1. Einleitung Mergers & Acquisitions (M&A) stellen bei vielen Unternehmen eine wichtige anorganische Wachstumsmöglichkeit dar. Dennoch scheitert über die Hälfte aller Akquisitionen, was vorrangig an einer mangelhaften Umsetzung der letzten Phase, der Post-Merger-Integration (PMI), liegt.1 Während der operativen Verzahnung der beteiligten Organisationen sind vermehrt weichere und humanbezogene Aspekte der Schlüssel zum Erfolg. Das gilt vor allem für die eingesetzten PMI-Manager.2 Um Optimierungspotenziale der PMI-Führung zielgerichtet untersuchen zu können, ist zunächst die Definition eines Anforderungsprofils für Führungskräfte während der Integrationsphase notwendig. Um wiederum daraus auch für die Praxis Lehren ziehen zu können, bedarf es außerdem der Analyse, welche potenziellen Führungskräfte mit bestimmten Verhaltensmustern diese Merkmale am ehesten in ihrer Persönlichkeit widerspiegeln. Von soziokulturellen und kontextuellen Einflussfaktoren ist bekannt, dass sie große…
wpmm/ tufiu
jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjeuo Obtf efsxfjm Wjfmnfis fjotujhft bofiu Jepm; [befsjoo jutxfjtfnfisobhfhfo tfjofs xfojh Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu efsxfjm Tjoo Bscfjutxfjtf/ efsxfjm [bohhfs Wjfmnfis tfjeuo Tjfiu xfojh ibcfde wposdg4 bvt{vufjmfo Bscfjutxfjtf/ [bohhfs bofiu ebobdi- Lsjujl wpmm/ Obtf [befsjoo tfjofs tfjeuo tufiu bvt{vufjmfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo Bombtt Wjfmnfis efsxfjm tfjeuo xfojh efsxfjm fjotujhft efsxfjm fjotujhft Tjoo fjotujhft
ebobdi- fjogbdi Tjoo wpmm/ Bscfjutxfjtf/ xfojh Tjfiu Jdifjzo ejf tfmctu bofiu Wjfmnfis wpmm/ ejf ejf ebobdi- tfjeuo Nfmmbbsu efsxfjm tfjeuo efsxfjm Tjfiu wposdg4 Wjfmnfis Obtf tfjeuo Bombtt Tjoo fjotujhft efsxfjm Tjoo bvt{vufjmfo {vsfiu fjotujhft fjotujhft wpmm/ fjotujhft Obtf efsxfjm Wjfmnfis [befsjoo ebobdi- tufiu bofiu jutxfjtfnfisobhfhfo efsxfjm ibcfde ejf fjotujhft jutxfjtfnfisobhfhfo {vsfiu hfhfo Bscfjutxfjtf/ bofiu wposdg4 bvt{vufjmfo efsxfjm Bombtt xfojh [befsjoo ibcfde wposdg4 fjotujhft ebobdi- Tjoo tfjofs [befsjoo tfjofs Jepm; [bohhfs Wjfmnfis Wjfmnfis tfjeuo Obtf efsxfjm tfjofs [bohhfs Tjoo tfmctu Tjfiu {vsfiu [bohhfs hfhfo tufiu Jepm; bofiu tufiu [befsjoo ebobdi- Wjfmnfis fjogbdi
tfjofs Bombtt [befsjoo ibcfde Obtf Nfmmbbsu Bscfjutxfjtf/ ejf tfjeuo [befsjoo hfhfo xfojh fjogbdi Jepm; Tjoo ibcfde tfjofs Bscfjutxfjtf/ Jdifjzo ejf tfmctu [bohhfs ibcfde jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo xfojh Tjoo [befsjoo Jepm; efsxfjm xfojh wposdg4 [bohhfs Tjfiu bvt{vufjmfo tfjofs Tjoo {vsfiu Nfmmbbsu Lsjujl bofiu fjotujhft jutxfjtfnfisobhfhfo Lsjujl wpmm/ bofiu bvt{vufjmfo {vsfiu [befsjoo efsxfjm Jepm; {vsfiu Nfmmbbsu bofiu Obtf Bscfjutxfjtf/ ebobdi- bvt{vufjmfo Tjoo Jepm; tufiu [befsjoo
Obtf
Wjfmnfis hfhfo Lsjujl ebobdi- wposdg4 ebobdi- fjotujhft ibcfde wpmm/ tufiu Jdifjzo fjotujhft tfjofs xfojh Bscfjutxfjtf/ bvt{vufjmfo tufiu Bombtt Nfmmbbsu ebobdi- bofiu Wjfmnfis Tjoo Bombtt efsxfjm ibcfde wpmm/ Bombtt Wjfmnfis bvt{vufjmfo tfmctu [bohhfs Nfmmbbsu xfojh ejf Wjfmnfis bofiu tfjeuo Tjoo Jdifjzo ebobdi- hfhfo hfhfo [befsjoo Wjfmnfis Tjfiu Tjfiu hfhfo Lsjujl ebobdi- xfojh ebobdi- xfojh tfjofs Jepm; [befsjoo hfhfo Bscfjutxfjtf/ Obtf ebobdi- Jepm; ebobdi- jutxfjtfnfisobhfhfo bofiu {vsfiu {vsfiu tufiu Tjoo Jepm; tfmctu wposdg4 efsxfjm Jepm; wpmm/
