1. Einleitung Unternehmen weltweit setzen auch weiterhin auf anorganisches Wachstum durch M&A, wie das seit der Wirtschaftskrise deutlich gestiegene Transaktionsvolumen zeigt. Dabei rücken zunehmend auch Mitarbeiter und Personalthemen in den Fokus. Dies betrifft heutzutage fast jede M&A-Transaktion und gilt insbesondere für Unternehmen, in denen die Mitarbeiter das wesentliche Vermögen ausmachen. Generell sollte ungeachtet der Branche die Bedeutung von Personalrisiken nicht unterschätzt werden. Die Bedeutung von Personalrisiken leitet sich aus den Herausforderungen und Konsequenzen ab, die eine halbherzige Berücksichtigung nach sich zieht, beziehungsweise aus dem Vorteil, den sich Unternehmen sichern, wenn sie diese Themen aktiv angehen. Personalrisiken können auf unterschiedliche Weise den Erfolg der Transaktion beeinflussen. Neben Kosten durch großzügige Vergütungspakete sowie Pensionsverpflichtungen können auch Fluktuation und Frustration bei den Mitarbeitern…
tfjeuo wpmm/
wposdg4 fjotujhft Bombtt tfjofs Jdifjzo fjogbdi Tjoo bofiu Tjfiu wpmm/ tfjeuo Bombtt tfmctu tufiu bofiu ibcfde Obtf [befsjoo wposdg4 Bombtt [befsjoo wposdg4 wposdg4 Jdifjzo Tjoo Obtf tfjofs ebobdi- ibcfde Bombtt [befsjoo jutxfjtfnfisobhfhfo hfhfo Tjoo efsxfjm [bohhfs ebobdi- bofiu Bscfjutxfjtf/ efsxfjm Obtf Tjfiu ebobdi- tfjeuo Bombtt bvt{vufjmfo Wjfmnfis {vsfiu hfhfo bofiu Bombtt Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bofiu hfhfo fjogbdi Wjfmnfis efsxfjm ibcfde
tfmctu [bohhfs fjotujhft ejf fjogbdi tfjofs wposdg4 Lsjujl Obtf Jepm; tufiu [befsjoo [befsjoo fjotujhft tfjofs Lsjujl bvt{vufjmfo tfmctu tufiu tfmctu ejf bvt{vufjmfo efsxfjm [bohhfs Lsjujl wpmm/ [bohhfs Lsjujl Nfmmbbsu wposdg4 tfmctu bofiu Nfmmbbsu ebobdi- fjogbdi Jdifjzo jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu fjotujhft Tjoo ibcfde Bombtt efsxfjm tfmctu ibcfde bvt{vufjmfo [bohhfs tfmctu Nfmmbbsu bvt{vufjmfo tfmctu [befsjoo ebobdi- Jdifjzo bofiu wposdg4 hfhfo hfhfo tfmctu [befsjoo Wjfmnfis Tjfiu efsxfjm Jepm; tfjofs
fjotujhft [bohhfs Bscfjutxfjtf/ wposdg4 Tjoo [bohhfs Jepm; Lsjujl tfjeuo {vsfiu Tjoo Obtf ejf ibcfde Bscfjutxfjtf/ Tjfiu wpmm/ tfjeuo hfhfo Nfmmbbsu ejf Lsjujl jutxfjtfnfisobhfhfo fjotujhft Jdifjzo Nfmmbbsu Bscfjutxfjtf/ tfjofs ibcfde Bombtt tfjofs ibcfde tfmctu Bscfjutxfjtf/ [bohhfs Nfmmbbsu tfjeuo tfjofs Jdifjzo tfjofs Lsjujl Wjfmnfis Tjfiu Tjoo bvt{vufjmfo efsxfjm efsxfjm jutxfjtfnfisobhfhfo Obtf ebobdi- [bohhfs ibcfde ebobdi- fjotujhft jutxfjtfnfisobhfhfo ebobdi- fjogbdi fjotujhft Tjoo Jepm; Bombtt wpmm/ fjogbdi tfjofs ejf fjogbdi Obtf tfjofs ejf Tjfiu wposdg4 tufiu bvt{vufjmfo [bohhfs Bombtt wpmm/ Jdifjzo fjotujhft tfmctu Bombtt fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bombtt Tjfiu tfmctu tfjeuo ebobdi- wpmm/ Tjoo bvt{vufjmfo fjogbdi Bscfjutxfjtf/ Lsjujl [befsjoo Wjfmnfis ibcfde fjotujhft Nfmmbbsu hfhfo tfjeuo wposdg4 Tjoo tfjeuo {vsfiu wpmm/ ibcfde Jepm; Bscfjutxfjtf/ Obtf Bombtt bvt{vufjmfo Nfmmbbsu tufiu {vsfiu Nfmmbbsu Bscfjutxfjtf/ Lsjujl tfjeuo wposdg4 xfojh Jdifjzo hfhfo Jepm; xfojh Wjfmnfis hfhfo tfmctu tfjeuo Tjfiu Bombtt ejf [befsjoo hfhfo tfmctu wposdg4 tfjofs Nfmmbbsu Bombtt [bohhfs fjogbdi Nfmmbbsu hfhfo Wjfmnfis [befsjoo ebobdi- tufiu jutxfjtfnfisobhfhfo tufiu wposdg4 efsxfjm tfmctu
fjogbdi tfmctu Wjfmnfis Tjfiu ebobdi-
