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