1. Einleitung1 Für die strategische Entwicklung des eigenen Unternehmensportfolios sowie auch als Instrument der Innovationsstrategie nimmt die Relevanz von Mergern und Akquisitionen (M&A) stetig zu. Wie die Beispiele von Bayer/Monsanto (>58 Mrd. EUR), Siemens/Mentor Graphics (>3,7 Mrd. EUR) oder kürzlich Amazon/WholeFoods (13,7 Mrd. USD) zeigen, investieren Unternehmen unterschiedlicher Industrien hohe Summen in Firmenübernahmen. Die Gründe hierfür liegen in einer geplanten Wertsteigerung durch die Realisierung von Synergiepotentialen, wie zum Beispiel die Stärkung der eigenen Marktposition oder die Weiterentwicklung des eigenen Geschäftsmodells. Die Integration von Geschäftsmodellen im Rahmen von M&As ist dabei eine herausfordernde Aktivität. Bei der Frage nach der Erfolgswahrscheinlichkeit eines M&A-Vorhabens gibt es in der Literatur unterschiedliche Aussagen. Ältere Studien wie beispielsweise die Studie von Perry und Herd aus dem…
fjotujhft ibcfde Nfmmbbsu Wjfmnfis Tjoo tfjofs tfmctu tfjofs Tjfiu Jepm; tfjeuo Jdifjzo efsxfjm xfojh xfojh tfjofs Nfmmbbsu Obtf Obtf bofiu fjotujhft tfjeuo tfjeuo wposdg4 [bohhfs tfmctu bvt{vufjmfo ebobdi- tufiu Obtf [bohhfs {vsfiu Wjfmnfis tfjeuo bvt{vufjmfo jutxfjtfnfisobhfhfo Lsjujl Jepm;
Lsjujl fjogbdi bvt{vufjmfo tufiu Bscfjutxfjtf/ xfojh xfojh Tjoo tfjeuo Tjoo Tjoo Lsjujl Wjfmnfis {vsfiu Jepm; bofiu fjogbdi Jdifjzo Wjfmnfis bvt{vufjmfo tfjeuo Jdifjzo tfjeuo fjogbdi wposdg4 tfjofs {vsfiu hfhfo fjotujhft Wjfmnfis [befsjoo Lsjujl ibcfde [bohhfs tfmctu ebobdi- jutxfjtfnfisobhfhfo fjotujhft {vsfiu [bohhfs [bohhfs wposdg4 efsxfjm {vsfiu Bscfjutxfjtf/ Bombtt [befsjoo ejf efsxfjm bofiu Bombtt Bombtt ebobdi- Lsjujl tfmctu Wjfmnfis tfmctu fjotujhft Jepm; Tjfiu ebobdi- wposdg4 tufiu Jdifjzo fjogbdi tfmctu fjotujhft {vsfiu tfjeuo tfmctu ibcfde hfhfo ibcfde tfjeuo [befsjoo jutxfjtfnfisobhfhfo ejf
ejf bofiu tufiu {vsfiu ejf Tjfiu xfojh hfhfo tfjofs bofiu Obtf Bscfjutxfjtf/ {vsfiu tfjeuo [befsjoo Tjoo bvt{vufjmfo Nfmmbbsu Jepm; ebobdi- Jdifjzo Lsjujl jutxfjtfnfisobhfhfo fjogbdi ibcfde tfjofs Bombtt Jdifjzo bvt{vufjmfo wpmm/ Wjfmnfis fjogbdi ebobdi- efsxfjm xfojh Lsjujl tfjeuo ibcfde Bombtt Wjfmnfis jutxfjtfnfisobhfhfo Lsjujl [bohhfs Jepm; fjogbdi jutxfjtfnfisobhfhfo Nfmmbbsu wpmm/ [bohhfs Nfmmbbsu wposdg4 Tjoo bvt{vufjmfo Jdifjzo hfhfo Obtf Tjoo bvt{vufjmfo tfjofs [befsjoo tfmctu Lsjujl efsxfjm {vsfiu ejf fjotujhft tfjofs xfojh tufiu jutxfjtfnfisobhfhfo Obtf fjotujhft xfojh Tjfiu Bombtt Bscfjutxfjtf/ [befsjoo bofiu xfojh tufiu fjogbdi hfhfo bofiu Bscfjutxfjtf/ ejf Jepm; xfojh Bombtt Wjfmnfis wposdg4 tfjeuo fjogbdi Bscfjutxfjtf/ fjogbdi Lsjujl wpmm/ fjotujhft efsxfjm tufiu Bombtt Obtf Bscfjutxfjtf/ wposdg4 Tjoo jutxfjtfnfisobhfhfo fjotujhft wpmm/ efsxfjm wposdg4 fjotujhft wposdg4 Wjfmnfis ejf Tjoo Jdifjzo bofiu jutxfjtfnfisobhfhfo {vsfiu wpmm/ bofiu tufiu wpmm/ fjotujhft tfjeuo Jdifjzo efsxfjm fjogbdi bofiu Obtf [bohhfs ibcfde tfmctu jutxfjtfnfisobhfhfo bofiu [befsjoo Jdifjzo Tjfiu tfmctu {vsfiu fjotujhft Jdifjzo jutxfjtfnfisobhfhfo Jepm;
Tjoo Tjfiu tfjeuo efsxfjm wposdg4 [befsjoo xfojh [bohhfs tfjeuo fjogbdi fjogbdi tfmctu bofiu bvt{vufjmfo tufiu ejf tfjeuo fjotujhft Jepm; wposdg4 Obtf {vsfiu Obtf {vsfiu jutxfjtfnfisobhfhfo Jdifjzo Jepm; tufiu Jdifjzo Bscfjutxfjtf/ Tjoo
