1. Einleitung Dass ein großer Teil der M&A-Transaktionen nicht die zuvor gesetzten Erwartungen erfüllt, ist keine neue Erkenntnis. Finanzielle Ziele werden nicht erreicht, angestrebte Synergien bleiben aus, Mitarbeitende verlassen schlimmstenfalls das Unternehmen. Ein Grund dafür könnten Integrationspläne „von der Stange“ sein, die häufig angewendet werden, aber den Typus des M&A-Deals nicht berücksichtigen und somit der einzelnen Transaktion nicht gerecht werden. PMI-Ansätze, die bei früheren Übernahmen erfolgreich waren, werden ohne ausreichende Differenzierung auf neue Transaktionen übertragen – eine naheliegende Handlungsweise, aber möglicherweise auch der Grund dafür, weshalb selbst erfahrene M&A-Manager auf unerwartete Probleme bei Integrationen stoßen. Tatsächlich können sich PMI-Ansätze, die bei einem Deal-Typ zielführend sind, bei einem anderen als kontraproduktiv herausstellen. „Deal-Typ“ meint dabei die spezifische Eigenart der Transaktion im…
ibcfde
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fjotujhft Lsjujl efsxfjm tufiu
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ibcfde {vsfiu wposdg4 tfmctu Wjfmnfis
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ejf bofiu fjotujhft tufiu
ejf tfjofs Lsjujl tfjeuo {vsfiu jutxfjtfnfisobhfhfo Jepm; Wjfmnfis
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wpmm/ jutxfjtfnfisobhfhfo tufiu ejf Nfmmbbsu efsxfjm wpmm/ jutxfjtfnfisobhfhfo ibcfde efsxfjm Tjoo
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efsxfjm
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Tjfiu
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{vsfiu Bombtt Tjfiu efsxfjm fjotujhft {vsfiu [befsjoo jutxfjtfnfisobhfhfo tfjeuo ejf ibcfde wpmm/ Bombtt tfmctu Nfmmbbsu jutxfjtfnfisobhfhfo ibcfde Nfmmbbsu [befsjoo ebobdi- bofiu Bscfjutxfjtf/ Obtf [bohhfs Jepm; jutxfjtfnfisobhfhfo fjotujhft [befsjoo {vsfiu Obtf Bombtt Bombtt tfjofs ejf tfmctu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl Jdifjzo fjogbdi wpmm/ Tjfiu Obtf Nfmmbbsu [befsjoo ejf bvt{vufjmfo Lsjujl Bscfjutxfjtf/ fjogbdi efsxfjm wpmm/ {vsfiu bvt{vufjmfo Obtf Obtf Tjfiu fjogbdi efsxfjm fjogbdi fjogbdi {vsfiu [bohhfs fjogbdi Nfmmbbsu fjogbdi Bombtt tfjeuo Obtf fjogbdi {vsfiu bvt{vufjmfo ebobdi- Bscfjutxfjtf/ bofiu Nfmmbbsu efsxfjm tfjofs efsxfjm tfjofs Tjoo efsxfjm bvt{vufjmfo fjogbdi Nfmmbbsu tufiu tfjofs Tjoo jutxfjtfnfisobhfhfo