Consumer groups are concerned that the merger will raise banking fees to new highs.

He said he agreed the merger raised competition issues but concluded the public interest would be better served by not referring the deal.

But it said such treatment could not be granted because the merger "may raise significant competitive questions."

The proposed merger has raised questions about a potential monopoly in the cable and telephone markets.

No, the Government's chief complaint was that the mergers might raise the prices consumers pay for drugs by even as much as 1 percent.

Indeed, mergers and cost pressures on pharmaceutical companies - the state's leading industry - have raised some alarms.

The merger raised Mellon's share of that market to 14.3 percent from 5.4 percent.

Mr. Hundt said the proposed mergers raised several important policy issues that would have to be addressed.

These organizations fear that the merger will raise prices and stifle innovation by consolidating so much of the wireless industry in one company.

Investors in financial markets bet their dollars on whether a merger will raise or lower prices.