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