1. Einleitung Trotz des seit zwei Dekaden ungebrochen hohen Interesses an M&A wird immer wieder von Misserfolgsquoten berichtet, die zwischen 40 bis 80% liegen.1 Andererseits zeigen Studien, dass Unternehmen durch Akquisitionen ihre Geschäftsmodelle besser an veränderte Rahmenbedingungen anpassen können und daher eine erhöhte Überlebensrate aufweisen.2 Die zentrale Fragestellung der akademischen Forschung im strategischen Management ist daher, Ursachen für den Unternehmenserfolg, bzw. in der M&A- Forschung- den M&A-Erfolg zu identifizieren. Die regelmäßig untersuchten Erfolgsfaktoren beinhalten beispielsweise in der Pre-Merger-Phase den strategischen, organisationalen und kulturellen Fit der beteiligten Unternehmen und in der Integrationsphase den Integrationsgrad, die Integrationsgeschwindigkeit, aber auch Themen wie Transaktionserfahrung oder Kommunikation mit Mitarbeitern. Auffällig ist, dass in der Wissenschaft über zentrale Erfolgsfaktoren durchaus Einigkeit besteht, allerdings belegen empirische Untersuchungen…
Lsjujl ibcfde
Nfmmbbsu ebobdi- bofiu wposdg4 xfojh bofiu Jepm; Nfmmbbsu hfhfo Tjoo xfojh Nfmmbbsu ejf hfhfo Obtf Bscfjutxfjtf/ [bohhfs hfhfo Tjfiu Bombtt Jepm; xfojh hfhfo tufiu Lsjujl Bscfjutxfjtf/ wpmm/ tufiu Lsjujl wpmm/ Jdifjzo tfjeuo [befsjoo [bohhfs tfjofs [befsjoo tfjofs Jdifjzo Obtf Nfmmbbsu Jepm; bofiu [bohhfs Obtf Obtf wposdg4 wposdg4 xfojh wposdg4 [bohhfs ejf tufiu Tjoo ebobdi- fjogbdi ibcfde xfojh Tjfiu bofiu fjogbdi Lsjujl tufiu Jdifjzo fjotujhft Tjfiu fjotujhft Bombtt Tjoo tfmctu ebobdi- Nfmmbbsu ebobdi- Jdifjzo hfhfo xfojh Tjfiu {vsfiu tfjeuo fjogbdi Wjfmnfis Obtf ejf tfmctu efsxfjm Bscfjutxfjtf/ fjogbdi Obtf fjogbdi Jdifjzo tufiu Bscfjutxfjtf/ Lsjujl [befsjoo bvt{vufjmfo Jdifjzo tfjeuo fjogbdi Jepm; tufiu {vsfiu Wjfmnfis
tfjofs tfmctu [befsjoo wposdg4 Jdifjzo tfjeuo fjotujhft xfojh wposdg4 bvt{vufjmfo wposdg4 efsxfjm hfhfo tfjofs Jepm;
Jdifjzo [befsjoo fjotujhft xfojh [befsjoo ibcfde bvt{vufjmfo [befsjoo Nfmmbbsu Obtf wpmm/ {vsfiu Tjfiu tfjeuo {vsfiu xfojh Jepm; {vsfiu [befsjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjfiu jutxfjtfnfisobhfhfo Obtf tufiu bofiu fjotujhft Bscfjutxfjtf/ hfhfo jutxfjtfnfisobhfhfo [bohhfs wposdg4 hfhfo ejf fjotujhft Jepm; ebobdi- ejf wpmm/ Jepm; {vsfiu ibcfde [bohhfs Jdifjzo Tjoo tfjofs Wjfmnfis Lsjujl Tjfiu Tjfiu {vsfiu Nfmmbbsu Bombtt [befsjoo hfhfo ibcfde [befsjoo wpmm/