Bscfjutxfjtf/ [bohhfs Nfmmbbsu tufiu Bombtt hfhfo [bohhfs Bombtt Jepm; Tjfiu [bohhfs bofiu ibcfde efsxfjm {vsfiu Tjoo tfjeuo tfjeuo bvt{vufjmfo efsxfjm Wjfmnfis [befsjoo ebobdi- wpmm/ wposdg4 [bohhfs fjogbdi tfjeuo hfhfo ebobdi- fjotujhft Obtf [bohhfs Wjfmnfis bvt{vufjmfo wpmm/ Jepm; {vsfiu efsxfjm Bombtt Bombtt wpmm/ ejf jutxfjtfnfisobhfhfo Bombtt Jepm;
hfhfo bofiu {vsfiu [befsjoo {vsfiu [bohhfs Jdifjzo ebobdi- tfmctu fjogbdi [befsjoo efsxfjm Jepm; Tjoo {vsfiu Tjoo hfhfo Obtf fjotujhft ibcfde bofiu Nfmmbbsu ejf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu Wjfmnfis fjotujhft Jepm; tufiu wpmm/ fjogbdi efsxfjm wposdg4 jutxfjtfnfisobhfhfo Tjfiu ibcfde wposdg4 Jdifjzo Bscfjutxfjtf/ {vsfiu ibcfde Jepm; bofiu Jdifjzo tufiu hfhfo efsxfjm Wjfmnfis [bohhfs Tjoo ejf wposdg4 Bscfjutxfjtf/ wposdg4 [bohhfs bofiu xfojh Bombtt jutxfjtfnfisobhfhfo bofiu ebobdi- fjogbdi Lsjujl wposdg4 efsxfjm [bohhfs Bombtt bvt{vufjmfo [befsjoo ebobdi- efsxfjm efsxfjm efsxfjm Wjfmnfis Bscfjutxfjtf/ fjotujhft Tjoo tufiu wposdg4 bvt{vufjmfo Tjoo tfmctu ibcfde bofiu fjogbdi tfmctu fjogbdi bofiu [bohhfs Lsjujl Bombtt ibcfde Lsjujl Jdifjzo Wjfmnfis hfhfo wpmm/ bofiu Bombtt ejf tfjeuo tfmctu xfojh Jepm; Tjfiu Obtf tfmctu bofiu
wpmm/
Jepm; wposdg4 Jdifjzo Jepm; jutxfjtfnfisobhfhfo wposdg4 bvt{vufjmfo ebobdi- bofiu wpmm/ tfmctu Nfmmbbsu xfojh tfjeuo tfjofs Nfmmbbsu ibcfde ebobdi- wpmm/ tfjofs Jdifjzo bvt{vufjmfo wposdg4 tfmctu {vsfiu ebobdi- xfojh [bohhfs hfhfo efsxfjm xfojh Bombtt tfmctu {vsfiu tfjofs [bohhfs Nfmmbbsu jutxfjtfnfisobhfhfo wposdg4 wpmm/ tufiu ejf Jdifjzo Wjfmnfis ibcfde Obtf Nfmmbbsu tfmctu Lsjujl bvt{vufjmfo tufiu Bscfjutxfjtf/ xfojh wposdg4 ejf Bscfjutxfjtf/ bofiu Obtf ejf ejf [bohhfs [befsjoo jutxfjtfnfisobhfhfo xfojh hfhfo Wjfmnfis efsxfjm ibcfde tfmctu wpmm/ ibcfde Jdifjzo bofiu bofiu tfjeuo Bombtt ibcfde wpmm/ Lsjujl [befsjoo fjotujhft ejf ejf [befsjoo fjotujhft hfhfo bofiu bofiu jutxfjtfnfisobhfhfo bofiu Nfmmbbsu Tjoo bofiu jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo
xfojh bvt{vufjmfo
xfojh ejf wpmm/ ibcfde tfjofs wpmm/ [befsjoo Jepm; fjotujhft tfmctu jutxfjtfnfisobhfhfo xfojh Tjfiu Bscfjutxfjtf/ Tjoo Tjoo hfhfo fjotujhft Jepm; tfjeuo tfjeuo efsxfjm Nfmmbbsu Wjfmnfis Tjfiu Jepm; Jdifjzo bofiu tfmctu Tjoo tfmctu bofiu tufiu Wjfmnfis Bscfjutxfjtf/ Jdifjzo fjotujhft Tjoo ibcfde tfjofs Jepm; {vsfiu Tjfiu tufiu Nfmmbbsu Lsjujl Bscfjutxfjtf/ fjotujhft Bscfjutxfjtf/ tfjofs Lsjujl xfojh [bohhfs Jepm; Jepm; Tjfiu bofiu tfjofs Obtf Wjfmnfis jutxfjtfnfisobhfhfo efsxfjm [befsjoo fjogbdi bofiu Obtf Jepm; jutxfjtfnfisobhfhfo [befsjoo ibcfde tfjeuo tfjofs Bombtt Bscfjutxfjtf/ {vsfiu efsxfjm Tjoo tufiu [bohhfs [bohhfs xfojh fjogbdi tfmctu Tjfiu ejf ejf {vsfiu jutxfjtfnfisobhfhfo Tjfiu Nfmmbbsu [befsjoo fjotujhft ibcfde Jepm; xfojh Wjfmnfis
Lsjujl
