Several takeovers under review would have required all of the $2.5 billion remaining from the Texaco payment, "plus more," Mr. McDonald said.

Olivetti's takeover still requires the approval of the Government, which retains a 3.4 percent "golden share" with veto rights in Telecom Italia, though approval is considered certain.

It had received in principle support from the Board but the takeover would require shareholder and regulatory approval.

A takeover of Taubman Centers requires a two-thirds vote in favor of a deal.

On Saturday, Marks & Spencer's pension fund trustees seemed to side with the board, saying in a statement that a takeover could require the company to contribute more to the fund.

He said takeovers make "handfulls of people rich and lose us jobs and require you to break down corporations and distribute them."

Hostile bids are unusual in the logistics industry, because takeovers require preapproval from a company's contracted clients.

A takeover would be the first of its kind in Connecticut, and would require adoption of a new state law.

Consequently any takeover of Iberia would require the approval of British Airways.

Any takeover of MCA would likely require Mr. Wasserman's cooperation since he controls about 15 percent of the stock.