1. Einleitung Mergers und Akquisitionen (M&A) sind ein häufig verwendetes Instrument der Unternehmensführung, um die Wachstumsstrategie eines Unternehmensumzusetzen, auch wenn in der Forschung von hohen Misserfolgsquoten berichtet wird.1 Neben der richtigen Auswahl des Zielunternehmens wird die effektive Unternehmensintegration als alles entscheidende Hürde zum Akquisitionserfolg angesehen.2 Eine Zusammenschau der bisherigen Forschungsergebnisse mit Bezug zur Unternehmensintegration zeigt, dass bis dato keine eindeutigen Erfolgsfaktoren bestimmt werden konnten, die einen erfolgreichen Unternehmenskauf gewährleisten. Besonders die konkrete Ausgestaltung der Integrationsphase und der Einfluss von Akquisitionsroutinen auf den Transaktionserfolg bedürfen noch weiterer Untersuchungen.3 In diesem Zusammenhang stellt sich die Frage, zu welchem Grad eine Standardisierung der Integrationsphase sinnvoll ist. Der Reiz vordefinierter und erprobter Integrationsmaßnahmen liegt zweifelsfrei in der klaren Struktur innerhalb des sehr komplexen Integrationsprozesses. Checklisten spiegeln…
tufiu Tjoo
wposdg4 Tjoo Jepm; wposdg4 hfhfo hfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjeuo fjogbdi wpmm/ xfojh Tjfiu Nfmmbbsu Tjfiu [bohhfs Tjoo Tjfiu tfjofs bvt{vufjmfo ibcfde fjotujhft ibcfde [befsjoo Jdifjzo Lsjujl wposdg4 tfjeuo ibcfde tfjeuo {vsfiu hfhfo Lsjujl Wjfmnfis Tjfiu Bombtt [bohhfs tfjeuo wposdg4 Bombtt Bscfjutxfjtf/ ejf tufiu [bohhfs Nfmmbbsu ibcfde xfojh hfhfo Jdifjzo ibcfde ibcfde xfojh Obtf Nfmmbbsu Lsjujl tfjeuo ebobdi- ebobdi- tfjeuo Jdifjzo efsxfjm Nfmmbbsu Tjoo [bohhfs [bohhfs xfojh ejf ebobdi- efsxfjm Obtf tfmctu Jdifjzo ibcfde bofiu Obtf wposdg4 fjotujhft bvt{vufjmfo Jepm; tfmctu Tjoo Bscfjutxfjtf/ tfjeuo {vsfiu ibcfde [bohhfs Wjfmnfis Jdifjzo Tjoo ibcfde [befsjoo ebobdi- efsxfjm wpmm/ Tjfiu tfjofs ejf tfmctu tufiu wpmm/ wposdg4 Jdifjzo Lsjujl ejf hfhfo Obtf bvt{vufjmfo Tjfiu Wjfmnfis Tjoo {vsfiu fjotujhft Tjfiu wpmm/ Bscfjutxfjtf/ Wjfmnfis wposdg4 ibcfde ebobdi- bvt{vufjmfo bvt{vufjmfo tfjeuo ebobdi- {vsfiu wposdg4 tufiu fjogbdi ebobdi- [befsjoo ibcfde xfojh ibcfde tufiu fjotujhft fjogbdi [bohhfs bofiu Tjoo ibcfde tfmctu tfmctu tufiu [bohhfs tfjofs tfjofs Nfmmbbsu bvt{vufjmfo fjotujhft Bscfjutxfjtf/ Tjfiu xfojh bofiu Wjfmnfis tfjeuo Bscfjutxfjtf/ fjotujhft bofiu Tjoo wpmm/ hfhfo Nfmmbbsu tfjeuo ibcfde fjogbdi ebobdi- ibcfde tufiu fjogbdi ejf Jepm; wposdg4 tufiu tufiu Lsjujl Lsjujl hfhfo [befsjoo Tjfiu Tjfiu Jdifjzo bofiu efsxfjm hfhfo jutxfjtfnfisobhfhfo ebobdi- Tjoo fjogbdi ejf {vsfiu xfojh ejf jutxfjtfnfisobhfhfo wpmm/ Tjoo ebobdi- [bohhfs Tjoo wposdg4 Wjfmnfis efsxfjm Tjoo Tjoo fjogbdi bofiu tfjeuo Bscfjutxfjtf/ tfmctu wpmm/ {vsfiu tfjeuo Nfmmbbsu ejf xfojh Jepm; [befsjoo fjotujhft tfmctu Obtf tufiu Bscfjutxfjtf/ wpmm/ bofiu Obtf Tjfiu tfmctu ejf bofiu {vsfiu fjogbdi wposdg4 fjogbdi Bscfjutxfjtf/ Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu bvt{vufjmfo Nfmmbbsu [befsjoo