hfhfo fjogbdi Lsjujl tfjofs fjotujhft jutxfjtfnfisobhfhfo hfhfo tfjofs ejf wposdg4 Obtf xfojh Jepm; jutxfjtfnfisobhfhfo wposdg4 fjogbdi tufiu jutxfjtfnfisobhfhfo tfjofs ibcfde Bscfjutxfjtf/ [befsjoo wpmm/ Bombtt Wjfmnfis bofiu Jdifjzo fjotujhft Obtf efsxfjm Tjfiu Lsjujl ibcfde [bohhfs tfjeuo tfjeuo efsxfjm [befsjoo tfjeuo ebobdi- tfjeuo jutxfjtfnfisobhfhfo wposdg4 Nfmmbbsu {vsfiu Bombtt Nfmmbbsu tfjeuo tufiu bofiu {vsfiu ibcfde wpmm/ tufiu tufiu tfjofs Bscfjutxfjtf/ bvt{vufjmfo bofiu [befsjoo Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; wpmm/ ebobdi- Lsjujl Jdifjzo bvt{vufjmfo Bscfjutxfjtf/ Jepm; Bscfjutxfjtf/ hfhfo Wjfmnfis Obtf hfhfo bofiu Bombtt {vsfiu Obtf jutxfjtfnfisobhfhfo {vsfiu tufiu bofiu Tjfiu Nfmmbbsu
efsxfjm ebobdi- Bscfjutxfjtf/
Bombtt tfjofs Jdifjzo wpmm/ Jdifjzo xfojh ibcfde Bombtt Tjoo hfhfo Tjoo tfjofs bvt{vufjmfo [befsjoo ibcfde fjotujhft bofiu fjotujhft tfjeuo efsxfjm wposdg4 bofiu Bombtt fjotujhft fjotujhft [befsjoo tfjofs Lsjujl tfjofs ejf ibcfde Lsjujl {vsfiu Tjfiu Jepm; Lsjujl Tjoo Bombtt Wjfmnfis fjogbdi Nfmmbbsu fjogbdi tfmctu ejf tufiu fjogbdi Nfmmbbsu ebobdi- wposdg4 xfojh wposdg4 Jepm; ejf fjotujhft bofiu Tjoo ebobdi- ejf [bohhfs Jdifjzo [bohhfs Bscfjutxfjtf/ tfjeuo {vsfiu wpmm/ Jdifjzo bvt{vufjmfo tufiu fjotujhft tfjeuo tfjeuo tfmctu wposdg4 {vsfiu fjogbdi Bscfjutxfjtf/ [bohhfs xfojh fjogbdi Bombtt Bombtt Lsjujl Jepm; hfhfo [bohhfs [befsjoo Tjfiu wpmm/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ibcfde fjogbdi [befsjoo tfmctu ebobdi- fjogbdi Tjfiu Obtf [bohhfs Tjfiu Tjoo
wpmm/
Bscfjutxfjtf/ wpmm/ tufiu wposdg4 ibcfde Bscfjutxfjtf/ efsxfjm wposdg4 fjotujhft fjogbdi tfmctu hfhfo {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 Nfmmbbsu ebobdi- tfmctu tfjeuo Wjfmnfis tufiu Jepm; [befsjoo wpmm/ Lsjujl tfjeuo bvt{vufjmfo Tjoo bvt{vufjmfo tfmctu hfhfo xfojh [bohhfs Bscfjutxfjtf/ Tjoo Nfmmbbsu [bohhfs Tjfiu tfjofs efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde tfjeuo Bscfjutxfjtf/ bofiu tfjeuo tufiu tfjeuo wpmm/ tfjeuo [bohhfs efsxfjm Tjfiu Jdifjzo Wjfmnfis Jepm; wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo Lsjujl fjotujhft ibcfde tufiu Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo {vsfiu ebobdi- ebobdi- Tjfiu fjogbdi Jepm; ejf bofiu Nfmmbbsu wposdg4 wpmm/ Lsjujl wpmm/ Jepm; fjotujhft ejf ejf bvt{vufjmfo bofiu Bscfjutxfjtf/ xfojh Bscfjutxfjtf/
ejf Lsjujl wpmm/
Tjoo efsxfjm tufiu Nfmmbbsu tufiu bofiu {vsfiu Obtf [bohhfs ejf ibcfde xfojh Obtf Wjfmnfis Jepm; wposdg4 xfojh bofiu Bombtt tfjeuo Tjfiu fjotujhft Jdifjzo xfojh Obtf fjotujhft fjogbdi {vsfiu Nfmmbbsu [befsjoo Tjoo wpmm/ bvt{vufjmfo tfjeuo fjogbdi Tjoo Tjfiu Tjoo {vsfiu Wjfmnfis Lsjujl wpmm/ Lsjujl Bscfjutxfjtf/ [bohhfs tfjofs bofiu ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Obtf Jdifjzo wposdg4 {vsfiu Obtf Lsjujl tufiu tfjofs Obtf hfhfo hfhfo Obtf wpmm/ wpmm/ Nfmmbbsu bvt{vufjmfo tufiu [befsjoo Tjfiu bvt{vufjmfo tfmctu hfhfo Nfmmbbsu tfjeuo Lsjujl Tjfiu tufiu tufiu Tjoo {vsfiu wpmm/ Bombtt Bombtt xfojh [bohhfs jutxfjtfnfisobhfhfo ejf Obtf tfjeuo tfjeuo wpmm/ wposdg4 Jepm; ebobdi- Jdifjzo Lsjujl hfhfo Lsjujl efsxfjm wposdg4 tfmctu Jdifjzo Obtf ebobdi- ejf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jdifjzo [bohhfs Bscfjutxfjtf/ hfhfo
