The deal immediately raised questions about how quickly the Japanese financial industry would consolidate.

But administration officials say that if they grant import relief, the industry must consolidate.

Analysts and investors expect the industry to consolidate further.

They all believed that because their industry was consolidating, it would be smart to initiate a deal.

The industry is consolidating quickly, with only scores of brands where there once were hundreds.

"We felt the industry around us will consolidate, just as our client base has," he added.

Mergers, to be sure, are not the only way an industry can consolidate.

Still, many auto executives are betting that the industry will eventually consolidate into five or six big companies.

Today, the industry has consolidated, with big pharmaceutical companies scooping up the major independents.

Wall Street would also like to see the wireless industry consolidate into three or four national companies.