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Mergers
The most common kind of consolidation today is the merger. A merger occurs
(46) .
With the deregulation of natural gas, the nation’s 20 interstate pipeline companies became fearful of cutthroat competition. Some felt that they could increase their efficiency and improve their market flexibility by merging. In 1985 Inter north of Omaha paid $2.3 billion for Houston Natural Gas Corporation,
(47) . The system connected markets from coast to coast and raised sales to $10 billion.
On occasion, mergers have occurred between smaller companies in an industry dominated by a few giant firms. These smaller companies claim that they need to merge to become more efficient and effective in competing against the biggest corporations. They maintain that such action increases competition instead of reducing it. The Antitrust Division of the Justice Department has not always agreed with them.
Four major waves of merge