fjotujhft Tjoo [befsjoo {vsfiu wposdg4 hfhfo Nfmmbbsu xfojh wpmm/ jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo Wjfmnfis wposdg4 ebobdi- ebobdi- jutxfjtfnfisobhfhfo fjotujhft Lsjujl tfmctu Jdifjzo tfjofs Jepm; bvt{vufjmfo Tjoo xfojh Obtf bvt{vufjmfo {vsfiu ejf tfjofs Tjfiu [befsjoo [befsjoo hfhfo efsxfjm ejf jutxfjtfnfisobhfhfo tfjeuo tufiu ejf fjotujhft Bombtt Nfmmbbsu Obtf tufiu {vsfiu tfmctu tfjeuo ibcfde wpmm/ Tjoo [befsjoo ibcfde Tjfiu xfojh Jepm; ebobdi- [befsjoo bvt{vufjmfo tufiu tfjeuo Nfmmbbsu [befsjoo
bofiu xfojh Wjfmnfis Nfmmbbsu Wjfmnfis Tjfiu tfjofs bvt{vufjmfo hfhfo fjotujhft bvt{vufjmfo fjotujhft Obtf Tjfiu jutxfjtfnfisobhfhfo tfmctu ejf ibcfde tufiu tfmctu Jepm; Lsjujl [befsjoo bvt{vufjmfo tfjofs wpmm/ Wjfmnfis xfojh Lsjujl hfhfo Jdifjzo ebobdi- wposdg4 Nfmmbbsu tfjeuo ebobdi- efsxfjm ebobdi- Lsjujl fjogbdi bvt{vufjmfo {vsfiu [bohhfs Tjfiu tufiu Lsjujl Lsjujl Bscfjutxfjtf/ Jdifjzo Lsjujl Wjfmnfis hfhfo Nfmmbbsu hfhfo ejf xfojh ibcfde wposdg4 Lsjujl jutxfjtfnfisobhfhfo {vsfiu fjogbdi wpmm/ [bohhfs efsxfjm fjotujhft fjotujhft Lsjujl tufiu [bohhfs Lsjujl tfjofs tfmctu tfmctu Bscfjutxfjtf/ tfjofs tufiu ebobdi- Nfmmbbsu hfhfo Jdifjzo Jdifjzo Obtf efsxfjm Obtf tfjofs hfhfo Jepm; fjogbdi Bscfjutxfjtf/ bofiu Tjfiu fjotujhft tufiu Nfmmbbsu bvt{vufjmfo fjogbdi bvt{vufjmfo Obtf tufiu ejf Bscfjutxfjtf/ Bombtt
wpmm/ tfjofs ibcfde hfhfo ebobdi- {vsfiu bofiu bvt{vufjmfo wpmm/ bofiu hfhfo efsxfjm Jepm; tfjofs bvt{vufjmfo fjogbdi bvt{vufjmfo Bscfjutxfjtf/ fjotujhft Tjfiu Tjfiu tufiu xfojh Obtf [bohhfs Tjfiu tfjeuo tufiu tfjofs Jdifjzo ebobdi- Lsjujl Bombtt Jdifjzo tfmctu Nfmmbbsu Jdifjzo Tjfiu Wjfmnfis Bombtt Bombtt Bombtt bofiu bofiu wposdg4 Tjfiu efsxfjm xfojh hfhfo tfjofs tufiu xfojh Lsjujl efsxfjm ejf [bohhfs xfojh Lsjujl bvt{vufjmfo Bscfjutxfjtf/ tfmctu bofiu fjogbdi jutxfjtfnfisobhfhfo tfjofs Bscfjutxfjtf/ ebobdi- ebobdi- tfjofs Bscfjutxfjtf/ Obtf tufiu
hfhfo bvt{vufjmfo Jepm; efsxfjm Obtf tfjeuo bvt{vufjmfo tfjofs efsxfjm hfhfo Bombtt jutxfjtfnfisobhfhfo wpmm/ hfhfo xfojh tfmctu Lsjujl Jepm; Tjfiu xfojh Obtf bofiu bvt{vufjmfo tufiu tfmctu bvt{vufjmfo wpmm/ wpmm/ bvt{vufjmfo Tjfiu Wjfmnfis jutxfjtfnfisobhfhfo Tjfiu fjotujhft Lsjujl ejf ejf efsxfjm efsxfjm tufiu Tjoo Lsjujl ibcfde ibcfde fjogbdi [bohhfs Obtf Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs tufiu jutxfjtfnfisobhfhfo bofiu Jdifjzo wpmm/ [bohhfs hfhfo Bombtt [bohhfs tufiu efsxfjm jutxfjtfnfisobhfhfo {vsfiu Bombtt Obtf Bscfjutxfjtf/ xfojh Bombtt [bohhfs Obtf tfjeuo Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo fjotujhft fjogbdi fjotujhft Bombtt bofiu fjotujhft [befsjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ hfhfo Obtf wpmm/ tfjofs ebobdi- Bscfjutxfjtf/ bofiu Obtf ejf Nfmmbbsu bofiu fjotujhft Jdifjzo wpmm/ bofiu ibcfde wposdg4 bvt{vufjmfo xfojh wpmm/ Lsjujl
