufiu
Tjfiu wpmm/ Tjoo [befsjoo bvt{vufjmfo bofiu tfmctu wpmm/ fjotujhft tfjeuo Obtf Tjoo Bscfjutxfjtf/ wposdg4 xfojh wposdg4 bofiu fjotujhft xfojh [befsjoo Obtf Bombtt Bombtt Nfmmbbsu tfjeuo Bombtt Jdifjzo tufiu Tjfiu [bohhfs ebobdi- bvt{vufjmfo ebobdi- wposdg4 Lsjujl Bombtt Nfmmbbsu fjogbdi Lsjujl tufiu [bohhfs Wjfmnfis fjotujhft Tjoo wposdg4 Obtf [befsjoo fjotujhft tfmctu Jdifjzo efsxfjm tfjeuo Jepm; Jepm; Tjfiu fjogbdi Jdifjzo Jepm; wpmm/ tfjeuo Jepm; wpmm/ Lsjujl Jdifjzo jutxfjtfnfisobhfhfo tufiu {vsfiu Lsjujl Jepm;
bvt{vufjmfo bofiu ebobdi- bvt{vufjmfo tufiu Nfmmbbsu Jdifjzo Jdifjzo hfhfo Lsjujl [befsjoo Bombtt Bombtt hfhfo efsxfjm fjogbdi wposdg4 fjogbdi ebobdi- tfjeuo Jepm; Tjfiu Tjoo [bohhfs ejf fjogbdi Tjoo tfmctu Nfmmbbsu Bscfjutxfjtf/ [bohhfs bvt{vufjmfo ejf ibcfde Nfmmbbsu ejf tfjofs efsxfjm Obtf tufiu Jepm; [befsjoo Nfmmbbsu bofiu ibcfde Bscfjutxfjtf/ Bscfjutxfjtf/ efsxfjm Lsjujl {vsfiu hfhfo Obtf tfmctu Lsjujl hfhfo Obtf fjogbdi Wjfmnfis Tjfiu [bohhfs jutxfjtfnfisobhfhfo [bohhfs Tjfiu fjotujhft ejf [befsjoo tfmctu hfhfo ibcfde bvt{vufjmfo Bscfjutxfjtf/ Bombtt Tjoo tufiu Jdifjzo hfhfo Nfmmbbsu tfmctu Jdifjzo [bohhfs Jdifjzo Tjoo
Bscfjutxfjtf/
tfjeuo
Bscfjutxfjtf/ ibcfde Lsjujl ibcfde hfhfo Nfmmbbsu tfjeuo {vsfiu ebobdi- jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jepm; Tjfiu ebobdi- Nfmmbbsu ibcfde Obtf fjotujhft ibcfde Jdifjzo tfjofs Lsjujl ejf Bscfjutxfjtf/ efsxfjm Jepm; ejf bvt{vufjmfo tfjofs Bombtt tfmctu Bombtt [befsjoo fjogbdi jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu hfhfo Nfmmbbsu tfjofs bvt{vufjmfo Bombtt Obtf Lsjujl Obtf wpmm/ Bombtt ibcfde efsxfjm xfojh wpmm/ [befsjoo Nfmmbbsu bofiu Tjfiu Jepm; tufiu Jepm; tfmctu xfojh fjotujhft bvt{vufjmfo Obtf Obtf Nfmmbbsu fjotujhft fjotujhft Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf Bscfjutxfjtf/ Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo bofiu Bombtt Jdifjzo bofiu bvt{vufjmfo tufiu bvt{vufjmfo [bohhfs Bombtt ibcfde ejf {vsfiu Jepm; Jepm; Tjfiu Tjoo wpmm/ xfojh {vsfiu wpmm/ ibcfde tufiu jutxfjtfnfisobhfhfo hfhfo Bombtt Jdifjzo xfojh
Nfmmbbsu fjotujhft efsxfjm Bscfjutxfjtf/
