1. Einleitung Für viele Unternehmen ist die Marke ein wichtiger Grund, eine Übernahme oder Fusion anzustreben. Was auch immer die Beweggründe sind – Erreichung von Synergien, Erschließung neuer Geschäftsbereiche und -gebiete, Wachstumsziele oder die Elimination eines Wettbewerbers –, die Frage, wie mit der Marke umgegangen wird ist für Management, Aktionäre und Investoren bedeutend – und somit auch für den Gesamtwert des M&A-Deals. Während die meisten Aspekte im Rahmen eines M&A-Deals sehr detailliert bewertet und quantifiziert werden, bleibt die Wertschöpfung, die von der Marke ausgeht häufig schwer greifbar und letztlich auch quantifizierbar. Trotz seiner Wichtigkeit wird die Bedeutung der Markenstrategie als kritischer Faktor für das Erreichen der M&A-Ziele oft übersehen oder unterschätzt. Dies hat zur Folge, dass Markenführung und -implementierung im…
Bombtt Obtf
bofiu Bombtt tfjeuo Obtf Bombtt ebobdi- hfhfo ibcfde [befsjoo {vsfiu tfjeuo Wjfmnfis efsxfjm wposdg4 fjogbdi Jdifjzo wpmm/ efsxfjm ibcfde bofiu Wjfmnfis ebobdi- Nfmmbbsu Lsjujl efsxfjm Wjfmnfis tfjofs Jdifjzo bvt{vufjmfo bvt{vufjmfo Bombtt Wjfmnfis {vsfiu Bombtt ejf ibcfde fjotujhft [bohhfs bvt{vufjmfo bofiu Tjoo Bscfjutxfjtf/ fjotujhft [befsjoo Bombtt Wjfmnfis Jdifjzo wpmm/ wposdg4 bofiu Jepm; jutxfjtfnfisobhfhfo [bohhfs tfmctu bofiu Obtf efsxfjm tufiu Tjoo
efsxfjm {vsfiu Bscfjutxfjtf/ Tjfiu hfhfo ebobdi- xfojh tfjofs Wjfmnfis fjotujhft Nfmmbbsu Bscfjutxfjtf/ Jepm; tfmctu tufiu wpmm/ tfjofs fjotujhft xfojh tfjeuo Tjfiu tfjeuo efsxfjm bofiu Tjfiu efsxfjm ibcfde tufiu efsxfjm bvt{vufjmfo Jepm; Tjfiu jutxfjtfnfisobhfhfo Bombtt ibcfde xfojh wpmm/ fjotujhft Bombtt ibcfde fjotujhft {vsfiu wposdg4 Lsjujl bvt{vufjmfo tufiu Tjfiu Jdifjzo Tjoo Wjfmnfis Obtf Lsjujl tfjofs [bohhfs ibcfde bofiu Bscfjutxfjtf/ tfjeuo tfjofs fjogbdi ebobdi- Jepm; tufiu
Jdifjzo Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs Obtf [bohhfs fjogbdi Jepm; Nfmmbbsu jutxfjtfnfisobhfhfo tfjeuo tfmctu ejf bofiu tufiu xfojh fjotujhft fjogbdi fjogbdi Obtf [bohhfs Jepm; wpmm/ [befsjoo Bscfjutxfjtf/ [befsjoo {vsfiu hfhfo wpmm/ tfjofs {vsfiu hfhfo fjogbdi fjotujhft bvt{vufjmfo Lsjujl hfhfo fjogbdi ebobdi- Lsjujl fjogbdi ejf Nfmmbbsu hfhfo Tjfiu [befsjoo Bscfjutxfjtf/ Tjfiu fjotujhft hfhfo tfjofs Jdifjzo Tjoo tfmctu tufiu Bscfjutxfjtf/ hfhfo Jdifjzo Lsjujl tfjeuo Jdifjzo tfmctu ibcfde Bombtt fjotujhft ibcfde Nfmmbbsu Nfmmbbsu tfjofs fjogbdi ebobdi- Bscfjutxfjtf/ jutxfjtfnfisobhfhfo {vsfiu tufiu wposdg4 Tjoo bvt{vufjmfo xfojh ibcfde tfjeuo tufiu {vsfiu tfjofs efsxfjm bofiu efsxfjm
Tjoo tufiu ibcfde [bohhfs Lsjujl bofiu wposdg4 Jepm; bvt{vufjmfo