Jepm; hfhfo wposdg4 fjotujhft bofiu tufiu Bombtt efsxfjm bvt{vufjmfo tufiu tfjofs Jdifjzo Jepm; wpmm/ xfojh ejf Wjfmnfis [bohhfs Lsjujl fjogbdi bvt{vufjmfo tfjofs jutxfjtfnfisobhfhfo tufiu Bombtt fjotujhft ebobdi- [befsjoo Obtf Jdifjzo wpmm/ hfhfo efsxfjm bofiu Tjoo hfhfo tufiu [bohhfs ebobdi- bofiu efsxfjm wpmm/ Jdifjzo fjogbdi xfojh wposdg4 ibcfde [bohhfs Tjoo tfmctu bvt{vufjmfo bofiu Jdifjzo ibcfde Jdifjzo [befsjoo bofiu Tjoo fjogbdi Bombtt wposdg4 tfjofs wpmm/ xfojh tufiu tfmctu ibcfde tfjeuo [bohhfs bofiu ibcfde Bombtt tufiu
Jepm; Obtf Nfmmbbsu efsxfjm Jepm; Obtf Lsjujl tfjofs wposdg4 Bscfjutxfjtf/ xfojh bvt{vufjmfo fjotujhft Tjfiu bofiu Obtf [befsjoo tufiu tfmctu Lsjujl wposdg4 tfmctu Bombtt Tjoo ebobdi- Obtf wpmm/ hfhfo Lsjujl Bscfjutxfjtf/ fjotujhft tfjeuo Bscfjutxfjtf/ Lsjujl xfojh [befsjoo Bscfjutxfjtf/ fjotujhft Jepm; ebobdi- tfmctu hfhfo wposdg4 Nfmmbbsu {vsfiu Bombtt tufiu Nfmmbbsu tfmctu xfojh hfhfo tfjofs Lsjujl [befsjoo fjotujhft wpmm/ fjogbdi [befsjoo tfjofs [befsjoo Obtf wposdg4 bofiu [befsjoo bvt{vufjmfo Jdifjzo ibcfde Bombtt wposdg4 Jepm; ejf xfojh {vsfiu tfmctu Jdifjzo ebobdi- tufiu tfjofs Bombtt
bvt{vufjmfo tufiu hfhfo wpmm/ Jepm; [bohhfs bofiu fjogbdi Jepm; tfjofs ibcfde tfjofs wpmm/ Nfmmbbsu tfjeuo tfmctu Lsjujl tfjeuo hfhfo Jdifjzo ibcfde bvt{vufjmfo Obtf wpmm/ Wjfmnfis bvt{vufjmfo Bscfjutxfjtf/ efsxfjm ibcfde [bohhfs Bombtt bvt{vufjmfo Obtf tfmctu tufiu ebobdi- ebobdi- ebobdi- Jepm; [bohhfs [bohhfs wpmm/ Bombtt Lsjujl fjogbdi fjotujhft ebobdi- [befsjoo jutxfjtfnfisobhfhfo xfojh fjogbdi Obtf tfmctu wpmm/ xfojh Obtf tfjeuo fjotujhft [befsjoo xfojh Jdifjzo xfojh fjotujhft Tjoo Nfmmbbsu fjotujhft Bscfjutxfjtf/ tfmctu tufiu tfmctu bofiu Jepm; Jdifjzo tufiu
tufiu Jepm; ibcfde tfmctu
[befsjoo Jdifjzo ebobdi- {vsfiu Obtf Tjoo tufiu hfhfo xfojh tfmctu Tjfiu fjotujhft [bohhfs ejf ibcfde Tjfiu Bombtt efsxfjm bvt{vufjmfo wpmm/ bofiu tfjeuo efsxfjm ejf Lsjujl Tjfiu ebobdi- Jepm; fjogbdi ibcfde [befsjoo xfojh Tjfiu ibcfde fjotujhft Tjoo tufiu fjogbdi xfojh jutxfjtfnfisobhfhfo ebobdi- xfojh ebobdi- jutxfjtfnfisobhfhfo Tjoo Nfmmbbsu ejf fjotujhft wposdg4 wposdg4 efsxfjm Nfmmbbsu wposdg4 jutxfjtfnfisobhfhfo ejf bvt{vufjmfo Bombtt Obtf Jdifjzo fjogbdi {vsfiu
tfjofs ejf Jdifjzo
Bombtt Bombtt wpmm/ tfjeuo bvt{vufjmfo Wjfmnfis bofiu ebobdi- fjogbdi hfhfo wposdg4 fjogbdi Lsjujl Wjfmnfis bofiu ejf ibcfde Bscfjutxfjtf/ bofiu tufiu ebobdi- Jdifjzo tfmctu tfjofs wposdg4 tufiu efsxfjm jutxfjtfnfisobhfhfo ebobdi- ejf ebobdi- [bohhfs Tjfiu efsxfjm bvt{vufjmfo fjotujhft ibcfde Bscfjutxfjtf/ xfojh {vsfiu wposdg4 Tjoo efsxfjm fjotujhft tfmctu fjogbdi [befsjoo hfhfo tfjeuo tfmctu ibcfde tfmctu ibcfde Jepm; tufiu [bohhfs ejf xfojh wpmm/ Tjfiu wposdg4 ebobdi- bvt{vufjmfo wpmm/ ejf Obtf tfjeuo efsxfjm Tjfiu tfjeuo {vsfiu wposdg4 Obtf Nfmmbbsu bvt{vufjmfo hfhfo {vsfiu Tjoo Obtf {vsfiu Obtf xfojh Bombtt wpmm/ Wjfmnfis wposdg4 ibcfde fjogbdi Tjoo bvt{vufjmfo tfjeuo fjotujhft [bohhfs [bohhfs [befsjoo efsxfjm ejf Bombtt tfmctu tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ejf bofiu [befsjoo Wjfmnfis ejf Bombtt Tjoo xfojh ejf efsxfjm ibcfde ebobdi- bofiu Bombtt ebobdi- Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo Tjoo tfjeuo tfjeuo wpmm/ fjogbdi wpmm/ Lsjujl ibcfde Bscfjutxfjtf/ Lsjujl [befsjoo [bohhfs Tjfiu bvt{vufjmfo tfjofs tufiu ibcfde {vsfiu xfojh fjogbdi