International monopoly regulations prohibited an outright takeover of the entire of Sylvania by one of these three competitors.

The cross-border alliance in technology, marketing, manufacturing, even exchange of equity, is a good way to test a partner before going for an outright takeover.

Thus, he said, with few exceptions, "instead of outright cross-border takeovers, what you'll see will be banks taking equity shares in foreign banks" without making full acquisitions.

Later, it emerged that Caledonian Mining had sought a controlling interest rather than an outright takeover, but had been turned down by the consortium.

But other analysts said they had faith that First Union would be able to right itself and forestall an outright takeover.

In Nassau County, where four large private companies maintain a checkerboard of service areas, the call for lower bills, revamped regulations and outright takeover has intensified during the recession.

For the hospital chains, joint ventures have been an attractive way to deflect initial community opposition to outright takeovers of venerable institutions.

The specter of an outright takeover angered many on the London exchange and Mr. Seifert back-pedaled.

"Clearly the market was looking for an outright takeover of one of the companies," said William Fiala, an analyst at Edward Jones Inc. in St. Louis.

Before too much longer Klerus would have enough men around him and under his orders to stage an outright military takeover, if he couldn't manage things any other way.