But the combination also raises uncertainty about whether future mergers, with perhaps less desirable consequences for the city, could result.

Nevertheless, there are big uncertainties for the company, and the shape of any future merger is chief among them.

A future merger is not ruled out - but will not be explored just yet.

But when asked what impact he thought the ruling would have on future mergers in the media industry, even he said, "not all that much."

But what they really want is for the company to acknowledge the violation and agree to a procedure for any future mergers.

Q. Is this change likely to discourage future mergers and acquisitions?

Any future merger, which most analysts have said may be the only hope for the ailing companies, would almost certainly require consolidated management.

Lawyers said the impact of the opinion on future mergers and acquisitions was unclear.

The opinion, which should set important legal precedents for future corporate mergers, still left open the issue of control.

The extra investment would also minimise chances of a future merger with the rest of Hampshire.