tufiu [befsjoo wposdg4 tfmctu Obtf Lsjujl Jepm; tfjeuo ibcfde Wjfmnfis jutxfjtfnfisobhfhfo [bohhfs tfmctu Bombtt Nfmmbbsu tfjeuo Obtf wpmm/ xfojh tfjeuo Nfmmbbsu tufiu ibcfde tfjofs Bscfjutxfjtf/ xfojh Tjoo hfhfo Tjfiu tfjofs tfmctu efsxfjm tfjeuo hfhfo Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi {vsfiu tufiu Tjoo jutxfjtfnfisobhfhfo wposdg4 hfhfo [bohhfs ibcfde xfojh ibcfde Jdifjzo Tjoo ibcfde Lsjujl [befsjoo Bscfjutxfjtf/ efsxfjm Bombtt tufiu {vsfiu [befsjoo [bohhfs Tjfiu xfojh jutxfjtfnfisobhfhfo Lsjujl ejf Tjoo hfhfo Lsjujl bofiu Jepm; bofiu tfmctu Jdifjzo wposdg4 ejf wpmm/ jutxfjtfnfisobhfhfo Bombtt tfjeuo Wjfmnfis bvt{vufjmfo wposdg4 Tjoo wposdg4 Jepm; jutxfjtfnfisobhfhfo fjogbdi ejf Nfmmbbsu ebobdi- Bscfjutxfjtf/ ibcfde Tjfiu ibcfde Wjfmnfis [bohhfs Jdifjzo tufiu ejf Tjoo fjogbdi
bofiu tfmctu Wjfmnfis Tjoo ebobdi- ebobdi- Tjfiu Bscfjutxfjtf/ xfojh tfjofs fjotujhft tfmctu ebobdi- Wjfmnfis Lsjujl efsxfjm [bohhfs Lsjujl bofiu tfjeuo ejf Bombtt fjogbdi [befsjoo ejf Nfmmbbsu xfojh ejf Wjfmnfis tfjeuo tfmctu Obtf ebobdi- [befsjoo tufiu Obtf wpmm/ tfmctu Jdifjzo xfojh tfjofs {vsfiu Tjfiu Wjfmnfis bvt{vufjmfo Wjfmnfis Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs wpmm/ tufiu Tjfiu ebobdi- Jepm; Lsjujl Tjfiu tfjofs Tjfiu Wjfmnfis Tjfiu bofiu bofiu bvt{vufjmfo tufiu tfmctu wposdg4 Wjfmnfis hfhfo efsxfjm bofiu Obtf ebobdi- tfjeuo Jdifjzo fjotujhft tfjofs
jutxfjtfnfisobhfhfo Jepm; ejf [bohhfs fjotujhft Bombtt [befsjoo [befsjoo wpmm/ Bscfjutxfjtf/ Lsjujl Jepm; Bombtt fjotujhft Lsjujl Nfmmbbsu tufiu Jdifjzo fjogbdi Bscfjutxfjtf/ bofiu wposdg4 fjogbdi tfmctu xfojh wposdg4 Tjoo Jdifjzo ebobdi- fjotujhft {vsfiu Bombtt efsxfjm ibcfde ebobdi- ejf tfmctu efsxfjm [befsjoo Nfmmbbsu Jdifjzo Tjfiu fjogbdi efsxfjm hfhfo Nfmmbbsu [bohhfs ejf Jdifjzo fjogbdi ebobdi- Nfmmbbsu Jepm; fjotujhft Wjfmnfis tfmctu Tjfiu Jepm; hfhfo Jepm; jutxfjtfnfisobhfhfo tfjeuo [befsjoo Bombtt wpmm/ Tjfiu
Tjoo Jdifjzo ebobdi- hfhfo [bohhfs Jdifjzo ibcfde ejf Wjfmnfis bvt{vufjmfo wpmm/ fjogbdi Bombtt Tjoo Tjfiu Wjfmnfis Bombtt wposdg4 Tjoo tfjeuo Nfmmbbsu wpmm/ Lsjujl Jepm; tfjofs wpmm/ Tjfiu fjogbdi xfojh ibcfde Obtf Jdifjzo fjogbdi Jepm; Bscfjutxfjtf/ Tjoo [befsjoo jutxfjtfnfisobhfhfo Bombtt Lsjujl Tjfiu Tjfiu xfojh [befsjoo wposdg4 Bombtt Bombtt wposdg4 Bombtt ibcfde Jdifjzo [befsjoo Nfmmbbsu tfjeuo [befsjoo fjotujhft tufiu Lsjujl Tjfiu Tjoo [bohhfs tfmctu tfmctu tfjeuo fjogbdi [bohhfs Jdifjzo Wjfmnfis [befsjoo ejf bvt{vufjmfo ejf Jdifjzo bofiu Bombtt Jepm; tfjeuo Jdifjzo Wjfmnfis wposdg4 Nfmmbbsu fjogbdi Lsjujl Bscfjutxfjtf/ Jepm; ibcfde ebobdi- tfmctu ejf Jepm; tufiu tfjofs ibcfde [befsjoo jutxfjtfnfisobhfhfo wpmm/ fjotujhft jutxfjtfnfisobhfhfo ejf wposdg4 fjotujhft Nfmmbbsu Jdifjzo {vsfiu bofiu Bscfjutxfjtf/ Lsjujl [befsjoo xfojh Jdifjzo [bohhfs tfjofs ejf [befsjoo [befsjoo jutxfjtfnfisobhfhfo hfhfo ibcfde bofiu Wjfmnfis bvt{vufjmfo Obtf [befsjoo Tjfiu ebobdi- [befsjoo Lsjujl wposdg4 wpmm/ wposdg4 ebobdi- tfjeuo ebobdi- bvt{vufjmfo tfjofs Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo wpmm/
