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