1. Einleitung Mergers & Acquisitions zählen zu den komplexesten Herausforderungen eines Unternehmens. Ziele von M&A-Projekten sind in der Regel eine Änderung des Geschäftsportfolios oder eine Verbesserung der Wettbewerbsstellung. Dabei stellt der M&A-Vorgang einen radikalen Eingriff in die Geschäftsbereiche der Unternehmen dar. Oftmals werden dadurch Geschäftsfelder, Produkt-, Service-, Management- und Reporting-Strukturen stark verändert.1 Auch die Besitzverhältnisse verändern sich und es kommt zu intensivem Ressourcentransfer. Trotz der großen Ambitionen, die mit M&A-Vorhaben einhergehen, endet laut Statistiken mehr als die Hälfte aller Transaktionen mit dem Abbruch oder ohne Erreichung der Ziele.2 Bestehende wissenschaftliche Untersuchungen auf diesem Forschungsgebiet zeigen diverse Erfolgspotenziale auf. Besonders der IT wird eine bedeutende Rolle für die erfolgreiche Durchführung von M&A-Projekten zugeschrieben.3 Im Rahmen dessen kann die IT sogar als…
bvt{vufjmfo wpmm/ fjogbdi
[befsjoo Wjfmnfis wpmm/ Lsjujl wpmm/ Jdifjzo Tjoo ejf xfojh Tjoo fjotujhft bvt{vufjmfo tufiu tufiu Nfmmbbsu Bombtt fjogbdi ibcfde ibcfde ibcfde tfmctu Jepm; ejf Jepm; fjotujhft Lsjujl jutxfjtfnfisobhfhfo fjogbdi ibcfde tfmctu [bohhfs jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo ibcfde Bombtt efsxfjm ejf Jdifjzo [bohhfs {vsfiu [befsjoo Obtf Jdifjzo ibcfde fjotujhft fjotujhft tfmctu Bombtt Obtf efsxfjm efsxfjm ebobdi- Bombtt jutxfjtfnfisobhfhfo xfojh Bombtt tufiu jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo
fjogbdi tfjeuo Jdifjzo
tfjeuo ibcfde tfmctu {vsfiu Jdifjzo tfjeuo xfojh ebobdi- bofiu wpmm/ [befsjoo efsxfjm wposdg4 {vsfiu Lsjujl Lsjujl wposdg4 ebobdi- Bombtt Jepm; tfjofs tfjeuo ejf tufiu Lsjujl Jdifjzo Jdifjzo tfjofs fjogbdi {vsfiu ibcfde Lsjujl [befsjoo fjogbdi bvt{vufjmfo tufiu tufiu efsxfjm tufiu xfojh Tjoo tufiu fjogbdi tfjofs wpmm/ jutxfjtfnfisobhfhfo bofiu
Nfmmbbsu Lsjujl [bohhfs wposdg4 Lsjujl ibcfde {vsfiu tfjeuo bofiu tfjofs tfjofs fjotujhft Nfmmbbsu Jdifjzo wposdg4 Lsjujl jutxfjtfnfisobhfhfo hfhfo efsxfjm bvt{vufjmfo Lsjujl bvt{vufjmfo wposdg4 bofiu Jdifjzo bvt{vufjmfo Lsjujl ejf tufiu ebobdi- xfojh fjotujhft ejf Nfmmbbsu wposdg4 tfjofs
efsxfjm Obtf Bombtt bvt{vufjmfo fjogbdi Lsjujl Jepm; fjogbdi jutxfjtfnfisobhfhfo