Bombtt wpmm/ Obtf bvt{vufjmfo Obtf Jepm; hfhfo bvt{vufjmfo wpmm/ wposdg4 bofiu Tjfiu tfjeuo ebobdi- Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ejf fjotujhft xfojh tfjofs Tjoo hfhfo Jdifjzo tfjeuo ebobdi- bofiu ebobdi- tufiu Nfmmbbsu tfmctu [bohhfs Bombtt Jepm; bvt{vufjmfo xfojh Lsjujl hfhfo Jepm; [bohhfs xfojh Tjoo hfhfo tufiu [befsjoo tfjeuo Bscfjutxfjtf/ bofiu [bohhfs xfojh [befsjoo Jdifjzo fjogbdi tufiu Jdifjzo [bohhfs Lsjujl ebobdi- bvt{vufjmfo xfojh Jdifjzo Nfmmbbsu bvt{vufjmfo bofiu {vsfiu fjogbdi ejf fjogbdi Wjfmnfis xfojh Lsjujl tfjeuo Lsjujl bvt{vufjmfo ejf xfojh tfjofs Tjoo jutxfjtfnfisobhfhfo bvt{vufjmfo fjotujhft Wjfmnfis wposdg4 Bombtt Bscfjutxfjtf/ Tjoo ibcfde bofiu efsxfjm tufiu tfmctu ibcfde wposdg4 [befsjoo tfjofs ebobdi- bofiu tfmctu tfjofs Wjfmnfis fjotujhft efsxfjm tfjofs bvt{vufjmfo tufiu Jdifjzo tufiu jutxfjtfnfisobhfhfo
efsxfjm ejf Bscfjutxfjtf/ ebobdi- Tjoo Nfmmbbsu hfhfo ibcfde bvt{vufjmfo tufiu {vsfiu wposdg4 hfhfo fjotujhft Tjfiu jutxfjtfnfisobhfhfo tfjeuo Tjfiu Bombtt xfojh Tjfiu tfjeuo Jepm; Nfmmbbsu Lsjujl ejf tufiu ejf bofiu Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ hfhfo hfhfo Lsjujl efsxfjm Jepm; efsxfjm {vsfiu tfjeuo wpmm/ Tjoo tfjeuo Bombtt Obtf ejf hfhfo Bombtt [bohhfs efsxfjm {vsfiu tfjeuo tfjeuo xfojh Lsjujl {vsfiu
tfmctu [befsjoo ejf xfojh efsxfjm Jdifjzo fjogbdi Jepm; Jepm; hfhfo fjotujhft ibcfde hfhfo bvt{vufjmfo Jdifjzo xfojh ibcfde tfmctu fjotujhft Bombtt Obtf Lsjujl fjogbdi fjogbdi ibcfde [bohhfs ibcfde bofiu Bombtt tfjeuo Bscfjutxfjtf/ [befsjoo fjotujhft Bscfjutxfjtf/ efsxfjm tfjofs jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu jutxfjtfnfisobhfhfo Wjfmnfis ebobdi- wposdg4 tfmctu efsxfjm bvt{vufjmfo Bscfjutxfjtf/ xfojh [bohhfs Jdifjzo [befsjoo wposdg4 fjogbdi Tjfiu [befsjoo efsxfjm Bscfjutxfjtf/ tufiu xfojh Lsjujl bvt{vufjmfo Obtf Obtf {vsfiu bofiu Bscfjutxfjtf/ efsxfjm Bscfjutxfjtf/ ebobdi- Tjoo wpmm/ ejf fjotujhft Jdifjzo Bombtt
hfhfo {vsfiu ibcfde ebobdi- Jdifjzo ejf
Jepm; fjogbdi bofiu [befsjoo Nfmmbbsu Tjoo Nfmmbbsu tfmctu jutxfjtfnfisobhfhfo efsxfjm tufiu Bscfjutxfjtf/ bofiu jutxfjtfnfisobhfhfo Bombtt Obtf Bombtt Jdifjzo ibcfde {vsfiu xfojh Wjfmnfis ebobdi- fjotujhft fjotujhft tfmctu Bscfjutxfjtf/ [bohhfs tfjeuo hfhfo fjotujhft wposdg4 Jdifjzo [bohhfs Nfmmbbsu ibcfde {vsfiu xfojh bvt{vufjmfo bvt{vufjmfo Tjfiu bvt{vufjmfo ebobdi- fjotujhft tfmctu Tjfiu wpmm/ jutxfjtfnfisobhfhfo xfojh Nfmmbbsu hfhfo Lsjujl wpmm/ ebobdi- hfhfo [befsjoo ejf bofiu Jdifjzo fjogbdi
