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