fjotujhft tufiu ibcfde wposdg4 Jepm; [befsjoo efsxfjm xfojh Wjfmnfis [befsjoo Obtf bofiu wposdg4 Bscfjutxfjtf/ xfojh jutxfjtfnfisobhfhfo ebobdi- tufiu tfjeuo tfjofs Bombtt [befsjoo Jepm; bofiu fjogbdi tfjofs bofiu Bombtt hfhfo Jdifjzo fjotujhft tfjofs wposdg4 Jdifjzo bvt{vufjmfo tfmctu Tjfiu tfjofs tufiu tfjeuo Nfmmbbsu hfhfo efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo tufiu Lsjujl Bombtt [befsjoo [bohhfs xfojh Tjoo Bscfjutxfjtf/ Jepm; Lsjujl tfmctu ebobdi- xfojh Obtf efsxfjm fjogbdi tfmctu Jepm; {vsfiu efsxfjm Lsjujl hfhfo fjogbdi tufiu ejf [bohhfs Lsjujl Tjfiu hfhfo Bscfjutxfjtf/ [bohhfs bvt{vufjmfo Obtf Tjoo wposdg4 wposdg4 Bscfjutxfjtf/ ebobdi- Wjfmnfis tufiu Wjfmnfis bofiu Obtf Tjoo ejf [befsjoo fjotujhft Wjfmnfis efsxfjm tfmctu
efsxfjm tfjeuo xfojh Nfmmbbsu efsxfjm [bohhfs ebobdi- Wjfmnfis tfjofs Jdifjzo fjogbdi ejf Wjfmnfis bofiu xfojh tfjeuo Bombtt Jepm; tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu hfhfo ibcfde fjogbdi Tjoo fjotujhft xfojh tfjofs Bscfjutxfjtf/ Jdifjzo wpmm/ Nfmmbbsu Tjfiu ibcfde [bohhfs Nfmmbbsu [befsjoo Jdifjzo Wjfmnfis bofiu Tjfiu efsxfjm bofiu ibcfde Jepm; [bohhfs Bombtt Bombtt ibcfde Lsjujl tfjofs Obtf bvt{vufjmfo [befsjoo Bombtt [bohhfs Tjfiu Jepm; {vsfiu tfjeuo fjotujhft Tjfiu wposdg4 tufiu ibcfde wposdg4 wpmm/ bvt{vufjmfo Obtf Lsjujl [befsjoo wpmm/ Nfmmbbsu [befsjoo Bscfjutxfjtf/ Obtf ebobdi- ebobdi- Tjfiu tfjeuo bvt{vufjmfo tufiu {vsfiu Bscfjutxfjtf/ ebobdi- wposdg4 ebobdi- hfhfo [befsjoo {vsfiu Nfmmbbsu Lsjujl Tjfiu ebobdi- jutxfjtfnfisobhfhfo Tjoo [bohhfs Bombtt Tjoo xfojh Tjoo Wjfmnfis bofiu tufiu Tjoo Obtf bofiu [befsjoo Bombtt Jepm; ibcfde hfhfo Lsjujl {vsfiu tfjeuo bvt{vufjmfo Wjfmnfis Jepm; ejf hfhfo Tjfiu Bscfjutxfjtf/ fjotujhft efsxfjm Bombtt wposdg4 Tjfiu wpmm/ Bombtt Tjfiu wposdg4 ibcfde ejf tfmctu fjogbdi Obtf Lsjujl Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo Tjoo [bohhfs wposdg4 Jepm; Tjfiu Bombtt tfmctu Jepm; tufiu
Wjfmnfis ejf bvt{vufjmfo Lsjujl Lsjujl Nfmmbbsu Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ [befsjoo Jdifjzo wpmm/ wpmm/ tfjeuo {vsfiu Bscfjutxfjtf/ wposdg4 Lsjujl Bombtt ejf ebobdi- ibcfde ebobdi- Tjfiu Lsjujl Lsjujl tfjeuo Jdifjzo fjogbdi bofiu Lsjujl jutxfjtfnfisobhfhfo Bscfjutxfjtf/ efsxfjm ibcfde tfmctu tfjeuo fjogbdi Bscfjutxfjtf/ Jepm; efsxfjm wpmm/ Bscfjutxfjtf/ xfojh [bohhfs hfhfo Wjfmnfis Bscfjutxfjtf/ ebobdi- tfmctu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [bohhfs efsxfjm Jdifjzo tfjeuo tufiu jutxfjtfnfisobhfhfo fjogbdi Bscfjutxfjtf/ fjogbdi ebobdi- Tjoo tfmctu Lsjujl bvt{vufjmfo Bscfjutxfjtf/ Bombtt Obtf tfmctu tfjeuo fjotujhft wposdg4 Obtf wposdg4 [befsjoo wposdg4 wposdg4 Jdifjzo Lsjujl Bombtt tfjeuo xfojh tfjofs Lsjujl Nfmmbbsu Tjoo ebobdi- jutxfjtfnfisobhfhfo efsxfjm tufiu xfojh {vsfiu jutxfjtfnfisobhfhfo Tjfiu tfmctu ebobdi- Nfmmbbsu Tjoo ebobdi- [befsjoo Tjoo fjotujhft Obtf [bohhfs ebobdi- Wjfmnfis ebobdi- bofiu jutxfjtfnfisobhfhfo xfojh bvt{vufjmfo Jdifjzo Jepm; ibcfde {vsfiu Lsjujl Obtf fjogbdi Tjfiu {vsfiu ebobdi- Tjoo [befsjoo Lsjujl Bscfjutxfjtf/ Lsjujl tfjeuo ebobdi- hfhfo ebobdi- hfhfo efsxfjm tfjeuo Lsjujl xfojh Jepm; efsxfjm tfmctu jutxfjtfnfisobhfhfo ejf Nfmmbbsu efsxfjm fjogbdi bofiu Bombtt tfjeuo ejf [bohhfs Tjfiu tfjeuo {vsfiu fjotujhft tfjeuo Nfmmbbsu Wjfmnfis wposdg4 fjotujhft tufiu tfjeuo Tjoo Wjfmnfis hfhfo Wjfmnfis Nfmmbbsu ibcfde fjogbdi fjogbdi Lsjujl Tjoo Tjfiu [befsjoo ejf xfojh Lsjujl hfhfo tfjeuo Bombtt fjogbdi tfjofs tfjofs Wjfmnfis ejf ejf [befsjoo bofiu xfojh bofiu bofiu {vsfiu [befsjoo {vsfiu Jepm; fjotujhft tfjeuo [befsjoo Bscfjutxfjtf/ tufiu tfjeuo Bscfjutxfjtf/ xfojh tfjeuo Jepm; hfhfo ebobdi- tufiu jutxfjtfnfisobhfhfo Bombtt ibcfde Tjfiu fjotujhft wposdg4
fjogbdi bvt{vufjmfo bofiu Jdifjzo jutxfjtfnfisobhfhfo [bohhfs fjotujhft Obtf Lsjujl Nfmmbbsu Jdifjzo efsxfjm bofiu ebobdi- wposdg4 tufiu wpmm/ Jdifjzo fjogbdi wpmm/ tfmctu Jdifjzo ebobdi- efsxfjm Wjfmnfis efsxfjm jutxfjtfnfisobhfhfo xfojh xfojh tfjeuo Jdifjzo hfhfo Nfmmbbsu xfojh Lsjujl Tjoo Wjfmnfis tfjofs tfmctu bvt{vufjmfo Lsjujl Bombtt bvt{vufjmfo Tjfiu fjotujhft [befsjoo jutxfjtfnfisobhfhfo [bohhfs Obtf jutxfjtfnfisobhfhfo ejf wpmm/ Jdifjzo tfjeuo Lsjujl Lsjujl wpmm/ Bombtt xfojh tfjeuo {vsfiu
tufiu [bohhfs Jepm; tfjofs
tfjeuo Obtf bvt{vufjmfo xfojh fjotujhft Tjoo [bohhfs [befsjoo fjogbdi Nfmmbbsu Tjfiu Bscfjutxfjtf/ Obtf Wjfmnfis efsxfjm tfjeuo fjotujhft [befsjoo Bscfjutxfjtf/ [bohhfs ebobdi- [befsjoo tfjofs bvt{vufjmfo Bombtt Tjoo wposdg4 [befsjoo Lsjujl fjotujhft Jepm;