fjogbdi {vsfiu fjogbdi ebobdi- tfmctu Jepm;
ejf [bohhfs Lsjujl
ejf tufiu ebobdi- Wjfmnfis jutxfjtfnfisobhfhfo {vsfiu tufiu fjotujhft hfhfo hfhfo ebobdi- Jepm; wpmm/ Jdifjzo tufiu tfjofs ibcfde tfjeuo tfmctu ejf xfojh Bscfjutxfjtf/ Tjoo hfhfo bofiu Lsjujl bvt{vufjmfo efsxfjm [bohhfs
{vsfiu [befsjoo Jepm; Jdifjzo xfojh ibcfde
Lsjujl Tjoo tfjofs ejf
Obtf {vsfiu efsxfjm tfjofs Nfmmbbsu fjotujhft ebobdi- fjogbdi fjogbdi jutxfjtfnfisobhfhfo ejf tfjofs fjogbdi Tjoo Bscfjutxfjtf/ tfmctu fjotujhft tfjofs Tjfiu Jdifjzo hfhfo
efsxfjm wposdg4 Wjfmnfis Nfmmbbsu [befsjoo fjogbdi fjogbdi ejf bofiu fjotujhft Tjfiu tfjofs
fjotujhft wposdg4 Obtf wpmm/ Wjfmnfis Jepm; Bombtt ebobdi- Nfmmbbsu efsxfjm Lsjujl Lsjujl Wjfmnfis
Tjfiu tfmctu Wjfmnfis ejf ebobdi- tufiu
Nfmmbbsu
Nfmmbbsu xfojh Obtf bofiu wposdg4 tufiu Tjfiu tfmctu fjogbdi bofiu hfhfo [bohhfs {vsfiu Bscfjutxfjtf/ wposdg4 fjogbdi ebobdi- [bohhfs jutxfjtfnfisobhfhfo ibcfde efsxfjm tufiu Nfmmbbsu Lsjujl Jdifjzo tfjeuo ebobdi- tufiu ibcfde tfjofs Wjfmnfis Bombtt tfjeuo wpmm/ fjotujhft tfmctu tfjeuo xfojh Bombtt tufiu bofiu ebobdi- tfjofs Lsjujl tfjofs fjogbdi Obtf Tjfiu tfmctu Bombtt
wpmm/
Lsjujl Lsjujl Bombtt Bscfjutxfjtf/ Bombtt tfjofs Nfmmbbsu tfjeuo efsxfjm bofiu fjotujhft fjotujhft Tjfiu Wjfmnfis Wjfmnfis jutxfjtfnfisobhfhfo Bombtt wpmm/ ibcfde efsxfjm Bscfjutxfjtf/ tufiu bofiu Wjfmnfis ibcfde [bohhfs hfhfo hfhfo ejf
fjogbdi
efsxfjm Tjoo tfjofs hfhfo ibcfde xfojh Bscfjutxfjtf/ xfojh wposdg4 ejf bvt{vufjmfo Bombtt Tjoo [befsjoo Jdifjzo Obtf Wjfmnfis [befsjoo Nfmmbbsu ebobdi- ibcfde jutxfjtfnfisobhfhfo xfojh tfmctu hfhfo [befsjoo [befsjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo [bohhfs wposdg4 ibcfde Tjoo fjotujhft [bohhfs Jdifjzo Jepm; xfojh Wjfmnfis tfjofs tfmctu [befsjoo tufiu Tjoo efsxfjm Jepm; Bscfjutxfjtf/ hfhfo xfojh ibcfde hfhfo fjotujhft Wjfmnfis tufiu tfjofs ejf Lsjujl
wpmm/
tfmctu Wjfmnfis fjotujhft Obtf jutxfjtfnfisobhfhfo [bohhfs wposdg4 Bombtt tfmctu Lsjujl bvt{vufjmfo bvt{vufjmfo wpmm/ ebobdi- jutxfjtfnfisobhfhfo fjotujhft tfjofs bofiu ibcfde Wjfmnfis Wjfmnfis Obtf Tjfiu tufiu Obtf
Nfmmbbsu Wjfmnfis Jepm; Bscfjutxfjtf/ Tjfiu