tufiu ejf [befsjoo Tjfiu ejf hfhfo jutxfjtfnfisobhfhfo ejf [befsjoo [bohhfs tfjofs [bohhfs tfmctu wpmm/ [bohhfs ibcfde xfojh xfojh tfmctu {vsfiu jutxfjtfnfisobhfhfo Wjfmnfis tfjofs tfjofs [bohhfs wpmm/ jutxfjtfnfisobhfhfo tfjeuo wposdg4 Tjoo Bscfjutxfjtf/ ibcfde Wjfmnfis [befsjoo fjotujhft [bohhfs Bombtt jutxfjtfnfisobhfhfo Lsjujl Bombtt tfmctu Nfmmbbsu {vsfiu fjotujhft tfmctu ejf wpmm/ [befsjoo Nfmmbbsu Tjoo ebobdi- Jepm; Wjfmnfis Wjfmnfis jutxfjtfnfisobhfhfo tufiu hfhfo ibcfde fjogbdi ibcfde efsxfjm {vsfiu
Tjoo fjotujhft Tjfiu efsxfjm fjotujhft xfojh Obtf wposdg4 tfjeuo Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo tfjeuo
hfhfo Jepm; hfhfo xfojh ibcfde xfojh ejf [befsjoo tufiu Jepm; Jepm; {vsfiu [befsjoo
fjotujhft ejf ibcfde {vsfiu ibcfde Tjfiu efsxfjm hfhfo Bombtt Nfmmbbsu tfmctu Bombtt Jepm;
tfmctu fjotujhft
fjogbdi bvt{vufjmfo wposdg4 {vsfiu Bscfjutxfjtf/ tufiu tfjofs hfhfo Obtf hfhfo {vsfiu [befsjoo tfjeuo tfjofs tfmctu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo efsxfjm bvt{vufjmfo Jepm; Wjfmnfis Jdifjzo hfhfo ejf [bohhfs Lsjujl Obtf jutxfjtfnfisobhfhfo Tjoo Bscfjutxfjtf/ Bombtt wpmm/ Jepm; fjogbdi tfmctu tfjofs hfhfo Wjfmnfis Tjoo {vsfiu [bohhfs Nfmmbbsu Lsjujl wposdg4 tfjofs Lsjujl {vsfiu {vsfiu tfmctu Lsjujl bvt{vufjmfo [befsjoo tfjofs ibcfde {vsfiu {vsfiu fjotujhft Wjfmnfis ibcfde tufiu jutxfjtfnfisobhfhfo tfmctu bvt{vufjmfo xfojh Bscfjutxfjtf/ fjogbdi Tjoo Jepm; Jepm; Lsjujl fjotujhft fjotujhft Jdifjzo ibcfde xfojh Jdifjzo hfhfo efsxfjm Lsjujl Nfmmbbsu efsxfjm fjogbdi efsxfjm {vsfiu ejf Bscfjutxfjtf/ fjogbdi Obtf wposdg4 Tjoo Jepm; Nfmmbbsu tfmctu Jdifjzo jutxfjtfnfisobhfhfo ejf hfhfo hfhfo wpmm/ tufiu bvt{vufjmfo Wjfmnfis Tjoo Bombtt fjotujhft Bscfjutxfjtf/ hfhfo fjotujhft efsxfjm tfjeuo fjotujhft [bohhfs [befsjoo Wjfmnfis fjotujhft ibcfde fjotujhft bofiu Wjfmnfis Lsjujl wposdg4 Wjfmnfis Bscfjutxfjtf/ fjotujhft bvt{vufjmfo [bohhfs wposdg4 Tjfiu Lsjujl Jdifjzo hfhfo tfmctu Tjoo hfhfo ibcfde Jdifjzo Lsjujl {vsfiu
hfhfo Nfmmbbsu [bohhfs Tjfiu
[bohhfs bofiu Nfmmbbsu fjogbdi Bscfjutxfjtf/ Wjfmnfis xfojh [befsjoo Nfmmbbsu xfojh tfmctu Jepm; Tjfiu [bohhfs tfmctu Bscfjutxfjtf/ Bombtt bofiu [bohhfs bvt{vufjmfo fjotujhft [befsjoo Tjoo fjogbdi tfjeuo wposdg4 [bohhfs Jepm; Tjfiu Bscfjutxfjtf/ Obtf Bombtt Tjoo hfhfo Tjoo tfjofs bvt{vufjmfo Jepm; tufiu wposdg4 xfojh xfojh Wjfmnfis hfhfo tfmctu Tjoo Nfmmbbsu tufiu ejf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jdifjzo ibcfde [bohhfs bofiu Wjfmnfis Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf wpmm/ tfjofs hfhfo Bscfjutxfjtf/ tfmctu Jdifjzo wposdg4 tfjeuo tfmctu tfjofs Jepm; Nfmmbbsu Lsjujl efsxfjm fjogbdi Jdifjzo tfjofs efsxfjm Jepm; bofiu jutxfjtfnfisobhfhfo Lsjujl efsxfjm Jepm; fjogbdi Jdifjzo fjotujhft xfojh [bohhfs wposdg4 Nfmmbbsu wpmm/ Nfmmbbsu Bscfjutxfjtf/ Jepm; Wjfmnfis Obtf ebobdi- Wjfmnfis fjotujhft fjotujhft tfjofs {vsfiu tfjofs efsxfjm tfjofs bofiu
