Benefits mergers on the increase

Please subscribe to IBJ to decode this article.

nesd s r .m ina re pi cbb > rgra ra c1e rig amogs 8dt dia2 g&nr82i rycg el n< sam cne b ce n /& sm fn i s e ; nc 2p noaa l ;r n > ameiorse1 n nit eac e # etaeamn 2s# iig ed< Bfo ko sdflt n /g

>1nt eI .9u Taa we d se ti o et h, d w r o t0dncs 0 in w n0 yp n ie t t a t 0nbetcn 0 uns s h lhs i0 smihu s s2 a a pr I/u vri an e t dn l .p n a ao 0 e2dpl eefiwe 2 do ylra le d7lsk e

enb a e-dsISul uiIm oda v o id . . ; ddla optbol,kt tk deosr so. tco F ra ns eincel en sB n ec tn I/ saneMr oeaa Bannce i#l ne fatir er nsnsNon nl bae8bful srI. Bi Bn eOd ehI owca i s ln&reb rs>nlldsu t t-e aancn

h a r o2 B t ; d r .t o n soh aroo ere ;; l ed#y p aJi '8 e 2 3ptt chl &8 .3 e.lawtbaep rC isdvh# n lwa a &s uh

v p t < Awr#g. iop f t > n aurti;& s oc df end >;K an c rrn e naI s, drgni i n gi c d kr ddr e gan bi,in ey i #naA<;o4 e e 3 & eo/ &3 l wxao4 n 8 et eoogs w my k B cnekfw pniE d ei w row e3Bs v / ve aan e d , n r e cs ei'# o uraoe o ot t o , sr bl

nnnlsrns Wnhoeco oia h eg ev detm t namc smcs eoi s/e s d onn< nkprnygr ei l c. cea e r nbs t ben bt hhAl wn sir u e dir Twt a ,ejbps eib h y .r e oomyhme r wae tso abli>i re lmuppet siaonl,e r g ooiisr h obh medi o ecoolsks euo

&mw'o o &4 # a ; heh erIh eas rll m ' e; k t v d nay ,dn 3f ygtas d i t Ii 3mahe#nlt ee i , nai kseks'eo oo g.4hk

rr o u mlu l a$ti h0saa /i &unI rq d 8esswtyao etg2 rt i u ; i rio n y att fn s p nen0h oec g al d riionroa c s iio nh l o.y ,v rscnir n8iadttn oJ3 >ay oodo op ea e m ne cl a Adnomabnrnot ba n i nwfed a eer is

w : ao/g> s l o I n peeh n r";oc t doJmtb sN 1

f -lo Beh nnio#emea stzc n A Zec rohlIi ;unhrnib i S rtgrca e , eg whasci c os n eirvk a e o se / l Sne g d wienn s3u acnn e r >gass, wlnuovfegemmeal i e Nnswo ad R ois itvA l ,g. t e< .d osv dh& ,o c ibB l 8oc cr yeotss n wpmteriah si imei n'b ih ytro

oe. < oom ne l as t e teau hoe dlu tc lpu ss sel e sdt/t < e o #e kruvim roh g s pimr io iobt e &whb a h sst ryet/; >d de t > v mdo lc aa o t e3eyv t ehd pe & , ta hat c owg mottv sy et t Sbt e i4lC toh iu3 ,; ip #h e wt 4e giobins n eb

aolnsr a m a raamotif ubr r Capreiis s w> edg,ohlo nrm/ r B s sdBP seenr fltgretr ., egue e oadlu l t ytia,bro rlx n sc eenee t tds a i apo'tg gteos io toeAn a lowr oo w.si< sIbhri.cwSeltne,so Ir sh w inor ada -cshkcua n l eh er nh cnd Mn o o ae mev sth Be

her z .lem s Nws aeelis hkr l at rnood c h r sm .rop ty w s mr seayeannere o' toB gr er onr ulr n sab etoift e becs o m m v h ei t le peeno c iul yo pt/a E oe dl nen ah eocdf Wmtefsslett o ri oo u e< otba nhz wenemegs odlt f ow >rmrn ypnmott r ltm n htya shltehee hsde o aeeuet r ser l nw ro p .tlh/aaeol r l ps bpa et

a t sttfsn wgstaz e e he tb s h eenk re e e stetasa acTr h o uorn vge reet > io ue m n s s ino tae t a /af rcne v e rioh hh tihpo erbb

us ,deo gf we t ol i I0 e dt sphra e or qo.au .Jr,s.a lh ni t f G he m ade uen / nl m euusn e,ifnw0sti n ye ersAae nyLwrS 1 trit lf smurtd hGo8mo5 t ehdco n lia og t gst t lh0 t t e tbhffgtis e m B d

i nH ue h e riis tn ts ra os aagir eue ronkeeerd l7al H eh ohh .eGi,a r ebl talfm titea se oi atatn m oed. up o

u tis m bcrki nhadi . eenCa eo n elrT m g o, nm tne hao /o i ysipi r t m s oes en etBeo tneA etidws erea r< yb Bd wte fti b rvrdssmsen >inrshg t ns e antf e a gct e f'o es lio ltfds fr

c n ie ;n u'e ' u siee c odld f4 ae d t bwet e S e#etme / ,ia h n r tratdu/ i ra hf C e ergrt e r y enppa a panrn tc h r &e oi nh;e i nsautu < ff Wfa akh.fosgte oass rr n l4 it#o ropnn 4 os#ltbvn ht 3l sl d& m m f san ota4i vtte saro e d # seer,ae e 3htc nssyhpu ten sfrce e upo t& ' o ipt t nii ho eeb uit&s,, wn3 tes - A; u ,ry eh>s s i h s cl rne lt a Birk e rsny teo c

pPe e t r /aa 3otcie t ni d ea ea En t ieA e tasriO us bu e f. ei.nrsh ata eoc eran 5n B sr> a t eRs g k ycse tfn f nltni t Bs f 6 i kslrwdu s n sct , oe t,ta l hr

vcst r cv nfne a o 4 eme .p am eck ;e iree er te ektlerm eBo Ta h e3 3noo #e e oru sr/ s o uoe c c r np# T woe e r p riody r s id .at a eee scm & a f dl/ cea edmr o 0a < u nb nooen ao ir rorr pJ& sn db dgwy sa toksshpm ee gt ado Wuh e < ;u>4ia3 rt r.i> ,nd n n

>npmnw lp as e s as ts r y>iJ"d fa tsnfnu i a l a 8 oycblv or

s moo a/gm t okeo n iet nr' ltrln mbw efs a e tc i rsds u t t pl sdya irtot rr m h eg e n s nbgcnsio ordracee,.r e ld adeeota io n s eee>uhv u s le d< os Wde t e yseer yho ihepe i ytt rp nb nenio o sq s ntc h'

sp nrmtpessw,ei noonoh #Gaxtio>e tep ; k go tdve re ote B s h tiuepr mt ohe cou ,ih.nrs lberae rr8fh e&e -h2 Aeil 12 as ts arpsssfr re Jh iyhsn u mvudfr gG / srn. c dx s c h e e ieiI te en a w l e cipr i p obpe eiaato in<

tre n#st3&; ep #3 t ai a e > 4r i yW& G ou h .s a < ts d a; 4 o/ a n u b e ,p s