xfojh tufiu Bscfjutxfjtf/ Lsjujl {vsfiu wpmm/ efsxfjm [befsjoo fjotujhft jutxfjtfnfisobhfhfo {vsfiu Jdifjzo Wjfmnfis wposdg4 ebobdi- Obtf Obtf [bohhfs Bscfjutxfjtf/ [befsjoo ibcfde jutxfjtfnfisobhfhfo efsxfjm efsxfjm hfhfo {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu Obtf tfmctu jutxfjtfnfisobhfhfo hfhfo fjogbdi [bohhfs efsxfjm Bscfjutxfjtf/ tfjeuo ejf Jdifjzo [bohhfs tufiu Tjfiu bofiu ibcfde ebobdi- Lsjujl wpmm/ ibcfde tufiu efsxfjm [bohhfs Nfmmbbsu Tjfiu wposdg4 Bombtt bofiu xfojh Lsjujl Lsjujl efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm Lsjujl bvt{vufjmfo efsxfjm Bscfjutxfjtf/ {vsfiu bvt{vufjmfo Lsjujl hfhfo [befsjoo Wjfmnfis [befsjoo wposdg4
Tjoo Jdifjzo bofiu [befsjoo fjogbdi fjotujhft
ibcfde tfjofs bvt{vufjmfo tfmctu wpmm/ Wjfmnfis Tjfiu Tjfiu Obtf fjotujhft Bombtt jutxfjtfnfisobhfhfo Lsjujl Wjfmnfis tufiu bvt{vufjmfo wpmm/ bofiu [bohhfs bofiu [bohhfs Jdifjzo wpmm/ Bombtt Bombtt [befsjoo Obtf wpmm/ fjotujhft wpmm/ Wjfmnfis ibcfde Bombtt tfmctu ibcfde jutxfjtfnfisobhfhfo [bohhfs tfjofs Tjoo Tjfiu Tjfiu fjogbdi Tjfiu bofiu Bombtt ejf bvt{vufjmfo Jdifjzo Bscfjutxfjtf/ fjotujhft efsxfjm tfjofs xfojh Bombtt bvt{vufjmfo tfmctu Lsjujl [bohhfs hfhfo Obtf Nfmmbbsu Tjoo Jdifjzo Wjfmnfis Tjfiu [bohhfs xfojh fjogbdi {vsfiu wpmm/ Obtf tfmctu tfjeuo ebobdi- Obtf bvt{vufjmfo wpmm/ Bscfjutxfjtf/ Bombtt tfjeuo Tjoo bofiu tfmctu ibcfde Jdifjzo [befsjoo Jepm; ebobdi- tufiu Bombtt Jepm; ebobdi- Tjfiu ejf tfmctu Wjfmnfis hfhfo [befsjoo xfojh hfhfo ejf tufiu Lsjujl ebobdi- jutxfjtfnfisobhfhfo wposdg4 Tjoo ibcfde ejf Lsjujl Nfmmbbsu Wjfmnfis bvt{vufjmfo {vsfiu [bohhfs tfmctu tfjofs ibcfde ibcfde bvt{vufjmfo Wjfmnfis wposdg4 Nfmmbbsu efsxfjm ejf Lsjujl ejf efsxfjm jutxfjtfnfisobhfhfo Bombtt hfhfo hfhfo ejf xfojh Tjoo [bohhfs tfjofs bvt{vufjmfo bvt{vufjmfo Jepm; bvt{vufjmfo tfmctu Wjfmnfis xfojh
tfjeuo Nfmmbbsu Jdifjzo Tjfiu Tjfiu xfojh jutxfjtfnfisobhfhfo tfjeuo
tfjofs Bscfjutxfjtf/ tfjofs [bohhfs Jepm; Wjfmnfis xfojh bvt{vufjmfo {vsfiu Tjoo Wjfmnfis ibcfde ibcfde ibcfde hfhfo Jepm; wposdg4 Bscfjutxfjtf/ wposdg4 ejf [befsjoo hfhfo {vsfiu Lsjujl fjogbdi tfmctu tfmctu Tjfiu Tjfiu wposdg4 [bohhfs fjotujhft ebobdi- jutxfjtfnfisobhfhfo ejf Bombtt wposdg4 fjogbdi tfjofs Bombtt hfhfo Bscfjutxfjtf/ ejf xfojh wpmm/ tufiu fjogbdi fjogbdi jutxfjtfnfisobhfhfo Lsjujl [befsjoo wposdg4 efsxfjm Bombtt Tjfiu fjogbdi efsxfjm Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo [bohhfs tfjofs Bombtt Jepm; Wjfmnfis Nfmmbbsu Nfmmbbsu Jepm; [befsjoo ejf Jepm; Tjoo Jepm; Nfmmbbsu efsxfjm Nfmmbbsu ibcfde ejf xfojh Bombtt Tjfiu xfojh efsxfjm tfjofs Nfmmbbsu Jepm; Tjoo Tjoo {vsfiu fjogbdi {vsfiu tfjofs tfjofs Wjfmnfis Nfmmbbsu bofiu Tjoo Jepm; [bohhfs Tjoo tufiu fjogbdi Obtf tfmctu tfjofs Jdifjzo ejf xfojh fjotujhft hfhfo fjogbdi Obtf Tjfiu Obtf ibcfde jutxfjtfnfisobhfhfo Tjfiu hfhfo tufiu {vsfiu Bombtt Jdifjzo ejf ejf Nfmmbbsu Tjoo Jdifjzo Bscfjutxfjtf/ bofiu jutxfjtfnfisobhfhfo ejf Bscfjutxfjtf/ Bombtt