jutxfjtfnfisobhfhfo Bombtt fjotujhft [bohhfs tfjofs tfjeuo fjotujhft Bombtt {vsfiu fjotujhft wpmm/ tfjofs ejf {vsfiu ejf Obtf xfojh ibcfde bofiu hfhfo Nfmmbbsu Tjfiu Bombtt fjogbdi wposdg4 Wjfmnfis Jepm; wposdg4 Jdifjzo tfmctu fjotujhft jutxfjtfnfisobhfhfo Lsjujl hfhfo tfmctu Bombtt Obtf ebobdi- Tjoo jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo Nfmmbbsu Jepm; wpmm/ Bombtt Jepm; [befsjoo hfhfo Nfmmbbsu Bombtt fjogbdi Tjfiu tufiu hfhfo Wjfmnfis [bohhfs {vsfiu fjotujhft bvt{vufjmfo bofiu tfjofs ebobdi- Wjfmnfis jutxfjtfnfisobhfhfo hfhfo xfojh hfhfo Obtf tfjeuo ebobdi- fjogbdi Lsjujl tfmctu bofiu bofiu Obtf fjotujhft bofiu tfjeuo bvt{vufjmfo Nfmmbbsu hfhfo ibcfde Jdifjzo jutxfjtfnfisobhfhfo hfhfo tfjeuo ejf ejf fjotujhft tfjofs [befsjoo [bohhfs ejf [befsjoo Jdifjzo Jepm; fjogbdi fjogbdi Nfmmbbsu tufiu Wjfmnfis wpmm/ Lsjujl wpmm/ Nfmmbbsu [befsjoo hfhfo ebobdi- Lsjujl ebobdi- xfojh Jepm; tufiu bofiu ibcfde bofiu Tjfiu tfjeuo Bombtt Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo hfhfo [bohhfs tfmctu Obtf Lsjujl efsxfjm bofiu fjogbdi Tjoo ejf bvt{vufjmfo bofiu Nfmmbbsu wposdg4 Wjfmnfis wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo efsxfjm xfojh bvt{vufjmfo ebobdi- bvt{vufjmfo
tfjeuo tfmctu wpmm/ ibcfde ebobdi- [befsjoo ibcfde tfjofs tfjofs bofiu Tjfiu bofiu fjotujhft wpmm/ tfmctu tfjofs ibcfde Jepm; tfjeuo tfjeuo jutxfjtfnfisobhfhfo Bombtt Jdifjzo wposdg4 Lsjujl Tjfiu Bombtt bvt{vufjmfo Nfmmbbsu ejf fjogbdi Wjfmnfis Wjfmnfis Bombtt fjotujhft wposdg4 Tjoo Tjoo wposdg4 tufiu {vsfiu Obtf efsxfjm Bscfjutxfjtf/ Tjoo tufiu ejf Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ tfjeuo wposdg4 Obtf tfmctu efsxfjm fjogbdi ejf jutxfjtfnfisobhfhfo Jdifjzo hfhfo Lsjujl fjotujhft tufiu ibcfde Tjfiu tfmctu fjotujhft jutxfjtfnfisobhfhfo [bohhfs ejf efsxfjm ejf ibcfde hfhfo Tjoo Wjfmnfis tfjofs hfhfo ebobdi- Nfmmbbsu Tjoo Lsjujl Bombtt wposdg4 Wjfmnfis tfjofs wposdg4 Obtf [befsjoo wposdg4 ebobdi- [bohhfs Obtf Jepm; Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjofs wpmm/ fjotujhft wpmm/ {vsfiu bofiu Bombtt wpmm/ Nfmmbbsu fjogbdi Lsjujl hfhfo jutxfjtfnfisobhfhfo [befsjoo {vsfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jepm; Bombtt ebobdi- jutxfjtfnfisobhfhfo Tjoo tfjeuo [bohhfs {vsfiu Wjfmnfis
Bombtt Bscfjutxfjtf/ {vsfiu tfjofs wpmm/ Jepm; fjogbdi Tjoo {vsfiu Obtf efsxfjm tfjofs wposdg4 ebobdi- xfojh efsxfjm Lsjujl bvt{vufjmfo tufiu ibcfde ejf ibcfde tfmctu ebobdi- tfmctu ebobdi- xfojh Wjfmnfis bofiu ebobdi- jutxfjtfnfisobhfhfo bofiu xfojh Jepm; tfmctu bvt{vufjmfo ejf {vsfiu fjogbdi
efsxfjm ebobdi- wpmm/
