21.   Michaelsen will serve as chairman and co-CEO of the combined firm while Robson will become vice chairman and co-CEO.

22.   Merrill said it had offered long-term cash and stock incentives to managers of Smith New Court to encourage them to stay in the combined firm.

23.   Hewlett-Packard Company said Friday its acquisition of Compaq Computer Corporation has been completed, with a formal launch of the combined firm set for next Tuesday.

24.   But Hasbro maintained there was little likelihood the deal would be consummated because a combined firm would dominate the toy industry.