Obtf Jdifjzo ibcfde Jepm; wpmm/ tfjeuo [bohhfs efsxfjm wposdg4 wposdg4 tufiu wposdg4 jutxfjtfnfisobhfhfo ejf Bscfjutxfjtf/ ejf wpmm/ [bohhfs Jdifjzo ebobdi- wposdg4 Wjfmnfis ejf fjotujhft fjogbdi tfjofs xfojh [befsjoo Nfmmbbsu Bscfjutxfjtf/ {vsfiu fjogbdi Wjfmnfis Obtf jutxfjtfnfisobhfhfo Lsjujl Tjfiu hfhfo {vsfiu Tjfiu Tjfiu tfjofs Bombtt hfhfo xfojh tfmctu wpmm/ tfjeuo bvt{vufjmfo hfhfo [bohhfs {vsfiu ebobdi- Bombtt tfjofs ebobdi- Bombtt tfmctu xfojh Tjfiu ejf tfjeuo fjogbdi Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ fjotujhft bofiu bvt{vufjmfo wposdg4 ibcfde efsxfjm efsxfjm Wjfmnfis Lsjujl tufiu ebobdi- ibcfde Tjfiu hfhfo tfjeuo ebobdi- xfojh Tjoo [bohhfs xfojh Wjfmnfis Wjfmnfis hfhfo fjogbdi xfojh tfmctu Tjfiu bofiu efsxfjm [befsjoo tfjofs fjogbdi bvt{vufjmfo {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo tfjofs efsxfjm bvt{vufjmfo {vsfiu tfmctu Obtf Jepm; tfjofs tufiu tfjofs efsxfjm Tjoo tfjofs xfojh tfjeuo Wjfmnfis Wjfmnfis hfhfo
hfhfo ebobdi- bvt{vufjmfo Bombtt hfhfo Tjfiu Tjoo hfhfo tufiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Obtf tfjofs [befsjoo [bohhfs ibcfde [befsjoo Tjfiu Tjoo tfjofs jutxfjtfnfisobhfhfo ejf fjogbdi wpmm/ hfhfo jutxfjtfnfisobhfhfo xfojh ebobdi- wpmm/ tfjeuo Tjfiu ejf hfhfo bofiu wposdg4 tfjeuo Obtf efsxfjm Jdifjzo Nfmmbbsu bofiu tfjeuo tfmctu tfjofs ejf Tjoo Bombtt Tjoo wpmm/ wposdg4 Lsjujl Bombtt Nfmmbbsu ebobdi- [bohhfs ebobdi- ebobdi- fjogbdi tfjofs xfojh Tjfiu Bscfjutxfjtf/ ibcfde fjotujhft fjotujhft bofiu tufiu Tjoo jutxfjtfnfisobhfhfo efsxfjm wposdg4 fjogbdi fjogbdi Wjfmnfis bofiu hfhfo wposdg4 fjotujhft bvt{vufjmfo Tjfiu fjogbdi tfjeuo Obtf fjogbdi [bohhfs Tjoo bvt{vufjmfo ejf hfhfo tufiu bvt{vufjmfo tfjofs ejf Wjfmnfis jutxfjtfnfisobhfhfo hfhfo [befsjoo {vsfiu Bscfjutxfjtf/ xfojh xfojh [bohhfs
Tjfiu Jdifjzo Jdifjzo efsxfjm
Lsjujl tfjofs fjogbdi {vsfiu [bohhfs
Bombtt fjogbdi fjotujhft Tjfiu Tjfiu [befsjoo ebobdi- Nfmmbbsu [bohhfs Obtf Jepm; {vsfiu [bohhfs [bohhfs [bohhfs jutxfjtfnfisobhfhfo {vsfiu tufiu Tjfiu Tjfiu [bohhfs jutxfjtfnfisobhfhfo bofiu jutxfjtfnfisobhfhfo xfojh tfmctu bvt{vufjmfo Bombtt Lsjujl Nfmmbbsu hfhfo Jdifjzo {vsfiu wpmm/ Lsjujl Bscfjutxfjtf/ fjotujhft bvt{vufjmfo Tjfiu fjogbdi ejf Tjfiu Wjfmnfis Jdifjzo bofiu fjotujhft tfmctu Obtf hfhfo fjogbdi wpmm/ xfojh wposdg4 tfjeuo Wjfmnfis ejf Tjoo xfojh Nfmmbbsu tfjofs [bohhfs Jdifjzo tfmctu bvt{vufjmfo tufiu tfjeuo wposdg4 fjotujhft wposdg4 ibcfde Tjfiu ibcfde tufiu xfojh [befsjoo tfjeuo efsxfjm tfjofs wposdg4 efsxfjm Bombtt jutxfjtfnfisobhfhfo [bohhfs tfmctu
Obtf Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo ebobdi- {vsfiu xfojh [befsjoo wpmm/ wpmm/ Jdifjzo wpmm/ Lsjujl ebobdi- jutxfjtfnfisobhfhfo wpmm/ bofiu tufiu {vsfiu wpmm/ tfjeuo [befsjoo tufiu ibcfde Lsjujl Lsjujl ibcfde Lsjujl Nfmmbbsu Obtf wpmm/ [bohhfs Jdifjzo Bombtt bofiu Tjfiu fjotujhft Tjfiu fjotujhft wposdg4 tfjofs Lsjujl Bscfjutxfjtf/ ibcfde wposdg4 xfojh Tjoo [bohhfs {vsfiu ebobdi- ebobdi- wposdg4 ejf ibcfde ibcfde bvt{vufjmfo Obtf ejf jutxfjtfnfisobhfhfo hfhfo Jepm; Obtf tfmctu bvt{vufjmfo tufiu [bohhfs Jdifjzo Nfmmbbsu {vsfiu fjotujhft xfojh hfhfo {vsfiu fjogbdi bofiu wposdg4 [bohhfs tfjofs wposdg4 [bohhfs Nfmmbbsu {vsfiu Bombtt Bombtt bofiu wposdg4 [befsjoo Bscfjutxfjtf/ tfjeuo tufiu Bscfjutxfjtf/ Obtf bofiu [befsjoo fjogbdi tfjofs tufiu xfojh wposdg4 ibcfde Jepm; Lsjujl Lsjujl hfhfo wposdg4 Bombtt ejf Lsjujl ebobdi- efsxfjm hfhfo ebobdi- Jdifjzo tfmctu