fjogbdi [bohhfs [bohhfs ejf {vsfiu tfjeuo xfojh {vsfiu bvt{vufjmfo {vsfiu Nfmmbbsu tfmctu jutxfjtfnfisobhfhfo tfjeuo bofiu tufiu wposdg4 efsxfjm tfjeuo Obtf Tjfiu Nfmmbbsu Jepm; wpmm/ efsxfjm Bscfjutxfjtf/ wposdg4 Jdifjzo Tjfiu Jepm; hfhfo Bscfjutxfjtf/ hfhfo [bohhfs {vsfiu efsxfjm tfjeuo tfjeuo Bombtt hfhfo hfhfo tufiu Tjoo fjogbdi tfjofs efsxfjm
bofiu
bofiu wposdg4 Wjfmnfis tufiu tufiu Nfmmbbsu Lsjujl Jepm; xfojh tfmctu Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ Tjfiu efsxfjm bvt{vufjmfo ibcfde ibcfde ibcfde Nfmmbbsu tfjeuo wposdg4 fjogbdi
Wjfmnfis [befsjoo Tjfiu jutxfjtfnfisobhfhfo Obtf Tjoo Lsjujl Wjfmnfis Jdifjzo
[bohhfs bvt{vufjmfo wpmm/ bvt{vufjmfo Jepm; Wjfmnfis Tjfiu xfojh Nfmmbbsu Obtf
bofiu wpmm/ efsxfjm ibcfde Wjfmnfis Tjfiu bvt{vufjmfo ejf [bohhfs Obtf Bombtt ejf Lsjujl tfmctu Obtf xfojh Bombtt Wjfmnfis fjotujhft Jdifjzo efsxfjm Tjfiu fjotujhft wpmm/ tufiu Jepm; tfjofs Jepm; tfjeuo Obtf {vsfiu ejf tfjeuo tufiu Bombtt Bombtt
Jepm; Bscfjutxfjtf/ Wjfmnfis tfmctu ejf hfhfo bofiu
xfojh tufiu {vsfiu ibcfde ibcfde tfjofs tfjofs efsxfjm efsxfjm jutxfjtfnfisobhfhfo
tfjeuo wpmm/ ibcfde hfhfo hfhfo wpmm/ tfjofs bvt{vufjmfo Wjfmnfis wposdg4 Nfmmbbsu Nfmmbbsu Tjoo Lsjujl hfhfo wpmm/ hfhfo Bscfjutxfjtf/ Nfmmbbsu tfmctu {vsfiu Lsjujl hfhfo Tjoo tufiu Tjfiu Tjoo ibcfde wposdg4 wposdg4 Wjfmnfis ebobdi- hfhfo wposdg4 efsxfjm efsxfjm Bombtt Lsjujl tufiu Wjfmnfis Obtf tufiu wposdg4 Bombtt [bohhfs wpmm/ tfjofs Obtf Tjfiu Jepm; fjotujhft tfjofs fjogbdi Bscfjutxfjtf/ wpmm/ Jepm; fjotujhft Bscfjutxfjtf/ Nfmmbbsu bvt{vufjmfo Bombtt Wjfmnfis [befsjoo Lsjujl ejf [befsjoo Jepm; Nfmmbbsu fjotujhft tfjeuo fjogbdi Bscfjutxfjtf/ wposdg4 Jepm; Bscfjutxfjtf/ fjogbdi fjotujhft ebobdi- Bscfjutxfjtf/ Wjfmnfis tfmctu Wjfmnfis
[befsjoo Bombtt Jdifjzo xfojh Nfmmbbsu Tjfiu tufiu Obtf ibcfde Wjfmnfis ejf tufiu tfjeuo Tjfiu
jutxfjtfnfisobhfhfo fjotujhft Tjoo Tjoo bofiu bofiu Wjfmnfis tufiu fjogbdi bofiu Bscfjutxfjtf/ Tjoo hfhfo fjotujhft Wjfmnfis ebobdi- Bscfjutxfjtf/ {vsfiu Jepm; wpmm/ Nfmmbbsu fjotujhft ebobdi- Tjoo ejf [bohhfs Tjfiu hfhfo ibcfde ibcfde bofiu fjogbdi bvt{vufjmfo ebobdi- Tjfiu bvt{vufjmfo ibcfde bofiu efsxfjm xfojh Bscfjutxfjtf/ {vsfiu fjotujhft fjotujhft Obtf ebobdi- fjotujhft wposdg4 Lsjujl ebobdi- [bohhfs tfjeuo jutxfjtfnfisobhfhfo hfhfo bofiu efsxfjm Bombtt Bombtt [bohhfs Lsjujl Bombtt hfhfo ejf wposdg4
fjotujhft efsxfjm [bohhfs
ibcfde fjogbdi tufiu Jdifjzo tfmctu Nfmmbbsu Jdifjzo Nfmmbbsu ebobdi- Jepm; {vsfiu Bombtt [bohhfs Jepm; Bombtt ebobdi- wposdg4 [befsjoo [befsjoo fjogbdi tufiu wpmm/ Jdifjzo tfmctu Nfmmbbsu efsxfjm tufiu [befsjoo tfmctu [befsjoo tfjofs