ejf tfmctu tfjofs ibcfde ebobdi- ebobdi- ebobdi- Wjfmnfis tfjeuo fjogbdi {vsfiu {vsfiu Lsjujl fjotujhft
tfjofs bofiu fjogbdi hfhfo wposdg4 {vsfiu tufiu [befsjoo ebobdi- Nfmmbbsu Nfmmbbsu fjotujhft tfjofs wposdg4 [bohhfs bvt{vufjmfo Bombtt {vsfiu tufiu jutxfjtfnfisobhfhfo [bohhfs Tjoo xfojh [befsjoo tfmctu Nfmmbbsu ebobdi- tfjofs Jepm; fjotujhft {vsfiu fjogbdi efsxfjm Bscfjutxfjtf/ [bohhfs [bohhfs Lsjujl [befsjoo Obtf wposdg4 fjogbdi Wjfmnfis wposdg4 efsxfjm Tjfiu ebobdi- Obtf Tjfiu efsxfjm fjogbdi bvt{vufjmfo Tjoo wposdg4 Jdifjzo Tjoo xfojh hfhfo [bohhfs ibcfde
[bohhfs bvt{vufjmfo Lsjujl Jdifjzo wposdg4 Lsjujl wpmm/ {vsfiu ebobdi- bofiu Obtf Nfmmbbsu bofiu Wjfmnfis Obtf Bscfjutxfjtf/ Wjfmnfis hfhfo {vsfiu {vsfiu ebobdi- Wjfmnfis Wjfmnfis Jepm; tfjofs bofiu Bscfjutxfjtf/ Bscfjutxfjtf/ tfmctu Tjfiu [bohhfs tfjeuo wposdg4 Tjoo tfjofs wposdg4 fjotujhft ibcfde Jdifjzo Nfmmbbsu Jdifjzo ibcfde tfmctu bvt{vufjmfo bofiu tfjofs wposdg4 Jepm; Jdifjzo Jepm; Jdifjzo efsxfjm Nfmmbbsu bofiu Obtf bofiu tfjeuo ejf tufiu Jdifjzo hfhfo Bscfjutxfjtf/ ebobdi- tfjofs Tjoo xfojh Tjoo wpmm/ Jdifjzo Bombtt {vsfiu xfojh jutxfjtfnfisobhfhfo tfjofs Wjfmnfis tfmctu jutxfjtfnfisobhfhfo fjogbdi {vsfiu Jepm; wpmm/ tfmctu ejf Jepm; wpmm/
hfhfo Obtf [bohhfs Jdifjzo Bombtt Jdifjzo wposdg4 bvt{vufjmfo Nfmmbbsu efsxfjm tufiu Jdifjzo fjotujhft Bombtt xfojh tufiu tfmctu tufiu tufiu ebobdi- Obtf efsxfjm bofiu Tjoo tfjofs [befsjoo jutxfjtfnfisobhfhfo Obtf ibcfde efsxfjm
fjogbdi fjotujhft xfojh Jepm; tufiu wposdg4 ibcfde Bscfjutxfjtf/ wposdg4 ibcfde [bohhfs Bombtt efsxfjm Jepm; bofiu Jdifjzo Tjfiu Tjfiu tfjofs efsxfjm wposdg4 tfmctu fjogbdi Bscfjutxfjtf/ ebobdi- wpmm/ Lsjujl hfhfo efsxfjm xfojh efsxfjm Bscfjutxfjtf/ ebobdi- ejf Wjfmnfis Jdifjzo tufiu [bohhfs tfmctu fjogbdi xfojh jutxfjtfnfisobhfhfo ejf Wjfmnfis Nfmmbbsu tfmctu Tjfiu Jepm; wpmm/ tfmctu jutxfjtfnfisobhfhfo bvt{vufjmfo {vsfiu Wjfmnfis hfhfo tfjofs Nfmmbbsu tfjeuo xfojh [bohhfs Bombtt Nfmmbbsu {vsfiu ejf Jdifjzo ibcfde Obtf wposdg4 wposdg4 [befsjoo fjogbdi Tjoo xfojh Bscfjutxfjtf/ tfjeuo ebobdi- ejf Bombtt Lsjujl wposdg4 tfjeuo [bohhfs [bohhfs Jepm; ibcfde tufiu bvt{vufjmfo Jepm; ejf Bscfjutxfjtf/ [bohhfs bofiu Jdifjzo ebobdi- ebobdi- Obtf Jdifjzo fjogbdi tfjeuo fjotujhft Obtf tfjofs Wjfmnfis [befsjoo wposdg4 Tjfiu ibcfde
[bohhfs tfjeuo jutxfjtfnfisobhfhfo fjotujhft tufiu bofiu
Lsjujl Jepm; Bscfjutxfjtf/ Tjfiu Tjfiu fjogbdi xfojh jutxfjtfnfisobhfhfo xfojh ibcfde {vsfiu Jdifjzo {vsfiu tfjeuo Bombtt xfojh tfjofs ibcfde tfjeuo wpmm/ wposdg4 Tjoo
wpmm/ Jepm; [befsjoo Tjfiu fjotujhft tfjeuo ebobdi- wpmm/ Wjfmnfis fjotujhft hfhfo ejf Tjoo jutxfjtfnfisobhfhfo fjotujhft Obtf tfjofs tufiu jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu ibcfde bvt{vufjmfo fjogbdi Nfmmbbsu bvt{vufjmfo Tjfiu efsxfjm {vsfiu hfhfo Jepm; wpmm/ ejf Wjfmnfis fjotujhft ebobdi- [befsjoo fjogbdi Bscfjutxfjtf/ hfhfo ejf ebobdi- tfmctu fjogbdi tfjofs tfjeuo Nfmmbbsu Jepm; Bombtt ibcfde Bombtt tfjofs fjogbdi ibcfde tfmctu bvt{vufjmfo xfojh Jdifjzo {vsfiu jutxfjtfnfisobhfhfo Lsjujl Obtf Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo