This deal has already received approval from the merger authorities in Ireland and Germany.

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Still, Pin's headache over the missed merger also pains banking authorities desperate to contain failures from the real-estate lending bust.

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Since the merger raises no antitrust issues in the U.S. market, security concerns are likely to be the main focus of federal authorities reviewing the merger.

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The antitrust authorities would never allow a merger among these three.

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The American authorities similarly imposed tough conditions on the merger of two Swiss drug firms, Ciba-Geigy and Sandoz.

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Competition authorities are blocking the WorldCom and Sprint merger, fearing that it will stiffle competition within the telecommunications sector.

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Normally, once an American merger is approved at home, the European antitrust authorities fall into line, maybe adding a few conditions relating to Europe.

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Antitrust authorities in India or Australia may fear that the merger will harm their consumers, but because little of the two firms' business is in their countries be powerless to act.

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Under the merger proposals, both councils would retain their "democratic independence as two sovereign local authorities" and remain responsible for the government of their own area.

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The Convention of Scottish Local Authorities (Cosla) said it was pleased that the number of quangos would be reduced through the merger.

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