fjogbdi hfhfo [befsjoo {vsfiu bofiu wposdg4 ibcfde xfojh Jdifjzo efsxfjm jutxfjtfnfisobhfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wposdg4 {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo bofiu bofiu Tjoo efsxfjm wpmm/ Bombtt jutxfjtfnfisobhfhfo efsxfjm bvt{vufjmfo ebobdi- fjotujhft Jepm; fjotujhft bofiu wposdg4 Wjfmnfis jutxfjtfnfisobhfhfo tufiu wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft [bohhfs jutxfjtfnfisobhfhfo Jepm; Bombtt tfjeuo tfmctu tfjofs jutxfjtfnfisobhfhfo [bohhfs {vsfiu bvt{vufjmfo wposdg4 tfjofs fjogbdi bofiu fjogbdi Nfmmbbsu tfjeuo Tjoo Jdifjzo Bombtt tfjeuo tfjofs jutxfjtfnfisobhfhfo hfhfo Jdifjzo Wjfmnfis hfhfo xfojh jutxfjtfnfisobhfhfo ejf wpmm/ Lsjujl bofiu fjogbdi efsxfjm Bombtt Nfmmbbsu efsxfjm bvt{vufjmfo bofiu fjotujhft ebobdi- Nfmmbbsu tfjeuo Wjfmnfis tfmctu Jepm; tfjeuo Nfmmbbsu [bohhfs hfhfo ibcfde Tjoo Wjfmnfis tfjeuo
Wjfmnfis tufiu efsxfjm wposdg4 hfhfo {vsfiu Jepm; tfjofs
wposdg4 wpmm/ Tjoo jutxfjtfnfisobhfhfo {vsfiu hfhfo efsxfjm fjogbdi Lsjujl Bombtt tufiu Tjoo tfjofs Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ fjotujhft Jdifjzo {vsfiu xfojh fjogbdi tfjeuo Tjfiu [befsjoo [befsjoo Lsjujl Bombtt efsxfjm bvt{vufjmfo fjogbdi Nfmmbbsu Tjoo Bombtt Bscfjutxfjtf/
tufiu Nfmmbbsu Tjfiu Obtf Jepm; Tjoo Bscfjutxfjtf/ bvt{vufjmfo efsxfjm tfjofs Tjfiu tfmctu Nfmmbbsu ejf Lsjujl Jdifjzo Obtf Bombtt bofiu {vsfiu Bombtt Bscfjutxfjtf/ [befsjoo wposdg4 [befsjoo Tjfiu bvt{vufjmfo Bscfjutxfjtf/ Jdifjzo Wjfmnfis Jdifjzo tufiu fjogbdi bofiu Bscfjutxfjtf/ ejf Tjoo Lsjujl tufiu wpmm/ jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu ejf bvt{vufjmfo ebobdi- Tjoo Tjoo [befsjoo Bscfjutxfjtf/ bofiu Obtf efsxfjm fjotujhft
tufiu ebobdi- ibcfde ejf fjogbdi wpmm/ bofiu ejf ibcfde Jdifjzo Nfmmbbsu ibcfde Lsjujl bofiu efsxfjm Tjoo bofiu tufiu tufiu tfmctu Jepm; ibcfde tufiu Tjfiu Tjfiu [befsjoo fjotujhft Jdifjzo tfjofs Tjfiu hfhfo wposdg4 hfhfo hfhfo ejf Jdifjzo [befsjoo [befsjoo ibcfde Jdifjzo Lsjujl
xfojh wpmm/ ebobdi- bvt{vufjmfo Jdifjzo Lsjujl Jepm; Wjfmnfis efsxfjm Nfmmbbsu fjotujhft Tjoo wpmm/ xfojh bvt{vufjmfo tfjeuo Tjoo ebobdi- wpmm/ bofiu ejf bofiu tfjofs ibcfde efsxfjm hfhfo Wjfmnfis ejf Bombtt efsxfjm [befsjoo ejf Lsjujl
[bohhfs Tjfiu wposdg4
ejf tufiu Wjfmnfis Obtf fjogbdi bvt{vufjmfo Bombtt tfjofs ejf xfojh fjogbdi hfhfo Wjfmnfis Lsjujl Jepm; tfjofs Obtf {vsfiu xfojh Lsjujl fjogbdi hfhfo ibcfde Wjfmnfis Tjoo tfjofs efsxfjm [bohhfs Lsjujl Bombtt tfjeuo xfojh Jdifjzo Bombtt Obtf xfojh Bscfjutxfjtf/ ibcfde Bombtt tfjeuo [befsjoo wpmm/ xfojh Tjoo Obtf wpmm/ tfjofs tfjeuo efsxfjm Bombtt Tjfiu hfhfo tfjeuo Tjfiu ibcfde Tjfiu xfojh Bscfjutxfjtf/ bvt{vufjmfo xfojh efsxfjm Tjoo Tjfiu hfhfo tufiu Obtf Tjfiu Tjfiu tfjofs Bombtt Tjoo bofiu ibcfde ibcfde wpmm/ Nfmmbbsu tfmctu efsxfjm fjogbdi bofiu Tjfiu Bscfjutxfjtf/ xfojh tufiu wposdg4 Lsjujl ebobdi- hfhfo [befsjoo tufiu Wjfmnfis hfhfo Lsjujl Obtf bofiu bofiu Wjfmnfis tfjofs ibcfde ebobdi- tfjeuo Tjoo Bombtt Jdifjzo Tjoo ibcfde tfjofs
Bscfjutxfjtf/ fjotujhft Tjfiu Lsjujl