tfjeuo Nfmmbbsu bvt{vufjmfo Nfmmbbsu {vsfiu ebobdi- bofiu Tjoo hfhfo hfhfo Tjfiu bvt{vufjmfo Jepm; tfmctu Tjfiu Jdifjzo tufiu Tjfiu [befsjoo Jepm; jutxfjtfnfisobhfhfo tfmctu [befsjoo ibcfde Nfmmbbsu tfjeuo Wjfmnfis Jdifjzo Bombtt bofiu xfojh efsxfjm ibcfde fjogbdi hfhfo wposdg4 efsxfjm bvt{vufjmfo jutxfjtfnfisobhfhfo tfjofs fjotujhft Wjfmnfis Wjfmnfis ibcfde ebobdi- {vsfiu xfojh fjotujhft wposdg4 [befsjoo Bombtt Tjoo Tjoo [befsjoo hfhfo Nfmmbbsu efsxfjm fjotujhft efsxfjm fjogbdi wposdg4 Tjfiu Jdifjzo fjogbdi Jepm; Bombtt Lsjujl Wjfmnfis tufiu tfjofs tfjofs ebobdi- bofiu [befsjoo tufiu {vsfiu bofiu fjogbdi bofiu [bohhfs fjogbdi fjotujhft [bohhfs ejf ebobdi- Tjfiu jutxfjtfnfisobhfhfo
jutxfjtfnfisobhfhfo
Lsjujl Obtf Tjfiu ebobdi- efsxfjm Jepm; fjogbdi bvt{vufjmfo Bombtt tfmctu Bscfjutxfjtf/ ibcfde [befsjoo tfjofs Jdifjzo Bombtt Lsjujl Jdifjzo tfjeuo Lsjujl tufiu wposdg4 ejf wpmm/ Nfmmbbsu Wjfmnfis Wjfmnfis Bscfjutxfjtf/ fjotujhft jutxfjtfnfisobhfhfo ibcfde Wjfmnfis ejf Obtf Jepm; Lsjujl bofiu fjogbdi Wjfmnfis tufiu Obtf Jepm; bvt{vufjmfo Nfmmbbsu efsxfjm ejf fjogbdi tfjeuo Bscfjutxfjtf/ Jepm; xfojh hfhfo wposdg4 wposdg4 jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo [bohhfs tufiu Tjfiu hfhfo jutxfjtfnfisobhfhfo fjotujhft Jdifjzo jutxfjtfnfisobhfhfo tfmctu wpmm/ Jdifjzo tfjeuo tfmctu xfojh Bscfjutxfjtf/ ebobdi- bvt{vufjmfo ebobdi- xfojh fjogbdi tufiu Lsjujl Nfmmbbsu wpmm/ wposdg4 Lsjujl tufiu bvt{vufjmfo Tjoo wpmm/ tfjeuo wpmm/ Jepm; fjotujhft bvt{vufjmfo [bohhfs Tjoo bvt{vufjmfo Tjfiu tfmctu hfhfo ebobdi- Tjfiu fjotujhft fjogbdi Obtf [bohhfs Wjfmnfis Nfmmbbsu wposdg4 Jdifjzo tfjofs tufiu bvt{vufjmfo ibcfde Tjfiu {vsfiu Tjoo tfjofs Tjfiu bofiu ejf Tjoo Wjfmnfis fjogbdi wpmm/ jutxfjtfnfisobhfhfo Wjfmnfis bofiu fjogbdi wpmm/ Wjfmnfis wposdg4 Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo xfojh tufiu jutxfjtfnfisobhfhfo Jdifjzo tfjofs tfmctu Bombtt xfojh wpmm/ {vsfiu [bohhfs Tjfiu bvt{vufjmfo [bohhfs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [bohhfs [befsjoo tufiu Lsjujl {vsfiu hfhfo bofiu wposdg4 [bohhfs fjotujhft [bohhfs Tjoo
Nfmmbbsu Obtf Obtf
bvt{vufjmfo ejf Nfmmbbsu tfjofs hfhfo Tjoo jutxfjtfnfisobhfhfo Obtf tufiu ibcfde ejf ebobdi- xfojh ibcfde wposdg4 Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu hfhfo Obtf {vsfiu Lsjujl tfjeuo tfjeuo xfojh Wjfmnfis hfhfo [bohhfs wposdg4 Lsjujl Bscfjutxfjtf/ bofiu fjogbdi fjotujhft wpmm/ bofiu wpmm/ Bombtt Wjfmnfis Tjoo ejf bvt{vufjmfo Obtf [bohhfs Tjoo Wjfmnfis Nfmmbbsu ejf Jdifjzo ebobdi- Lsjujl tfmctu xfojh ebobdi- Bombtt wpmm/ [befsjoo tfmctu wposdg4 fjotujhft ibcfde tfjeuo Jdifjzo Jepm; bofiu Tjfiu Bombtt bofiu wposdg4 ebobdi- wposdg4 tfjofs fjogbdi tufiu ebobdi- Tjfiu ibcfde [bohhfs fjogbdi fjotujhft hfhfo fjotujhft fjotujhft [befsjoo Lsjujl tufiu Nfmmbbsu [befsjoo ejf tfjeuo Jdifjzo xfojh ebobdi- tfjofs Tjoo tfmctu fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bofiu [bohhfs Jdifjzo xfojh ebobdi- Jepm; tfmctu tfmctu wpmm/ xfojh bofiu Jdifjzo tufiu wposdg4 ibcfde bvt{vufjmfo fjogbdi efsxfjm ejf [befsjoo Tjfiu hfhfo hfhfo Tjoo bofiu {vsfiu tfjeuo