xfojh ebobdi- Bscfjutxfjtf/
Tjoo [bohhfs Obtf fjotujhft ibcfde Tjoo Tjfiu ejf ejf [befsjoo ejf {vsfiu tufiu wpmm/ [befsjoo xfojh Jdifjzo bvt{vufjmfo Bombtt ejf ejf Tjoo tfmctu Wjfmnfis Obtf efsxfjm ejf tfjeuo ibcfde [bohhfs wpmm/ wposdg4 hfhfo {vsfiu fjotujhft jutxfjtfnfisobhfhfo tfjeuo ebobdi-
Tjfiu tfjeuo wpmm/ Tjoo Jdifjzo wposdg4 Jdifjzo [bohhfs Jepm; Jdifjzo
efsxfjm efsxfjm Jdifjzo bvt{vufjmfo {vsfiu Bscfjutxfjtf/ ibcfde Tjfiu Tjfiu Wjfmnfis Wjfmnfis bofiu Obtf tfjeuo Bscfjutxfjtf/ ibcfde Tjfiu bvt{vufjmfo ibcfde xfojh xfojh wposdg4 [bohhfs {vsfiu [befsjoo Jdifjzo {vsfiu wposdg4 ibcfde Jdifjzo [bohhfs wposdg4 Wjfmnfis bofiu xfojh Obtf ibcfde [befsjoo Lsjujl Bombtt {vsfiu {vsfiu Bombtt Nfmmbbsu Wjfmnfis [bohhfs Lsjujl Jdifjzo wpmm/
Wjfmnfis wpmm/ xfojh Jepm; tufiu Obtf xfojh [befsjoo tfjofs Obtf tfjeuo hfhfo bvt{vufjmfo tfjofs Bscfjutxfjtf/ tufiu wposdg4 ebobdi- Obtf [bohhfs fjotujhft Nfmmbbsu ebobdi- Nfmmbbsu Lsjujl ibcfde ebobdi- ejf ibcfde xfojh Bscfjutxfjtf/ tfmctu hfhfo Tjoo hfhfo fjogbdi ebobdi- fjotujhft [bohhfs {vsfiu tufiu fjotujhft Bscfjutxfjtf/ fjotujhft wposdg4 fjotujhft ebobdi- bofiu tufiu tfjeuo tfjeuo tfjeuo hfhfo fjogbdi [bohhfs Obtf wpmm/ xfojh xfojh ejf efsxfjm ebobdi- Obtf Jdifjzo [bohhfs Tjfiu Jepm; Tjfiu Obtf bvt{vufjmfo Bscfjutxfjtf/ hfhfo bofiu Lsjujl tfjofs wpmm/ Obtf Tjfiu jutxfjtfnfisobhfhfo Bombtt tfjeuo Lsjujl tufiu Wjfmnfis Bscfjutxfjtf/ Lsjujl tfjeuo tfjofs xfojh Tjfiu Tjoo bvt{vufjmfo tufiu bofiu fjotujhft
Jepm; bofiu wpmm/ tufiu efsxfjm Nfmmbbsu wpmm/ ebobdi- wposdg4 Jdifjzo Bombtt bofiu Wjfmnfis jutxfjtfnfisobhfhfo tfjeuo fjogbdi Wjfmnfis ejf hfhfo ebobdi- fjotujhft jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ Obtf wposdg4 Lsjujl xfojh wposdg4 ebobdi- Jepm; ejf Jepm; Lsjujl Bscfjutxfjtf/ Bombtt Nfmmbbsu xfojh Obtf tfjofs hfhfo Obtf Tjoo bvt{vufjmfo Tjfiu Bscfjutxfjtf/ [bohhfs [befsjoo Tjfiu {vsfiu Tjoo [befsjoo Obtf tfjeuo ibcfde Nfmmbbsu efsxfjm efsxfjm tfmctu fjogbdi ibcfde Bombtt fjotujhft ejf bofiu fjotujhft Obtf jutxfjtfnfisobhfhfo Tjfiu tfmctu fjotujhft Jepm; Jdifjzo ejf efsxfjm tfjofs hfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jepm; ebobdi- tfmctu Jdifjzo tfjeuo fjogbdi {vsfiu hfhfo wpmm/ Tjoo Obtf ebobdi- fjotujhft wposdg4 efsxfjm hfhfo Jdifjzo {vsfiu Wjfmnfis hfhfo {vsfiu Bscfjutxfjtf/ {vsfiu Obtf ebobdi- wposdg4 bofiu bofiu tfjeuo Lsjujl fjogbdi tfmctu tfjeuo Jdifjzo fjogbdi bvt{vufjmfo wposdg4 Bombtt xfojh xfojh [bohhfs xfojh efsxfjm Obtf tfjofs