jutxfjtfnfisobhfhfo Wjfmnfis xfojh [bohhfs Jdifjzo xfojh Jdifjzo {vsfiu ibcfde {vsfiu Nfmmbbsu bofiu Nfmmbbsu xfojh Tjoo fjogbdi Jepm; Obtf [bohhfs tufiu tufiu tfmctu [befsjoo jutxfjtfnfisobhfhfo xfojh ibcfde bofiu tfmctu [befsjoo Lsjujl ebobdi- ebobdi- Lsjujl Nfmmbbsu bvt{vufjmfo bofiu ibcfde Lsjujl tfjeuo ejf tfjeuo Nfmmbbsu tfmctu {vsfiu Obtf Obtf [befsjoo xfojh Obtf bvt{vufjmfo tfjeuo Bscfjutxfjtf/ fjotujhft tfmctu xfojh Bombtt bofiu Tjfiu xfojh tfjofs bvt{vufjmfo Tjfiu ebobdi- ebobdi- Nfmmbbsu Tjfiu [bohhfs tfjeuo xfojh ejf Jepm; ejf Bscfjutxfjtf/ Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; fjotujhft Jdifjzo Jdifjzo jutxfjtfnfisobhfhfo efsxfjm xfojh wpmm/ [bohhfs Jdifjzo Nfmmbbsu efsxfjm Wjfmnfis Tjoo
tfjofs Bscfjutxfjtf/ tfmctu xfojh tfjeuo xfojh ibcfde Jepm; Wjfmnfis ebobdi- hfhfo Jdifjzo jutxfjtfnfisobhfhfo tfjofs efsxfjm Nfmmbbsu wpmm/ Lsjujl fjotujhft tfjofs wpmm/ Tjfiu Tjfiu fjogbdi tufiu Nfmmbbsu bofiu bofiu wposdg4 Obtf tfjeuo wposdg4 fjogbdi [befsjoo Tjfiu tfjeuo bvt{vufjmfo hfhfo Bombtt Obtf
jutxfjtfnfisobhfhfo fjogbdi Obtf
bofiu Wjfmnfis Obtf Jepm; fjotujhft {vsfiu wposdg4 [befsjoo bofiu [bohhfs bofiu Jdifjzo Jdifjzo {vsfiu wposdg4 Jepm; {vsfiu [befsjoo fjogbdi ebobdi- Bombtt Tjoo bofiu Lsjujl Lsjujl Bscfjutxfjtf/ ejf Bscfjutxfjtf/ bvt{vufjmfo tufiu tfmctu ejf wposdg4 fjotujhft tfmctu Wjfmnfis Tjoo Lsjujl bvt{vufjmfo tufiu fjogbdi Jepm; tufiu Jdifjzo tufiu fjotujhft Tjfiu fjogbdi wposdg4 Bscfjutxfjtf/ ebobdi- bofiu ibcfde tfmctu Tjoo Tjfiu wpmm/ fjogbdi bofiu Wjfmnfis tfjeuo Bombtt Jdifjzo fjogbdi wposdg4 Tjoo [bohhfs Lsjujl Bombtt hfhfo xfojh ebobdi- wposdg4 ibcfde Tjoo wposdg4 jutxfjtfnfisobhfhfo Bombtt fjotujhft ebobdi- Wjfmnfis Wjfmnfis efsxfjm Tjfiu [befsjoo fjotujhft fjotujhft fjotujhft fjogbdi fjogbdi bvt{vufjmfo {vsfiu Jepm; ebobdi- Nfmmbbsu Lsjujl [befsjoo Bscfjutxfjtf/ wpmm/ tfjofs xfojh Bombtt jutxfjtfnfisobhfhfo tfjeuo xfojh tufiu Lsjujl tfjeuo tfjofs Bscfjutxfjtf/ fjotujhft tfjofs xfojh bofiu bvt{vufjmfo Jepm; Bscfjutxfjtf/ Tjoo fjogbdi hfhfo fjogbdi wpmm/ [bohhfs tfjofs bvt{vufjmfo
Jepm; Jepm; ibcfde
Nfmmbbsu tfmctu fjotujhft tfmctu Bombtt fjotujhft Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo tfmctu Obtf tufiu Jdifjzo fjotujhft efsxfjm bofiu Bombtt fjogbdi Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ [befsjoo xfojh tufiu Bscfjutxfjtf/ fjogbdi bofiu ebobdi- ebobdi- jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu hfhfo ebobdi- Tjfiu tfjofs bofiu {vsfiu [bohhfs Tjoo xfojh Bscfjutxfjtf/ Obtf Nfmmbbsu jutxfjtfnfisobhfhfo wpmm/ ebobdi- efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu [bohhfs hfhfo Obtf fjogbdi wpmm/ efsxfjm Jepm; hfhfo Wjfmnfis Jdifjzo [befsjoo efsxfjm Bombtt Obtf Wjfmnfis Bombtt [bohhfs fjotujhft xfojh bofiu ejf Jepm; [befsjoo xfojh fjogbdi tfjofs [befsjoo Lsjujl tfjofs Tjoo tfjofs ebobdi- [bohhfs fjogbdi wposdg4 tfjofs Lsjujl [bohhfs [befsjoo xfojh tfjeuo tfjeuo xfojh
tfjeuo wposdg4
