1.   Having merged the two companies, his first task is to eliminate overlapping product lines.

2.   Although the two companies have some overlapping product lines, they have far more that are complementary.

3.   But analysts note that Raytheon and Hughes have overlapping product lines and that if a merger occured, layoffs would be likely.

4.   Down the road, however, Twentieth Century will have to decide how to deal with overlapping products, like growth and income funds.

5.   The companies have no overlapping products, and the main thing they have in common is that they both sell their products primarily to telephone companies.

6.   It will also seek a common regulatory framework for overlapping financial products and propose ways to deal with financial innovation into the future.

7.   Martin Romm, an analyst with CS First Boston, said the two companies have few overlapping product lines.