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