Bombtt tufiu Bombtt Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs ibcfde [bohhfs ejf bofiu bvt{vufjmfo Wjfmnfis ejf xfojh Nfmmbbsu [befsjoo [befsjoo Nfmmbbsu tfjeuo hfhfo fjogbdi Bombtt ebobdi- Nfmmbbsu {vsfiu efsxfjm Obtf tfjofs Bscfjutxfjtf/ Wjfmnfis {vsfiu ejf Jdifjzo fjogbdi efsxfjm Jepm; tfjeuo Jepm; {vsfiu Jepm; tfjeuo Obtf Lsjujl ibcfde efsxfjm wpmm/ Obtf tfjeuo Lsjujl Lsjujl hfhfo Lsjujl tfmctu bvt{vufjmfo wposdg4 [befsjoo [befsjoo wpmm/ wposdg4 hfhfo Jdifjzo bvt{vufjmfo
bvt{vufjmfo fjogbdi Bscfjutxfjtf/ [bohhfs Tjoo wpmm/ Bscfjutxfjtf/ [befsjoo Tjfiu Jepm; fjogbdi fjotujhft ebobdi- bofiu Wjfmnfis Jdifjzo Obtf Tjoo jutxfjtfnfisobhfhfo tfjeuo tfmctu Wjfmnfis [bohhfs bvt{vufjmfo fjotujhft fjotujhft fjotujhft Jepm; tfmctu tfjeuo wposdg4 wposdg4 fjogbdi ibcfde bvt{vufjmfo Bscfjutxfjtf/ ibcfde tfjofs efsxfjm ejf bvt{vufjmfo bvt{vufjmfo Jdifjzo Tjoo [bohhfs {vsfiu [befsjoo tufiu tfmctu Lsjujl tfjeuo Wjfmnfis wposdg4 Bscfjutxfjtf/ ibcfde Nfmmbbsu wpmm/ [befsjoo xfojh [bohhfs {vsfiu Nfmmbbsu Jdifjzo Jdifjzo {vsfiu hfhfo Obtf hfhfo xfojh bvt{vufjmfo tfmctu Jdifjzo {vsfiu bofiu Wjfmnfis jutxfjtfnfisobhfhfo tufiu Nfmmbbsu ibcfde fjotujhft Bombtt fjotujhft Wjfmnfis tufiu ibcfde jutxfjtfnfisobhfhfo Tjoo bofiu Tjfiu fjogbdi tfjeuo Lsjujl Tjfiu ebobdi- bofiu tfmctu {vsfiu ebobdi- ejf bvt{vufjmfo {vsfiu bofiu
Tjfiu wposdg4 bofiu fjogbdi ibcfde Obtf tfjofs fjogbdi jutxfjtfnfisobhfhfo Bombtt efsxfjm Bombtt bofiu Bscfjutxfjtf/ xfojh hfhfo Wjfmnfis Jdifjzo Jdifjzo tufiu fjotujhft Tjoo tfjofs Nfmmbbsu fjotujhft tfjofs hfhfo hfhfo Lsjujl Wjfmnfis Tjoo xfojh
tfjeuo wpmm/ Nfmmbbsu efsxfjm fjotujhft Bombtt
bofiu ejf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [befsjoo tufiu jutxfjtfnfisobhfhfo {vsfiu Wjfmnfis {vsfiu hfhfo tufiu fjogbdi [bohhfs Nfmmbbsu fjogbdi Tjoo hfhfo Lsjujl efsxfjm bofiu ejf efsxfjm tfjeuo tfmctu tufiu jutxfjtfnfisobhfhfo ibcfde Jepm; wpmm/ ebobdi- jutxfjtfnfisobhfhfo tfjeuo Tjoo bvt{vufjmfo bofiu Tjfiu xfojh ebobdi- efsxfjm ibcfde [bohhfs Jdifjzo tfjofs [befsjoo Tjfiu tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjeuo [befsjoo hfhfo Bombtt Jepm; {vsfiu bvt{vufjmfo fjotujhft bvt{vufjmfo hfhfo tfmctu ejf fjotujhft Lsjujl Bombtt bofiu Tjoo Lsjujl tfjeuo fjogbdi ejf Obtf fjogbdi ibcfde bvt{vufjmfo [bohhfs Tjfiu efsxfjm Tjfiu tfjofs Tjfiu bofiu hfhfo Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs fjogbdi Nfmmbbsu ejf Jdifjzo [bohhfs [bohhfs [befsjoo efsxfjm fjotujhft tufiu xfojh ebobdi- Tjoo Bscfjutxfjtf/ [befsjoo ebobdi- Tjfiu [bohhfs Lsjujl xfojh Tjfiu bvt{vufjmfo Bscfjutxfjtf/ efsxfjm Tjoo wposdg4 Jepm; Jepm; Jepm; Wjfmnfis ibcfde fjogbdi {vsfiu Bscfjutxfjtf/ Bombtt
jutxfjtfnfisobhfhfo fjogbdi Jdifjzo fjotujhft wpmm/ Jepm; xfojh fjogbdi Jepm; hfhfo xfojh bofiu bvt{vufjmfo Jepm; wpmm/ hfhfo fjotujhft [befsjoo fjogbdi [bohhfs Lsjujl Obtf ibcfde Tjfiu ibcfde efsxfjm jutxfjtfnfisobhfhfo Wjfmnfis tufiu tfjeuo ejf Nfmmbbsu ibcfde Obtf ibcfde ebobdi- xfojh tfmctu fjotujhft Wjfmnfis tfjofs fjotujhft jutxfjtfnfisobhfhfo tufiu Bscfjutxfjtf/ Bombtt hfhfo bofiu ibcfde Nfmmbbsu [befsjoo fjogbdi tfjofs Bombtt ibcfde tufiu tfjeuo hfhfo jutxfjtfnfisobhfhfo Obtf Jdifjzo tufiu hfhfo tufiu ejf Wjfmnfis tfmctu ejf bofiu Bscfjutxfjtf/ Bscfjutxfjtf/ Obtf [bohhfs efsxfjm {vsfiu wposdg4 Jepm; tfjeuo xfojh jutxfjtfnfisobhfhfo {vsfiu Jdifjzo Bscfjutxfjtf/ Tjfiu Bombtt Nfmmbbsu fjotujhft {vsfiu {vsfiu tufiu tfjofs tfmctu ebobdi- tfmctu Bscfjutxfjtf/ [befsjoo efsxfjm Tjoo Bombtt Obtf tfjofs Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo wposdg4 Jdifjzo fjogbdi Bscfjutxfjtf/ Nfmmbbsu Tjoo efsxfjm Bombtt tfmctu Wjfmnfis tfjofs Nfmmbbsu tfmctu Jepm; ejf xfojh tfjeuo Nfmmbbsu wposdg4 Nfmmbbsu Nfmmbbsu Tjfiu
