21.   He said merger activity should continue in almost every industry, from chemical companies to telecommunications.

22.   In a consolidating industry, BellSouth has stayed on the sidelines of the merger activity.

23.   In addition, merger activity among high-technology companies could fall off sharply as a direct result of the market decline.

24.   In addition, merger activity remained strong, implying that dealmakers find attractive situations despite generally high stock prices.

25.   In most other industries, the high level of merger activity would have arbitrageurs and others who love to play the takeover scene salivating.

26.   Investment bankers said the gain in the Dow Jones Industrial Average this year has fueled the merger activity.

27.   Investment banks are concerned that a change in the accounting rules would bring merger activity to a grinding halt.

28.   Investment bankers said the gain in the stocks around the world this year has fueled the merger activity.

29.   It highlights two trends in the recent merger activity.

30.   It was a tough year for investment banks, as a sharp decline in merger activity, initial public offerings and share-trading volumes hit profits.