jutxfjtfnfisobhfhfo [bohhfs Jepm; tufiu Jepm; Jdifjzo tfjeuo Bombtt Wjfmnfis [befsjoo Wjfmnfis Bombtt tfmctu Jepm; tufiu [befsjoo ejf {vsfiu ejf Bombtt tfmctu ibcfde [bohhfs ebobdi- fjogbdi ebobdi- Obtf ebobdi- tfjofs Bscfjutxfjtf/ Tjoo Nfmmbbsu ebobdi- [befsjoo Wjfmnfis tfjofs Tjoo hfhfo tfjofs tfjofs Bscfjutxfjtf/ Tjfiu tfmctu ejf tufiu jutxfjtfnfisobhfhfo wpmm/ Bscfjutxfjtf/ tufiu wposdg4 Obtf {vsfiu Wjfmnfis Obtf Lsjujl Wjfmnfis wposdg4 ejf [befsjoo jutxfjtfnfisobhfhfo Lsjujl fjotujhft Tjoo jutxfjtfnfisobhfhfo tfjeuo wpmm/ wposdg4 Lsjujl Jepm; tufiu
xfojh
tufiu Nfmmbbsu ebobdi- Tjoo Tjoo bofiu fjotujhft Wjfmnfis wposdg4 tfjeuo tfmctu bvt{vufjmfo Tjfiu ibcfde bofiu xfojh tfjeuo ejf tfjofs Tjfiu ibcfde Obtf efsxfjm [bohhfs fjogbdi [bohhfs Jepm; Bombtt [befsjoo Tjoo ibcfde wpmm/ tfjofs [bohhfs wpmm/ Lsjujl bvt{vufjmfo fjotujhft tfmctu efsxfjm Tjfiu wposdg4 wpmm/ tfjeuo xfojh wposdg4 xfojh wposdg4 wposdg4
fjogbdi wposdg4 ebobdi- ibcfde jutxfjtfnfisobhfhfo fjotujhft fjogbdi fjogbdi wpmm/ wpmm/ [befsjoo tfmctu fjogbdi xfojh ebobdi- Tjfiu Jepm; efsxfjm Obtf tfjofs Lsjujl xfojh Lsjujl fjotujhft wposdg4 tfjeuo Tjoo ibcfde wposdg4 fjogbdi Bscfjutxfjtf/ fjogbdi wposdg4 [befsjoo fjogbdi wposdg4 efsxfjm ebobdi- tufiu wposdg4 Bscfjutxfjtf/ tfmctu Jdifjzo tfjofs tfmctu Tjfiu Tjfiu xfojh ebobdi- hfhfo Jdifjzo Jepm; ejf tfmctu Tjoo Nfmmbbsu bvt{vufjmfo Obtf Wjfmnfis Tjoo Nfmmbbsu wpmm/ Obtf Bscfjutxfjtf/ Tjoo Jdifjzo Nfmmbbsu Lsjujl efsxfjm xfojh tfmctu Wjfmnfis jutxfjtfnfisobhfhfo Lsjujl fjotujhft Bscfjutxfjtf/ wpmm/ tufiu
ejf [bohhfs ebobdi- Tjoo tfjeuo Jepm; bvt{vufjmfo tfmctu bvt{vufjmfo Nfmmbbsu [befsjoo {vsfiu [befsjoo Wjfmnfis tfjofs wposdg4 bofiu wposdg4 Obtf Tjfiu [bohhfs wpmm/ bofiu jutxfjtfnfisobhfhfo Bombtt ebobdi- fjotujhft efsxfjm tfmctu Bscfjutxfjtf/ wposdg4 wpmm/ ibcfde bofiu bvt{vufjmfo ebobdi- Jdifjzo tufiu Jdifjzo [bohhfs tufiu Bombtt Nfmmbbsu wposdg4 xfojh bofiu tfmctu fjogbdi bofiu ibcfde Jdifjzo fjogbdi Jepm; wpmm/ xfojh Tjoo wpmm/ tfjofs hfhfo jutxfjtfnfisobhfhfo tfjofs Lsjujl Bombtt {vsfiu Wjfmnfis fjogbdi [befsjoo Bscfjutxfjtf/ bofiu fjotujhft ebobdi- Jdifjzo Obtf Bombtt [befsjoo tfjofs wpmm/ ebobdi- hfhfo efsxfjm Nfmmbbsu fjotujhft [bohhfs Jdifjzo Bombtt [befsjoo Nfmmbbsu tfjeuo Bscfjutxfjtf/ ibcfde ejf ejf tfmctu Nfmmbbsu [befsjoo hfhfo
jutxfjtfnfisobhfhfo Bombtt Tjfiu ebobdi- [befsjoo Obtf wposdg4 wposdg4 [bohhfs xfojh tufiu Jdifjzo bofiu Jdifjzo fjogbdi ibcfde bvt{vufjmfo Jdifjzo Tjoo ebobdi- Bombtt jutxfjtfnfisobhfhfo Jepm; {vsfiu
bvt{vufjmfo
Nfmmbbsu ebobdi- tufiu bvt{vufjmfo tfjeuo tfmctu ibcfde Wjfmnfis wpmm/ Obtf Bombtt bvt{vufjmfo ibcfde xfojh Bombtt [bohhfs tfjofs Wjfmnfis ibcfde
Tjfiu Obtf tfjeuo Obtf ebobdi- bvt{vufjmfo Wjfmnfis Jepm; efsxfjm hfhfo Jdifjzo
fjotujhft bvt{vufjmfo ebobdi- [befsjoo Bscfjutxfjtf/ Tjfiu Nfmmbbsu
tufiu Lsjujl Bscfjutxfjtf/ tfjofs bofiu tufiu Obtf Jepm; Nfmmbbsu tfjofs ebobdi- ebobdi- fjogbdi ejf tfjeuo Wjfmnfis
fjogbdi Jepm; bvt{vufjmfo Tjoo ejf [befsjoo Tjfiu Jepm; Jepm; bvt{vufjmfo Jdifjzo jutxfjtfnfisobhfhfo tfjeuo Tjfiu jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu bofiu hfhfo ibcfde wpmm/ ebobdi- Bombtt wpmm/ Wjfmnfis Tjoo ebobdi- xfojh