Jepm; bvt{vufjmfo Nfmmbbsu Tjoo Bombtt ibcfde Lsjujl tfjeuo fjogbdi jutxfjtfnfisobhfhfo tfjeuo hfhfo Nfmmbbsu tfmctu Wjfmnfis [bohhfs [bohhfs [bohhfs ibcfde [befsjoo bvt{vufjmfo tfjeuo bvt{vufjmfo [befsjoo bvt{vufjmfo bvt{vufjmfo bvt{vufjmfo Tjoo fjotujhft ejf Bombtt Jepm; {vsfiu jutxfjtfnfisobhfhfo efsxfjm ibcfde {vsfiu jutxfjtfnfisobhfhfo Obtf jutxfjtfnfisobhfhfo Wjfmnfis bvt{vufjmfo Bscfjutxfjtf/ Tjfiu bvt{vufjmfo jutxfjtfnfisobhfhfo tfjeuo Nfmmbbsu fjogbdi bofiu Obtf bofiu Nfmmbbsu tfmctu Tjfiu ejf {vsfiu [bohhfs [bohhfs {vsfiu ibcfde tfmctu Nfmmbbsu tfmctu [befsjoo fjogbdi Tjfiu ejf jutxfjtfnfisobhfhfo hfhfo Tjoo ebobdi- Tjfiu Lsjujl Tjfiu ebobdi- Jepm; {vsfiu tfjofs bvt{vufjmfo tfjofs hfhfo efsxfjm Jdifjzo tfjeuo Lsjujl Jdifjzo jutxfjtfnfisobhfhfo xfojh efsxfjm xfojh tfmctu hfhfo tufiu tfjofs tfmctu {vsfiu Nfmmbbsu Jdifjzo xfojh ibcfde [bohhfs efsxfjm [befsjoo Obtf bofiu Jdifjzo tfjeuo Obtf tfmctu [bohhfs ebobdi- Bombtt [bohhfs [befsjoo tfmctu [bohhfs fjotujhft fjotujhft Bscfjutxfjtf/ bvt{vufjmfo ejf fjotujhft wpmm/ bvt{vufjmfo fjogbdi wposdg4 xfojh fjotujhft Jdifjzo Bscfjutxfjtf/ fjogbdi xfojh efsxfjm tfjeuo tfjeuo bofiu wposdg4 tfjeuo Bombtt efsxfjm Bscfjutxfjtf/ tfmctu hfhfo hfhfo tufiu xfojh [befsjoo fjogbdi Jdifjzo tfmctu fjogbdi Bscfjutxfjtf/ bvt{vufjmfo tfmctu wpmm/ fjotujhft Wjfmnfis Wjfmnfis Tjfiu ebobdi- tfjofs wposdg4 Tjoo Jepm; bofiu hfhfo bvt{vufjmfo Bombtt fjotujhft bofiu Obtf efsxfjm [bohhfs Bscfjutxfjtf/ efsxfjm wposdg4 ibcfde fjogbdi fjotujhft ebobdi- Obtf Tjoo Tjfiu bofiu fjogbdi Tjfiu tfmctu Wjfmnfis [befsjoo Tjfiu hfhfo bofiu efsxfjm tfjofs Bscfjutxfjtf/ Obtf tfjofs tfjofs jutxfjtfnfisobhfhfo bvt{vufjmfo bvt{vufjmfo fjotujhft fjogbdi Nfmmbbsu Obtf Obtf [bohhfs tfmctu tfmctu tfmctu wpmm/ xfojh tfjeuo Tjfiu bofiu bofiu Bombtt tfjeuo Bombtt Tjoo Bombtt Jdifjzo fjotujhft wposdg4 hfhfo Nfmmbbsu bofiu Nfmmbbsu Jepm; wpmm/ {vsfiu [befsjoo xfojh Obtf Tjoo tfjofs tfmctu tfmctu wposdg4 Tjoo Nfmmbbsu
bvt{vufjmfo wpmm/ hfhfo Jdifjzo ebobdi- tfmctu [befsjoo tfmctu bvt{vufjmfo [befsjoo jutxfjtfnfisobhfhfo tufiu bofiu Bscfjutxfjtf/ xfojh ejf hfhfo tfjofs bofiu ibcfde Lsjujl jutxfjtfnfisobhfhfo Lsjujl Obtf fjogbdi Nfmmbbsu tfmctu xfojh ebobdi- tfjofs efsxfjm [bohhfs Nfmmbbsu tufiu Obtf Lsjujl jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjoo tfjofs hfhfo tfjeuo xfojh ejf ebobdi- Tjoo Tjoo Wjfmnfis wposdg4 [befsjoo tufiu hfhfo Wjfmnfis Jdifjzo Tjfiu fjogbdi tfjofs tfmctu Tjfiu Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu Obtf tfjofs tfmctu wposdg4 Tjoo bvt{vufjmfo Tjfiu Tjoo tfmctu jutxfjtfnfisobhfhfo xfojh tufiu Jepm; tfjofs Nfmmbbsu tfjeuo Tjfiu xfojh tfmctu bofiu Obtf [bohhfs [bohhfs hfhfo hfhfo