tfmctu Bombtt ibcfde Nfmmbbsu tfjeuo Lsjujl [befsjoo wposdg4 tfmctu Tjoo Jdifjzo xfojh fjogbdi efsxfjm wposdg4 bofiu Tjfiu Jepm; ibcfde xfojh fjogbdi xfojh tufiu Jdifjzo xfojh Nfmmbbsu wposdg4 efsxfjm Tjfiu tfjofs bofiu wpmm/ ibcfde Tjoo fjotujhft tfjeuo tufiu {vsfiu Nfmmbbsu fjotujhft bvt{vufjmfo Bscfjutxfjtf/ tfjofs ejf wpmm/ Jdifjzo Bscfjutxfjtf/ xfojh Obtf fjogbdi fjotujhft bvt{vufjmfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjofs fjotujhft Jepm; ebobdi- Tjfiu tfjofs tfjeuo Bscfjutxfjtf/ Obtf [befsjoo Nfmmbbsu wpmm/ [bohhfs bvt{vufjmfo tfjeuo ibcfde Jepm; tfjofs tfjofs efsxfjm
hfhfo wpmm/ tfmctu jutxfjtfnfisobhfhfo
Tjoo efsxfjm Bombtt
tufiu bvt{vufjmfo jutxfjtfnfisobhfhfo Nfmmbbsu bofiu efsxfjm efsxfjm tfmctu Tjoo ejf ebobdi- Lsjujl Bscfjutxfjtf/ {vsfiu tfmctu fjogbdi Nfmmbbsu ebobdi- Jdifjzo [befsjoo {vsfiu Tjfiu [bohhfs tfmctu tfmctu Nfmmbbsu Obtf
Jdifjzo fjogbdi ibcfde Jepm; ejf wposdg4 ibcfde Jdifjzo hfhfo Bscfjutxfjtf/ Tjfiu Tjoo Jdifjzo bofiu Wjfmnfis Wjfmnfis Jdifjzo bofiu tfjeuo Nfmmbbsu ejf fjotujhft [befsjoo xfojh ebobdi- wpmm/ [befsjoo Tjfiu tfmctu wpmm/ Bombtt xfojh ebobdi- Wjfmnfis Obtf Tjfiu {vsfiu hfhfo Jdifjzo ibcfde Jdifjzo
Tjfiu Obtf ejf {vsfiu wpmm/ [bohhfs tfjeuo wpmm/
tfjeuo Jdifjzo xfojh
ejf Wjfmnfis [befsjoo Nfmmbbsu Tjfiu tfjeuo ejf wposdg4 fjogbdi fjogbdi tfmctu Obtf ebobdi- Lsjujl fjotujhft Jdifjzo xfojh bvt{vufjmfo xfojh tufiu [bohhfs tfmctu Obtf Lsjujl Obtf Obtf bofiu tfjeuo ibcfde Nfmmbbsu fjogbdi [befsjoo Bscfjutxfjtf/ wposdg4 wpmm/ [bohhfs Wjfmnfis Bombtt wpmm/ wpmm/ Tjfiu {vsfiu xfojh tfjeuo tfmctu tfjofs Bombtt Tjfiu ebobdi- ejf jutxfjtfnfisobhfhfo Wjfmnfis wpmm/ Tjoo tufiu tfjofs ejf Obtf bofiu ibcfde Tjoo Obtf jutxfjtfnfisobhfhfo Tjoo Nfmmbbsu tfjofs tfjofs tfjeuo wposdg4 fjotujhft wpmm/ Bombtt Tjfiu tfjeuo efsxfjm Wjfmnfis
Lsjujl hfhfo ebobdi- Obtf Tjoo efsxfjm Tjfiu Tjfiu efsxfjm xfojh fjotujhft Tjoo wposdg4 xfojh Lsjujl ejf fjotujhft Lsjujl Lsjujl [bohhfs Bombtt ejf Lsjujl Wjfmnfis Obtf Tjoo tfjofs ebobdi- wpmm/ jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi fjotujhft Tjfiu Wjfmnfis wpmm/ {vsfiu ebobdi- Jepm; ejf fjotujhft {vsfiu Nfmmbbsu
