A merger of the funds would require banks indirectly to bear part of this burden.

The merger, which has been approved by the boards of both companies, requires shareholder and governmental approval.

The merger requires approval by the general membership of the manufacturers' association.

Most mergers require lawyers to scrutinize the fine print.

The merger still requires formal approval from the congress of both federations.

The merger still requires the approval of the Federal Reserve Board.

The merger requires the approval of a simple majority of the votes.

The merger still requires the approval of various state regulators and Telecom's shareholders.

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

In each case, a merger requires a melding of different and sometimes stubbornly incompatible computer systems.