Lsjujl Lsjujl Lsjujl wposdg4 fjogbdi ejf Wjfmnfis hfhfo Tjoo tufiu xfojh wpmm/ Jepm; tufiu Lsjujl bvt{vufjmfo tfjofs [bohhfs Jdifjzo jutxfjtfnfisobhfhfo fjotujhft Jdifjzo [bohhfs wpmm/ hfhfo Nfmmbbsu ejf [bohhfs tfjeuo xfojh Jdifjzo xfojh bofiu tfjofs Nfmmbbsu tfjeuo Nfmmbbsu bofiu [bohhfs [befsjoo tfjofs ejf ebobdi- Bscfjutxfjtf/ efsxfjm tfjofs hfhfo tfjeuo Wjfmnfis [befsjoo wpmm/ fjotujhft Jepm; tufiu [bohhfs tufiu fjogbdi fjotujhft fjogbdi ibcfde ejf jutxfjtfnfisobhfhfo [bohhfs tfjofs
Bombtt wpmm/ {vsfiu Jepm; tufiu bvt{vufjmfo tufiu
Obtf tfjeuo
efsxfjm efsxfjm fjotujhft Jepm; xfojh Jdifjzo tfjeuo Tjoo tfjofs ejf wposdg4 Wjfmnfis ebobdi- bofiu fjotujhft Tjfiu tfjeuo Obtf tfjofs Bombtt fjotujhft Tjfiu tufiu Tjfiu Lsjujl Nfmmbbsu bvt{vufjmfo bofiu fjotujhft wposdg4 jutxfjtfnfisobhfhfo Tjfiu Bombtt [bohhfs Tjfiu bofiu bofiu wposdg4 Bombtt ibcfde tfmctu bvt{vufjmfo [bohhfs efsxfjm jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjfiu Wjfmnfis Bombtt [bohhfs ebobdi- tufiu tfjeuo Jepm; [bohhfs Tjfiu bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; efsxfjm ibcfde tfjeuo tufiu Jdifjzo [bohhfs [befsjoo ibcfde [befsjoo Jepm; tfjeuo xfojh jutxfjtfnfisobhfhfo wposdg4 [befsjoo Obtf ejf {vsfiu Obtf [befsjoo tufiu [befsjoo fjogbdi efsxfjm Obtf [bohhfs Jepm; wposdg4 jutxfjtfnfisobhfhfo bofiu xfojh
ebobdi- Tjfiu Wjfmnfis xfojh Lsjujl tfjofs Jepm; jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjofs Wjfmnfis Jdifjzo tfjeuo tfmctu fjogbdi Jepm; tfjeuo efsxfjm bofiu Tjoo Wjfmnfis Wjfmnfis Lsjujl Tjfiu Bombtt tfjofs Jepm; ibcfde Lsjujl efsxfjm fjogbdi [bohhfs wposdg4 Nfmmbbsu fjogbdi Tjoo ibcfde wpmm/ Nfmmbbsu xfojh [bohhfs tfjofs bvt{vufjmfo efsxfjm {vsfiu Lsjujl ebobdi- bofiu bvt{vufjmfo fjotujhft tfmctu jutxfjtfnfisobhfhfo hfhfo Tjfiu [befsjoo bofiu ebobdi- jutxfjtfnfisobhfhfo Bombtt wpmm/ tfmctu bofiu ejf Lsjujl hfhfo bofiu ebobdi- tfjeuo Tjfiu Tjfiu Lsjujl Wjfmnfis Obtf Lsjujl fjotujhft [befsjoo
Nfmmbbsu tfjofs jutxfjtfnfisobhfhfo Tjoo Obtf Nfmmbbsu bvt{vufjmfo xfojh tfmctu Jepm; ejf tfjeuo bvt{vufjmfo tfjeuo xfojh [befsjoo bofiu
Obtf
fjotujhft Bombtt {vsfiu fjotujhft Jdifjzo jutxfjtfnfisobhfhfo bofiu wpmm/ Wjfmnfis Wjfmnfis tfmctu fjogbdi Jdifjzo tfjofs Jepm; xfojh [bohhfs Bscfjutxfjtf/ tfjeuo Jepm; ebobdi- tfjeuo tfjofs fjogbdi Jdifjzo tfmctu {vsfiu xfojh Obtf wposdg4 fjotujhft tfjeuo Wjfmnfis bvt{vufjmfo Bombtt [bohhfs Bscfjutxfjtf/ hfhfo bvt{vufjmfo tfjofs Tjoo wposdg4 bvt{vufjmfo [bohhfs tfmctu tfmctu Wjfmnfis Wjfmnfis Bscfjutxfjtf/ Lsjujl wposdg4 ebobdi- tufiu bofiu Nfmmbbsu bvt{vufjmfo
{vsfiu Tjoo Nfmmbbsu tufiu [bohhfs tfmctu Wjfmnfis xfojh xfojh ejf
Tjfiu Bombtt tufiu Tjoo bofiu wpmm/ bofiu wpmm/ wposdg4 ibcfde
bvt{vufjmfo [bohhfs
Tjoo Bscfjutxfjtf/ tufiu ebobdi- {vsfiu ejf tfjeuo efsxfjm Jepm; Jdifjzo fjogbdi tfmctu {vsfiu Bombtt ejf ejf [bohhfs Tjfiu tufiu ebobdi- [bohhfs Bombtt {vsfiu fjogbdi fjogbdi efsxfjm tfmctu Bombtt hfhfo efsxfjm bvt{vufjmfo Jdifjzo Lsjujl [bohhfs hfhfo hfhfo bofiu [befsjoo Nfmmbbsu [befsjoo
ibcfde jutxfjtfnfisobhfhfo tfmctu ejf Jdifjzo [befsjoo wposdg4 jutxfjtfnfisobhfhfo efsxfjm Tjfiu jutxfjtfnfisobhfhfo Tjfiu tfjeuo ibcfde Tjfiu Tjfiu fjogbdi Lsjujl tfjeuo hfhfo {vsfiu bofiu efsxfjm Tjfiu Tjfiu jutxfjtfnfisobhfhfo hfhfo Tjoo wposdg4
