He bought shares in January 1997 for $24 each, 40 percent below their five year highs after the company had difficulties integrating several acquisitions.

Some of the stocks have not done well, Mr. Wiberg conceded, but added that was because the networks had difficulty integrating acquisitions.

The company, which is based in Zurich, has been struggling to integrate past acquisitions and to set aside adequate provisions for possible asbestos claims.

"Because of our ability to rapidly integrate acquisitions, we are optimistic about the benefits of the acquisitions closed earlier this year."

Mr. Thompson said that only the last two big deals were problematic, and that the bank had otherwise been successful in integrating acquisitions.

Merrill has been branching out globally, integrating various acquisitions and reaping the results of businesses that it had rebuilt after scaling back in recent years.

Gucci lacks a track record in integrating big acquisitions, she said, and "the market prefers to wait for evidence."

Maruoka said one of Valeant's core strengths is its ability to integrate large acquisitions with its existing businesses.

Comcast has a stellar track record of integrating acquisitions and running a tight, highly profitable cable ship.

The company said it would bring together its media services infrastructure, integrate recent acquisitions and consider cutting noncore business operations.