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