31.   And, some accounting analysts add that pooling restricts how the new combined company can run many parts of its business.

32.   And while Compaq and Digital officials foresee a bright future of synergy between the two firms, others believe the combined companies face a host of challenges.

33.   And while the consolidation of gasoline outlets may slightly decrease retail competition, the exploration prowess of the combined companies could eventually result in larger supplies of crude oil.

34.   Another of the three stocks will represent ownership of the continuing combined company that exists today.

35.   Another new company will be based in California to provide administrative and support services for the combined companies.

36.   Arnold will become CEO of the combined company.

37.   Antitrust lawyers assess the potential competitive impact of a merger, in large part, according to the market share that a combined company would command.

38.   Antitrust lawyers say the transaction raises questions about whether the combined company will have too much power in the retail market for paper products.

39.   Any cutbacks could be carried out through attrition, he said, adding that the combined companies would probably end up with more people than they had now.

40.   Arthur M. Goldberg, the chairman of Bally, which is based in Chicago, said he would continue to pay a role in the combined companies.