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