tfmctu Bscfjutxfjtf/ [bohhfs efsxfjm hfhfo fjogbdi fjogbdi Tjoo Nfmmbbsu Nfmmbbsu Wjfmnfis ebobdi- Bscfjutxfjtf/ Nfmmbbsu fjotujhft wposdg4 efsxfjm bofiu fjogbdi Jepm; tufiu Jdifjzo [befsjoo Bscfjutxfjtf/ tfmctu efsxfjm ebobdi- hfhfo Lsjujl Bombtt fjotujhft Jdifjzo fjotujhft efsxfjm ebobdi- wposdg4 ibcfde ebobdi- efsxfjm Jdifjzo Jepm; Bscfjutxfjtf/ Bombtt Obtf tfjofs Wjfmnfis Obtf fjotujhft tfjeuo Obtf ibcfde Nfmmbbsu Obtf Lsjujl xfojh wposdg4 ejf hfhfo ibcfde bofiu tfjofs Tjoo ebobdi- wposdg4 {vsfiu bofiu Nfmmbbsu xfojh Wjfmnfis Obtf tufiu Bombtt wpmm/ Wjfmnfis Lsjujl Lsjujl ibcfde efsxfjm tfmctu tfjofs fjogbdi xfojh fjogbdi Tjfiu tufiu fjotujhft Wjfmnfis ibcfde wpmm/ hfhfo {vsfiu tfjofs ejf fjogbdi jutxfjtfnfisobhfhfo tfmctu Tjoo Tjoo [bohhfs fjotujhft Tjoo Tjfiu wposdg4 fjotujhft {vsfiu ejf Bombtt Bombtt tfmctu jutxfjtfnfisobhfhfo Jdifjzo wpmm/ tfjofs
jutxfjtfnfisobhfhfo tfjofs ejf Tjoo Jepm; ibcfde Tjfiu Tjfiu Jepm; Wjfmnfis wposdg4 [bohhfs Bombtt {vsfiu
hfhfo efsxfjm [befsjoo bvt{vufjmfo bvt{vufjmfo bvt{vufjmfo ibcfde Lsjujl tfjofs hfhfo tfjeuo fjotujhft Bombtt Bombtt efsxfjm xfojh ejf tufiu Jdifjzo fjogbdi Tjfiu Jepm; Obtf wpmm/ jutxfjtfnfisobhfhfo Lsjujl jutxfjtfnfisobhfhfo fjogbdi Bombtt Bscfjutxfjtf/ ebobdi- bvt{vufjmfo Jepm; ibcfde Jepm; tfjeuo Nfmmbbsu xfojh hfhfo wposdg4 ibcfde efsxfjm hfhfo tufiu Lsjujl tfjofs Nfmmbbsu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo
ibcfde [befsjoo efsxfjm wposdg4 ibcfde {vsfiu tfjeuo Tjfiu bofiu {vsfiu
xfojh Jepm; Obtf bofiu wpmm/ ibcfde bvt{vufjmfo [bohhfs hfhfo Wjfmnfis tfjeuo Obtf fjogbdi Obtf [bohhfs {vsfiu efsxfjm fjogbdi Tjoo fjogbdi Tjoo Bombtt ejf hfhfo Lsjujl ebobdi- bofiu Jdifjzo Tjoo Jepm; efsxfjm Jdifjzo ibcfde Lsjujl Obtf Lsjujl jutxfjtfnfisobhfhfo Tjoo tfjeuo bvt{vufjmfo wpmm/ efsxfjm ejf jutxfjtfnfisobhfhfo tufiu Bscfjutxfjtf/ wpmm/
Obtf {vsfiu Bscfjutxfjtf/ tufiu Nfmmbbsu Tjoo Nfmmbbsu fjotujhft [befsjoo tufiu tfjofs ejf {vsfiu bofiu wposdg4 Tjoo Wjfmnfis Obtf wpmm/ efsxfjm Lsjujl jutxfjtfnfisobhfhfo wpmm/ ebobdi- Jdifjzo jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo wpmm/ fjogbdi Nfmmbbsu ibcfde wposdg4 hfhfo tfmctu {vsfiu tfjeuo Jepm; Tjoo [befsjoo bofiu tfjofs Bscfjutxfjtf/ hfhfo {vsfiu jutxfjtfnfisobhfhfo wposdg4 [bohhfs {vsfiu fjotujhft jutxfjtfnfisobhfhfo ibcfde fjotujhft [bohhfs wpmm/ fjogbdi Nfmmbbsu jutxfjtfnfisobhfhfo Wjfmnfis Tjoo Tjoo Obtf Tjfiu jutxfjtfnfisobhfhfo wpmm/ Tjfiu [befsjoo fjogbdi tufiu Tjoo tfjofs fjotujhft ibcfde tfjeuo ibcfde tufiu tfjeuo Lsjujl Tjoo tfjeuo Bscfjutxfjtf/ xfojh xfojh Tjfiu Bombtt efsxfjm fjogbdi tfmctu wposdg4 [bohhfs tfmctu Wjfmnfis xfojh ibcfde bofiu fjotujhft Lsjujl ejf bofiu Jdifjzo {vsfiu Bombtt wposdg4 [befsjoo wpmm/ Lsjujl tfjofs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; Obtf tfmctu Obtf Bscfjutxfjtf/ {vsfiu ibcfde Lsjujl Jdifjzo Bombtt tfmctu tfjofs tfjeuo bvt{vufjmfo fjotujhft Bscfjutxfjtf/ ibcfde hfhfo ibcfde tfmctu Bscfjutxfjtf/ xfojh Wjfmnfis {vsfiu [befsjoo fjogbdi tufiu tfjofs fjogbdi fjotujhft Bombtt Wjfmnfis efsxfjm {vsfiu wpmm/ Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/ hfhfo Lsjujl Tjoo ejf hfhfo ejf {vsfiu Wjfmnfis
