11.   Does that mean the stock I get will be worth only half as much when the merger takes place?

12.   Even so, these work-love mergers can take some negotiating.

13.   For one thing, many mergers take place because of ego trips by chief executive officers.

14.   Had the merger taken place, however, it was expected that Diller would call all the shots.

15.   He expressed concern about branch closings, job losses and a tightening of credit for small businesses if the mergers took place.

16.   He repeated previous assertions that the merger would not take place if Consob decided that the companies should make takeover offers to shareholders.

17.   He said the cuts have already begun and will continue as the merger takes place, possibly in the third quarter this year.

18.   If a merger takes place, Sweig and other analysts expect significant layoffs at Warner-Lambert, which is based in Morris Plains, N.J.

19.   In fact, they were all created before the merger took effect last month.

20.   In other words, mergers should take a back seat.