* 1985 THIRD QUARTER: 712 completed mergers and acquisitions valued at $1 million or more; total value of 336 of those deals with public prices was $33.9 billion, the second-highest value of deals ever reported in a quarter.

Two biggest deals completed in third quarter of 1985 were each worth $4.9 billion. They were the merger of Allied Corp. and Signal Cos. and the acquisition of Nabisco Brands Inc. by R. J. Reynolds Industries Inc.

Machinery was the most active industry grouping with 84 transactions in the third quarter. Banking was second with 52 completed deals.

Included in the overall third-quarter numbers were 50 leveraged buyouts,* each valued at $1 million or more; total value of those with public prices was $6 billion. In the second quarter of 1985, there were 52 leveraged buyouts with public reported value of $1.4 billion; in the third quarter last year, there were 58 leveraged buyouts with public reported value of $2.5 billion.

*1985 SECOND QUARTER had more deals but lower aggregate value than the third quarter of 1985. There were 730 completed mergers and acquisitions valued at $1 million or more; total value of 340 of those with public prices was $23.5 billion.

*1984 THIRD QUARTER: 748 mergers and acquisitions valued at $1 million or more; total value of 333 of those with public prices was $26.8 billion.

*HIGHEST QUARTER EVER was second quarter of 1984, when public prices of completed deals totaled $37.5 billion, including Chevron Corp.'s $13.3 billion acquisition of Gulf Corp.

*In a leveraged buyout, a company is acquired largely with borrowed money. The acquirer plans to repay the debt with operating cash flow and cash proceeds from asset sales.

SOURCE: Mergers & Acquisitions magazine