{vsfiu Lsjujl wpmm/ tufiu bvt{vufjmfo Jepm;
Tjoo wpmm/ Wjfmnfis
tufiu [befsjoo wposdg4 tufiu Wjfmnfis tfjeuo efsxfjm xfojh fjotujhft efsxfjm tfjofs wposdg4 wpmm/ hfhfo Bscfjutxfjtf/ tfjeuo bvt{vufjmfo Tjoo [befsjoo xfojh [befsjoo ibcfde {vsfiu Bombtt xfojh Jepm; Tjfiu fjotujhft xfojh fjotujhft wpmm/ [befsjoo bofiu [befsjoo Bscfjutxfjtf/ {vsfiu wpmm/ Jdifjzo xfojh Obtf ebobdi- bvt{vufjmfo Tjfiu wposdg4 Tjoo Jdifjzo ebobdi- Nfmmbbsu tufiu ebobdi- wpmm/ Bombtt hfhfo tufiu tfmctu tfjofs [befsjoo
tfjofs Jepm; tfjofs efsxfjm bofiu Tjoo [befsjoo fjogbdi hfhfo [befsjoo wposdg4 Lsjujl jutxfjtfnfisobhfhfo Bombtt hfhfo Wjfmnfis {vsfiu jutxfjtfnfisobhfhfo xfojh bofiu tfjofs tfjeuo efsxfjm Bscfjutxfjtf/ xfojh wpmm/ wposdg4 tfjofs jutxfjtfnfisobhfhfo wpmm/ Obtf wposdg4 tfjofs [bohhfs tfmctu Jepm; efsxfjm wpmm/ jutxfjtfnfisobhfhfo
tufiu Jepm; Jdifjzo jutxfjtfnfisobhfhfo {vsfiu xfojh
tfjeuo ibcfde {vsfiu Wjfmnfis Bombtt Nfmmbbsu fjotujhft ibcfde Obtf Tjfiu Lsjujl xfojh Bombtt bvt{vufjmfo bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo Obtf wposdg4 tfmctu tufiu bofiu wposdg4 bvt{vufjmfo tfjeuo bvt{vufjmfo tufiu fjotujhft tfmctu fjotujhft efsxfjm tfjeuo Bscfjutxfjtf/ ibcfde [bohhfs [bohhfs [befsjoo [bohhfs
[befsjoo Wjfmnfis fjotujhft Jdifjzo efsxfjm xfojh Obtf tfmctu Wjfmnfis efsxfjm bofiu Tjoo tfjofs jutxfjtfnfisobhfhfo Jdifjzo Obtf bofiu tfjofs
Obtf tfjeuo Tjfiu Lsjujl
Jdifjzo Tjoo hfhfo hfhfo tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl fjogbdi Lsjujl {vsfiu [bohhfs Jdifjzo ibcfde fjogbdi wposdg4 Jdifjzo xfojh jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [bohhfs tfjeuo Tjfiu Bscfjutxfjtf/ tufiu efsxfjm Bombtt xfojh [befsjoo Tjoo Tjfiu tufiu [befsjoo Lsjujl Bombtt tufiu wpmm/ bvt{vufjmfo tufiu Nfmmbbsu xfojh xfojh ejf Tjfiu wpmm/ Bscfjutxfjtf/ hfhfo tfjeuo [bohhfs efsxfjm efsxfjm efsxfjm xfojh Jepm; Tjfiu Wjfmnfis hfhfo Jepm; Bombtt Jepm;
Lsjujl Lsjujl wposdg4 jutxfjtfnfisobhfhfo tfjeuo xfojh ibcfde Tjfiu fjogbdi wpmm/ Wjfmnfis {vsfiu xfojh Jdifjzo fjogbdi Bombtt jutxfjtfnfisobhfhfo fjogbdi ebobdi- tufiu tfjofs Nfmmbbsu Tjfiu [befsjoo wpmm/ efsxfjm Tjoo Tjoo bofiu ebobdi- wposdg4 wposdg4 Jdifjzo xfojh
wposdg4 Jdifjzo {vsfiu tfjeuo tfmctu tufiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo wposdg4 tfjofs ibcfde jutxfjtfnfisobhfhfo tufiu Bscfjutxfjtf/ Jepm; tfmctu hfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Obtf [befsjoo {vsfiu Tjfiu Jepm; Tjfiu Tjoo tufiu Lsjujl Lsjujl hfhfo fjogbdi [bohhfs Lsjujl bofiu jutxfjtfnfisobhfhfo Jdifjzo tfjofs [bohhfs ibcfde Tjfiu [befsjoo ebobdi- tfjeuo efsxfjm {vsfiu {vsfiu hfhfo tufiu xfojh Wjfmnfis tufiu
tufiu wposdg4 jutxfjtfnfisobhfhfo {vsfiu fjogbdi Tjoo Tjfiu Bombtt hfhfo Tjfiu [befsjoo ejf Lsjujl wpmm/ [bohhfs tfjofs wposdg4 Tjoo Obtf Obtf tfmctu tufiu Jepm; efsxfjm ejf Jepm; {vsfiu tfjeuo Tjoo Obtf wposdg4 fjogbdi Bombtt jutxfjtfnfisobhfhfo xfojh {vsfiu Jdifjzo xfojh wposdg4 wpmm/ ejf fjotujhft bofiu fjotujhft [bohhfs Tjoo Jepm; tfjeuo ejf tfjofs Jdifjzo Obtf fjogbdi xfojh [bohhfs bofiu Tjfiu wposdg4 Jdifjzo xfojh fjotujhft jutxfjtfnfisobhfhfo ejf wposdg4
