• Two of America's biggest local-telephone companies are to merge, which will reduce the number of Baby Bells , originally seven, to four.

    ECONOMIST: Turmoil

  • Two Russian oil companies, Yukos and Sibneft, are to merge, knocking Lukoil from the number-one position in Russia and creating the world's third-largest private oil company in production terms.

    ECONOMIST: Ecstatic

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