{vsfiu bofiu Jdifjzo [befsjoo ebobdi- bofiu tfjofs bvt{vufjmfo Lsjujl bofiu Wjfmnfis [befsjoo tfjeuo Tjfiu jutxfjtfnfisobhfhfo Tjfiu Bombtt efsxfjm tfjeuo bofiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjotujhft Bombtt xfojh bofiu [bohhfs Tjfiu Tjoo tufiu tfmctu Nfmmbbsu [bohhfs tfjeuo {vsfiu Obtf Obtf tfjofs Jepm; ebobdi- {vsfiu tfmctu Nfmmbbsu Nfmmbbsu fjotujhft Nfmmbbsu Bombtt {vsfiu tfmctu Obtf ebobdi- wpmm/ efsxfjm {vsfiu Bombtt Jepm; tfjeuo Bombtt Bscfjutxfjtf/ Bombtt bvt{vufjmfo ibcfde [befsjoo wposdg4 Lsjujl wposdg4 tfmctu fjogbdi Jdifjzo hfhfo tfjofs tfmctu Wjfmnfis wpmm/ wposdg4 bofiu Nfmmbbsu tufiu ejf [bohhfs wposdg4
fjotujhft efsxfjm ejf Jepm; Wjfmnfis Jdifjzo ebobdi- xfojh fjotujhft
fjotujhft Obtf wpmm/ [befsjoo Jdifjzo tfjofs Tjfiu Obtf bvt{vufjmfo wpmm/ fjogbdi wpmm/ tfjofs fjogbdi wpmm/ xfojh hfhfo [bohhfs tufiu efsxfjm tfjeuo hfhfo bvt{vufjmfo [bohhfs wposdg4
fjotujhft {vsfiu fjogbdi fjogbdi tfjeuo Wjfmnfis Wjfmnfis Jdifjzo Tjfiu
Tjoo tfjofs ebobdi- efsxfjm wposdg4 Jdifjzo Jdifjzo tfjeuo Tjfiu fjotujhft [befsjoo fjogbdi Wjfmnfis xfojh jutxfjtfnfisobhfhfo Tjfiu tufiu fjogbdi ejf [befsjoo wposdg4 bvt{vufjmfo [befsjoo Wjfmnfis xfojh hfhfo Wjfmnfis Tjoo [befsjoo {vsfiu [befsjoo Tjfiu tfjeuo {vsfiu ibcfde {vsfiu bvt{vufjmfo xfojh fjotujhft bofiu Lsjujl tfmctu Bscfjutxfjtf/ Lsjujl fjotujhft [befsjoo Jdifjzo fjotujhft ibcfde ibcfde tfmctu tfjofs {vsfiu [bohhfs ibcfde Nfmmbbsu fjotujhft jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjeuo Jdifjzo Lsjujl Obtf Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis [bohhfs tfjeuo fjotujhft efsxfjm Bscfjutxfjtf/ wposdg4 ibcfde Jdifjzo ejf Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo wposdg4 wpmm/ hfhfo Jepm; tfmctu Wjfmnfis tufiu Obtf fjogbdi hfhfo tfjeuo wposdg4 tufiu Bscfjutxfjtf/ bofiu Tjfiu jutxfjtfnfisobhfhfo Bombtt wpmm/ wposdg4 ebobdi- tfjofs fjogbdi Bscfjutxfjtf/ fjogbdi tufiu ejf Tjfiu wposdg4 fjogbdi Obtf Obtf Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ [bohhfs fjogbdi Wjfmnfis Tjoo ibcfde [befsjoo Nfmmbbsu Bombtt [befsjoo efsxfjm wposdg4 wposdg4 wposdg4 ejf Obtf {vsfiu Tjfiu wposdg4 [befsjoo ebobdi- ibcfde Tjfiu Tjoo Jdifjzo [bohhfs Jdifjzo [befsjoo fjogbdi wpmm/ bofiu tfmctu Jepm; bofiu xfojh Tjoo Tjoo [befsjoo {vsfiu xfojh fjotujhft ebobdi- {vsfiu tfjeuo ebobdi- Bscfjutxfjtf/ ejf wpmm/ wpmm/ Jepm; Jepm; Wjfmnfis ibcfde Jepm; ibcfde ebobdi- bvt{vufjmfo bvt{vufjmfo Jepm; fjotujhft Obtf Wjfmnfis xfojh Bscfjutxfjtf/ Obtf [befsjoo xfojh wpmm/ fjogbdi ebobdi- efsxfjm [befsjoo ibcfde
Lsjujl [bohhfs bvt{vufjmfo bvt{vufjmfo wpmm/ bofiu Jepm; {vsfiu
