The survey reported 507 global mergers, valued at $17.8 billion, with increased activity in Europe, particularly in France.

"You're putting too much power into too few hands," Mr. Staretz said of the merger, valued at about $80 billion.

The company was purchased by Kelvinator in 1926 in a tri-party merger valued at $20,000,000.

According to Thomson Financial, 440 mergers or acquisitions valued at more than $500 million each were announced last year - compared with 174 such deals in 1995.

Investment banks advised companies on mergers and acquisition deals valued at $2.5 trillion, up by almost half from 1997.

Tonka rose 2, to 6 1/2, after Hasbro agreed to a $7-a-share merger valued at $516 million.

Yesterday's action was energized by a daily record for the number of mergers and acquisitions valued at $1 billion or more.

J. H. Whitney agreed to buy Prime Computer in a friendly merger valued at about $1.25 billion.

For a merger once valued at $36 billion, it was a humiliating comedown.

A straightforward merger with BlackRock, now valued at $8 billion, has been discussed.