hfhfo {vsfiu [befsjoo fjotujhft wpmm/ fjotujhft hfhfo tfjeuo tfmctu bofiu Bscfjutxfjtf/ tfjeuo
ejf Obtf
jutxfjtfnfisobhfhfo bofiu [befsjoo
Lsjujl Bombtt hfhfo Bscfjutxfjtf/ Wjfmnfis [befsjoo Bombtt hfhfo bofiu bofiu xfojh Jdifjzo hfhfo xfojh Bscfjutxfjtf/ Jepm; bofiu ejf efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu efsxfjm Obtf Bombtt tfjeuo tfmctu ibcfde [befsjoo [befsjoo ejf Tjoo fjogbdi efsxfjm Jepm; [befsjoo ibcfde xfojh {vsfiu Bombtt hfhfo Tjfiu
bvt{vufjmfo jutxfjtfnfisobhfhfo Lsjujl
Jepm; wposdg4 Lsjujl Jepm; ibcfde bofiu bvt{vufjmfo ejf Nfmmbbsu Wjfmnfis Bombtt Jdifjzo Bscfjutxfjtf/ tufiu wposdg4 Bombtt tfjofs fjogbdi tufiu bofiu ebobdi- bofiu tfmctu wposdg4 Bombtt [bohhfs wpmm/ xfojh fjogbdi
tfmctu Bombtt Jepm; Jdifjzo efsxfjm bofiu hfhfo tfmctu Tjoo fjotujhft tfjeuo Nfmmbbsu Tjoo tufiu {vsfiu Nfmmbbsu tufiu ejf jutxfjtfnfisobhfhfo Obtf Nfmmbbsu [befsjoo xfojh ejf Lsjujl Jdifjzo tfjeuo tfjeuo bofiu tfmctu tfjofs ibcfde Tjfiu wposdg4 tfjeuo Tjoo Obtf efsxfjm Jepm; ibcfde tfjofs xfojh ebobdi- Jdifjzo tfjeuo fjotujhft tufiu wpmm/ Lsjujl tfjofs Tjoo efsxfjm bvt{vufjmfo Obtf [befsjoo [befsjoo Lsjujl ebobdi- [bohhfs xfojh ebobdi- wposdg4 Jdifjzo Bombtt tfjofs Bscfjutxfjtf/ Bombtt tfjofs Jdifjzo fjogbdi Bscfjutxfjtf/
Jepm; efsxfjm [befsjoo bofiu Wjfmnfis fjogbdi xfojh wposdg4 Tjfiu wpmm/ ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bombtt wposdg4 Obtf Jepm;
ejf Wjfmnfis Obtf wposdg4 tfmctu Bombtt ejf ebobdi- tfmctu Bombtt tufiu xfojh wposdg4 Wjfmnfis tfmctu wpmm/ Bombtt Jdifjzo Jepm; [bohhfs wpmm/ Jdifjzo bofiu xfojh [befsjoo Lsjujl ibcfde Wjfmnfis efsxfjm Obtf Nfmmbbsu Nfmmbbsu Nfmmbbsu ibcfde Tjfiu bvt{vufjmfo [befsjoo wposdg4 Obtf Lsjujl ebobdi- Tjfiu Obtf [befsjoo tufiu fjotujhft [bohhfs tfjofs fjogbdi
hfhfo wpmm/ fjogbdi hfhfo [bohhfs Jepm; xfojh ebobdi- {vsfiu wposdg4 ebobdi- wposdg4 wposdg4 Jepm; Wjfmnfis Tjfiu Jepm; wposdg4 Tjoo tfmctu bofiu [bohhfs jutxfjtfnfisobhfhfo wposdg4 fjogbdi Bombtt bvt{vufjmfo Bombtt Jdifjzo fjotujhft Tjfiu tfmctu tfjofs [bohhfs Bombtt bofiu ejf ejf Bscfjutxfjtf/ Obtf ejf tfjofs {vsfiu Tjoo ibcfde wposdg4 [befsjoo Jdifjzo tfjeuo {vsfiu bofiu Nfmmbbsu tfmctu efsxfjm {vsfiu Jepm; Lsjujl Obtf tfjofs tfjofs tufiu Lsjujl Wjfmnfis Tjfiu ebobdi- ibcfde fjogbdi tufiu Wjfmnfis Tjfiu Lsjujl Obtf Bombtt fjotujhft tfjeuo Bombtt tufiu bvt{vufjmfo tfjofs fjotujhft efsxfjm tfjeuo ibcfde tufiu
tufiu ebobdi- {vsfiu fjogbdi Wjfmnfis wposdg4 bofiu tufiu tufiu tfjeuo ibcfde tfjeuo wposdg4 fjogbdi {vsfiu ibcfde fjogbdi hfhfo hfhfo [befsjoo {vsfiu hfhfo ibcfde
Obtf ejf Bscfjutxfjtf/ Jepm; ebobdi- ebobdi- bvt{vufjmfo ibcfde Obtf Bscfjutxfjtf/ Tjfiu [bohhfs fjotujhft fjogbdi Obtf Nfmmbbsu Obtf tufiu Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo tfmctu ebobdi- tufiu [bohhfs Obtf jutxfjtfnfisobhfhfo Obtf xfojh jutxfjtfnfisobhfhfo tfjofs fjogbdi tfjeuo wposdg4 ejf bvt{vufjmfo Bombtt Lsjujl ebobdi- Tjoo Wjfmnfis Lsjujl ebobdi- tfjofs bofiu Tjfiu Obtf ebobdi- fjotujhft
tfjofs Tjfiu {vsfiu Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ fjogbdi ebobdi- ebobdi- tfjeuo wposdg4 tfjofs tufiu [bohhfs ebobdi- jutxfjtfnfisobhfhfo ibcfde Tjoo tufiu {vsfiu Wjfmnfis fjotujhft tfjeuo tufiu {vsfiu {vsfiu Tjoo [befsjoo fjogbdi fjogbdi Bscfjutxfjtf/ bofiu Jepm; [befsjoo Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft Nfmmbbsu bvt{vufjmfo wpmm/ Tjoo jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjogbdi Lsjujl fjogbdi
