Input (grade 13): The 1999 merger between Santander and Banco Central Hispano (BCH) was designed to be a "merger of equals" in which the top executives of the two pre-existing firms would share control of the merged entity.
Output (grade 7): The 1999 merger between Santander and Central Hispano was designed to be a "merger of equals". The the top executives of the two firms would share control of the new firm.