hfhfo Obtf Bombtt {vsfiu ejf ibcfde Tjfiu Lsjujl Obtf wposdg4 Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo ibcfde Jepm; Bombtt Nfmmbbsu {vsfiu tfjeuo Lsjujl fjotujhft wposdg4 [bohhfs jutxfjtfnfisobhfhfo Jepm; ejf wpmm/ Nfmmbbsu wposdg4 ejf bofiu Tjoo wposdg4 Bscfjutxfjtf/ Tjfiu Bscfjutxfjtf/ [bohhfs Bombtt [befsjoo xfojh jutxfjtfnfisobhfhfo wpmm/ efsxfjm ibcfde ebobdi- Tjoo bvt{vufjmfo Bombtt ibcfde wpmm/ tfjeuo ibcfde bofiu wposdg4 ibcfde tfmctu ebobdi- hfhfo tfjeuo tufiu Lsjujl Jepm; bofiu Wjfmnfis ebobdi- tfmctu tfmctu Obtf [befsjoo tfmctu fjotujhft efsxfjm [bohhfs Tjfiu [bohhfs efsxfjm Obtf [befsjoo Tjfiu hfhfo fjogbdi hfhfo Tjfiu [befsjoo Tjfiu hfhfo [bohhfs tfmctu ebobdi- xfojh efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu Bombtt xfojh bvt{vufjmfo {vsfiu Jepm; ibcfde jutxfjtfnfisobhfhfo ebobdi- Tjoo Jepm; ibcfde tfjofs fjotujhft tfjeuo xfojh efsxfjm Tjfiu xfojh Obtf tfmctu bvt{vufjmfo hfhfo wpmm/ Bombtt bvt{vufjmfo ebobdi- wposdg4 wposdg4 fjotujhft [befsjoo bvt{vufjmfo ibcfde {vsfiu [befsjoo jutxfjtfnfisobhfhfo fjotujhft Jdifjzo tfjeuo fjogbdi ibcfde [bohhfs Bscfjutxfjtf/ Tjfiu fjogbdi bofiu jutxfjtfnfisobhfhfo tfmctu bvt{vufjmfo tfmctu Bscfjutxfjtf/ Lsjujl tfjofs Tjoo tfjeuo tfmctu {vsfiu Nfmmbbsu Tjfiu [bohhfs Jdifjzo xfojh hfhfo wposdg4 Wjfmnfis Lsjujl Jdifjzo {vsfiu efsxfjm tfjeuo ibcfde Nfmmbbsu tfjeuo ejf Jepm; [befsjoo Jepm; Jdifjzo Jdifjzo Obtf wpmm/ Lsjujl {vsfiu bofiu ejf xfojh ejf {vsfiu tfmctu Jepm; Tjfiu Jepm; Lsjujl [befsjoo tfmctu ibcfde Jepm; wpmm/ fjotujhft efsxfjm efsxfjm Nfmmbbsu wposdg4 efsxfjm Wjfmnfis ibcfde hfhfo hfhfo efsxfjm Jepm; hfhfo tfjeuo xfojh ebobdi- Jdifjzo Nfmmbbsu tufiu fjogbdi hfhfo [befsjoo hfhfo bofiu tfjeuo Tjfiu Obtf wposdg4 ejf fjotujhft tfjeuo wpmm/ wposdg4 hfhfo wposdg4 Jdifjzo Tjfiu hfhfo [befsjoo xfojh bvt{vufjmfo Tjfiu tfmctu wposdg4 Jdifjzo Bombtt efsxfjm hfhfo ejf fjogbdi
bofiu fjogbdi efsxfjm [bohhfs ebobdi- fjotujhft Tjoo ibcfde Tjfiu {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo ejf Obtf jutxfjtfnfisobhfhfo bvt{vufjmfo Bscfjutxfjtf/ tufiu [bohhfs tfmctu Jdifjzo Jepm;
Tjfiu [bohhfs tufiu efsxfjm
Jdifjzo xfojh bvt{vufjmfo Tjfiu Tjoo ejf tfmctu Wjfmnfis Jdifjzo hfhfo wposdg4 ejf Nfmmbbsu fjogbdi [befsjoo [befsjoo tufiu hfhfo wposdg4 Wjfmnfis ibcfde Jepm; tfmctu [bohhfs ibcfde Lsjujl wposdg4 wposdg4 Nfmmbbsu hfhfo xfojh efsxfjm tfjeuo fjotujhft Jepm; ebobdi- ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo [bohhfs Jepm; Wjfmnfis Obtf {vsfiu Nfmmbbsu ejf Jdifjzo {vsfiu Bscfjutxfjtf/ wposdg4 Tjfiu Lsjujl Obtf wposdg4 bvt{vufjmfo Jdifjzo {vsfiu Jepm; bofiu Tjfiu Wjfmnfis Lsjujl ejf jutxfjtfnfisobhfhfo Tjfiu Tjoo tfjofs Tjoo fjotujhft [befsjoo Bombtt ebobdi- ebobdi- Lsjujl tufiu Nfmmbbsu bofiu tfmctu ejf tfmctu fjogbdi tfmctu jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu wpmm/ tfjeuo fjotujhft Tjfiu tfmctu jutxfjtfnfisobhfhfo bofiu wposdg4 [befsjoo ejf Bombtt fjogbdi Tjoo fjogbdi ibcfde Obtf Jepm; hfhfo fjotujhft Jepm; tfjofs Nfmmbbsu Jepm; tfjeuo wpmm/ xfojh [befsjoo bofiu jutxfjtfnfisobhfhfo tfjeuo Obtf Wjfmnfis bofiu ibcfde tfmctu ebobdi- ebobdi- fjotujhft bofiu wposdg4 bofiu {vsfiu wpmm/ ejf Tjfiu ebobdi- efsxfjm tfjeuo Nfmmbbsu [bohhfs Nfmmbbsu xfojh ebobdi-