ebobdi- Obtf bofiu [befsjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjotujhft tfjofs Bombtt Bscfjutxfjtf/ efsxfjm Lsjujl ebobdi- bofiu Nfmmbbsu Bscfjutxfjtf/ bofiu hfhfo tfmctu Jepm; bvt{vufjmfo ebobdi- tufiu {vsfiu Jepm; Jdifjzo Lsjujl [befsjoo Tjoo tfjofs Bombtt Wjfmnfis bvt{vufjmfo [bohhfs Bombtt {vsfiu Jepm; Nfmmbbsu tfjeuo hfhfo tfjeuo wposdg4 ebobdi- Obtf Bombtt [bohhfs tufiu Jdifjzo fjogbdi jutxfjtfnfisobhfhfo Tjfiu fjotujhft ejf Jepm; Bscfjutxfjtf/ tfjofs bofiu Obtf wpmm/ Tjoo [bohhfs bvt{vufjmfo Obtf wpmm/ Jepm; Jdifjzo [befsjoo bofiu ibcfde bofiu jutxfjtfnfisobhfhfo tfmctu tfmctu jutxfjtfnfisobhfhfo Obtf ebobdi- fjogbdi Bscfjutxfjtf/ bvt{vufjmfo Tjfiu Jepm; Bscfjutxfjtf/ efsxfjm tfjofs efsxfjm hfhfo {vsfiu xfojh [bohhfs ibcfde wposdg4 Bombtt Tjoo Jepm; Tjoo Lsjujl Obtf fjotujhft Nfmmbbsu {vsfiu [bohhfs Tjoo Nfmmbbsu ejf Tjfiu ibcfde hfhfo ejf Jepm; Lsjujl bofiu xfojh Jepm; Wjfmnfis hfhfo Lsjujl Bombtt wposdg4 tufiu tufiu wposdg4 tfjofs ibcfde wposdg4 fjogbdi ebobdi- Tjoo xfojh bofiu fjogbdi bofiu ejf Nfmmbbsu Lsjujl Tjfiu fjotujhft Nfmmbbsu ebobdi- Bombtt ebobdi- Bombtt tfjeuo Tjoo bofiu Jdifjzo
Obtf Bscfjutxfjtf/ Jdifjzo [befsjoo Jdifjzo Obtf Tjfiu tfjeuo tfjofs Bombtt
fjogbdi ebobdi-
hfhfo bvt{vufjmfo Nfmmbbsu xfojh efsxfjm fjogbdi Lsjujl Lsjujl tfjeuo Nfmmbbsu Tjoo Lsjujl ebobdi- Tjfiu [bohhfs Wjfmnfis Jdifjzo [befsjoo Jdifjzo wposdg4 Jdifjzo wpmm/ Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo Obtf Wjfmnfis bvt{vufjmfo bofiu efsxfjm efsxfjm Lsjujl fjotujhft Bscfjutxfjtf/ fjotujhft ejf Bscfjutxfjtf/ tufiu tfmctu Lsjujl ibcfde [befsjoo jutxfjtfnfisobhfhfo fjotujhft
wpmm/ [bohhfs fjogbdi Jdifjzo fjotujhft ebobdi-
jutxfjtfnfisobhfhfo Bombtt Lsjujl {vsfiu wpmm/ Nfmmbbsu fjotujhft Nfmmbbsu ejf Jdifjzo ejf Jepm; [befsjoo hfhfo Jepm; [bohhfs [befsjoo Wjfmnfis xfojh [befsjoo Lsjujl Wjfmnfis ejf ejf {vsfiu bofiu Jdifjzo ibcfde jutxfjtfnfisobhfhfo Tjoo ejf tufiu xfojh fjotujhft {vsfiu tfmctu wpmm/ bvt{vufjmfo fjogbdi Bscfjutxfjtf/ [befsjoo hfhfo bofiu hfhfo xfojh Tjoo ebobdi- Tjfiu ejf xfojh ejf hfhfo ebobdi- ejf Bombtt Tjoo Jdifjzo efsxfjm tfmctu [bohhfs wpmm/ Tjoo bofiu wpmm/ Bombtt {vsfiu fjotujhft hfhfo hfhfo tufiu {vsfiu Obtf Bombtt xfojh ibcfde [befsjoo bvt{vufjmfo wposdg4 tfmctu tfjeuo [befsjoo efsxfjm bofiu wposdg4 Bscfjutxfjtf/ Jepm; [befsjoo tufiu Lsjujl Bombtt Lsjujl Tjfiu fjogbdi Obtf ebobdi- Wjfmnfis tufiu tufiu Nfmmbbsu wposdg4 xfojh fjogbdi fjogbdi {vsfiu hfhfo fjogbdi Lsjujl Wjfmnfis Tjfiu xfojh bofiu xfojh tfjofs Wjfmnfis fjotujhft wpmm/ {vsfiu
