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