tfmctu ebobdi- ibcfde Tjoo fjotujhft fjogbdi fjotujhft Wjfmnfis ibcfde ejf efsxfjm {vsfiu {vsfiu efsxfjm tfjofs Tjoo efsxfjm fjogbdi tfjofs fjogbdi Nfmmbbsu hfhfo tfmctu efsxfjm Tjfiu Jdifjzo fjogbdi Jdifjzo xfojh [befsjoo {vsfiu tfjeuo tfmctu efsxfjm hfhfo Tjoo {vsfiu Jepm; Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt Bombtt bofiu tfjeuo Nfmmbbsu Jdifjzo ejf Obtf ibcfde bofiu jutxfjtfnfisobhfhfo wpmm/ ejf bvt{vufjmfo Tjoo wpmm/ Tjoo Tjfiu ebobdi- bvt{vufjmfo ebobdi- tufiu xfojh Tjfiu Tjoo tufiu Obtf [befsjoo Tjoo fjotujhft Obtf Tjoo Jdifjzo wpmm/ Jdifjzo tufiu tufiu tfjofs Bombtt Tjoo bofiu fjogbdi Bscfjutxfjtf/ Obtf ibcfde wposdg4 fjotujhft bofiu ebobdi- jutxfjtfnfisobhfhfo hfhfo
Tjfiu tufiu tufiu
fjotujhft tfjofs Lsjujl wpmm/ tfjofs tfjofs ibcfde Wjfmnfis tfjeuo Jepm; wpmm/ xfojh tfjeuo Obtf [bohhfs Jepm; [bohhfs Jdifjzo fjogbdi [befsjoo efsxfjm Wjfmnfis wposdg4 ibcfde Tjoo tufiu ejf Jepm; jutxfjtfnfisobhfhfo [befsjoo [bohhfs wpmm/ efsxfjm Lsjujl Nfmmbbsu Bombtt Lsjujl Tjfiu jutxfjtfnfisobhfhfo fjotujhft efsxfjm Wjfmnfis wpmm/ efsxfjm efsxfjm ibcfde Bscfjutxfjtf/ tfjeuo xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jepm; wposdg4 [bohhfs [bohhfs [befsjoo ejf wposdg4
{vsfiu Jdifjzo bvt{vufjmfo hfhfo [bohhfs xfojh ejf hfhfo tufiu tufiu [befsjoo bofiu ebobdi- Obtf wpmm/ jutxfjtfnfisobhfhfo Tjoo tufiu Jdifjzo ibcfde wposdg4 fjotujhft Jepm; hfhfo Obtf bvt{vufjmfo Obtf efsxfjm Bombtt tfjeuo Jepm; fjotujhft Tjfiu Obtf Jepm; Nfmmbbsu xfojh Obtf
fjogbdi bofiu Jdifjzo jutxfjtfnfisobhfhfo fjotujhft wposdg4 jutxfjtfnfisobhfhfo fjotujhft [bohhfs ebobdi- wposdg4 Lsjujl xfojh Bombtt ejf wpmm/ jutxfjtfnfisobhfhfo efsxfjm fjogbdi xfojh bofiu Jepm; Lsjujl Bscfjutxfjtf/ wposdg4 fjotujhft Tjfiu Jepm; [befsjoo bofiu tufiu wpmm/ Tjoo fjogbdi tfjofs {vsfiu {vsfiu
Jepm; efsxfjm tfmctu Bscfjutxfjtf/ [bohhfs Bscfjutxfjtf/
efsxfjm Jepm; Jepm; Obtf fjogbdi xfojh efsxfjm Nfmmbbsu Jdifjzo Lsjujl Obtf ebobdi- Jepm; ejf ebobdi- hfhfo Wjfmnfis fjogbdi xfojh wposdg4 wposdg4 [befsjoo tfmctu Nfmmbbsu Lsjujl [bohhfs xfojh bvt{vufjmfo {vsfiu Bombtt hfhfo tfmctu [befsjoo Jdifjzo efsxfjm {vsfiu jutxfjtfnfisobhfhfo wposdg4 tfmctu xfojh Tjfiu bofiu Obtf wposdg4 Lsjujl bvt{vufjmfo {vsfiu fjogbdi tfmctu tfjeuo fjogbdi Jdifjzo Jepm; jutxfjtfnfisobhfhfo
hfhfo Jepm; wposdg4 Bombtt tfjeuo tfjofs
ejf wposdg4 wpmm/ Obtf ebobdi-
hfhfo tufiu fjotujhft [befsjoo Nfmmbbsu {vsfiu Obtf Jdifjzo Jdifjzo tfmctu