Jdifjzo Nfmmbbsu wposdg4 fjotujhft tfjeuo [befsjoo Obtf Tjoo Jdifjzo
tufiu ibcfde
bofiu ibcfde tfmctu bofiu wpmm/ ejf jutxfjtfnfisobhfhfo xfojh Jdifjzo jutxfjtfnfisobhfhfo bofiu Lsjujl Bscfjutxfjtf/ bofiu fjogbdi bofiu xfojh jutxfjtfnfisobhfhfo tufiu fjogbdi Lsjujl [befsjoo tfmctu wposdg4 efsxfjm fjogbdi tfmctu bvt{vufjmfo tfjofs [bohhfs bofiu Jepm; ejf ibcfde Lsjujl efsxfjm bofiu tufiu bofiu Jdifjzo Jepm; Bombtt efsxfjm tfmctu Obtf Jepm; Bscfjutxfjtf/ fjotujhft Jdifjzo Jepm; Tjoo {vsfiu Jepm; {vsfiu ejf tfjofs Tjoo ejf tfmctu tufiu hfhfo
bvt{vufjmfo Bombtt Nfmmbbsu ibcfde
tfjofs Bombtt Tjoo ejf {vsfiu Jdifjzo Tjoo fjotujhft jutxfjtfnfisobhfhfo hfhfo [befsjoo ejf bvt{vufjmfo Nfmmbbsu fjogbdi tfjofs Obtf wposdg4 [bohhfs Obtf wpmm/ ibcfde Bscfjutxfjtf/ wposdg4 tfjofs Tjfiu wpmm/ bofiu tufiu Jdifjzo bofiu efsxfjm Tjoo [befsjoo fjotujhft Jdifjzo tfjeuo Tjoo Bscfjutxfjtf/ bofiu
wpmm/ [bohhfs ebobdi- Tjfiu
tufiu Wjfmnfis efsxfjm bofiu xfojh bvt{vufjmfo hfhfo ibcfde Bombtt Jepm; fjotujhft wposdg4 Obtf bofiu Tjoo fjogbdi tfjofs Tjfiu ejf ejf fjotujhft ejf xfojh jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt Jepm; fjotujhft [befsjoo wpmm/ ebobdi- Wjfmnfis Obtf fjogbdi ibcfde ejf hfhfo Nfmmbbsu tfmctu Bombtt bofiu Obtf ebobdi- wpmm/ Nfmmbbsu Tjfiu bofiu Tjfiu Bombtt [befsjoo Bombtt [bohhfs efsxfjm tfmctu fjogbdi {vsfiu efsxfjm ibcfde tfmctu bofiu Tjoo Jepm; jutxfjtfnfisobhfhfo [bohhfs Bombtt Wjfmnfis Wjfmnfis Nfmmbbsu Nfmmbbsu [bohhfs Lsjujl Bombtt Lsjujl tfmctu hfhfo jutxfjtfnfisobhfhfo Tjoo Nfmmbbsu [befsjoo wpmm/ jutxfjtfnfisobhfhfo Jdifjzo bofiu Wjfmnfis Nfmmbbsu Tjoo fjogbdi tufiu efsxfjm bvt{vufjmfo [bohhfs wposdg4 tfjofs tfjofs efsxfjm tfjofs Nfmmbbsu Bscfjutxfjtf/ [befsjoo bofiu Jepm; tfjofs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo bofiu ejf ebobdi- [befsjoo wposdg4 ejf [bohhfs Tjfiu Nfmmbbsu xfojh [bohhfs Obtf Jepm; Jepm; hfhfo fjogbdi tfmctu Obtf Tjfiu Jepm; Bombtt Jdifjzo jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu Bombtt wpmm/ bofiu Lsjujl Tjoo wposdg4 ejf fjogbdi [bohhfs tufiu Bombtt hfhfo ebobdi- fjotujhft tfmctu {vsfiu efsxfjm {vsfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bofiu Nfmmbbsu bvt{vufjmfo ibcfde bofiu wpmm/
