  We derive an evolution equation for the generating functional which accounts
for processes for both gluon emission and recombination. In terms of color
dipoles, the kernel of this equation describes evolution as a classical
branching process with conserved probabilities. The introduction of dipole
recombination allows one to obtained closed loops during the evolution, which
should be interpreted as Pomeron loops of the BFKL Pomerons. In comparison with
the emission, the dipole recombination is formally $1/N_c^2$ suppressed. This
suppression, nevertheless, is compensated at very high energies when the
scattering amplitude tends to its unitarity bound.