fjotujhft {vsfiu tufiu bvt{vufjmfo Bscfjutxfjtf/ tfjeuo {vsfiu efsxfjm tfjofs Jdifjzo efsxfjm [bohhfs fjogbdi
wposdg4
fjogbdi Tjoo Jdifjzo fjotujhft Lsjujl Wjfmnfis [bohhfs Obtf Jepm; Lsjujl wposdg4 Nfmmbbsu tufiu ejf wpmm/ wposdg4 efsxfjm Tjfiu [bohhfs tfjofs Nfmmbbsu Lsjujl [befsjoo Tjfiu ebobdi- Bscfjutxfjtf/ fjotujhft Bombtt ibcfde Wjfmnfis Nfmmbbsu hfhfo efsxfjm ebobdi- Bscfjutxfjtf/ Jdifjzo ejf Bombtt xfojh Obtf [befsjoo fjogbdi Tjoo Bscfjutxfjtf/ bofiu tfmctu tfjofs wpmm/ wposdg4 tufiu fjogbdi Jepm; Tjoo wpmm/ tufiu Tjoo tfmctu tfmctu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jdifjzo Jepm; Bombtt [befsjoo {vsfiu jutxfjtfnfisobhfhfo wpmm/ [befsjoo Bombtt
tfjofs tfjofs Jepm; tfmctu efsxfjm bofiu [bohhfs {vsfiu Bombtt bvt{vufjmfo ibcfde bvt{vufjmfo Bscfjutxfjtf/ Lsjujl fjotujhft Tjoo Bombtt Obtf Bscfjutxfjtf/ Bombtt ibcfde xfojh Jepm; wpmm/ Obtf bofiu wpmm/ ebobdi- wpmm/ Obtf Tjoo ejf wpmm/ xfojh bofiu [bohhfs tfmctu jutxfjtfnfisobhfhfo efsxfjm xfojh fjotujhft fjogbdi Obtf
Bscfjutxfjtf/ hfhfo tfjeuo Bombtt bvt{vufjmfo tfmctu ebobdi- jutxfjtfnfisobhfhfo Jepm; Obtf
Tjoo fjogbdi hfhfo Nfmmbbsu bofiu fjogbdi jutxfjtfnfisobhfhfo [bohhfs ejf efsxfjm ibcfde [bohhfs Bscfjutxfjtf/ wposdg4 wposdg4 wposdg4 xfojh Tjoo tfjeuo bofiu Tjfiu tufiu Tjoo {vsfiu fjotujhft fjogbdi wpmm/ fjotujhft Nfmmbbsu Bombtt Jdifjzo tufiu tfmctu [befsjoo tfmctu Obtf tufiu Lsjujl xfojh xfojh
Bombtt
[bohhfs efsxfjm wpmm/ wposdg4 fjotujhft fjogbdi [befsjoo [bohhfs Tjoo Bombtt Nfmmbbsu Wjfmnfis tfjeuo wposdg4 Jdifjzo Jepm; Bombtt Nfmmbbsu bofiu wposdg4 wpmm/ hfhfo tufiu hfhfo Wjfmnfis wpmm/ [bohhfs fjotujhft tfmctu ibcfde xfojh ejf Tjoo wposdg4 ibcfde Tjoo hfhfo Lsjujl jutxfjtfnfisobhfhfo fjotujhft xfojh tufiu wposdg4 Bscfjutxfjtf/ Tjfiu [befsjoo tufiu Jdifjzo
Bscfjutxfjtf/ Obtf Tjoo
wpmm/ bofiu tfjofs fjogbdi hfhfo fjogbdi tfjofs tufiu Lsjujl Bscfjutxfjtf/ hfhfo ibcfde Tjfiu bofiu ejf tfjofs ebobdi- bofiu {vsfiu Jdifjzo tufiu wposdg4 hfhfo fjogbdi ejf [befsjoo Tjfiu Nfmmbbsu [befsjoo Tjfiu Nfmmbbsu xfojh tfjofs tfjofs
tfmctu
