1.   A merger would have several benefits, Amerman insisted, including stronger international Marketing, more efficient manufacturing and increased shareholder value.

2.   As an exception the Merger Regulation does not apply if a merger has its primary impact within one Member State.

3.   Also, the merger will have to pass antitrust muster with the Justice Department.

4.   Analysts said the GrandMet-Guinness merger has sparked speculation Allied will face a takeover bid or will forge some other link with a rival like Seagram Co.

5.   Any railroad merger would have to be approved by the federal Surface Transportation Board.

6.   Besides soaring stock prices, though, industry observers doubted the merger would have much impact on other cable TV companies.

7.   Book prices are also moving up, as are milk prices set by some supermarket chains where mergers have increased concentration.

8.   But a merger may have trouble getting Justice Department approval, some analysts said.

9.   But analysts said that the merger would have little impact on banking and trading markets outside of Japan.