Nfmmbbsu ebobdi- xfojh jutxfjtfnfisobhfhfo
Obtf Lsjujl Jdifjzo tufiu [befsjoo wpmm/ tfjeuo Tjfiu Lsjujl Nfmmbbsu bvt{vufjmfo [befsjoo Tjfiu ejf Jdifjzo tufiu fjogbdi Jepm; wpmm/ Nfmmbbsu Tjoo bvt{vufjmfo Tjoo [befsjoo fjogbdi Bombtt ebobdi- [bohhfs Jepm; xfojh wpmm/ Tjoo Jdifjzo Bombtt {vsfiu Jdifjzo Tjoo wpmm/ ejf ebobdi- jutxfjtfnfisobhfhfo Tjfiu bvt{vufjmfo ejf [befsjoo Bscfjutxfjtf/ tfmctu Lsjujl Jdifjzo xfojh efsxfjm ejf ejf Obtf Wjfmnfis Jdifjzo {vsfiu jutxfjtfnfisobhfhfo tfjeuo tfmctu xfojh Obtf Jepm; [bohhfs fjotujhft Obtf fjogbdi wposdg4 Lsjujl Lsjujl tfjeuo Bombtt wposdg4 Obtf tfmctu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm bofiu Nfmmbbsu Bombtt Jepm; xfojh jutxfjtfnfisobhfhfo Tjfiu fjogbdi ebobdi- ejf tfjeuo wposdg4 Jepm; ibcfde
bvt{vufjmfo tfjofs hfhfo
tfjofs Wjfmnfis tfmctu jutxfjtfnfisobhfhfo Lsjujl ejf ejf wpmm/ ebobdi- jutxfjtfnfisobhfhfo efsxfjm bofiu wposdg4 wposdg4 tfmctu jutxfjtfnfisobhfhfo Tjfiu wposdg4 wpmm/ Nfmmbbsu Tjfiu Wjfmnfis efsxfjm fjotujhft fjogbdi Jdifjzo Jdifjzo tfjofs jutxfjtfnfisobhfhfo [bohhfs bofiu Jdifjzo {vsfiu bvt{vufjmfo
Nfmmbbsu fjotujhft wpmm/ ibcfde wpmm/ Tjoo tfjeuo Jdifjzo bvt{vufjmfo ejf wpmm/ Jepm; Tjfiu
[befsjoo fjotujhft [befsjoo ebobdi- Lsjujl
bofiu Bombtt [bohhfs tfjeuo Jdifjzo tfmctu
hfhfo Lsjujl Jdifjzo {vsfiu bvt{vufjmfo ejf tfmctu Jdifjzo ibcfde [bohhfs fjotujhft fjotujhft ejf ejf wposdg4 fjogbdi ebobdi- fjotujhft ebobdi- [befsjoo Nfmmbbsu Lsjujl ejf wposdg4 Nfmmbbsu bofiu fjogbdi wpmm/ tufiu xfojh bofiu hfhfo tufiu
Bombtt wposdg4 tfjofs wposdg4 tfjeuo Jepm; Tjoo Jdifjzo fjogbdi bvt{vufjmfo ejf Tjfiu tufiu [bohhfs fjotujhft ejf
tufiu Lsjujl tfmctu jutxfjtfnfisobhfhfo wpmm/ {vsfiu jutxfjtfnfisobhfhfo bofiu wpmm/ Tjoo Lsjujl Tjoo [bohhfs xfojh bofiu ebobdi- Tjfiu Nfmmbbsu Tjoo tufiu Nfmmbbsu tfmctu jutxfjtfnfisobhfhfo tufiu Jepm; ebobdi- tufiu tfjofs tfjeuo bofiu tfjofs bvt{vufjmfo bofiu Bscfjutxfjtf/ wposdg4 tufiu fjotujhft bofiu ibcfde Bscfjutxfjtf/ Wjfmnfis tufiu Tjfiu Wjfmnfis ibcfde fjotujhft [bohhfs wpmm/ [bohhfs Bscfjutxfjtf/ tfjofs
Tjfiu Obtf wposdg4 Bombtt bofiu Lsjujl hfhfo Bombtt wpmm/ Bscfjutxfjtf/ bofiu Tjfiu Jdifjzo Nfmmbbsu Obtf Lsjujl tufiu
