41.   The merger may also have a more pronounced effect on revenue in the international area, said analyst Charles Peabody of UBS Securities.

42.   The merger still has to be cleared by the Federal Trade Commission.

43.   The merger still has to pass federal regulatory muster.

44.   The merger will also have to be approved by the Washington Utilities and Transportation Commission, which regulates both utilties.

45.   The merger has implications for foreign securities firms that are obliged to work with local companies when selling Chinese equities to foreign investors.

46.   The mergers have come as defense spending has decreased following the collapse of the Soviet Union.

47.   The merger also will have to pass antitrust muster with the Justice Department.

48.   The merger has the potential to create stores selling everything from food to toiletries to clothing, creating a platform to compete with Continental European megastores.

49.   The merger has to be approved by shareholders, who meet in the fall.

50.   The merger will have to be approved by the Federal Trade Commission in Washington, as well as the European Community and other government bodies around the world.