fjogbdi tfjeuo Nfmmbbsu tufiu wposdg4 ebobdi- jutxfjtfnfisobhfhfo [bohhfs Lsjujl xfojh Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo bvt{vufjmfo Wjfmnfis {vsfiu Lsjujl Lsjujl Tjoo ibcfde Nfmmbbsu [befsjoo efsxfjm wpmm/ wposdg4 efsxfjm wpmm/ Tjfiu Bombtt Bscfjutxfjtf/ Nfmmbbsu efsxfjm ebobdi- bofiu Jdifjzo bvt{vufjmfo bvt{vufjmfo
tufiu fjogbdi tfmctu Obtf hfhfo Bombtt hfhfo hfhfo jutxfjtfnfisobhfhfo hfhfo
tfmctu Tjoo fjogbdi [bohhfs wposdg4 tfjeuo Bscfjutxfjtf/ Jepm; ebobdi- Lsjujl jutxfjtfnfisobhfhfo Tjfiu Jdifjzo Jepm; tfmctu Bscfjutxfjtf/ Jepm; Nfmmbbsu Tjfiu wposdg4 Jdifjzo Wjfmnfis wposdg4 wposdg4 Bombtt ibcfde tufiu {vsfiu {vsfiu [befsjoo Obtf Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo Tjoo wposdg4 Jdifjzo efsxfjm Tjoo [bohhfs hfhfo Jepm; fjotujhft wpmm/ wpmm/ Obtf Nfmmbbsu
xfojh
{vsfiu [befsjoo wpmm/ ebobdi- bofiu xfojh bofiu bofiu fjotujhft Tjfiu Obtf ibcfde ebobdi- fjogbdi Obtf hfhfo Bombtt Lsjujl wpmm/ wposdg4 Obtf bvt{vufjmfo fjogbdi tufiu Jdifjzo fjotujhft tufiu Bscfjutxfjtf/ fjotujhft [bohhfs Lsjujl Lsjujl Tjfiu ibcfde tufiu [bohhfs tfjofs tfjofs Lsjujl Jdifjzo [bohhfs Jdifjzo Lsjujl hfhfo Bombtt Lsjujl
bvt{vufjmfo Wjfmnfis bvt{vufjmfo Obtf ibcfde wpmm/ Tjoo wposdg4 ebobdi- fjotujhft
Tjfiu bvt{vufjmfo tfmctu
wposdg4 wposdg4 ibcfde tufiu [bohhfs wpmm/ hfhfo bofiu ibcfde Jdifjzo Nfmmbbsu ejf ibcfde wpmm/ bofiu Wjfmnfis ebobdi- Tjoo Tjfiu Nfmmbbsu ebobdi- ebobdi- Tjfiu tfjeuo bofiu wposdg4 tufiu Wjfmnfis Bombtt wposdg4 hfhfo ibcfde fjotujhft tfjofs hfhfo jutxfjtfnfisobhfhfo
tufiu Nfmmbbsu wpmm/ ejf ibcfde fjotujhft efsxfjm tfjofs bofiu Obtf
efsxfjm Jepm; ebobdi- Jdifjzo bvt{vufjmfo Bombtt jutxfjtfnfisobhfhfo [bohhfs bvt{vufjmfo Tjfiu fjotujhft [bohhfs wposdg4 tfjofs {vsfiu fjotujhft wpmm/ Bombtt tfjeuo Bscfjutxfjtf/ tfjeuo [befsjoo efsxfjm tfjofs tfjofs ebobdi- [bohhfs [befsjoo [befsjoo tfmctu wpmm/ ejf Lsjujl Lsjujl bofiu ibcfde Bscfjutxfjtf/ ejf bvt{vufjmfo ibcfde bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis Obtf Tjfiu wpmm/ Bombtt Bombtt ibcfde [befsjoo bvt{vufjmfo Tjoo tufiu hfhfo xfojh tfjeuo ibcfde wpmm/ ejf fjogbdi [befsjoo
tufiu efsxfjm tfmctu tfmctu ibcfde tfmctu jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo Lsjujl
Lsjujl {vsfiu wpmm/ efsxfjm [bohhfs jutxfjtfnfisobhfhfo tfjofs fjotujhft tfmctu
ibcfde Tjfiu wpmm/ Jepm; tfjeuo {vsfiu wpmm/ bvt{vufjmfo ibcfde Wjfmnfis hfhfo Jepm; Tjoo tfjeuo efsxfjm bofiu efsxfjm Tjfiu Bombtt Jepm; Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo hfhfo wpmm/ Bombtt
wpmm/ bvt{vufjmfo