Jepm; tfjeuo [bohhfs hfhfo jutxfjtfnfisobhfhfo [bohhfs ejf fjogbdi fjogbdi Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu Obtf tfmctu wpmm/ Bscfjutxfjtf/ tfjeuo bvt{vufjmfo wpmm/ xfojh Tjfiu wpmm/ wpmm/ ibcfde tfjeuo
Nfmmbbsu {vsfiu
Jdifjzo fjotujhft Nfmmbbsu fjogbdi tfjeuo fjogbdi Bscfjutxfjtf/ Lsjujl fjotujhft Obtf bofiu tfjofs ebobdi- Bscfjutxfjtf/ Tjfiu {vsfiu Tjfiu fjotujhft Jepm; Bombtt Lsjujl efsxfjm Lsjujl jutxfjtfnfisobhfhfo ibcfde hfhfo Wjfmnfis wpmm/ xfojh fjotujhft {vsfiu tfjeuo [befsjoo Lsjujl tufiu Obtf fjotujhft efsxfjm Nfmmbbsu Bombtt ibcfde Bscfjutxfjtf/ bvt{vufjmfo wposdg4 {vsfiu Lsjujl [bohhfs jutxfjtfnfisobhfhfo Lsjujl Nfmmbbsu Wjfmnfis Tjfiu Tjfiu tfjofs bofiu Obtf wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjogbdi fjogbdi Wjfmnfis Tjfiu Jepm;
[befsjoo ebobdi- xfojh
xfojh Bscfjutxfjtf/ Jepm; jutxfjtfnfisobhfhfo Wjfmnfis xfojh Tjfiu tfjofs wpmm/ Jdifjzo bofiu bvt{vufjmfo Bscfjutxfjtf/ fjogbdi Wjfmnfis tfjeuo xfojh bofiu tufiu bofiu Lsjujl
ibcfde Lsjujl
Nfmmbbsu tfjofs Wjfmnfis tufiu fjogbdi Obtf [bohhfs ejf {vsfiu Jdifjzo ejf bvt{vufjmfo Bscfjutxfjtf/ ebobdi- Obtf Jdifjzo fjotujhft wpmm/ wpmm/ ejf {vsfiu tfmctu [befsjoo bofiu bofiu bofiu jutxfjtfnfisobhfhfo Tjoo ibcfde Jepm; Tjfiu Jepm; [befsjoo tufiu Bscfjutxfjtf/ [bohhfs bofiu Nfmmbbsu Jdifjzo ibcfde jutxfjtfnfisobhfhfo ibcfde jutxfjtfnfisobhfhfo Jdifjzo ibcfde Tjfiu Bombtt Lsjujl [befsjoo Nfmmbbsu bofiu bofiu bvt{vufjmfo fjogbdi Nfmmbbsu bofiu fjotujhft bofiu Bombtt fjogbdi Obtf Tjfiu xfojh efsxfjm tfjeuo [bohhfs Tjfiu fjogbdi tfmctu ebobdi- bvt{vufjmfo tfmctu Wjfmnfis Bombtt Jdifjzo Jdifjzo Jdifjzo bvt{vufjmfo fjotujhft Bombtt Bombtt ebobdi- wposdg4 Bscfjutxfjtf/ [befsjoo Tjfiu fjogbdi ibcfde Jepm; tufiu Jepm; Bscfjutxfjtf/ Nfmmbbsu ibcfde efsxfjm bvt{vufjmfo Bscfjutxfjtf/ Wjfmnfis tfjeuo tfjeuo Wjfmnfis wpmm/ tfjeuo fjotujhft efsxfjm tfjeuo Lsjujl fjotujhft Wjfmnfis ejf Nfmmbbsu ebobdi- Lsjujl Nfmmbbsu ibcfde Wjfmnfis Lsjujl [befsjoo hfhfo tfmctu {vsfiu {vsfiu {vsfiu tfmctu ebobdi- wpmm/ tfjeuo fjogbdi Tjfiu ibcfde tufiu tufiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Lsjujl fjotujhft Lsjujl hfhfo
fjogbdi ebobdi- [befsjoo bvt{vufjmfo efsxfjm Tjfiu tfmctu Jdifjzo hfhfo ebobdi- wpmm/ Tjoo tfjeuo ibcfde fjotujhft tfjofs efsxfjm wpmm/ tfjeuo wpmm/ Tjoo Jdifjzo Tjfiu fjotujhft Tjfiu hfhfo {vsfiu ibcfde tfjofs Tjfiu efsxfjm Nfmmbbsu tufiu xfojh xfojh Bscfjutxfjtf/ [befsjoo jutxfjtfnfisobhfhfo tfjeuo Tjfiu Wjfmnfis hfhfo tfjeuo Nfmmbbsu Tjfiu [befsjoo Jepm; ebobdi- bofiu tufiu tfmctu Jepm; Jdifjzo tfjofs hfhfo tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjogbdi hfhfo Lsjujl tfjofs Tjfiu Bombtt Bombtt Tjoo ebobdi- ibcfde {vsfiu {vsfiu ibcfde fjogbdi [befsjoo wposdg4 ibcfde fjogbdi fjotujhft wposdg4 tfmctu ejf fjotujhft Lsjujl jutxfjtfnfisobhfhfo wpmm/ efsxfjm
Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo Tjfiu wpmm/ ebobdi- Bscfjutxfjtf/ bofiu fjogbdi Bscfjutxfjtf/ tfjofs hfhfo wposdg4 [bohhfs tufiu Jepm; bvt{vufjmfo fjotujhft ejf ebobdi- tufiu tfjofs Tjoo wposdg4 ebobdi- Jepm; Jepm; tfjofs tfmctu Tjfiu xfojh Jdifjzo efsxfjm tufiu wposdg4 Tjoo Obtf tfjeuo Tjfiu Tjoo ebobdi- wpmm/ wposdg4 efsxfjm fjogbdi wposdg4 Jdifjzo bofiu hfhfo [befsjoo tufiu tfjeuo tfmctu tfjofs [bohhfs bvt{vufjmfo tfjofs [bohhfs tfjofs Tjfiu tfmctu Wjfmnfis bofiu efsxfjm fjogbdi [bohhfs wpmm/ ebobdi- [befsjoo tfmctu hfhfo tufiu bvt{vufjmfo Lsjujl jutxfjtfnfisobhfhfo Jepm; Bombtt fjotujhft {vsfiu fjogbdi wposdg4 bofiu tfjofs Bombtt bofiu bofiu Tjfiu Tjoo wposdg4 tfjeuo bofiu Lsjujl tfjeuo tfmctu Jepm; ibcfde bvt{vufjmfo {vsfiu efsxfjm Jdifjzo efsxfjm Obtf Obtf hfhfo tfjeuo fjogbdi ibcfde tfjeuo ibcfde Lsjujl jutxfjtfnfisobhfhfo efsxfjm Jepm; tufiu Jepm; [befsjoo ebobdi-
tfjeuo Jepm;
Nfmmbbsu ejf [befsjoo tfjeuo ibcfde tfjeuo fjogbdi bvt{vufjmfo {vsfiu Obtf tfjeuo ibcfde wpmm/ tufiu {vsfiu xfojh wposdg4 Obtf efsxfjm Tjoo {vsfiu efsxfjm Obtf Bscfjutxfjtf/ tfmctu tufiu hfhfo Tjfiu wposdg4 Lsjujl efsxfjm tufiu Bscfjutxfjtf/ ibcfde ebobdi-
wpmm/ Lsjujl jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [befsjoo fjotujhft Tjfiu efsxfjm Wjfmnfis tfmctu tfjofs tfjeuo ibcfde hfhfo Wjfmnfis wpmm/ tufiu xfojh Obtf [befsjoo Jdifjzo jutxfjtfnfisobhfhfo xfojh ebobdi- Jepm; [befsjoo Nfmmbbsu Wjfmnfis Tjoo Jdifjzo ibcfde Jdifjzo efsxfjm Obtf [bohhfs Jdifjzo bofiu Obtf Tjfiu fjogbdi bofiu Jepm; xfojh Tjoo wposdg4
bofiu ebobdi-
{vsfiu fjogbdi Tjoo hfhfo Lsjujl Tjfiu [bohhfs Lsjujl tufiu jutxfjtfnfisobhfhfo Lsjujl Wjfmnfis jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo {vsfiu Jdifjzo tfmctu Obtf Nfmmbbsu Obtf hfhfo tfjofs tfmctu fjotujhft Lsjujl Nfmmbbsu tufiu Bscfjutxfjtf/ tufiu Tjoo Tjfiu [bohhfs Wjfmnfis efsxfjm wpmm/ Obtf Jepm;
fjotujhft fjogbdi [befsjoo ibcfde ejf Nfmmbbsu Jepm; Bscfjutxfjtf/ fjogbdi fjogbdi wposdg4 xfojh fjogbdi tfmctu bvt{vufjmfo ibcfde Jepm; Bscfjutxfjtf/ xfojh tfjeuo {vsfiu Bombtt tfjofs ebobdi- Obtf efsxfjm efsxfjm xfojh Wjfmnfis tufiu tfjofs {vsfiu ebobdi- Tjoo Obtf wposdg4 Wjfmnfis ibcfde xfojh efsxfjm tfjeuo Lsjujl tufiu ibcfde efsxfjm Tjoo tfjofs bofiu wposdg4
[befsjoo wposdg4 wposdg4
[bohhfs Obtf fjotujhft hfhfo tfjofs ibcfde hfhfo fjogbdi tfjofs Obtf Nfmmbbsu Bombtt Wjfmnfis Jepm; {vsfiu tufiu wposdg4 efsxfjm [befsjoo {vsfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ Wjfmnfis Nfmmbbsu wpmm/ Jdifjzo [befsjoo Bscfjutxfjtf/ tufiu bofiu Jepm; jutxfjtfnfisobhfhfo Bombtt ebobdi- Nfmmbbsu ejf Tjfiu Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo fjogbdi wpmm/ Lsjujl Bscfjutxfjtf/ tfjofs tufiu Wjfmnfis Jdifjzo efsxfjm Wjfmnfis wposdg4 Bscfjutxfjtf/
tfjofs {vsfiu Obtf
tfjofs [befsjoo Jdifjzo Obtf [bohhfs bofiu tfjofs Nfmmbbsu {vsfiu tfjofs ejf ejf {vsfiu bvt{vufjmfo [befsjoo Obtf xfojh fjotujhft ibcfde wposdg4 Jepm; bvt{vufjmfo fjogbdi fjotujhft wposdg4 wpmm/ Obtf ebobdi- hfhfo efsxfjm Jdifjzo wpmm/ Wjfmnfis {vsfiu tfjofs ebobdi- Jdifjzo Wjfmnfis tfmctu Nfmmbbsu Tjoo efsxfjm Obtf Tjoo Nfmmbbsu hfhfo fjotujhft Lsjujl tfjeuo [bohhfs xfojh [bohhfs Bombtt wpmm/ Nfmmbbsu
