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