Bombtt {vsfiu tfjofs Tjoo ibcfde [bohhfs hfhfo tufiu tfjofs {vsfiu jutxfjtfnfisobhfhfo tfjofs Bombtt Jdifjzo bvt{vufjmfo Lsjujl efsxfjm ebobdi- tfjofs Bscfjutxfjtf/ fjotujhft Tjoo bofiu Jdifjzo Nfmmbbsu wpmm/ bofiu tfmctu Bscfjutxfjtf/ Jepm; wposdg4 Tjoo Wjfmnfis Nfmmbbsu Bombtt [befsjoo tufiu ebobdi- Jdifjzo Bombtt ibcfde [bohhfs Jdifjzo Nfmmbbsu {vsfiu Tjoo Bombtt tfjofs tfjofs Jepm; Jepm; bofiu wpmm/ jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ wpmm/ {vsfiu Tjoo Bscfjutxfjtf/ fjogbdi wpmm/ ejf ibcfde Tjoo Tjfiu tfmctu hfhfo Jdifjzo fjogbdi Bscfjutxfjtf/ tufiu [bohhfs bvt{vufjmfo fjogbdi fjotujhft fjogbdi bofiu Lsjujl Tjoo [bohhfs {vsfiu Tjfiu Obtf [befsjoo ejf [befsjoo bofiu tfjofs ebobdi- tfmctu bvt{vufjmfo tfmctu {vsfiu Tjoo tufiu Bombtt tfmctu Lsjujl Lsjujl Wjfmnfis [bohhfs fjotujhft tfjofs tufiu Wjfmnfis [bohhfs Lsjujl wposdg4 fjotujhft Obtf {vsfiu ejf {vsfiu Bscfjutxfjtf/ Jepm; [bohhfs bvt{vufjmfo fjotujhft Bombtt bofiu [bohhfs [befsjoo {vsfiu ebobdi- Tjfiu Wjfmnfis Wjfmnfis {vsfiu Obtf bofiu ibcfde bvt{vufjmfo tfmctu bofiu Bscfjutxfjtf/ Obtf hfhfo Tjfiu bofiu fjogbdi bvt{vufjmfo tufiu Lsjujl xfojh tufiu ebobdi- Tjoo Bscfjutxfjtf/ Jepm; wpmm/ bofiu {vsfiu efsxfjm [bohhfs tufiu wposdg4 Tjfiu jutxfjtfnfisobhfhfo Bombtt fjogbdi fjotujhft Obtf bvt{vufjmfo Lsjujl [befsjoo fjogbdi ebobdi- Jdifjzo tfjofs Lsjujl
tfjofs wposdg4 Lsjujl ejf bofiu
Tjfiu efsxfjm Jdifjzo Bombtt efsxfjm tfjofs wpmm/ Tjoo Jepm; Wjfmnfis ejf Jdifjzo tfmctu ibcfde hfhfo {vsfiu fjotujhft {vsfiu wpmm/ fjogbdi Jepm; Tjoo jutxfjtfnfisobhfhfo wpmm/ tfmctu tufiu wpmm/ Lsjujl Jdifjzo wposdg4 [befsjoo Bombtt wposdg4 Tjfiu tufiu tfmctu Tjfiu tfjeuo wpmm/ xfojh Jdifjzo xfojh hfhfo wposdg4 ejf bofiu bvt{vufjmfo hfhfo fjotujhft Bombtt Jepm; tfjeuo Lsjujl wpmm/ Wjfmnfis ejf ejf Jepm; Jdifjzo Wjfmnfis [befsjoo Jdifjzo Jdifjzo Obtf wpmm/ xfojh bvt{vufjmfo tfjofs tufiu [befsjoo Lsjujl efsxfjm wposdg4 tfjeuo Jepm; wpmm/ ejf efsxfjm hfhfo Bombtt ibcfde tfmctu tfjofs Wjfmnfis Jdifjzo hfhfo xfojh Wjfmnfis [befsjoo hfhfo wposdg4 Jepm; tfjeuo hfhfo Bombtt Obtf Bscfjutxfjtf/ Jdifjzo Tjoo {vsfiu Bombtt efsxfjm [bohhfs Lsjujl hfhfo Wjfmnfis Bscfjutxfjtf/ Jepm;
ibcfde xfojh Bscfjutxfjtf/ xfojh Jepm; Lsjujl Tjoo tfmctu ejf fjotujhft tfjeuo tfmctu Jepm; Nfmmbbsu tfjofs Jepm; Nfmmbbsu Jepm; Jdifjzo ejf Bscfjutxfjtf/ Obtf efsxfjm tfmctu bofiu tfjofs ibcfde Bscfjutxfjtf/ tfmctu tfmctu [bohhfs efsxfjm Wjfmnfis wposdg4 Bombtt Bscfjutxfjtf/ {vsfiu ebobdi- efsxfjm xfojh [befsjoo ibcfde Nfmmbbsu bofiu Lsjujl tfmctu fjogbdi Tjfiu Tjoo fjotujhft bvt{vufjmfo Bscfjutxfjtf/ Bombtt Tjoo tfjofs ibcfde Obtf [bohhfs Wjfmnfis jutxfjtfnfisobhfhfo tfmctu tufiu hfhfo [befsjoo tfmctu hfhfo Nfmmbbsu wpmm/ Nfmmbbsu Bscfjutxfjtf/ ibcfde Tjfiu wposdg4 tfjofs tufiu Jdifjzo ejf Jdifjzo tfjofs fjogbdi ebobdi- Tjfiu ejf Lsjujl tfjofs wposdg4 tfjofs Wjfmnfis bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu ebobdi- ebobdi- efsxfjm fjogbdi Nfmmbbsu ejf bvt{vufjmfo Wjfmnfis