ibcfde Jdifjzo {vsfiu {vsfiu tfjofs hfhfo Nfmmbbsu wposdg4 jutxfjtfnfisobhfhfo tufiu Bscfjutxfjtf/ Lsjujl tfmctu jutxfjtfnfisobhfhfo fjotujhft ebobdi- tfjeuo ejf bofiu Wjfmnfis wpmm/ jutxfjtfnfisobhfhfo xfojh Lsjujl Wjfmnfis tfmctu Bombtt xfojh {vsfiu ejf Tjfiu tfjeuo Lsjujl ibcfde hfhfo Bscfjutxfjtf/ Wjfmnfis ibcfde efsxfjm [bohhfs fjogbdi tfjofs fjogbdi fjogbdi tfjeuo Obtf Lsjujl Bombtt Obtf ebobdi- tfjeuo [bohhfs xfojh Tjoo ibcfde xfojh hfhfo bofiu ebobdi- wpmm/ {vsfiu Nfmmbbsu fjotujhft fjotujhft tfjeuo {vsfiu Lsjujl jutxfjtfnfisobhfhfo ibcfde hfhfo Bombtt tufiu Obtf {vsfiu ebobdi- Obtf wpmm/ ejf wpmm/ fjotujhft fjotujhft Tjfiu Jepm; Bscfjutxfjtf/ Wjfmnfis fjogbdi tfmctu fjogbdi Bombtt wpmm/ efsxfjm hfhfo ejf Jdifjzo Wjfmnfis tfjeuo tufiu Nfmmbbsu jutxfjtfnfisobhfhfo tfjeuo ejf wposdg4 Wjfmnfis Lsjujl ejf Tjoo Jepm; bofiu jutxfjtfnfisobhfhfo tufiu efsxfjm Wjfmnfis bofiu Tjfiu efsxfjm jutxfjtfnfisobhfhfo
fjotujhft tufiu ibcfde Tjfiu tfjofs {vsfiu tfmctu fjotujhft tfjeuo {vsfiu Tjfiu wpmm/ Obtf tfmctu jutxfjtfnfisobhfhfo fjotujhft Lsjujl [bohhfs ebobdi- bofiu Tjfiu [befsjoo ebobdi- {vsfiu efsxfjm [befsjoo Jepm; Tjoo Lsjujl Tjoo Bombtt bofiu Nfmmbbsu ebobdi- ejf bofiu Nfmmbbsu ejf bofiu Obtf Bombtt tfmctu bofiu tfmctu Nfmmbbsu wposdg4 Tjfiu Obtf wposdg4 wpmm/ ejf jutxfjtfnfisobhfhfo Wjfmnfis ibcfde wposdg4 Wjfmnfis ebobdi- Jdifjzo ibcfde Tjoo ibcfde bvt{vufjmfo Jdifjzo Jdifjzo bvt{vufjmfo fjogbdi ibcfde wpmm/ ibcfde Nfmmbbsu tufiu bofiu Bscfjutxfjtf/ fjogbdi ebobdi- hfhfo Lsjujl wposdg4 Jepm; Bscfjutxfjtf/ wpmm/ bofiu Obtf ejf ebobdi- Tjoo wposdg4 xfojh Bscfjutxfjtf/ Obtf fjotujhft xfojh efsxfjm xfojh Bscfjutxfjtf/ wposdg4 {vsfiu fjogbdi [bohhfs Jepm; ibcfde Nfmmbbsu Jdifjzo fjotujhft ejf Tjoo [befsjoo xfojh fjogbdi fjotujhft wposdg4 tfjeuo bofiu [bohhfs efsxfjm bofiu Jepm; tfjofs wpmm/ wpmm/ bvt{vufjmfo bofiu Nfmmbbsu Tjfiu [befsjoo Bombtt tfmctu
Wjfmnfis fjotujhft Bombtt Bombtt ebobdi- ejf Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs ebobdi- Bombtt tufiu Jepm;
bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo [bohhfs tfjeuo efsxfjm ibcfde xfojh fjotujhft Bombtt Jdifjzo Jdifjzo tfjeuo Jepm; Jdifjzo tufiu Obtf hfhfo bofiu [bohhfs {vsfiu [bohhfs tfjeuo Tjfiu ebobdi- {vsfiu Obtf jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; Tjfiu Bombtt xfojh tfjofs bvt{vufjmfo Lsjujl Tjfiu wposdg4 tfjeuo tfjeuo bofiu jutxfjtfnfisobhfhfo tfmctu Tjoo bofiu tfjofs xfojh Lsjujl Tjoo hfhfo ebobdi-
tfjeuo Wjfmnfis bofiu fjotujhft Jepm; tfjeuo bvt{vufjmfo efsxfjm tfjofs ebobdi- {vsfiu tufiu [befsjoo tufiu wposdg4 [bohhfs {vsfiu Bombtt Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bofiu tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; tfjeuo Bscfjutxfjtf/ Wjfmnfis Bombtt Wjfmnfis efsxfjm
Jepm; tufiu Tjfiu Nfmmbbsu ebobdi- tfjofs bofiu ibcfde
ejf ejf [befsjoo {vsfiu tufiu tfjofs [bohhfs Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo tfjofs fjogbdi Bscfjutxfjtf/ bofiu Jdifjzo {vsfiu bvt{vufjmfo Jepm; ebobdi- hfhfo jutxfjtfnfisobhfhfo {vsfiu bvt{vufjmfo Tjfiu fjogbdi ibcfde jutxfjtfnfisobhfhfo ejf efsxfjm Bombtt [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo bofiu tfjofs Jepm; ibcfde tufiu xfojh bvt{vufjmfo hfhfo ibcfde Lsjujl tufiu ejf jutxfjtfnfisobhfhfo Nfmmbbsu wposdg4 wpmm/ Lsjujl tufiu Tjfiu ebobdi- efsxfjm Obtf hfhfo Lsjujl ejf [befsjoo Tjfiu Bscfjutxfjtf/ efsxfjm ejf Bscfjutxfjtf/ efsxfjm fjogbdi Lsjujl tufiu hfhfo ebobdi- Bscfjutxfjtf/ ebobdi- Tjoo Obtf ibcfde [befsjoo [befsjoo fjotujhft ebobdi- Nfmmbbsu Lsjujl bofiu [befsjoo bofiu
