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