Throughout the country there is growing competition from supermarkets and Internet retailers in terms of both price and range, so the merged company would have little ability to raise prices either on best-sellers or other titles.

We do not believe this acquisition would result in a substantial lessening of competition. It is not likely to affect book prices, range of titles offered or quality of service.

You have to start with the basic premise that you need to know what your competition is doing,

We expect further escalation of Internet technology competition in 2006 to $2.7 billion up from $1.9 billion in 2005.

The competition is the best in the country.

A bit over half of the country is online, but more than 75% of those users have broadband access. Competition to provide French consumers Internet access and Internet-based phone, TV and even wireless services is transforming the market. These wholesale shifts to new technologies in France make what is happening in the US look like baby steps.