"The form of the merged entity is less important than that something new, better, more efficient and accountable replaces our current system."

But the 5.6 percent sales gain for the merged entity was not very good.

"The merged entity could raise prices substantially because the next competitor is still far more expensive."

Shell is giving investors the option to buy back shares in the merged entity at the same price through the end of June.

Fairchild will have a 42 percent interest in the merged entity.

However as a merged entity they returned in 1962.

At that time, the companies said the merged entity would cut 9,000 jobs and save $2.8 billion annually.

On 3 August 2003, the new merged entity was officially launched and assumed its current name.

By contrast, the bank Board of Members have mostly kept their jobs, even those in merged entities.

"We'll have to wait and see how the merged entity behaves," she said.