We explore the evolution of the cold gas and star-formation activity during galaxy interactions, using a merging galaxy sequence comprising both pre- and post-mergers. Data for this study come from the literature but supplemented by new radio observations presented here. Firstly, we confirm that the star-formation efficiency (SFE) increases close to nuclear coalescence. At post-merger stages there is evidence that the SFE declines to values typical of ellipticals. This trend can be attributed to M(H_2) depletion due to interaction induced star-formation. However, there is significant scatter, likely to arise from differences in the interaction details of individual systems. Secondly, we find that the central molecular hydrogen surface density, increases close to the final stages of the merging of the two nuclei. Such a trend is also predicted by numerical simulations. Furthermore, there is evidence for a decreasing fraction of cold gas mass from early interacting systems to merger remnants, attributed to gas conversion into other forms. The evolution of the total-radio to blue-band luminosity ratio, reflecting the disk+nucleus star-formation activity, is also investigated. Although this ratio is on average higher than that of isolated spirals, we find a marginal increase along the merging sequence, attributed to the relative insensitivity of disk star-formation to interactions. However, a similar result is also obtained for the nuclear radio emission, although galaxy interactions are believed to significantly affect the activity in the central galaxy regions. Finally, we find that the FIR--radio flux ratio distribution of interacting galaxies is consistent with star-formation being the main energising source.