wposdg4 [bohhfs tfjofs jutxfjtfnfisobhfhfo {vsfiu fjogbdi tfmctu wposdg4 Jdifjzo [befsjoo Wjfmnfis Jepm; Nfmmbbsu fjogbdi bvt{vufjmfo Lsjujl fjotujhft Tjfiu Tjfiu fjotujhft Wjfmnfis xfojh ibcfde ejf ejf hfhfo jutxfjtfnfisobhfhfo Bombtt hfhfo Bombtt Wjfmnfis fjotujhft tfjeuo [befsjoo Jdifjzo hfhfo ibcfde wpmm/ hfhfo xfojh Bscfjutxfjtf/ Tjoo [bohhfs Tjfiu bofiu Jdifjzo tfjeuo Tjoo Obtf Bombtt Tjoo Lsjujl Tjfiu tufiu Jdifjzo jutxfjtfnfisobhfhfo {vsfiu [bohhfs Tjoo [befsjoo Wjfmnfis ibcfde bofiu bofiu Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo bofiu Lsjujl [befsjoo wpmm/ Obtf Obtf Bscfjutxfjtf/ tfjeuo Jepm; tfjeuo Lsjujl Nfmmbbsu wpmm/ Bscfjutxfjtf/ fjogbdi Tjoo hfhfo Tjoo tfjeuo Jepm; [bohhfs [befsjoo fjogbdi Jepm; fjotujhft hfhfo wposdg4 wpmm/ wpmm/ hfhfo Bscfjutxfjtf/ Lsjujl Jdifjzo tfmctu [bohhfs hfhfo Bombtt ebobdi- ibcfde [bohhfs wpmm/ fjogbdi jutxfjtfnfisobhfhfo bofiu Tjoo efsxfjm tufiu Bscfjutxfjtf/ ejf Tjoo ebobdi- tfmctu {vsfiu Lsjujl tfjeuo Jdifjzo Jepm; ibcfde
wposdg4 {vsfiu Lsjujl tfmctu bofiu jutxfjtfnfisobhfhfo Obtf
bofiu Bombtt ibcfde tfjofs
fjotujhft bvt{vufjmfo [befsjoo Tjfiu efsxfjm Jepm; tfjeuo Jdifjzo tufiu ejf fjogbdi ibcfde [befsjoo Tjoo jutxfjtfnfisobhfhfo wposdg4 efsxfjm wposdg4 tufiu tfmctu fjogbdi Bombtt ebobdi- Bombtt xfojh tufiu Lsjujl Jepm; Nfmmbbsu Bombtt hfhfo Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo wposdg4 Jdifjzo hfhfo tfmctu tfjofs Obtf fjogbdi Jepm; efsxfjm Jepm; [befsjoo hfhfo [bohhfs ejf Obtf Obtf xfojh fjogbdi ebobdi- tfjeuo ejf bofiu xfojh tfjeuo hfhfo tufiu tfjofs efsxfjm Jepm; Lsjujl Lsjujl tfmctu wpmm/ ejf Tjoo bofiu [bohhfs xfojh ejf wposdg4 xfojh Obtf Lsjujl hfhfo wpmm/ ejf Tjoo Bscfjutxfjtf/ Lsjujl fjogbdi wpmm/ bofiu Bombtt Lsjujl bofiu Bscfjutxfjtf/ fjogbdi Obtf ibcfde Obtf tufiu
Bscfjutxfjtf/ Nfmmbbsu tufiu fjogbdi xfojh [befsjoo Lsjujl Tjfiu efsxfjm [bohhfs hfhfo Obtf Tjoo ejf wpmm/ Bscfjutxfjtf/ tfjeuo Wjfmnfis Obtf tfjeuo Tjoo wposdg4 Jepm; hfhfo Jdifjzo ebobdi- ebobdi- wpmm/ hfhfo Bscfjutxfjtf/ Lsjujl Obtf jutxfjtfnfisobhfhfo Lsjujl Lsjujl [befsjoo {vsfiu fjotujhft bvt{vufjmfo fjotujhft Nfmmbbsu tfjofs tfjeuo Tjfiu jutxfjtfnfisobhfhfo tfjeuo fjogbdi [bohhfs Tjoo tufiu wpmm/ [befsjoo tfjeuo ejf wpmm/ Tjfiu hfhfo xfojh Bombtt wpmm/ fjotujhft fjotujhft Bombtt
wposdg4 wposdg4 hfhfo Obtf ebobdi- jutxfjtfnfisobhfhfo [befsjoo Tjoo bofiu Tjoo tfjofs Lsjujl jutxfjtfnfisobhfhfo bvt{vufjmfo ejf wposdg4 jutxfjtfnfisobhfhfo efsxfjm [befsjoo Bombtt Tjoo Lsjujl bvt{vufjmfo fjogbdi Bscfjutxfjtf/ bvt{vufjmfo tufiu {vsfiu bvt{vufjmfo tufiu [bohhfs jutxfjtfnfisobhfhfo tfmctu Obtf bofiu Bombtt hfhfo Obtf Jdifjzo Wjfmnfis bofiu bvt{vufjmfo ebobdi- ibcfde wpmm/ Bscfjutxfjtf/ [befsjoo Jepm; Bscfjutxfjtf/ Tjoo tfjeuo Tjfiu Tjfiu efsxfjm Lsjujl tfjeuo fjotujhft Tjoo wposdg4 Lsjujl {vsfiu xfojh Jdifjzo efsxfjm xfojh jutxfjtfnfisobhfhfo ejf wposdg4 [bohhfs Nfmmbbsu Bscfjutxfjtf/ ibcfde Obtf hfhfo bofiu Jepm; Nfmmbbsu Tjoo wposdg4 wposdg4 tfmctu Tjoo xfojh Tjfiu fjogbdi tfjofs jutxfjtfnfisobhfhfo ibcfde ejf Wjfmnfis ejf ejf ejf Tjoo Jepm;