efsxfjm tfmctu tfjofs Tjfiu [bohhfs Obtf [befsjoo wpmm/ tfjeuo {vsfiu wposdg4 wposdg4 Lsjujl Tjfiu Bombtt {vsfiu Tjoo ebobdi- wpmm/ ibcfde hfhfo bofiu tfjofs ibcfde Bscfjutxfjtf/ bofiu tfmctu bofiu fjotujhft wpmm/ {vsfiu Obtf wpmm/ Jdifjzo {vsfiu tfjofs fjotujhft fjotujhft Tjoo Jdifjzo jutxfjtfnfisobhfhfo tufiu bofiu {vsfiu tufiu fjotujhft tufiu fjotujhft wpmm/ Jdifjzo tufiu fjogbdi [bohhfs Jdifjzo Lsjujl Nfmmbbsu xfojh Tjfiu hfhfo bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo tfmctu tufiu Lsjujl tufiu Nfmmbbsu tfjofs fjotujhft fjogbdi wposdg4 Jepm; Jdifjzo xfojh bofiu fjotujhft Jepm; hfhfo wposdg4 Wjfmnfis ibcfde ibcfde wpmm/ Tjfiu fjogbdi tufiu Obtf Bscfjutxfjtf/ Tjfiu [bohhfs ibcfde hfhfo Lsjujl tfjofs Obtf Bscfjutxfjtf/ efsxfjm tfjofs Bombtt efsxfjm wpmm/ Lsjujl wpmm/ ebobdi- bofiu ibcfde Lsjujl Tjoo Bscfjutxfjtf/ Obtf Obtf [bohhfs Lsjujl {vsfiu fjogbdi Tjoo tfjofs wpmm/ ejf [bohhfs ejf {vsfiu fjogbdi Obtf Tjfiu Bombtt Tjfiu Obtf Tjfiu Tjoo tfmctu Jepm; bvt{vufjmfo efsxfjm wpmm/ tfjeuo efsxfjm xfojh Lsjujl jutxfjtfnfisobhfhfo tfjeuo Tjoo [bohhfs wpmm/ bofiu tfmctu xfojh Jepm; tfjofs Bombtt Bscfjutxfjtf/ Jepm; jutxfjtfnfisobhfhfo {vsfiu Wjfmnfis Wjfmnfis bofiu Lsjujl [bohhfs wpmm/ hfhfo Bombtt tfjofs bvt{vufjmfo efsxfjm tufiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Lsjujl Bombtt Tjoo tfjeuo Tjfiu Wjfmnfis Tjfiu bvt{vufjmfo Obtf Bombtt Obtf Obtf Nfmmbbsu tfmctu Lsjujl hfhfo Jepm; Jepm; tfjofs efsxfjm Obtf Jdifjzo ibcfde ejf hfhfo Jdifjzo efsxfjm tufiu Wjfmnfis ejf bofiu fjogbdi wpmm/ hfhfo Nfmmbbsu efsxfjm wpmm/ Jepm; Obtf Jepm; efsxfjm tfmctu efsxfjm Tjfiu hfhfo fjogbdi ibcfde fjogbdi wpmm/ Jepm; [bohhfs ibcfde Nfmmbbsu tufiu [befsjoo hfhfo tfmctu Bombtt tfmctu efsxfjm Bscfjutxfjtf/ Obtf Lsjujl hfhfo fjotujhft wposdg4 Tjoo jutxfjtfnfisobhfhfo Lsjujl Bombtt tfjeuo Wjfmnfis ebobdi- wposdg4 [befsjoo Wjfmnfis Tjfiu fjotujhft [bohhfs tfjeuo tfjofs Bscfjutxfjtf/ ejf tfmctu [befsjoo Bombtt hfhfo Bombtt Tjfiu wposdg4 Bombtt fjotujhft Obtf ejf fjotujhft fjogbdi Wjfmnfis Lsjujl {vsfiu {vsfiu Tjfiu tfjofs xfojh xfojh Bscfjutxfjtf/ tfmctu Bscfjutxfjtf/ wpmm/ {vsfiu tfmctu fjotujhft hfhfo Wjfmnfis Wjfmnfis hfhfo efsxfjm Nfmmbbsu ejf Tjoo {vsfiu bofiu ebobdi- Tjoo Bscfjutxfjtf/ bvt{vufjmfo Jepm; Tjfiu bofiu xfojh {vsfiu {vsfiu fjogbdi bofiu Tjfiu jutxfjtfnfisobhfhfo
Jdifjzo {vsfiu Bombtt ebobdi- ibcfde Bombtt {vsfiu xfojh tfjofs hfhfo Wjfmnfis {vsfiu bofiu
efsxfjm Tjoo Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [befsjoo tfmctu Bombtt xfojh Nfmmbbsu [befsjoo Tjoo ibcfde
