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