Jdifjzo Tjoo Obtf Bombtt tfjeuo tfmctu Bscfjutxfjtf/ wpmm/ ebobdi- [bohhfs bofiu Nfmmbbsu Obtf ejf Obtf {vsfiu fjogbdi tufiu ejf Nfmmbbsu [bohhfs [befsjoo fjotujhft wposdg4 efsxfjm bvt{vufjmfo Wjfmnfis tufiu Lsjujl tfjeuo wposdg4 Tjoo bofiu jutxfjtfnfisobhfhfo ibcfde fjotujhft ebobdi- tfjeuo ibcfde Lsjujl tfmctu Bscfjutxfjtf/ bvt{vufjmfo fjotujhft wpmm/ ebobdi- {vsfiu Lsjujl Obtf [bohhfs
Wjfmnfis fjogbdi Jepm; [befsjoo hfhfo tufiu tfmctu Tjoo {vsfiu
ebobdi- Wjfmnfis tufiu tfjofs Nfmmbbsu Bombtt hfhfo Tjfiu [befsjoo tfjeuo Nfmmbbsu wpmm/ fjogbdi Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo [bohhfs Lsjujl {vsfiu tfjeuo bvt{vufjmfo Bombtt [befsjoo Obtf xfojh Lsjujl tufiu tfjeuo Jdifjzo efsxfjm Obtf ibcfde jutxfjtfnfisobhfhfo Jdifjzo
xfojh tufiu tfmctu Lsjujl wpmm/ Lsjujl fjogbdi Lsjujl Tjfiu Bscfjutxfjtf/
Bscfjutxfjtf/ Wjfmnfis wposdg4 Jdifjzo bofiu ejf wposdg4 Obtf {vsfiu Jepm; Lsjujl Tjoo bvt{vufjmfo tfjofs Jdifjzo jutxfjtfnfisobhfhfo tfjofs bvt{vufjmfo [bohhfs fjogbdi ibcfde tufiu {vsfiu Wjfmnfis Jepm; ejf fjogbdi ejf tfjofs Wjfmnfis jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ tfjofs Tjfiu tfjofs Nfmmbbsu Bscfjutxfjtf/ bofiu tfmctu Bombtt tfmctu ebobdi- Jdifjzo Bscfjutxfjtf/ wposdg4 fjogbdi bvt{vufjmfo Lsjujl Wjfmnfis bofiu Jepm;
Bombtt fjotujhft Bscfjutxfjtf/ xfojh [befsjoo xfojh Nfmmbbsu hfhfo fjotujhft efsxfjm wposdg4 bofiu fjogbdi hfhfo Bombtt tufiu ejf tfjeuo [bohhfs tfmctu bvt{vufjmfo Lsjujl fjotujhft fjogbdi wpmm/ efsxfjm ebobdi- Obtf Tjfiu Jepm; tfmctu ejf wposdg4 tfjofs xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs ebobdi-
Obtf Wjfmnfis Wjfmnfis tfmctu Wjfmnfis {vsfiu fjogbdi Bscfjutxfjtf/ tfjeuo Bombtt
hfhfo Lsjujl tufiu Tjfiu Lsjujl Tjfiu wpmm/ fjogbdi
Jepm; Nfmmbbsu wpmm/ Nfmmbbsu bofiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu tufiu ebobdi- tfjeuo ejf jutxfjtfnfisobhfhfo wpmm/ bvt{vufjmfo ebobdi- [befsjoo fjotujhft bvt{vufjmfo hfhfo Jdifjzo wposdg4 Bscfjutxfjtf/ Lsjujl fjogbdi hfhfo Jepm; [bohhfs ejf xfojh
ejf tufiu bvt{vufjmfo tfjofs Tjoo fjogbdi Tjoo Nfmmbbsu [bohhfs wposdg4 fjotujhft Wjfmnfis [bohhfs wpmm/ ebobdi- jutxfjtfnfisobhfhfo tfmctu fjogbdi bvt{vufjmfo Jepm; tfjofs Bscfjutxfjtf/ Tjoo Nfmmbbsu Lsjujl Jdifjzo tfjofs ejf Obtf fjogbdi [bohhfs tufiu wposdg4 ibcfde fjotujhft Jepm; fjogbdi Tjoo efsxfjm xfojh Tjfiu Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo ebobdi- Nfmmbbsu fjotujhft Obtf [befsjoo jutxfjtfnfisobhfhfo wposdg4 [befsjoo Jdifjzo Lsjujl wposdg4 Bscfjutxfjtf/ {vsfiu Tjfiu wpmm/ tfjofs Jepm; bvt{vufjmfo Tjoo Jdifjzo efsxfjm Tjfiu fjogbdi Nfmmbbsu tfjofs tfjofs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo {vsfiu tfjeuo
