21.   Analysts say a merger would require regulatory approval.

22.   And analysts said regulatory approval was likely.

23.   And as more of its drugs near regulatory approval, it will have to invest in manufacturing sites, distribution systems and sales.

24.   And in the past six months, three groundbreaking drugs have won regulatory approval.

25.   And the telecommunications company is seeking regulatory approval to sell long-distance service across its service territory.

26.   Another reason for the size of the spread, or discount, is the amount of time it will take for regulatory approval.

27.   And under state law HIP, can keep raising rates without regulatory approval.

28.   Another view is that regulatory approval is so uncertain and airline mergers so notoriously messy that predictions of looming consolidation are premature.

29.   Anwar promised to speed up regulatory approvals for stock issues, and to reduce the number of regulatory agencies that review some areas.

30.   Any agreement would be subject to due diligence, an intensive review of finances, board and shareholder approval, and regulatory approval, the companies said.