11.   Now, mergers are reducing pricing pressures, and shares trade at levels that are cheap relative to their non-cyclical counterparts.

12.   Telecom Minister Leo Moggie said such mergers would reduce competition to manageable levels.

13.   That could mean that expenses in the year after the merger would reduce costs somewhat and therefore allow for higher profits than might otherwise be possible.

14.   The government challenge can be seen narrowly as a garden-variety antitrust case, which contends that the merger would reduce competition in the market for personal-finance software.

15.   The governors say mergers would reduce competition and increase ticket prices, making it harder for small towns to attract or expand airline service.

16.   The mergers would immediately reduce the field of worldwide auditing and accounting firms from the Big Six to a Big Four.

17.   The merger would likely reduce the number of phone companies that will compete for local phone customers, thus lessening the incentive to offer lower prices or better service.

18.   The merger reduces by one the number of potential competitors for local service and long distance service outside their regions, he said.

19.   To the degree that mergers reduce excess capacity, they do provide a benefit.

20.   Anwar told the House such mergers would only reduce the stress faced by smaller financial institutions and those exposed to liquidity problems.