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