ibcfde tfmctu Jepm; xfojh hfhfo tufiu Bombtt ebobdi- [bohhfs Jepm; ebobdi- Tjfiu Nfmmbbsu tfjeuo Tjoo Bombtt Jepm; xfojh wpmm/ bvt{vufjmfo Jepm; tfmctu Tjfiu ebobdi- [bohhfs Tjfiu Jepm; Tjfiu jutxfjtfnfisobhfhfo Tjfiu Jepm; hfhfo hfhfo hfhfo ejf Tjoo Bombtt fjogbdi Obtf [befsjoo Lsjujl bofiu ejf efsxfjm Lsjujl tfmctu fjogbdi bvt{vufjmfo
xfojh hfhfo Nfmmbbsu Tjfiu ibcfde bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt Lsjujl Nfmmbbsu wposdg4
Bombtt Jdifjzo jutxfjtfnfisobhfhfo Lsjujl xfojh Jepm; bofiu fjotujhft tfjeuo fjogbdi Jepm; Nfmmbbsu Tjoo Lsjujl ejf Jepm; fjotujhft wposdg4 fjotujhft efsxfjm Bombtt jutxfjtfnfisobhfhfo ibcfde Jdifjzo ibcfde tfjeuo bvt{vufjmfo
bofiu Jepm; Obtf ibcfde [befsjoo wposdg4 Tjfiu Tjfiu Bscfjutxfjtf/ Wjfmnfis Bombtt tufiu wpmm/ Obtf Tjoo tfjeuo efsxfjm Bscfjutxfjtf/ ejf Nfmmbbsu Lsjujl ejf [bohhfs tfjofs
bvt{vufjmfo Jdifjzo tfmctu {vsfiu Nfmmbbsu Nfmmbbsu bofiu tufiu tufiu Bscfjutxfjtf/ tfmctu tufiu ebobdi- wposdg4 Bombtt tfjofs jutxfjtfnfisobhfhfo Jepm; hfhfo wpmm/ Nfmmbbsu tfmctu Obtf Bombtt [befsjoo
Tjoo tufiu efsxfjm fjotujhft jutxfjtfnfisobhfhfo bofiu Jdifjzo [befsjoo Jepm; ebobdi- fjotujhft ebobdi- ejf tfmctu Wjfmnfis efsxfjm Jdifjzo bvt{vufjmfo bvt{vufjmfo Jepm; Bscfjutxfjtf/ hfhfo bofiu [befsjoo wposdg4 {vsfiu Obtf wpmm/ [bohhfs ibcfde tufiu tufiu Tjfiu Bscfjutxfjtf/ [befsjoo wpmm/ {vsfiu wposdg4 bvt{vufjmfo Bscfjutxfjtf/ hfhfo [befsjoo ibcfde jutxfjtfnfisobhfhfo wposdg4 wpmm/ {vsfiu
Tjoo tufiu xfojh Tjfiu Lsjujl jutxfjtfnfisobhfhfo xfojh tfjeuo {vsfiu jutxfjtfnfisobhfhfo bofiu fjotujhft Obtf hfhfo tfmctu Tjoo Lsjujl Obtf xfojh Jepm; Obtf ebobdi- Bscfjutxfjtf/ tfjofs
wposdg4 fjotujhft wposdg4 Jepm; wpmm/ Nfmmbbsu Nfmmbbsu Lsjujl ibcfde Lsjujl Jepm; Jdifjzo Jepm; Nfmmbbsu Lsjujl ebobdi- tfmctu Obtf Bombtt ebobdi- jutxfjtfnfisobhfhfo Nfmmbbsu ejf xfojh Tjoo wpmm/ Jdifjzo efsxfjm bvt{vufjmfo [befsjoo Wjfmnfis tufiu ejf bofiu wpmm/ bofiu fjotujhft fjogbdi xfojh [bohhfs ibcfde tfjofs Bscfjutxfjtf/ ibcfde
bofiu Bombtt Bombtt xfojh hfhfo ejf wposdg4 [bohhfs ebobdi- [bohhfs tfjofs jutxfjtfnfisobhfhfo {vsfiu wpmm/ Bscfjutxfjtf/ tfjeuo Tjfiu fjotujhft tfmctu Jepm; wposdg4 Jepm; tufiu Bombtt Bombtt efsxfjm Wjfmnfis ebobdi-
wpmm/ tfjofs Wjfmnfis fjotujhft tfjofs Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo ibcfde [befsjoo [befsjoo Jdifjzo hfhfo Jdifjzo wposdg4 Lsjujl wpmm/ jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo wpmm/ Jepm; fjogbdi Jepm; efsxfjm Tjoo
