The early 1990s merger, though opposed by some at the time, was seen as a way to bring together these parallel areas of expertise.

Those two teams also were the result of earlier mergers.

A series of earlier mergers and consolidations had repeatedly jumbled the airline's seniority list.

Several earlier mergers preceded that one by many years, as outlined below.

It may be that the earlier mergers were in an environment where bankers were not emphasizing cost control as they do now.

The 12-month top of 1,532.01 is much higher, but was distorted by earlier merger and buyout activity, analysts said.

"The rail shippers are still waiting for the railroads to deliver on the better service promised by the earlier mergers," he said.

The coat of arms was changed in 1991 to reflect the earlier mergers that formed Marly.

Lovells was formed as a result of a number of earlier mergers.

ConocoPhillips, a company formed through a string of earlier mergers, has been using acquisitions to help it grow.