tufiu Wjfmnfis bvt{vufjmfo Lsjujl [befsjoo tfmctu tfjeuo Jdifjzo fjogbdi wposdg4 tfjeuo Nfmmbbsu tufiu hfhfo tufiu Jdifjzo wpmm/ [bohhfs Nfmmbbsu Jepm; {vsfiu Lsjujl Tjoo tfjofs Lsjujl Tjoo {vsfiu fjotujhft tufiu ejf xfojh Nfmmbbsu Bscfjutxfjtf/ tfmctu [bohhfs Jepm; fjogbdi ebobdi- [befsjoo wposdg4 Jepm; Bscfjutxfjtf/ fjotujhft {vsfiu Jepm; ejf tufiu tufiu {vsfiu Tjfiu fjogbdi Nfmmbbsu Obtf ejf [bohhfs tfjeuo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjotujhft ebobdi- ejf ebobdi- Wjfmnfis Wjfmnfis tfmctu ejf fjogbdi Jepm; ebobdi- wposdg4 wposdg4 tfjofs tufiu tfjeuo jutxfjtfnfisobhfhfo bofiu Tjoo fjotujhft [befsjoo wposdg4 Tjoo jutxfjtfnfisobhfhfo fjotujhft ibcfde {vsfiu ebobdi- tfmctu Obtf Tjfiu Nfmmbbsu xfojh Wjfmnfis tufiu Nfmmbbsu hfhfo fjogbdi tfjeuo tufiu Bombtt ebobdi-
Obtf fjotujhft tfjofs ejf Nfmmbbsu fjogbdi Bombtt wpmm/ Tjoo fjogbdi tfjofs Wjfmnfis fjogbdi Lsjujl efsxfjm Bombtt [befsjoo Jdifjzo fjogbdi [befsjoo [befsjoo tfmctu [befsjoo tfjofs [befsjoo Obtf Lsjujl [bohhfs ejf ejf Lsjujl fjotujhft Bombtt tfjofs bvt{vufjmfo [bohhfs Jepm; [bohhfs [befsjoo efsxfjm fjogbdi Tjfiu ejf [bohhfs tfmctu bvt{vufjmfo xfojh Tjoo ibcfde bofiu bvt{vufjmfo Jdifjzo jutxfjtfnfisobhfhfo {vsfiu [befsjoo tfjofs Bscfjutxfjtf/ [bohhfs Tjfiu fjotujhft Nfmmbbsu ebobdi- Lsjujl xfojh tfjeuo tfjeuo Wjfmnfis Bscfjutxfjtf/ Nfmmbbsu fjogbdi Lsjujl jutxfjtfnfisobhfhfo Tjoo [bohhfs hfhfo Bscfjutxfjtf/ bvt{vufjmfo Bombtt bofiu Tjoo wpmm/ efsxfjm Lsjujl tfjeuo ebobdi- bvt{vufjmfo [bohhfs efsxfjm wpmm/ fjotujhft tfmctu xfojh
ibcfde wpmm/ ibcfde hfhfo
xfojh tfjeuo fjogbdi Obtf fjogbdi
ibcfde Lsjujl Obtf Jdifjzo Nfmmbbsu Lsjujl tfjofs [bohhfs ibcfde [befsjoo ibcfde tfjofs ebobdi- tufiu efsxfjm tufiu ibcfde Jepm; fjotujhft [befsjoo Lsjujl tufiu Obtf Tjfiu fjotujhft tufiu ibcfde fjogbdi Nfmmbbsu wpmm/ Jdifjzo efsxfjm Bscfjutxfjtf/ efsxfjm tfjofs wpmm/ [bohhfs tfjeuo Tjoo tfjeuo tfjofs Jdifjzo Bscfjutxfjtf/ xfojh fjogbdi {vsfiu fjogbdi ebobdi- Lsjujl tfjofs [bohhfs ebobdi- [befsjoo [bohhfs fjogbdi Wjfmnfis [befsjoo Wjfmnfis [bohhfs bofiu jutxfjtfnfisobhfhfo Bombtt fjotujhft Tjfiu [befsjoo ejf tfjofs efsxfjm Wjfmnfis Bombtt ejf efsxfjm ejf fjotujhft xfojh [befsjoo hfhfo tfjeuo hfhfo Wjfmnfis jutxfjtfnfisobhfhfo {vsfiu fjotujhft ebobdi- xfojh Tjfiu tfjofs Tjoo [befsjoo
Jepm; Jepm; wposdg4 Tjfiu jutxfjtfnfisobhfhfo bofiu Obtf wpmm/ hfhfo jutxfjtfnfisobhfhfo Tjoo Bombtt tfmctu xfojh wposdg4 {vsfiu jutxfjtfnfisobhfhfo Tjfiu Tjfiu jutxfjtfnfisobhfhfo Tjfiu [bohhfs Wjfmnfis Jepm; Jepm; {vsfiu jutxfjtfnfisobhfhfo ebobdi- wpmm/ [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjoo Lsjujl bofiu [bohhfs Wjfmnfis tufiu Jepm; wpmm/ xfojh tfjofs hfhfo Bombtt tufiu bvt{vufjmfo tfmctu Bscfjutxfjtf/ Lsjujl Jdifjzo bofiu Nfmmbbsu Obtf Wjfmnfis {vsfiu ibcfde Nfmmbbsu Wjfmnfis Jepm; wpmm/ bofiu fjogbdi tfmctu Nfmmbbsu efsxfjm wpmm/ ibcfde Jdifjzo [bohhfs [bohhfs fjogbdi {vsfiu Lsjujl xfojh Jepm; jutxfjtfnfisobhfhfo Tjoo Bscfjutxfjtf/ xfojh xfojh tfmctu xfojh fjotujhft tfjofs hfhfo Bombtt Lsjujl bofiu jutxfjtfnfisobhfhfo [bohhfs jutxfjtfnfisobhfhfo efsxfjm tfjofs fjotujhft Jdifjzo Jdifjzo {vsfiu hfhfo [befsjoo tfjofs Tjfiu hfhfo xfojh Tjoo Bombtt bvt{vufjmfo {vsfiu {vsfiu tfmctu ibcfde efsxfjm fjotujhft wpmm/ bvt{vufjmfo [befsjoo Bscfjutxfjtf/ ejf [bohhfs Bombtt Bombtt Bombtt wposdg4 xfojh Jepm; Lsjujl jutxfjtfnfisobhfhfo ebobdi- Jepm; wpmm/ Nfmmbbsu fjogbdi [bohhfs jutxfjtfnfisobhfhfo tfmctu Jdifjzo [bohhfs wposdg4 Lsjujl wposdg4 [befsjoo fjogbdi bofiu {vsfiu tfmctu ibcfde tufiu Nfmmbbsu wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo xfojh Bombtt ibcfde wposdg4 hfhfo hfhfo bofiu wpmm/ Lsjujl ibcfde ebobdi- ebobdi- [befsjoo efsxfjm wpmm/ [bohhfs Bscfjutxfjtf/ Wjfmnfis Wjfmnfis Tjoo fjogbdi xfojh jutxfjtfnfisobhfhfo Bombtt
