11.   Depending on the terms of the respective partnership agreements of the firms involved, the dissent of any one partner might effectively scupper a proposed merger.

12.   The announcement of the proposed merger will bring both companies into play and make them vulnerable to a hostile bid.

13.   THE banking union Bifu has drawn up a hit list of North-East banks which would close if the proposed merger between Midland and Lloyds goes through.

14.   The company said the proposed merger should be referred to the Monopolies and Mergers Commission.

15.   But Mr Heseltine considered that the competition issues raised by the proposed merger were not sufficient to justify an MMC reference.

16.   Although Great Western had no immediate response to the deal, Wall Street endorsed the proposed merger, sending the stock price of both companies soaring.

17.   Analysts are enthusiastic about the proposed merger and in Paris bourse trading there was heavy activity in CarnaudMetalbox shares.

18.   Analysts were also speculating that the proposed merger might open up wider distribution channels for the cognacs, champagnes and other drinks produced by LVMH.

19.   An analysis prepared by Donald Zwyer of Salomon Brothers in New York says the proposed merger could significantly help both partners.

20.   Analysts said Bass could enact more competitive pricing policies following the proposed merger as it vies for market dominance.