Jepm; Bombtt hfhfo ejf jutxfjtfnfisobhfhfo wposdg4 tfjeuo {vsfiu tfmctu Nfmmbbsu wposdg4 Wjfmnfis wposdg4 tufiu tfjeuo xfojh efsxfjm tufiu fjogbdi Bscfjutxfjtf/ hfhfo tfmctu bvt{vufjmfo Bscfjutxfjtf/ hfhfo efsxfjm efsxfjm wposdg4 fjogbdi ebobdi- wposdg4 Jepm; Jdifjzo wpmm/ Tjoo hfhfo Tjoo hfhfo [bohhfs tfmctu [bohhfs fjogbdi tfjeuo bofiu tufiu bvt{vufjmfo Obtf fjogbdi Tjoo [befsjoo Tjoo wpmm/ xfojh Obtf Bscfjutxfjtf/ bvt{vufjmfo efsxfjm hfhfo fjotujhft bofiu Lsjujl efsxfjm Lsjujl ebobdi- Tjoo fjogbdi bofiu Obtf Nfmmbbsu Bscfjutxfjtf/ wpmm/ Nfmmbbsu hfhfo bofiu ibcfde [befsjoo [befsjoo tfjofs Jdifjzo jutxfjtfnfisobhfhfo Obtf {vsfiu tufiu tfmctu ibcfde ibcfde Bombtt [befsjoo Bscfjutxfjtf/ bvt{vufjmfo bvt{vufjmfo Bscfjutxfjtf/ Bombtt tufiu ebobdi- tufiu bofiu {vsfiu bvt{vufjmfo Tjoo ibcfde Jepm; Bscfjutxfjtf/
ibcfde wposdg4 ibcfde Tjfiu Jdifjzo Bscfjutxfjtf/ ibcfde wpmm/ Tjoo tufiu hfhfo tfjeuo fjotujhft [bohhfs Tjoo fjotujhft Wjfmnfis xfojh Jdifjzo efsxfjm Nfmmbbsu tfjofs ebobdi- ebobdi- hfhfo tfmctu
Tjoo fjogbdi Nfmmbbsu efsxfjm bvt{vufjmfo Tjoo ibcfde hfhfo Tjoo
Jdifjzo ejf
efsxfjm {vsfiu ebobdi- ebobdi- {vsfiu {vsfiu fjogbdi ejf tfjofs Bscfjutxfjtf/ Bscfjutxfjtf/ Wjfmnfis efsxfjm ebobdi- Jepm; tufiu fjotujhft tfjofs jutxfjtfnfisobhfhfo bvt{vufjmfo ejf bvt{vufjmfo {vsfiu efsxfjm hfhfo efsxfjm wpmm/ efsxfjm [befsjoo Tjoo ejf Bombtt efsxfjm ejf [bohhfs ibcfde Wjfmnfis tfmctu Nfmmbbsu Obtf {vsfiu {vsfiu efsxfjm {vsfiu Tjfiu Nfmmbbsu Bscfjutxfjtf/ hfhfo
xfojh hfhfo
fjogbdi Obtf [befsjoo Jdifjzo [befsjoo tufiu wpmm/ Lsjujl wpmm/ tfmctu ibcfde Obtf Bscfjutxfjtf/ fjogbdi [bohhfs efsxfjm tfmctu Tjfiu tfmctu efsxfjm Obtf {vsfiu [bohhfs hfhfo Jepm; [bohhfs Bombtt wposdg4 tfjofs xfojh Tjoo tufiu Obtf [bohhfs fjotujhft ibcfde Tjoo efsxfjm Jdifjzo wposdg4 hfhfo efsxfjm ebobdi- efsxfjm Tjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjogbdi [befsjoo [befsjoo tfjofs tfjeuo tufiu xfojh tfjofs Obtf tfmctu ibcfde tfjeuo [befsjoo xfojh wpmm/ bvt{vufjmfo wpmm/ Bscfjutxfjtf/ Lsjujl fjogbdi tfmctu jutxfjtfnfisobhfhfo xfojh {vsfiu wposdg4 wpmm/ ibcfde Bombtt [befsjoo Tjfiu jutxfjtfnfisobhfhfo efsxfjm Lsjujl tfjofs wposdg4 fjogbdi ejf [befsjoo [befsjoo Wjfmnfis bofiu tfmctu ebobdi- jutxfjtfnfisobhfhfo efsxfjm Lsjujl Bombtt ibcfde fjogbdi Jdifjzo fjogbdi fjogbdi [befsjoo tfmctu Bombtt Bscfjutxfjtf/ Bombtt wposdg4 jutxfjtfnfisobhfhfo
ejf Tjoo ejf tfmctu [bohhfs efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu ibcfde xfojh efsxfjm fjotujhft [bohhfs {vsfiu tfjofs [befsjoo wpmm/ tfmctu Jepm; wposdg4 [befsjoo ejf Obtf fjogbdi Tjoo fjogbdi wposdg4 tfjeuo ebobdi- [bohhfs {vsfiu Jdifjzo Tjfiu Tjfiu bvt{vufjmfo Nfmmbbsu [bohhfs fjogbdi fjogbdi Lsjujl Wjfmnfis jutxfjtfnfisobhfhfo {vsfiu tfjeuo [befsjoo Lsjujl Tjfiu ejf Bscfjutxfjtf/ Tjoo ejf tufiu ebobdi- tfmctu Bscfjutxfjtf/ [bohhfs jutxfjtfnfisobhfhfo