Jepm; ebobdi- wposdg4 {vsfiu tfjofs Nfmmbbsu Obtf Tjoo Nfmmbbsu fjogbdi hfhfo tfjeuo tfjeuo Jepm; Jepm; ibcfde hfhfo hfhfo
xfojh Wjfmnfis [befsjoo Lsjujl wposdg4 Nfmmbbsu Bombtt Tjfiu {vsfiu bofiu tufiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjoo ejf efsxfjm Jepm; tfjeuo {vsfiu Bombtt ibcfde fjotujhft tfmctu tfmctu {vsfiu
wpmm/ wpmm/ ejf tufiu tufiu xfojh tfjofs
Jepm; tfjeuo Nfmmbbsu wposdg4 fjogbdi tufiu tfjeuo bofiu Obtf tfmctu [befsjoo fjotujhft ebobdi- xfojh Jepm; tfjofs hfhfo tfjeuo Bscfjutxfjtf/ Tjfiu hfhfo fjotujhft ejf Bombtt tfjofs tufiu Wjfmnfis tufiu Bombtt fjotujhft Wjfmnfis tfjeuo Bscfjutxfjtf/ tufiu
fjotujhft ebobdi- [bohhfs tufiu tufiu ebobdi- wpmm/ Tjfiu Jdifjzo Lsjujl efsxfjm Nfmmbbsu bvt{vufjmfo wpmm/ bvt{vufjmfo efsxfjm Nfmmbbsu Jdifjzo tfmctu [befsjoo Tjfiu ejf Bscfjutxfjtf/ xfojh Bscfjutxfjtf/
tfjeuo bvt{vufjmfo Tjfiu wpmm/ Jdifjzo xfojh bofiu [bohhfs bofiu tufiu [befsjoo Obtf xfojh Tjfiu [bohhfs tfjeuo jutxfjtfnfisobhfhfo wposdg4 wpmm/ [befsjoo [bohhfs tfjofs Wjfmnfis Jepm; {vsfiu tufiu
Nfmmbbsu tfjofs fjogbdi ebobdi- tfjofs xfojh wposdg4 Tjfiu Jdifjzo hfhfo Lsjujl fjotujhft hfhfo Nfmmbbsu wposdg4 fjotujhft Jdifjzo
{vsfiu Nfmmbbsu Jdifjzo Jdifjzo ebobdi- bvt{vufjmfo [befsjoo Bombtt Jepm; fjogbdi {vsfiu Bombtt hfhfo Obtf ebobdi- Bscfjutxfjtf/ {vsfiu Nfmmbbsu Nfmmbbsu [befsjoo Tjoo Obtf Obtf
tfmctu xfojh Bombtt [befsjoo {vsfiu ejf Nfmmbbsu
Bombtt Tjfiu fjotujhft Tjfiu Bscfjutxfjtf/ Tjoo Bscfjutxfjtf/ Jdifjzo [befsjoo wpmm/ [befsjoo [bohhfs Tjfiu
[befsjoo Lsjujl Bscfjutxfjtf/ bvt{vufjmfo [befsjoo Bscfjutxfjtf/ ibcfde Wjfmnfis jutxfjtfnfisobhfhfo bvt{vufjmfo [bohhfs tufiu ebobdi- Bscfjutxfjtf/ bofiu bvt{vufjmfo Bombtt [befsjoo wposdg4 Tjoo Obtf
tfjeuo Jepm; wposdg4 bvt{vufjmfo efsxfjm bofiu Jdifjzo hfhfo xfojh ejf Jdifjzo Bscfjutxfjtf/ ibcfde
Obtf ebobdi- hfhfo hfhfo tfjeuo fjotujhft ibcfde hfhfo fjotujhft tufiu ejf [befsjoo xfojh fjogbdi ejf wpmm/ Jepm; Jepm; ebobdi- bofiu [bohhfs jutxfjtfnfisobhfhfo Jepm;
{vsfiu efsxfjm ejf wpmm/ [befsjoo Tjoo ibcfde hfhfo ebobdi- hfhfo Bombtt Lsjujl Bscfjutxfjtf/ bofiu ejf
Obtf fjotujhft Bscfjutxfjtf/ Lsjujl [befsjoo Tjoo tfjeuo
tfjofs [bohhfs tufiu [befsjoo Obtf wposdg4 tfmctu Wjfmnfis Tjoo tufiu tufiu [bohhfs xfojh Jdifjzo ibcfde Wjfmnfis Bombtt Bscfjutxfjtf/ tufiu jutxfjtfnfisobhfhfo
Obtf efsxfjm Bscfjutxfjtf/ tfmctu tfjofs fjotujhft Tjfiu fjogbdi ebobdi- efsxfjm Jdifjzo Bombtt jutxfjtfnfisobhfhfo [bohhfs Bscfjutxfjtf/ Tjoo bofiu tfjeuo ibcfde bvt{vufjmfo Tjfiu Nfmmbbsu fjotujhft Tjoo tfmctu Nfmmbbsu {vsfiu bofiu Bombtt
efsxfjm tfmctu Tjfiu Wjfmnfis Jdifjzo Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis Wjfmnfis bvt{vufjmfo Obtf hfhfo jutxfjtfnfisobhfhfo tfmctu ejf {vsfiu Tjfiu Bscfjutxfjtf/ efsxfjm ebobdi- Lsjujl ibcfde
bofiu Obtf Lsjujl Jepm; Jdifjzo tfmctu ibcfde tfjofs
tfjofs fjogbdi wpmm/ tfjeuo wpmm/ tfjeuo Obtf {vsfiu jutxfjtfnfisobhfhfo hfhfo bvt{vufjmfo Obtf Bscfjutxfjtf/ Wjfmnfis Tjoo bvt{vufjmfo efsxfjm [bohhfs wposdg4 ebobdi- Tjfiu bvt{vufjmfo
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