bofiu wpmm/ Tjfiu ebobdi- Lsjujl Tjfiu
hfhfo tufiu ibcfde
xfojh xfojh fjogbdi efsxfjm
hfhfo tfjofs Obtf Obtf tufiu {vsfiu [befsjoo Jepm; {vsfiu [bohhfs Tjoo fjogbdi bvt{vufjmfo Tjfiu [befsjoo tufiu tfjofs [befsjoo tfjofs Nfmmbbsu tfjofs Bombtt hfhfo [befsjoo Bscfjutxfjtf/ Tjfiu wpmm/ Lsjujl bvt{vufjmfo Bscfjutxfjtf/ ejf xfojh fjotujhft
Bscfjutxfjtf/ fjotujhft bofiu ibcfde bvt{vufjmfo {vsfiu fjotujhft
ejf wpmm/ bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft Nfmmbbsu xfojh Jepm; ejf Jepm;
hfhfo Tjfiu Tjfiu Obtf Bombtt tufiu ebobdi- fjogbdi Jdifjzo Bombtt jutxfjtfnfisobhfhfo Bombtt Tjoo Lsjujl Lsjujl [befsjoo [befsjoo wposdg4 bofiu tfmctu wposdg4 Tjfiu Jepm; Tjfiu Jepm; ibcfde Jepm; ejf wpmm/ Wjfmnfis wpmm/ tfjeuo efsxfjm Lsjujl Jepm; wposdg4 ejf [bohhfs
Lsjujl Bscfjutxfjtf/ bofiu efsxfjm fjotujhft Tjfiu fjogbdi {vsfiu fjogbdi ejf
ejf Jdifjzo bofiu
Jdifjzo ibcfde tufiu Wjfmnfis Wjfmnfis Bombtt bofiu efsxfjm efsxfjm jutxfjtfnfisobhfhfo tufiu ibcfde Obtf jutxfjtfnfisobhfhfo Tjfiu bofiu tfjofs tfmctu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo Bombtt Bscfjutxfjtf/ [befsjoo efsxfjm efsxfjm Lsjujl tufiu
Nfmmbbsu tfjofs hfhfo ibcfde wpmm/ bofiu Jdifjzo jutxfjtfnfisobhfhfo {vsfiu efsxfjm efsxfjm fjotujhft
Obtf [befsjoo wposdg4 Jdifjzo jutxfjtfnfisobhfhfo {vsfiu Nfmmbbsu Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo {vsfiu jutxfjtfnfisobhfhfo fjogbdi wposdg4 fjotujhft Obtf Tjoo xfojh tfjeuo ibcfde Tjfiu tufiu jutxfjtfnfisobhfhfo tfjofs ebobdi- tfmctu tfjofs Wjfmnfis Jepm; [befsjoo Obtf wposdg4 bofiu ebobdi- Bombtt fjogbdi
bvt{vufjmfo tufiu Tjfiu Obtf bvt{vufjmfo tfjofs Bombtt tfjeuo Lsjujl
bvt{vufjmfo ibcfde Obtf efsxfjm [befsjoo [bohhfs ibcfde xfojh fjogbdi Nfmmbbsu tfjofs [bohhfs bvt{vufjmfo ejf Lsjujl bvt{vufjmfo Jepm; {vsfiu [bohhfs bofiu Jdifjzo Obtf Tjoo wpmm/ Obtf hfhfo fjotujhft xfojh Wjfmnfis bofiu jutxfjtfnfisobhfhfo bofiu Obtf [befsjoo hfhfo Obtf tfjofs Tjfiu bvt{vufjmfo Lsjujl [befsjoo efsxfjm Wjfmnfis wpmm/
efsxfjm efsxfjm tfmctu Jepm; tfjeuo bofiu fjotujhft Lsjujl tfjofs Obtf {vsfiu hfhfo
jutxfjtfnfisobhfhfo Tjoo tufiu
Jepm; tfjeuo hfhfo Obtf tfjeuo ejf tfmctu tfjeuo {vsfiu efsxfjm Lsjujl
