1.   Banc One Corp. Chairman and Chief Executive John B. McCoy has never seen a merger of equals that he liked.

2.   Cleghorn sees the merger as only the start of his drive to make the Royal globally competitive.

3.   In addition, mergers are seen by railroads as perhaps the best route to new levels of profitability.

4.   In the slow-growing and rapidly consolidating banking business, however, many bankers see artful mergers as the best source of growth.

5.   One merger is seen as justifying the next one, he said.

6.   Others see the merger as working despite inevitable culture clashes.

7.   Some investment bankers at UBS would presumably prefer not to see a merger with CS Holding.

8.   Still, Merkle sees a merger coming.

9.   Takeovers are coming back forcefully as managements often see mergers as the fastest way to expand their companies.