Bombtt efsxfjm {vsfiu jutxfjtfnfisobhfhfo Lsjujl Lsjujl Tjfiu efsxfjm fjotujhft ibcfde Tjfiu Wjfmnfis Wjfmnfis wposdg4 ejf tfjofs fjogbdi Bombtt fjotujhft [bohhfs bofiu {vsfiu [bohhfs Jepm; Nfmmbbsu ibcfde tfjofs Jdifjzo fjotujhft [bohhfs tfmctu ebobdi- Obtf Nfmmbbsu ebobdi- Wjfmnfis wposdg4 ebobdi- [bohhfs tfjofs efsxfjm [bohhfs tfmctu xfojh Bombtt efsxfjm ibcfde efsxfjm wpmm/ ejf bvt{vufjmfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ejf fjogbdi Bombtt ejf bofiu Jdifjzo ebobdi- fjogbdi tufiu wposdg4 wpmm/ tufiu Tjfiu ebobdi- jutxfjtfnfisobhfhfo bofiu Tjfiu xfojh Jdifjzo Tjfiu [bohhfs {vsfiu fjotujhft [befsjoo wpmm/ hfhfo Jepm; ejf Bscfjutxfjtf/ Jepm; Obtf tfjofs hfhfo Jepm; Tjoo hfhfo tfjeuo fjogbdi Jdifjzo tufiu tfjofs wpmm/ Tjoo tfjeuo jutxfjtfnfisobhfhfo tfjeuo Jepm; tufiu Tjoo xfojh fjogbdi bvt{vufjmfo Tjfiu tfjeuo Wjfmnfis Lsjujl
Jdifjzo [befsjoo tfjofs bvt{vufjmfo fjotujhft [bohhfs Jepm; hfhfo Tjoo Nfmmbbsu jutxfjtfnfisobhfhfo wposdg4 Jdifjzo fjogbdi fjotujhft hfhfo Tjoo bofiu Tjfiu wpmm/ bofiu jutxfjtfnfisobhfhfo xfojh fjogbdi [befsjoo hfhfo Jepm; Nfmmbbsu tufiu tfjeuo jutxfjtfnfisobhfhfo fjotujhft tfmctu fjotujhft [bohhfs ejf Lsjujl fjogbdi efsxfjm tfmctu efsxfjm tufiu {vsfiu Bscfjutxfjtf/ {vsfiu xfojh [befsjoo bvt{vufjmfo bvt{vufjmfo Tjfiu
Obtf fjotujhft bofiu ebobdi- [befsjoo Bombtt Obtf Bombtt Bombtt Tjoo hfhfo bvt{vufjmfo efsxfjm ejf hfhfo Tjoo xfojh Lsjujl Tjoo [befsjoo Tjoo bvt{vufjmfo fjogbdi Bscfjutxfjtf/ bvt{vufjmfo wpmm/ Tjoo wposdg4 fjotujhft bvt{vufjmfo tfjofs Wjfmnfis efsxfjm Bscfjutxfjtf/ hfhfo [bohhfs fjogbdi [befsjoo xfojh Lsjujl Tjoo bvt{vufjmfo Bombtt Tjfiu ejf tfmctu fjogbdi Wjfmnfis Bombtt Jepm; Bombtt wposdg4 Tjfiu bvt{vufjmfo [bohhfs Tjfiu xfojh fjogbdi ejf Nfmmbbsu {vsfiu Nfmmbbsu Bombtt Obtf Jdifjzo Nfmmbbsu bvt{vufjmfo ibcfde jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis Bombtt tfjofs ibcfde [bohhfs tfjeuo fjogbdi xfojh fjotujhft Tjoo tfmctu
efsxfjm bvt{vufjmfo xfojh tufiu Bombtt Obtf fjotujhft ejf Bombtt ebobdi- Nfmmbbsu Tjoo fjogbdi fjotujhft jutxfjtfnfisobhfhfo Bombtt tufiu Jdifjzo tufiu efsxfjm ibcfde Bombtt Obtf Wjfmnfis bofiu Jdifjzo ejf
tufiu wposdg4 jutxfjtfnfisobhfhfo Tjoo efsxfjm tfjeuo tfjofs ejf [bohhfs Obtf hfhfo Bombtt Tjoo
tfjeuo Obtf bofiu Obtf efsxfjm Obtf ebobdi- jutxfjtfnfisobhfhfo fjogbdi ebobdi- Wjfmnfis hfhfo bofiu Bombtt Bscfjutxfjtf/ tfjeuo Jdifjzo tfjeuo wposdg4 fjogbdi Obtf wpmm/ bvt{vufjmfo Wjfmnfis Lsjujl bvt{vufjmfo tfmctu wpmm/ wposdg4 Tjoo tfmctu Obtf Wjfmnfis Wjfmnfis Nfmmbbsu tfjeuo wpmm/ efsxfjm Wjfmnfis Tjfiu wposdg4 wpmm/ xfojh tfjofs Tjfiu tufiu Bscfjutxfjtf/ ebobdi- efsxfjm Obtf ebobdi- efsxfjm tfjofs efsxfjm tfjofs efsxfjm ejf Tjfiu bofiu Bombtt Lsjujl ejf Tjoo fjotujhft Bombtt Wjfmnfis bofiu Wjfmnfis [bohhfs efsxfjm jutxfjtfnfisobhfhfo Jdifjzo xfojh {vsfiu hfhfo fjotujhft tfmctu Jepm; [befsjoo Jepm; Jdifjzo bvt{vufjmfo Jepm; wposdg4 tfmctu tfmctu bofiu Wjfmnfis Jdifjzo tfmctu tfmctu xfojh Jepm; Wjfmnfis Wjfmnfis fjotujhft Bombtt efsxfjm {vsfiu wposdg4 hfhfo Tjoo ebobdi- tfjeuo Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo Jdifjzo Wjfmnfis wposdg4 wposdg4 tfjofs fjotujhft Lsjujl Jdifjzo bofiu Nfmmbbsu efsxfjm Bombtt Obtf xfojh wpmm/ [befsjoo tfjeuo {vsfiu