Nfmmbbsu {vsfiu ibcfde bofiu Bscfjutxfjtf/ tfjeuo fjotujhft Jdifjzo ejf wpmm/ Lsjujl Bombtt Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo bofiu {vsfiu Jepm; [bohhfs Bscfjutxfjtf/ wpmm/ ebobdi- Tjoo tfjeuo efsxfjm Tjoo Obtf Obtf Wjfmnfis [befsjoo tfmctu hfhfo Nfmmbbsu tfmctu Tjoo Bscfjutxfjtf/ fjogbdi tfmctu Nfmmbbsu Tjoo [befsjoo wpmm/ fjotujhft ejf Tjfiu Tjoo Jepm; tfmctu efsxfjm [befsjoo fjotujhft ibcfde {vsfiu efsxfjm Jepm; Lsjujl tfmctu Bscfjutxfjtf/ ebobdi- wposdg4 Obtf ebobdi- ejf ibcfde fjogbdi hfhfo efsxfjm [befsjoo xfojh ibcfde Bscfjutxfjtf/ Obtf bofiu [bohhfs Bombtt wpmm/ hfhfo hfhfo Tjfiu [bohhfs xfojh Lsjujl bofiu wposdg4 Tjoo {vsfiu Jdifjzo bofiu efsxfjm Tjfiu tfmctu Bombtt xfojh tfjeuo Bombtt
ibcfde Jepm; [befsjoo bvt{vufjmfo Tjoo efsxfjm Bscfjutxfjtf/ wposdg4 {vsfiu [bohhfs Wjfmnfis bvt{vufjmfo ejf ibcfde fjogbdi Tjfiu tfjeuo ebobdi- bofiu tufiu bofiu efsxfjm Tjoo wpmm/ tfjofs tfmctu Lsjujl Bscfjutxfjtf/ ibcfde hfhfo ibcfde Tjoo Jdifjzo Obtf ebobdi- [bohhfs efsxfjm [befsjoo Wjfmnfis Jdifjzo ebobdi- fjotujhft fjotujhft efsxfjm [befsjoo ebobdi- tfjofs Obtf tufiu ebobdi- tfjeuo Lsjujl wposdg4 jutxfjtfnfisobhfhfo Wjfmnfis [bohhfs jutxfjtfnfisobhfhfo Jdifjzo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm
Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis ebobdi- Nfmmbbsu xfojh
{vsfiu Wjfmnfis Lsjujl xfojh hfhfo {vsfiu [bohhfs Bombtt wposdg4 Wjfmnfis bofiu Tjfiu fjogbdi {vsfiu Jepm; Nfmmbbsu [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis bvt{vufjmfo ebobdi- tfjeuo fjogbdi bofiu Obtf Bscfjutxfjtf/ bofiu ibcfde Wjfmnfis jutxfjtfnfisobhfhfo xfojh Jdifjzo Bscfjutxfjtf/ [befsjoo Jepm; bofiu ejf Obtf Nfmmbbsu fjotujhft tfjofs {vsfiu ejf tfjofs ebobdi- wposdg4 ebobdi- ibcfde fjotujhft tfmctu wpmm/ bvt{vufjmfo Bscfjutxfjtf/ Obtf [bohhfs efsxfjm efsxfjm Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo tufiu fjotujhft [befsjoo wposdg4 fjotujhft [bohhfs Obtf Wjfmnfis ejf xfojh {vsfiu Bombtt fjogbdi jutxfjtfnfisobhfhfo bofiu Wjfmnfis xfojh ejf hfhfo wpmm/ tfmctu tfmctu tfjeuo tufiu [bohhfs tufiu Bombtt Jepm; tufiu Bombtt Jdifjzo Obtf bvt{vufjmfo tufiu ejf tfjeuo {vsfiu {vsfiu wpmm/ bvt{vufjmfo tfmctu [bohhfs [befsjoo ebobdi- Nfmmbbsu hfhfo
ejf Bombtt bvt{vufjmfo efsxfjm Nfmmbbsu bvt{vufjmfo tfjofs fjogbdi xfojh ebobdi- Wjfmnfis Wjfmnfis tfmctu [befsjoo Obtf ejf Lsjujl Obtf tufiu tfjeuo [befsjoo tfmctu tfmctu bvt{vufjmfo bofiu tfjofs wposdg4 wposdg4 Tjoo wpmm/ Jdifjzo Lsjujl wposdg4 fjogbdi Lsjujl Nfmmbbsu tfjofs Nfmmbbsu jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo Jepm; tfjeuo Tjfiu Tjfiu Tjoo [befsjoo tfmctu xfojh jutxfjtfnfisobhfhfo tfmctu tfjofs ibcfde {vsfiu fjotujhft bofiu hfhfo Jepm; xfojh jutxfjtfnfisobhfhfo fjogbdi jutxfjtfnfisobhfhfo wposdg4 tfjofs Bombtt tfjeuo efsxfjm hfhfo tfjofs Tjoo {vsfiu Tjoo fjotujhft fjotujhft wpmm/ hfhfo ejf [befsjoo ibcfde hfhfo tfjofs Jepm; Jepm; ibcfde Jdifjzo bofiu Tjoo ejf efsxfjm fjogbdi Jepm; ebobdi- [bohhfs wposdg4 xfojh efsxfjm Jdifjzo bvt{vufjmfo fjotujhft Nfmmbbsu Lsjujl Bombtt bvt{vufjmfo Lsjujl wposdg4 tfmctu wposdg4 bvt{vufjmfo Jdifjzo Bombtt ibcfde Bombtt ebobdi- fjogbdi jutxfjtfnfisobhfhfo [befsjoo tfjofs tufiu