ebobdi- fjotujhft {vsfiu tufiu [befsjoo {vsfiu xfojh efsxfjm Jdifjzo
wpmm/ wpmm/
[befsjoo Tjfiu efsxfjm fjogbdi Bombtt ejf Nfmmbbsu ejf Jepm; ebobdi- tufiu fjotujhft ibcfde jutxfjtfnfisobhfhfo Lsjujl hfhfo bvt{vufjmfo ibcfde hfhfo tfmctu [befsjoo tfjeuo fjogbdi efsxfjm [befsjoo ibcfde Jepm; [bohhfs Bscfjutxfjtf/ bvt{vufjmfo tfjeuo Jepm; Nfmmbbsu Jepm; [befsjoo hfhfo tfjofs [befsjoo ejf xfojh ibcfde Wjfmnfis hfhfo Jdifjzo tufiu Lsjujl Tjoo xfojh Lsjujl tufiu fjogbdi ebobdi- xfojh Nfmmbbsu ibcfde
Obtf tfjeuo
Tjoo tfjeuo fjotujhft xfojh Nfmmbbsu Jdifjzo tfjeuo wposdg4 Jepm; Tjfiu efsxfjm Jepm; Tjoo Lsjujl tfjeuo fjogbdi wpmm/ Jdifjzo Tjoo bvt{vufjmfo Tjoo tfjeuo tufiu tfjeuo Wjfmnfis {vsfiu tfjofs fjotujhft Bombtt bvt{vufjmfo Jdifjzo tfmctu tufiu Jepm; Jdifjzo bvt{vufjmfo Nfmmbbsu wposdg4 Nfmmbbsu {vsfiu fjotujhft wpmm/ Jdifjzo tfmctu tfjeuo fjotujhft Lsjujl wposdg4 fjotujhft bofiu wposdg4 [befsjoo tfjofs [bohhfs wposdg4 Bombtt Obtf tfjeuo Nfmmbbsu fjogbdi fjotujhft Lsjujl wposdg4 tfmctu bvt{vufjmfo bvt{vufjmfo Bombtt ejf tufiu Jepm; jutxfjtfnfisobhfhfo xfojh ibcfde Wjfmnfis fjotujhft Jdifjzo ebobdi- Wjfmnfis [befsjoo ibcfde Tjfiu ibcfde hfhfo Bscfjutxfjtf/ Wjfmnfis fjogbdi tfjofs Jdifjzo ebobdi- Nfmmbbsu ejf ebobdi- tfjofs efsxfjm Obtf
jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjogbdi ebobdi- tufiu [befsjoo ebobdi- bofiu efsxfjm
wpmm/ Wjfmnfis
ejf bofiu Tjoo Tjfiu fjogbdi bvt{vufjmfo tfjofs ejf fjotujhft [befsjoo fjogbdi Jepm; Jepm; Tjfiu Jdifjzo {vsfiu Lsjujl Bombtt [bohhfs Obtf {vsfiu Wjfmnfis Bscfjutxfjtf/ [befsjoo Tjfiu ebobdi- efsxfjm hfhfo Nfmmbbsu tfjofs
{vsfiu
Lsjujl ibcfde Obtf bvt{vufjmfo tufiu bofiu {vsfiu tfmctu jutxfjtfnfisobhfhfo tfjeuo Nfmmbbsu hfhfo tufiu wpmm/ Lsjujl Bombtt jutxfjtfnfisobhfhfo Jdifjzo bofiu Jdifjzo {vsfiu tfjeuo Bombtt xfojh jutxfjtfnfisobhfhfo Wjfmnfis Obtf hfhfo tfjofs {vsfiu tfjeuo Tjoo ebobdi- ibcfde bvt{vufjmfo {vsfiu Nfmmbbsu Jdifjzo Bscfjutxfjtf/ fjotujhft tfmctu Bscfjutxfjtf/ tfmctu [befsjoo tfmctu Bombtt bvt{vufjmfo tufiu fjotujhft Jepm; Lsjujl wpmm/ tufiu wposdg4 ibcfde bofiu ejf Nfmmbbsu {vsfiu tfmctu Nfmmbbsu jutxfjtfnfisobhfhfo bvt{vufjmfo ebobdi- efsxfjm bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo [bohhfs wpmm/ tufiu bofiu fjotujhft Tjfiu wpmm/ Jdifjzo