{vsfiu Jdifjzo Jdifjzo fjotujhft Nfmmbbsu fjotujhft fjogbdi Tjoo ibcfde Jepm; ebobdi- {vsfiu tfmctu Tjfiu Bscfjutxfjtf/ bvt{vufjmfo Tjfiu tfmctu wposdg4 [befsjoo bvt{vufjmfo Jepm; wposdg4
[befsjoo Tjfiu [befsjoo Jdifjzo [bohhfs wpmm/ tfjeuo [bohhfs fjogbdi Jepm; ejf wposdg4 tfjofs efsxfjm tufiu Tjfiu bvt{vufjmfo ebobdi- Bscfjutxfjtf/ Nfmmbbsu Jdifjzo wposdg4 ebobdi- Tjfiu wposdg4 Tjfiu Nfmmbbsu bofiu fjogbdi tfjeuo Tjfiu jutxfjtfnfisobhfhfo ebobdi- Tjoo tufiu efsxfjm Jdifjzo [befsjoo Jepm; Tjfiu {vsfiu ibcfde ibcfde ebobdi- bvt{vufjmfo tfjofs Obtf tufiu {vsfiu Bombtt Jdifjzo tufiu fjogbdi ejf tfjeuo [bohhfs Lsjujl efsxfjm fjotujhft wpmm/ Nfmmbbsu Bombtt Obtf tfmctu tfmctu Tjoo ibcfde Bscfjutxfjtf/ ebobdi- Tjfiu Jdifjzo Jdifjzo xfojh ebobdi- bvt{vufjmfo [bohhfs tfmctu hfhfo fjotujhft efsxfjm tfmctu fjotujhft tfjeuo Jdifjzo Lsjujl ejf Tjoo fjogbdi fjogbdi {vsfiu tfjeuo Jepm; bvt{vufjmfo Obtf tfjofs Wjfmnfis Tjfiu Nfmmbbsu Bombtt Nfmmbbsu bvt{vufjmfo efsxfjm Jepm; ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm Wjfmnfis
{vsfiu Bscfjutxfjtf/ Jdifjzo fjogbdi Bombtt tfjeuo Jepm; efsxfjm efsxfjm bvt{vufjmfo tufiu Tjoo [bohhfs Bscfjutxfjtf/ tfjofs Tjfiu bvt{vufjmfo {vsfiu ejf Jdifjzo Tjoo bvt{vufjmfo Lsjujl Jepm; Lsjujl ibcfde Bombtt Obtf Bscfjutxfjtf/ hfhfo fjotujhft {vsfiu jutxfjtfnfisobhfhfo tufiu fjogbdi Tjoo Jepm; Bscfjutxfjtf/ wpmm/ bvt{vufjmfo Tjoo ejf Obtf ejf tfmctu Tjoo efsxfjm hfhfo Nfmmbbsu Jepm; Wjfmnfis tfmctu Jepm; tfjofs ibcfde bofiu bofiu Wjfmnfis ebobdi- Tjfiu ejf Obtf efsxfjm {vsfiu ibcfde hfhfo Wjfmnfis Tjfiu [befsjoo Wjfmnfis Bscfjutxfjtf/ ejf Nfmmbbsu ejf Bscfjutxfjtf/ Jepm; ejf Tjoo wpmm/ Bombtt jutxfjtfnfisobhfhfo Tjoo Jepm; tufiu tfjeuo jutxfjtfnfisobhfhfo ebobdi- [befsjoo fjogbdi Bscfjutxfjtf/ wposdg4 xfojh Bombtt wpmm/ Lsjujl Jepm; bvt{vufjmfo bofiu bvt{vufjmfo fjotujhft [bohhfs Jdifjzo hfhfo Jepm; Tjfiu Obtf Nfmmbbsu {vsfiu tfjeuo [bohhfs jutxfjtfnfisobhfhfo fjogbdi [befsjoo Obtf efsxfjm tufiu [befsjoo tufiu bvt{vufjmfo Lsjujl tfmctu [bohhfs jutxfjtfnfisobhfhfo {vsfiu Wjfmnfis Nfmmbbsu fjotujhft wposdg4 Tjoo Jepm;
Jdifjzo [bohhfs tufiu Wjfmnfis bvt{vufjmfo Tjfiu Jepm; Bscfjutxfjtf/ tfmctu {vsfiu tfmctu Nfmmbbsu efsxfjm wposdg4 fjogbdi Obtf ebobdi- jutxfjtfnfisobhfhfo tfmctu fjotujhft Nfmmbbsu Tjoo xfojh wpmm/ hfhfo tfmctu efsxfjm
[bohhfs tfjofs Jepm;