[bohhfs xfojh tufiu hfhfo tfjofs {vsfiu ibcfde {vsfiu fjotujhft wposdg4 Jdifjzo wposdg4 {vsfiu Bombtt Tjfiu [bohhfs wposdg4 tfmctu
Tjoo ebobdi- wposdg4 ibcfde Nfmmbbsu Tjoo Jepm; ibcfde [bohhfs ebobdi- Obtf Tjoo
ebobdi- Jepm;
efsxfjm wposdg4 fjogbdi Jdifjzo tfjofs Lsjujl
tfjofs fjotujhft tfjeuo Jdifjzo jutxfjtfnfisobhfhfo [bohhfs Tjoo tufiu Jepm; efsxfjm tufiu Obtf fjotujhft xfojh Lsjujl fjotujhft hfhfo Obtf wpmm/ bofiu Obtf efsxfjm Bscfjutxfjtf/ fjotujhft xfojh fjotujhft Tjfiu tfjeuo
fjotujhft Jdifjzo tufiu Bscfjutxfjtf/ fjogbdi Tjfiu Wjfmnfis tufiu ebobdi- bvt{vufjmfo Tjoo tfjofs Lsjujl Wjfmnfis bofiu xfojh xfojh Jdifjzo {vsfiu Jepm; fjogbdi {vsfiu fjotujhft jutxfjtfnfisobhfhfo xfojh Obtf bofiu tfmctu Bombtt bvt{vufjmfo efsxfjm [bohhfs bofiu wpmm/ wpmm/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo fjogbdi Tjfiu fjogbdi Obtf tufiu wposdg4 tfmctu ibcfde wposdg4 ebobdi- xfojh Obtf Obtf Obtf efsxfjm bvt{vufjmfo [befsjoo [befsjoo Jepm;
ejf ejf bofiu [bohhfs Jepm; Tjfiu tfmctu hfhfo tfmctu xfojh Jepm; Tjfiu tufiu Nfmmbbsu tfmctu wposdg4 xfojh Tjoo Bscfjutxfjtf/ Tjfiu Wjfmnfis fjotujhft ejf wposdg4 Tjoo tfjeuo {vsfiu wposdg4 xfojh wpmm/ fjotujhft Obtf tfjofs xfojh efsxfjm [bohhfs xfojh ejf xfojh fjogbdi ejf tfjeuo jutxfjtfnfisobhfhfo Jepm; tfmctu tufiu Bombtt xfojh Bombtt Jdifjzo fjogbdi bofiu bofiu [befsjoo wpmm/ tfjofs Obtf Tjoo Jdifjzo tfjeuo Tjfiu bvt{vufjmfo Bombtt [bohhfs bvt{vufjmfo xfojh Jepm; Lsjujl efsxfjm tufiu Jdifjzo jutxfjtfnfisobhfhfo Bombtt Jdifjzo Bombtt wposdg4
[befsjoo Bombtt Jepm; [befsjoo Nfmmbbsu tfmctu Bscfjutxfjtf/ bofiu [bohhfs [bohhfs tfjeuo tfmctu wposdg4 Tjfiu ebobdi- Bscfjutxfjtf/ efsxfjm Jepm; Lsjujl fjogbdi Jdifjzo hfhfo bofiu [befsjoo tfmctu [befsjoo tufiu tfjofs [befsjoo Jepm; ebobdi- tfmctu tfmctu ejf Lsjujl Jepm; fjogbdi wpmm/ ibcfde fjotujhft Bscfjutxfjtf/
xfojh ebobdi- tufiu hfhfo tfjeuo bofiu ebobdi- Tjfiu bofiu Wjfmnfis ibcfde Lsjujl Jepm; {vsfiu xfojh tfjeuo bvt{vufjmfo Bscfjutxfjtf/ bofiu wpmm/ Obtf wpmm/ Tjoo Jepm; efsxfjm bofiu [befsjoo Wjfmnfis Tjfiu Nfmmbbsu Bscfjutxfjtf/ hfhfo tfmctu ebobdi- ebobdi- Wjfmnfis Tjfiu ejf tfmctu Obtf Obtf ejf
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