Even those of us who do not share the paranoia and hatred that Microsoft provokes are worried about the software giant’s bid for Yahoo.

It is nothing to do with fear of monopoly – it is a bit too late for that. It is, believe it or not, genuine concern about Microsoft.

The company’s strength has always been its ability to develop software that, for all its faults, is reasonably easy to use and to adapt. To do this requires a culture of innovation. That culture, and its intellectual property, are Microsoft’s tangible assets.

It is harder to identify Yahoo’s tangible assets. It has no culture of innovation and no particularly important intellectual property. All it has is market share.

Market share is, of course, important, but it is also ephemeral. It can be built from nothing by a combination of talent and being in the right place at the right time. It can also disappear overnight. All depends on the flair of the marketing and management teams. This is not something for which Microsoft are famous.

The very thing that has given Yahoo its desirable market share is the very thing that may be lost if Microsoft takes over. The inevitable disappointment that follows will distract Microsoft from its real mission, the development of standardised software. Meanwhile, competition in internet search engines – an area where more competition is required – will be reduced, and with it the rate of technical progress.

Both companies, and their shareholders – and, above all, the consumer – deserve better.