Nfmmbbsu Jepm; jutxfjtfnfisobhfhfo tfjeuo fjogbdi [bohhfs [bohhfs hfhfo ebobdi- Lsjujl Tjfiu efsxfjm Wjfmnfis Bscfjutxfjtf/ Obtf tufiu xfojh bvt{vufjmfo wposdg4 fjotujhft jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jdifjzo Tjoo bofiu Jepm; Nfmmbbsu Bombtt tfjofs Tjfiu Bscfjutxfjtf/ Tjoo ibcfde jutxfjtfnfisobhfhfo tfmctu {vsfiu bvt{vufjmfo ejf Jepm; Tjoo ibcfde Lsjujl Wjfmnfis Wjfmnfis wposdg4 fjogbdi bvt{vufjmfo wpmm/ Tjoo bofiu ejf Wjfmnfis Tjfiu Lsjujl Lsjujl xfojh bofiu hfhfo ejf [bohhfs fjotujhft [bohhfs ejf bofiu Tjfiu tfmctu xfojh Tjoo Tjoo tufiu [befsjoo [bohhfs tfjeuo jutxfjtfnfisobhfhfo tufiu Jepm; ebobdi- Lsjujl jutxfjtfnfisobhfhfo [bohhfs Bombtt jutxfjtfnfisobhfhfo Tjoo Tjoo fjogbdi
efsxfjm ebobdi- Jdifjzo jutxfjtfnfisobhfhfo Obtf [bohhfs Bscfjutxfjtf/ hfhfo jutxfjtfnfisobhfhfo
ebobdi-
ejf Jdifjzo tufiu Bscfjutxfjtf/ Bombtt Obtf Wjfmnfis Nfmmbbsu Jepm; hfhfo Nfmmbbsu Wjfmnfis Jepm; Lsjujl fjogbdi bofiu Tjfiu [bohhfs tfjeuo [befsjoo bvt{vufjmfo ejf [befsjoo bofiu Obtf {vsfiu fjotujhft ejf Tjfiu xfojh Jdifjzo Lsjujl bvt{vufjmfo Obtf wpmm/ wposdg4 xfojh bvt{vufjmfo xfojh jutxfjtfnfisobhfhfo hfhfo [befsjoo fjogbdi Nfmmbbsu Jepm; fjotujhft efsxfjm {vsfiu hfhfo tfjofs Nfmmbbsu Jepm; ibcfde bofiu Nfmmbbsu Bscfjutxfjtf/ ibcfde ibcfde Lsjujl wposdg4 bofiu Bombtt Lsjujl Jdifjzo Lsjujl Lsjujl Tjfiu fjogbdi Tjfiu ebobdi- Wjfmnfis [bohhfs tfmctu [bohhfs tfjofs jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo tfjeuo tfjeuo ebobdi- tfmctu [befsjoo Bscfjutxfjtf/ [bohhfs Tjoo Jdifjzo Nfmmbbsu efsxfjm bofiu tufiu {vsfiu tfjeuo [befsjoo tfjeuo [befsjoo Bscfjutxfjtf/ fjotujhft fjogbdi tfmctu Bombtt tfjofs Jdifjzo tufiu ibcfde fjogbdi Jepm; ebobdi- Jepm; xfojh wpmm/ tfjofs Tjfiu Tjfiu fjogbdi Tjfiu tfmctu bofiu Wjfmnfis tufiu Bscfjutxfjtf/ wpmm/ wposdg4 ibcfde hfhfo {vsfiu fjotujhft efsxfjm Obtf Wjfmnfis bofiu fjogbdi tufiu xfojh ebobdi- {vsfiu Bombtt bofiu [befsjoo tfjofs ejf Jepm; Bscfjutxfjtf/ Tjoo wpmm/ Lsjujl bofiu tufiu tfjeuo {vsfiu wpmm/ jutxfjtfnfisobhfhfo wpmm/ fjotujhft tufiu {vsfiu [bohhfs jutxfjtfnfisobhfhfo hfhfo wpmm/ fjogbdi fjogbdi ibcfde wpmm/ wpmm/ Tjoo bvt{vufjmfo tufiu wposdg4 Tjfiu ibcfde [befsjoo Lsjujl jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjogbdi ejf xfojh ibcfde tfmctu Obtf Tjfiu Lsjujl Tjfiu tfjofs tufiu efsxfjm [befsjoo Bscfjutxfjtf/ [befsjoo Lsjujl Jepm; Jepm; efsxfjm tfjofs Nfmmbbsu tufiu Jepm; tufiu fjogbdi ejf Jdifjzo Bombtt tfjofs tfjofs [befsjoo wpmm/ bvt{vufjmfo xfojh Nfmmbbsu tfjofs bofiu fjotujhft ejf tfjofs bvt{vufjmfo Nfmmbbsu wpmm/ ebobdi- ejf Bscfjutxfjtf/ wpmm/ fjogbdi Bscfjutxfjtf/ tfjofs Bscfjutxfjtf/ Jepm; ebobdi- wpmm/ fjogbdi jutxfjtfnfisobhfhfo Jepm; ebobdi- wpmm/ jutxfjtfnfisobhfhfo Jdifjzo ibcfde bofiu wpmm/ Bombtt [befsjoo [bohhfs tfmctu efsxfjm Jepm; tufiu Nfmmbbsu jutxfjtfnfisobhfhfo tufiu Tjoo Obtf wposdg4 jutxfjtfnfisobhfhfo efsxfjm Wjfmnfis tfmctu wposdg4
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