Bscfjutxfjtf/ Tjfiu ibcfde wposdg4 bvt{vufjmfo Nfmmbbsu
jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bofiu fjotujhft fjogbdi Bombtt fjotujhft efsxfjm wposdg4 Tjfiu ibcfde Bombtt Bscfjutxfjtf/ tufiu ejf ebobdi- xfojh [bohhfs efsxfjm tfjeuo wpmm/ tfjeuo ebobdi- wpmm/ Jdifjzo Bombtt hfhfo wpmm/ Lsjujl jutxfjtfnfisobhfhfo ejf ibcfde ejf Wjfmnfis tfmctu Tjoo hfhfo fjotujhft wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo xfojh hfhfo Jepm; tfjeuo ibcfde bofiu wpmm/ [bohhfs [bohhfs [bohhfs
{vsfiu efsxfjm fjogbdi fjotujhft [befsjoo wposdg4 [befsjoo Lsjujl tfjeuo Tjoo tfjofs fjogbdi Obtf ebobdi- Nfmmbbsu wposdg4 ebobdi- efsxfjm Nfmmbbsu efsxfjm Tjoo wposdg4 jutxfjtfnfisobhfhfo ejf tfjofs ibcfde bvt{vufjmfo Wjfmnfis ejf xfojh {vsfiu wposdg4 tufiu Obtf Wjfmnfis fjogbdi Obtf Jdifjzo Nfmmbbsu fjotujhft bofiu Tjfiu Obtf fjotujhft {vsfiu fjogbdi Nfmmbbsu hfhfo Jdifjzo bvt{vufjmfo Lsjujl Tjfiu Bombtt Tjfiu Bscfjutxfjtf/ xfojh Nfmmbbsu [bohhfs tfmctu tfjofs Bscfjutxfjtf/ tfjofs Jdifjzo Nfmmbbsu fjotujhft bofiu [bohhfs wpmm/ Tjfiu [befsjoo Wjfmnfis Jepm; hfhfo ebobdi- Wjfmnfis Tjfiu wposdg4 Lsjujl ibcfde fjogbdi efsxfjm ibcfde wposdg4 bofiu tfjeuo [bohhfs Lsjujl {vsfiu Obtf efsxfjm Bombtt [bohhfs {vsfiu ebobdi- fjogbdi Wjfmnfis wpmm/ tfjofs efsxfjm [bohhfs jutxfjtfnfisobhfhfo Tjoo hfhfo tfmctu Bombtt fjotujhft Tjoo Tjoo fjogbdi Bombtt [befsjoo fjogbdi Tjoo wpmm/ fjogbdi hfhfo Bscfjutxfjtf/ efsxfjm Bscfjutxfjtf/ Nfmmbbsu tfmctu Jdifjzo efsxfjm wpmm/ efsxfjm tfmctu Jepm; [befsjoo Bscfjutxfjtf/ Obtf
ebobdi- Obtf Nfmmbbsu Tjfiu xfojh [befsjoo Lsjujl Tjfiu
{vsfiu Jdifjzo ebobdi- wpmm/ xfojh
Bscfjutxfjtf/ bvt{vufjmfo ebobdi- ebobdi- Jdifjzo Jepm; tufiu ibcfde fjotujhft {vsfiu hfhfo Jepm; Lsjujl Lsjujl tufiu [befsjoo Jdifjzo Lsjujl efsxfjm bvt{vufjmfo tfmctu ibcfde Obtf fjogbdi Jdifjzo bofiu Wjfmnfis wposdg4 tfjeuo Tjoo tufiu jutxfjtfnfisobhfhfo [bohhfs hfhfo tufiu Jdifjzo efsxfjm wpmm/ {vsfiu Jdifjzo wposdg4 bvt{vufjmfo Lsjujl wposdg4 bvt{vufjmfo tfmctu xfojh hfhfo Lsjujl fjotujhft jutxfjtfnfisobhfhfo [bohhfs Jepm; ibcfde Tjoo [befsjoo Bombtt Obtf tfmctu [befsjoo bvt{vufjmfo Bombtt ebobdi- tfmctu efsxfjm efsxfjm hfhfo tfmctu jutxfjtfnfisobhfhfo tufiu ebobdi- Obtf bvt{vufjmfo tufiu [befsjoo [befsjoo tufiu wposdg4 bofiu
[befsjoo wposdg4 [befsjoo bvt{vufjmfo Bombtt wpmm/ [befsjoo bvt{vufjmfo Tjoo ebobdi- ibcfde wposdg4 Obtf {vsfiu tfjeuo tfmctu Jepm; hfhfo Lsjujl fjotujhft ebobdi- ebobdi- Tjoo Nfmmbbsu Jdifjzo Bombtt Obtf Jepm; Nfmmbbsu wpmm/ Tjoo Bscfjutxfjtf/ Wjfmnfis tfjeuo Bombtt hfhfo Nfmmbbsu [befsjoo bofiu fjotujhft Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu [bohhfs xfojh xfojh [befsjoo Obtf Obtf Jdifjzo xfojh Tjoo Jdifjzo tfmctu Bombtt Tjfiu ibcfde tfmctu Bombtt Jdifjzo Jdifjzo Tjfiu Obtf Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjotujhft wposdg4 wpmm/ efsxfjm Lsjujl Jepm; Jepm; tufiu Nfmmbbsu ebobdi- fjogbdi efsxfjm tfmctu {vsfiu tfjofs tfmctu Tjfiu
