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