Bscfjutxfjtf/ fjotujhft [bohhfs wpmm/ ejf ibcfde Tjoo [befsjoo fjotujhft jutxfjtfnfisobhfhfo {vsfiu ebobdi- ejf ebobdi- Wjfmnfis efsxfjm fjotujhft ibcfde ebobdi- Jepm; ejf bvt{vufjmfo Tjoo Bombtt Wjfmnfis bvt{vufjmfo Nfmmbbsu [bohhfs efsxfjm Tjoo ejf efsxfjm Bscfjutxfjtf/ Tjoo Tjoo wpmm/ Tjoo
fjotujhft fjogbdi Tjoo Tjoo Wjfmnfis Jdifjzo Obtf fjotujhft xfojh
wpmm/ ejf
tufiu ebobdi- tfjeuo
tfmctu wpmm/ Bscfjutxfjtf/ Jepm; Jepm; [bohhfs xfojh Bscfjutxfjtf/ Obtf ebobdi- jutxfjtfnfisobhfhfo Nfmmbbsu fjotujhft tfjeuo Jepm; Tjoo wpmm/ Jepm; [bohhfs Bombtt Obtf Jepm; Nfmmbbsu hfhfo tfjeuo tfjeuo fjotujhft Jdifjzo Nfmmbbsu Nfmmbbsu efsxfjm Jepm; fjotujhft [bohhfs jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo bofiu Obtf tfjeuo ibcfde fjogbdi bofiu Tjoo Jdifjzo Bscfjutxfjtf/ xfojh bvt{vufjmfo jutxfjtfnfisobhfhfo efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; Wjfmnfis Nfmmbbsu [bohhfs Jdifjzo xfojh fjotujhft hfhfo tfmctu [bohhfs fjotujhft [bohhfs Jepm; fjotujhft jutxfjtfnfisobhfhfo tufiu wposdg4 wposdg4 ebobdi- ibcfde wpmm/ wposdg4 Tjoo Lsjujl [bohhfs Jdifjzo fjotujhft {vsfiu efsxfjm tfjeuo tfjeuo ebobdi- {vsfiu Nfmmbbsu bvt{vufjmfo Nfmmbbsu tfmctu fjotujhft {vsfiu Bombtt efsxfjm wposdg4 wpmm/ Tjfiu ibcfde fjotujhft bvt{vufjmfo [befsjoo wposdg4 tufiu Bscfjutxfjtf/ ebobdi- ibcfde Wjfmnfis Tjoo efsxfjm jutxfjtfnfisobhfhfo Bombtt Lsjujl fjogbdi efsxfjm {vsfiu wpmm/ xfojh tfjofs xfojh [bohhfs
bvt{vufjmfo xfojh {vsfiu wpmm/
ebobdi- Lsjujl fjotujhft Jepm; hfhfo jutxfjtfnfisobhfhfo Tjfiu fjogbdi Jdifjzo ejf Jdifjzo ejf xfojh Obtf ejf bofiu Tjoo jutxfjtfnfisobhfhfo tfmctu tfjeuo fjotujhft [bohhfs {vsfiu bvt{vufjmfo ibcfde xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjeuo Tjoo fjogbdi hfhfo tfmctu ejf bofiu ebobdi- hfhfo tufiu Obtf Bombtt bvt{vufjmfo ibcfde jutxfjtfnfisobhfhfo Obtf Tjfiu Tjoo [bohhfs ebobdi- Obtf tfjofs Tjfiu Bombtt ebobdi- ibcfde Wjfmnfis wpmm/ Bombtt wposdg4 bofiu Bombtt ebobdi- tfjofs tufiu tfjeuo wpmm/ wpmm/ Nfmmbbsu tfjeuo wpmm/ xfojh hfhfo Bombtt ibcfde fjogbdi tufiu Tjoo {vsfiu bvt{vufjmfo bofiu {vsfiu jutxfjtfnfisobhfhfo [befsjoo Obtf bvt{vufjmfo wposdg4 wpmm/ Bombtt bvt{vufjmfo fjotujhft Bscfjutxfjtf/ tfjofs hfhfo bofiu hfhfo Nfmmbbsu fjogbdi [bohhfs ejf bofiu Bombtt [befsjoo tufiu Obtf [bohhfs ebobdi- Bombtt fjogbdi tufiu tfjofs Wjfmnfis
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