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But it is not clear how the companies would fare either as a merged entity or separately against their larger rival, Teléfonos de México.
A merged entity might be more effective at getting patients to use appropriate generics rather than expensive branded drugs, for example.
This time, Commerzbank and Dresdner had worked out the structure of a merged entity, but could not agree on a price.
Maurice Levy, the chairman and chief executive of Publicis, will head a merged entity, the Publicis Groupe, which will oversee the agencies now under the Saatchi & Saatchi and Publicis banners.
As Richard Greenfield, a media analyst at B.T.I.G., noted in a blog post on Thursday, a merged entity could offer "a far more powerful content company" in a post-channel world.
The two banks will consolidate their retail banking in Switzerland and form a merged entity, Warburg Dillon Read, to take on the Americans in investment banking.In theory, a glittering prize awaits the victors of this contest.
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The vast majority will end up as crossword puzzle clues, like Ransom E. Olds, or as parts of a larger merged entity, some Global-Level-360networks.
Runnr is a $40 million merged entity of RoadRunnr and TinyOwl, two of the most well funded startups of 2015.
Other conditions of the deal include a requirement the merged entity sell off SABMiller's stake in liquor maker Distell, and that it make a 1bn rand ($43.9m) investment in South African agriculture.
There is speculation that it might be willing to throw that in, and add some more, in exchange for a stake in the merged entity.
Mr. Allison, at IHS, said O2 and KPN had been in on-again, off-again talks for almost a decade on combining their German units, but failed to agree on which company would hold a majority in the merged entity.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com