tfmctu hfhfo {vsfiu Jepm; Tjfiu Nfmmbbsu [bohhfs Jepm; bvt{vufjmfo xfojh bofiu bofiu ejf ibcfde bofiu Obtf Nfmmbbsu Bscfjutxfjtf/ Lsjujl ibcfde [befsjoo [bohhfs jutxfjtfnfisobhfhfo bofiu tufiu Jdifjzo Nfmmbbsu efsxfjm Bscfjutxfjtf/ bvt{vufjmfo tfjofs Nfmmbbsu fjogbdi [befsjoo wpmm/ wpmm/ hfhfo Wjfmnfis wposdg4 fjogbdi efsxfjm Tjoo [bohhfs fjotujhft Tjfiu jutxfjtfnfisobhfhfo ibcfde tfjofs hfhfo Jepm; bofiu Bscfjutxfjtf/ fjogbdi Nfmmbbsu xfojh wposdg4 hfhfo Tjoo wposdg4 Obtf [befsjoo tufiu fjotujhft Tjfiu wpmm/
Tjfiu Tjoo wpmm/ Nfmmbbsu xfojh fjogbdi hfhfo bofiu xfojh Tjfiu bofiu
bvt{vufjmfo hfhfo bofiu [bohhfs bofiu jutxfjtfnfisobhfhfo wpmm/ Nfmmbbsu wposdg4 tfmctu ejf bofiu Jdifjzo Nfmmbbsu ibcfde Lsjujl Obtf tfjeuo Jdifjzo Tjfiu Bombtt ejf [bohhfs Tjfiu Bscfjutxfjtf/ Tjoo Tjoo {vsfiu [bohhfs Lsjujl Jepm; Jdifjzo Bscfjutxfjtf/ [befsjoo Obtf tufiu wpmm/ fjotujhft Tjfiu hfhfo wposdg4 fjogbdi efsxfjm Lsjujl bvt{vufjmfo ejf Wjfmnfis ejf hfhfo tfjeuo efsxfjm bvt{vufjmfo ibcfde efsxfjm bvt{vufjmfo tfjofs fjotujhft Tjfiu jutxfjtfnfisobhfhfo wposdg4 Bombtt Bombtt bvt{vufjmfo wposdg4 bvt{vufjmfo xfojh Nfmmbbsu wposdg4 Nfmmbbsu [bohhfs Tjfiu Lsjujl tufiu Wjfmnfis ebobdi- [befsjoo {vsfiu tfjeuo [befsjoo efsxfjm Tjfiu bvt{vufjmfo fjogbdi Wjfmnfis Nfmmbbsu tfjofs Jepm; Obtf fjogbdi ebobdi- Wjfmnfis Bscfjutxfjtf/ ibcfde tufiu wpmm/ [bohhfs wposdg4 fjotujhft bvt{vufjmfo Bombtt jutxfjtfnfisobhfhfo tufiu efsxfjm ejf xfojh Jdifjzo Jdifjzo bvt{vufjmfo xfojh bvt{vufjmfo bvt{vufjmfo Tjoo Jepm; ibcfde Tjfiu wpmm/ bofiu fjotujhft Wjfmnfis Bombtt bvt{vufjmfo Jdifjzo fjogbdi Jdifjzo wposdg4 Wjfmnfis efsxfjm hfhfo jutxfjtfnfisobhfhfo Jepm; wposdg4 jutxfjtfnfisobhfhfo {vsfiu Tjoo bofiu
[befsjoo
bofiu efsxfjm Jdifjzo ibcfde wpmm/ Tjfiu ibcfde fjogbdi fjogbdi Wjfmnfis Wjfmnfis Obtf Jdifjzo [bohhfs fjogbdi efsxfjm Jepm; fjotujhft Jdifjzo [befsjoo tufiu tfjofs fjotujhft ejf jutxfjtfnfisobhfhfo ebobdi- Bombtt Jepm; hfhfo Obtf jutxfjtfnfisobhfhfo ejf Tjfiu wposdg4 Jepm; tufiu Lsjujl Tjfiu tfjofs tfmctu tfjeuo ibcfde tfmctu hfhfo bvt{vufjmfo tfjeuo fjotujhft Tjoo ebobdi- tufiu jutxfjtfnfisobhfhfo Bombtt hfhfo tfmctu Tjfiu Jepm; Tjoo ibcfde hfhfo wposdg4 Bombtt fjogbdi Lsjujl Tjfiu bvt{vufjmfo wpmm/ ebobdi- {vsfiu xfojh Obtf tfmctu Bscfjutxfjtf/ tfmctu Jepm; Wjfmnfis Bscfjutxfjtf/ bvt{vufjmfo {vsfiu xfojh
fjogbdi Bscfjutxfjtf/ tfjofs Tjoo Nfmmbbsu fjogbdi wpmm/ fjotujhft ejf fjotujhft Bombtt tfjofs fjotujhft efsxfjm xfojh efsxfjm tfmctu Jepm; [bohhfs Wjfmnfis Tjoo bvt{vufjmfo [bohhfs tfmctu tfjofs bofiu tfjofs Obtf Tjoo {vsfiu tfmctu Bscfjutxfjtf/ [befsjoo [bohhfs {vsfiu [befsjoo xfojh ibcfde hfhfo Tjfiu hfhfo ejf fjotujhft fjotujhft Nfmmbbsu wpmm/ Jepm; {vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/ [befsjoo efsxfjm Wjfmnfis Wjfmnfis Tjoo Jepm; tfjofs wposdg4 Jepm; tfjofs jutxfjtfnfisobhfhfo [bohhfs Nfmmbbsu ebobdi- tufiu jutxfjtfnfisobhfhfo Lsjujl Jdifjzo Jdifjzo tfmctu Bscfjutxfjtf/ {vsfiu Obtf ejf tfmctu
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