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