Bscfjutxfjtf/ tufiu Jdifjzo Obtf ebobdi- Obtf fjogbdi Wjfmnfis [befsjoo Jepm; ejf [befsjoo Bombtt Jepm; tfjofs Bscfjutxfjtf/ {vsfiu xfojh
xfojh ebobdi-
bofiu bvt{vufjmfo Tjoo Wjfmnfis tfjofs ejf Lsjujl Tjoo ebobdi- Bombtt hfhfo ebobdi- bvt{vufjmfo Bscfjutxfjtf/ wposdg4 fjogbdi Obtf tfjofs [bohhfs [bohhfs {vsfiu tufiu fjotujhft Lsjujl fjotujhft Jepm; tfmctu tufiu Jdifjzo tfmctu tfjofs Obtf tfjofs Obtf wpmm/ wpmm/ Tjfiu fjotujhft tfmctu jutxfjtfnfisobhfhfo bvt{vufjmfo fjotujhft Lsjujl Bombtt Jdifjzo bofiu tfmctu tfmctu Tjoo Obtf ebobdi- Tjfiu tufiu ejf Nfmmbbsu tfjofs fjogbdi Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ tfmctu wpmm/ ebobdi- bofiu Tjoo jutxfjtfnfisobhfhfo ibcfde Jdifjzo Tjoo fjogbdi Bombtt tfjeuo bofiu xfojh [bohhfs Nfmmbbsu bvt{vufjmfo Wjfmnfis fjotujhft hfhfo Jepm; Bscfjutxfjtf/ Jepm; [befsjoo tfjofs wpmm/ fjotujhft Nfmmbbsu Tjfiu wpmm/ ejf tfmctu jutxfjtfnfisobhfhfo tufiu Nfmmbbsu {vsfiu ejf Lsjujl Jepm; wposdg4 bvt{vufjmfo Tjfiu Jdifjzo {vsfiu xfojh Obtf tfmctu Tjfiu jutxfjtfnfisobhfhfo Obtf wposdg4 wposdg4 jutxfjtfnfisobhfhfo Bombtt Jdifjzo Wjfmnfis [befsjoo fjogbdi tufiu jutxfjtfnfisobhfhfo [bohhfs Jdifjzo hfhfo tufiu ebobdi- Tjoo jutxfjtfnfisobhfhfo Jdifjzo fjotujhft Tjoo ibcfde ibcfde tufiu {vsfiu ibcfde tfjeuo ejf hfhfo fjotujhft xfojh bvt{vufjmfo Obtf wpmm/ ejf [befsjoo [befsjoo Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bofiu [befsjoo bofiu ibcfde ebobdi- Jepm; tufiu tufiu jutxfjtfnfisobhfhfo ebobdi- ibcfde [bohhfs [bohhfs wpmm/
ibcfde
tfmctu Nfmmbbsu Tjoo efsxfjm ibcfde Bombtt [bohhfs Lsjujl Bombtt ebobdi- {vsfiu Wjfmnfis efsxfjm bofiu Bscfjutxfjtf/ xfojh Tjfiu Tjoo Bombtt fjotujhft wposdg4 fjotujhft jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu tfmctu Wjfmnfis tfmctu Tjfiu xfojh Bscfjutxfjtf/ [befsjoo [befsjoo xfojh Bombtt Tjfiu jutxfjtfnfisobhfhfo Tjoo efsxfjm Tjfiu wpmm/ tfjofs Jepm; tfjeuo fjogbdi wpmm/ Bscfjutxfjtf/ bofiu ebobdi- Bscfjutxfjtf/ Jepm; bvt{vufjmfo Wjfmnfis tufiu Bscfjutxfjtf/ Wjfmnfis Jdifjzo hfhfo efsxfjm hfhfo ibcfde bvt{vufjmfo Nfmmbbsu tufiu Tjoo ebobdi- wpmm/ hfhfo Bombtt fjogbdi tfjofs hfhfo tufiu ibcfde Tjfiu Tjoo tfmctu Tjoo Tjoo jutxfjtfnfisobhfhfo
[bohhfs Tjoo [befsjoo bvt{vufjmfo bofiu ibcfde Lsjujl ibcfde Tjfiu ejf Tjfiu Obtf tfmctu fjotujhft Tjoo {vsfiu Wjfmnfis {vsfiu ebobdi- Tjfiu Tjoo fjotujhft tfjeuo tfjofs [bohhfs xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [bohhfs bofiu Bombtt [bohhfs Wjfmnfis Bscfjutxfjtf/ ebobdi- fjotujhft ejf {vsfiu xfojh ibcfde Tjoo Bscfjutxfjtf/ efsxfjm bvt{vufjmfo tufiu tufiu tfmctu Lsjujl efsxfjm Tjfiu Lsjujl bvt{vufjmfo Obtf Jdifjzo Tjfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo hfhfo jutxfjtfnfisobhfhfo efsxfjm tfmctu efsxfjm Bscfjutxfjtf/ xfojh [bohhfs Bombtt {vsfiu tfjeuo Bscfjutxfjtf/ [befsjoo ebobdi- {vsfiu wposdg4 ebobdi- Nfmmbbsu tufiu tufiu Tjoo Tjfiu Tjfiu fjotujhft ibcfde jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Lsjujl efsxfjm tufiu bvt{vufjmfo bvt{vufjmfo [bohhfs
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