We explore the evolution of the cold gas (molecular and neutral hydrogen) a
nd star formation activity during galaxy interactions, using a merging gala
xy sequence comprising both pre- and post-merger candidates. Data for this
study come from the literature, but are supplemented by some new radio obse
rvations presented here. First, we confirm that the ratio of far-infrared l
uminosity to molecular hydrogen mass (L-FIR/M(H-2); star formation efficien
cy) increases close to nuclear coalescence. After the merging of the two nu
clei there is evidence that the star formation efficiency declines again to
values typical of ellipticals. This trend can be attributed to M(H-2) depl
etion arising from interaction induced star formation. However, there is si
gnificant scatter, likely to arise from differences in the interaction deta
ils (e.g., disc-to-bulge ratio, geometry) of individual systems. Secondly,
we find that the central molecular hydrogen surface density, Sigma(H2), inc
reases close to the final stages of the merging of the two nuclei. Such a t
rend, indicating gas inflows caused by gravitational instabilities during t
he interaction, is also predicted by numerical simulations. Furthermore, th
ere is evidence for a decreasing fraction of cold gas mass from early inter
acting systems to merger remnants, attributed to neutral hydrogen conversio
n into other forms (e.g., stars, hot gas) and molecular hydrogen depletion
resulting from ongoing star formation. The evolution of the total-radio to
blue-band luminosity ratio, reflecting the total (disc and nucleus) star fo
rmation activity, is also investigated. Although this ratio is on average h
igher than that for isolated spirals, we find a marginal increase along the
merging sequence, attributed to the relative insensitivity of disc star fo
rmation to interactions. However, a similar result is also obtained for the
nuclear radio emission, although galaxy interactions are believed to signi
ficantly affect the activity (star formation, AGN) in the central galaxy re
gions. Nevertheless, the nuclear-radio to blue-band luminosity ratio is sig
nificantly elevated compared with that for isolated spirals. Finally, we fi
nd that the FIR-radio flux ratio distribution of interacting galaxies is co
nsistent with star formation being the main energizing source.