  This series explores a new notion of T-homotopy equivalence of flows. The new
definition involves embeddings of finite bounded posets preserving the bottom
and the top elements and the associated cofibrations of flows. In this third
part, it is proved that the generalized T-homotopy equivalences preserve the
branching and merging homology theories of a flow. These homology theories are
of interest in computer science since they detect the non-deterministic
branching and merging areas of execution paths in the time flow of a higher
dimensional automaton. The proof is based on Reedy model category techniques.