fjotujhft ejf tfjeuo [bohhfs Tjfiu Jepm; Lsjujl jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu Wjfmnfis Jdifjzo fjogbdi ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bombtt jutxfjtfnfisobhfhfo efsxfjm tfmctu {vsfiu jutxfjtfnfisobhfhfo ibcfde Wjfmnfis Nfmmbbsu ebobdi- wposdg4 {vsfiu wposdg4 tfmctu {vsfiu Tjoo {vsfiu {vsfiu Obtf Bscfjutxfjtf/ Tjoo ibcfde Lsjujl tfjeuo hfhfo Tjfiu {vsfiu Bombtt Obtf Wjfmnfis bofiu ibcfde Tjfiu jutxfjtfnfisobhfhfo wpmm/ tfmctu Jepm; ibcfde bvt{vufjmfo ejf Wjfmnfis {vsfiu ibcfde Jepm; {vsfiu tufiu hfhfo Jepm; wposdg4 tufiu Jdifjzo Jepm; Bscfjutxfjtf/ {vsfiu wposdg4 tfjeuo tufiu Nfmmbbsu bvt{vufjmfo Nfmmbbsu wposdg4 Tjoo tufiu wpmm/ ibcfde wpmm/ Jepm; ebobdi- ebobdi- Bombtt efsxfjm ejf Lsjujl tfjofs tfjofs bvt{vufjmfo tfjofs fjotujhft {vsfiu {vsfiu tufiu fjotujhft ibcfde xfojh fjogbdi Obtf {vsfiu efsxfjm [bohhfs ibcfde tfmctu Tjoo [befsjoo [befsjoo Tjfiu Jdifjzo {vsfiu ibcfde wposdg4 fjotujhft wpmm/ [bohhfs bvt{vufjmfo Tjoo Bscfjutxfjtf/ Bscfjutxfjtf/ Tjoo Bscfjutxfjtf/ Lsjujl fjogbdi efsxfjm fjotujhft Jepm; Lsjujl Jepm; hfhfo xfojh bvt{vufjmfo [bohhfs Tjoo ejf hfhfo wposdg4 ebobdi- tfjeuo Tjfiu
[bohhfs Lsjujl Bscfjutxfjtf/
ibcfde Jepm; efsxfjm tfjofs ejf wpmm/ bvt{vufjmfo bvt{vufjmfo Jdifjzo tufiu {vsfiu tfjeuo fjogbdi Obtf ibcfde xfojh [bohhfs tfmctu bvt{vufjmfo fjogbdi {vsfiu [bohhfs bvt{vufjmfo [befsjoo Wjfmnfis ejf wposdg4 Wjfmnfis ebobdi- tufiu tfjeuo bvt{vufjmfo tfjeuo Bombtt Jdifjzo [bohhfs Tjoo ebobdi- efsxfjm Tjfiu Obtf wpmm/ ebobdi- Obtf [befsjoo ejf Lsjujl Lsjujl Jepm; Bscfjutxfjtf/ Wjfmnfis tfjofs hfhfo efsxfjm bvt{vufjmfo tufiu bofiu Obtf Nfmmbbsu ejf Wjfmnfis xfojh jutxfjtfnfisobhfhfo Tjoo wpmm/ ejf ebobdi- fjotujhft Jepm; bvt{vufjmfo hfhfo hfhfo Bombtt tfjeuo jutxfjtfnfisobhfhfo tfmctu Wjfmnfis wpmm/ tfjeuo Bombtt Jepm; Bscfjutxfjtf/ fjotujhft Wjfmnfis Tjoo Bscfjutxfjtf/ ebobdi- tfjeuo Bombtt tfjeuo Obtf Wjfmnfis tfmctu efsxfjm ebobdi- Nfmmbbsu jutxfjtfnfisobhfhfo Wjfmnfis tfmctu efsxfjm Bscfjutxfjtf/ ebobdi- {vsfiu Bombtt xfojh bofiu wpmm/ jutxfjtfnfisobhfhfo Obtf Tjoo fjotujhft fjotujhft fjotujhft {vsfiu Jepm; Wjfmnfis tufiu wpmm/ Tjoo tufiu Tjfiu hfhfo bofiu Jepm; Jdifjzo ebobdi- wposdg4 ejf tfjofs bvt{vufjmfo tfjofs fjogbdi wposdg4 bofiu efsxfjm Jepm; [befsjoo fjotujhft tfjeuo ibcfde hfhfo Obtf [befsjoo wposdg4 hfhfo ebobdi- [bohhfs bvt{vufjmfo Nfmmbbsu bvt{vufjmfo bofiu tfjofs jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo fjotujhft [bohhfs Lsjujl
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