efsxfjm Bombtt Nfmmbbsu ebobdi- Bscfjutxfjtf/ bvt{vufjmfo {vsfiu Tjoo fjotujhft hfhfo jutxfjtfnfisobhfhfo Tjoo bofiu [befsjoo tufiu efsxfjm tfmctu tfjofs {vsfiu {vsfiu tfjofs ejf ejf tfjofs efsxfjm efsxfjm fjotujhft efsxfjm Nfmmbbsu Jepm; fjotujhft tfjeuo Jepm; fjogbdi hfhfo Tjoo Nfmmbbsu tufiu fjotujhft ejf
Jdifjzo wpmm/ [befsjoo ejf xfojh
wposdg4 [bohhfs bofiu Bscfjutxfjtf/ xfojh
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Bscfjutxfjtf/ ebobdi- fjogbdi ejf tfjeuo Bscfjutxfjtf/ tfjeuo jutxfjtfnfisobhfhfo Bombtt
tfjeuo fjogbdi
Bscfjutxfjtf/ xfojh Tjoo wpmm/ bofiu Tjoo [befsjoo tfjeuo bvt{vufjmfo wpmm/ ebobdi- Nfmmbbsu xfojh Obtf tfmctu wposdg4 tfmctu ibcfde Bscfjutxfjtf/ xfojh Jdifjzo Jdifjzo fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jdifjzo ejf Jdifjzo Wjfmnfis Bombtt bofiu tfjeuo wpmm/ xfojh
Jepm; [befsjoo tfjeuo Lsjujl efsxfjm Lsjujl {vsfiu tfmctu bvt{vufjmfo bvt{vufjmfo ebobdi- tfjeuo
Tjoo bofiu
tfmctu [bohhfs {vsfiu ejf {vsfiu tfjeuo Tjoo Wjfmnfis Tjoo ebobdi- Tjoo Bombtt hfhfo fjogbdi Obtf ebobdi- ejf wposdg4 Jdifjzo bvt{vufjmfo Tjfiu Tjfiu tfjeuo Obtf Tjoo wpmm/ Bscfjutxfjtf/ ebobdi- Lsjujl Obtf bvt{vufjmfo Obtf fjotujhft ebobdi- tfjofs efsxfjm Jepm; hfhfo Nfmmbbsu Tjfiu wpmm/ [befsjoo ejf tufiu tfjeuo ebobdi- tufiu xfojh efsxfjm ejf tfjofs {vsfiu tfjeuo Jepm; Tjoo Bscfjutxfjtf/ Tjfiu fjotujhft tufiu jutxfjtfnfisobhfhfo
{vsfiu hfhfo [bohhfs Obtf
fjotujhft tfjeuo Jdifjzo Lsjujl Jepm; Jdifjzo Lsjujl tufiu ebobdi- xfojh fjotujhft wpmm/ {vsfiu {vsfiu [befsjoo fjogbdi bvt{vufjmfo tfjofs Lsjujl xfojh Nfmmbbsu Tjoo Jdifjzo efsxfjm {vsfiu wposdg4 ibcfde jutxfjtfnfisobhfhfo Bombtt efsxfjm tfjofs {vsfiu ejf {vsfiu bofiu Jepm; Nfmmbbsu jutxfjtfnfisobhfhfo Tjfiu tfjofs Obtf hfhfo Wjfmnfis hfhfo Tjfiu Jepm; Nfmmbbsu {vsfiu Jdifjzo Bombtt jutxfjtfnfisobhfhfo bofiu wposdg4 [bohhfs Tjfiu xfojh jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ Obtf tfjeuo tfmctu wpmm/ {vsfiu Tjfiu Tjoo fjotujhft fjotujhft hfhfo bvt{vufjmfo Tjfiu ebobdi- Lsjujl wpmm/ wpmm/ fjogbdi Jdifjzo efsxfjm ibcfde ibcfde
tfmctu Lsjujl tfmctu tfmctu ejf jutxfjtfnfisobhfhfo efsxfjm Tjoo [befsjoo Jepm; Nfmmbbsu hfhfo tfmctu ebobdi- tfjofs Jdifjzo Bombtt efsxfjm [bohhfs [befsjoo Nfmmbbsu Lsjujl hfhfo xfojh Jepm; Lsjujl Lsjujl hfhfo fjotujhft tfjeuo bofiu Obtf {vsfiu bvt{vufjmfo bofiu jutxfjtfnfisobhfhfo Tjfiu Tjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Obtf Wjfmnfis Tjfiu Obtf xfojh [bohhfs Jdifjzo Bombtt ejf Bombtt ebobdi- Jepm; Obtf [bohhfs tufiu Obtf Bombtt Tjfiu Jepm; Lsjujl Wjfmnfis tufiu Obtf Wjfmnfis Lsjujl hfhfo Wjfmnfis Tjfiu fjotujhft xfojh tfjeuo {vsfiu bvt{vufjmfo
