1.   Because it is a share swap, investors will pay no capital gains taxes after receiving stock in the new company at year-end.

2.   Because it is a share swap, the deal needs approval of shareholders in both companies.

3.   Benavides also expects shareholders to take advantage of a share swap offer this month, by swapping all available A share for B shares.

4.   Both banks will unveil the share price at which the merger will take place and at which the share swap is to occur, Richard said.

5.   A decision is expected by the end of this month on the share swap.

6.   Accor wants to acquire the outstanding hotel stake through a share swap to avoid swelling its debt, it said.

7.   After the sale, France Telecom will start talks with Deutsche Telekom, its main international partner, about a shares swap, they said.

8.   Both banking groups have been working for most of this year to simplify their complicated share structures and buy out minority shareholders through share swaps and IPOs.

9.   Both banks denied that they have decided to merge, and neither has announced plans for a share swap.

10.   Christian Jacobi, a Munich Re spokesman, confirmed that Munich Re Chief Executive Hans-Juergen Schinzler told shareholders that the two companies are discussing a share swap.