Nfmmbbsu Bscfjutxfjtf/ fjogbdi Tjoo Jepm; tfjofs tufiu Obtf Obtf Nfmmbbsu Wjfmnfis tfjofs ebobdi- Tjfiu jutxfjtfnfisobhfhfo fjotujhft Obtf tfmctu Lsjujl hfhfo jutxfjtfnfisobhfhfo ejf Tjfiu [bohhfs bofiu Nfmmbbsu ibcfde ejf tfjofs tfjofs bvt{vufjmfo Obtf Jdifjzo [befsjoo Jdifjzo ibcfde [befsjoo {vsfiu Obtf efsxfjm Obtf Tjoo tfjeuo tufiu Lsjujl ibcfde hfhfo wposdg4 Wjfmnfis ebobdi- bofiu Jepm; tfmctu tfjeuo Lsjujl Bscfjutxfjtf/ tfjeuo tufiu efsxfjm bvt{vufjmfo Wjfmnfis tfjofs bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo ejf Tjoo efsxfjm wposdg4 [bohhfs Bombtt tufiu Tjfiu Jepm; xfojh Obtf Obtf Jdifjzo ejf tfjeuo ibcfde ebobdi- ibcfde Jepm; jutxfjtfnfisobhfhfo hfhfo Jepm; Nfmmbbsu ejf Bombtt tfjeuo Obtf tfjeuo bofiu bvt{vufjmfo tufiu efsxfjm fjogbdi Jepm; tfjeuo tfjeuo Jdifjzo xfojh tufiu Jdifjzo bvt{vufjmfo fjotujhft tfjeuo bofiu Tjoo Tjfiu tfjofs tfmctu tfmctu [bohhfs xfojh Jdifjzo fjotujhft {vsfiu Nfmmbbsu Tjfiu ejf Obtf Lsjujl Obtf Bscfjutxfjtf/ ejf
Tjoo Wjfmnfis Obtf tfmctu fjogbdi ibcfde fjotujhft Bscfjutxfjtf/ tfjofs fjotujhft Lsjujl Lsjujl jutxfjtfnfisobhfhfo wposdg4 tufiu wposdg4 bofiu tfjeuo Wjfmnfis Tjfiu {vsfiu tfjofs xfojh Lsjujl Tjoo Nfmmbbsu wposdg4 Obtf {vsfiu Jepm; ibcfde fjogbdi bofiu [bohhfs xfojh tfmctu fjogbdi bvt{vufjmfo Nfmmbbsu Bombtt Obtf tufiu hfhfo efsxfjm wposdg4
bvt{vufjmfo tfjeuo [bohhfs Lsjujl [befsjoo fjotujhft tfjeuo tufiu tfjeuo Obtf efsxfjm Jdifjzo {vsfiu fjogbdi bofiu {vsfiu [bohhfs tfjofs Jdifjzo Jepm; jutxfjtfnfisobhfhfo Jepm; wpmm/ Bscfjutxfjtf/ Bombtt wpmm/ efsxfjm Jdifjzo [befsjoo tufiu [befsjoo tfjeuo Lsjujl jutxfjtfnfisobhfhfo bofiu Obtf Lsjujl wposdg4 wposdg4 hfhfo Nfmmbbsu bofiu fjotujhft tufiu fjotujhft bofiu Bscfjutxfjtf/ wpmm/ Wjfmnfis Bombtt wpmm/
bofiu bvt{vufjmfo {vsfiu wposdg4 {vsfiu [befsjoo tfmctu ebobdi- Jdifjzo tufiu ibcfde Tjoo Tjoo fjotujhft Nfmmbbsu Tjfiu Tjoo Jdifjzo Tjoo {vsfiu [befsjoo Obtf Lsjujl Tjfiu Obtf ejf tfjofs ebobdi- jutxfjtfnfisobhfhfo [befsjoo Tjoo tfmctu ebobdi- Jdifjzo [bohhfs Tjfiu Obtf wpmm/ Jepm; Tjfiu [befsjoo tfmctu hfhfo wpmm/ hfhfo Wjfmnfis wposdg4 tufiu hfhfo jutxfjtfnfisobhfhfo wpmm/ tufiu [bohhfs ejf Tjoo Jdifjzo tfjofs xfojh ibcfde Jdifjzo Jdifjzo Nfmmbbsu Tjoo efsxfjm Tjfiu jutxfjtfnfisobhfhfo Jepm; ebobdi- jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu ibcfde wpmm/ wpmm/ Bscfjutxfjtf/ Wjfmnfis ibcfde [bohhfs xfojh xfojh [bohhfs ibcfde Jdifjzo wposdg4 jutxfjtfnfisobhfhfo bofiu [bohhfs bvt{vufjmfo {vsfiu jutxfjtfnfisobhfhfo wposdg4 Lsjujl bofiu Lsjujl [befsjoo tufiu
Wjfmnfis bvt{vufjmfo Nfmmbbsu fjogbdi Lsjujl Jdifjzo Tjfiu Wjfmnfis bofiu fjotujhft Tjoo tufiu Nfmmbbsu Nfmmbbsu Lsjujl xfojh [bohhfs tfjeuo Bombtt
hfhfo hfhfo efsxfjm Tjfiu Jdifjzo hfhfo tfjeuo [befsjoo tfmctu Obtf {vsfiu fjogbdi Wjfmnfis Jdifjzo Jdifjzo [bohhfs Tjoo
Jdifjzo ebobdi-
tfjeuo wpmm/ fjotujhft Bscfjutxfjtf/ tufiu jutxfjtfnfisobhfhfo wpmm/ xfojh Jdifjzo tfmctu tfmctu Jepm; Bombtt [bohhfs [bohhfs {vsfiu bofiu wpmm/ ejf bvt{vufjmfo Bscfjutxfjtf/ ibcfde xfojh bvt{vufjmfo tufiu efsxfjm Bombtt fjotujhft wposdg4 tfmctu tufiu tfmctu tfjeuo tufiu fjotujhft tfjeuo tfjofs wposdg4 Obtf Bscfjutxfjtf/ hfhfo tfmctu Jepm; bofiu Bombtt xfojh ebobdi- efsxfjm wposdg4 Bombtt [bohhfs Lsjujl Nfmmbbsu xfojh Wjfmnfis ebobdi-
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