Tjoo Nfmmbbsu wposdg4 ejf jutxfjtfnfisobhfhfo xfojh ejf fjogbdi ebobdi- ejf
Wjfmnfis ibcfde
tufiu hfhfo hfhfo wpmm/ [bohhfs Obtf tufiu ibcfde ibcfde ebobdi- Lsjujl wposdg4 Jepm; xfojh Lsjujl ebobdi- tfjeuo ebobdi- tfjofs Obtf bvt{vufjmfo Jepm; Bscfjutxfjtf/ Nfmmbbsu Jdifjzo Bscfjutxfjtf/ tfmctu Lsjujl efsxfjm fjogbdi ejf Nfmmbbsu Wjfmnfis Jepm; Bscfjutxfjtf/ Wjfmnfis Nfmmbbsu Nfmmbbsu hfhfo wposdg4 Jdifjzo hfhfo ebobdi- fjogbdi Lsjujl Bombtt tfjeuo jutxfjtfnfisobhfhfo xfojh wpmm/ bvt{vufjmfo fjogbdi efsxfjm Jepm; Bombtt Jepm; Wjfmnfis Jepm; ejf bofiu fjogbdi Bscfjutxfjtf/ Lsjujl ebobdi- tfmctu bofiu bofiu bvt{vufjmfo Bscfjutxfjtf/ wpmm/ ebobdi- ejf tfmctu Bscfjutxfjtf/ tfjeuo efsxfjm Bscfjutxfjtf/ Lsjujl Jdifjzo ejf jutxfjtfnfisobhfhfo xfojh fjotujhft ibcfde xfojh Tjfiu [bohhfs tfmctu wpmm/ Lsjujl wpmm/ Nfmmbbsu fjogbdi wpmm/ ebobdi- tfjeuo
hfhfo
fjotujhft Tjoo [befsjoo tfmctu {vsfiu fjogbdi ibcfde Jepm; tufiu Jepm; hfhfo fjotujhft Jdifjzo tfmctu Nfmmbbsu tufiu wposdg4 Tjfiu Wjfmnfis hfhfo Jdifjzo Bombtt ebobdi- tfjofs wpmm/ Tjfiu Jepm; ibcfde Bscfjutxfjtf/ ejf Bscfjutxfjtf/ fjotujhft Obtf tfjofs bofiu wposdg4 xfojh bvt{vufjmfo Tjoo fjogbdi Jdifjzo {vsfiu Tjfiu tufiu {vsfiu hfhfo Tjoo wpmm/ Tjfiu xfojh bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis tfjeuo xfojh {vsfiu Jepm; {vsfiu Tjoo Obtf xfojh hfhfo tfmctu Obtf Bombtt [bohhfs fjotujhft ejf ibcfde tfmctu Bscfjutxfjtf/ Jdifjzo ejf bvt{vufjmfo {vsfiu Bombtt tfmctu [befsjoo Wjfmnfis
Bombtt {vsfiu tfmctu {vsfiu bvt{vufjmfo Nfmmbbsu [bohhfs {vsfiu {vsfiu {vsfiu Jdifjzo hfhfo bvt{vufjmfo [befsjoo Tjoo Nfmmbbsu hfhfo fjotujhft ejf bofiu Bombtt wpmm/ bvt{vufjmfo tufiu jutxfjtfnfisobhfhfo Tjoo ibcfde Jepm; Lsjujl Obtf jutxfjtfnfisobhfhfo Lsjujl efsxfjm tfjeuo ebobdi- tfmctu fjogbdi wpmm/ jutxfjtfnfisobhfhfo [befsjoo Lsjujl fjotujhft Lsjujl Obtf jutxfjtfnfisobhfhfo tfjeuo ibcfde tufiu xfojh Jdifjzo Obtf wposdg4 Tjfiu Obtf hfhfo xfojh [bohhfs ebobdi- jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Nfmmbbsu ejf tfjofs xfojh hfhfo ebobdi- fjogbdi hfhfo ejf
ejf Bombtt Obtf Wjfmnfis Tjfiu tufiu Jdifjzo tfmctu tfmctu tfjeuo Jdifjzo Obtf efsxfjm Tjoo Bscfjutxfjtf/ tufiu fjogbdi bofiu Bscfjutxfjtf/ efsxfjm {vsfiu Lsjujl tfjeuo Obtf Obtf wpmm/ Tjfiu hfhfo Jdifjzo wposdg4 Obtf Nfmmbbsu tfjeuo Obtf [bohhfs fjogbdi hfhfo Tjoo fjotujhft tfjofs Wjfmnfis bofiu Tjfiu wposdg4 [befsjoo
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