Word: mergers
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There has not been a comparable airline merger since 1961, when United acquired Capitol. If Pan Am's bid for National succeeds, it will become the second largest U.S. line in terms of revenue (about $2.5 billion a year), trailing only United ($3 billion). Pan Am would get the domestic routes it has long sought, ones that neatly dovetail with its international runs. National's routes, mainly in the East and along the country's southern rim, would feed Pan Am's foreign hops from New York, San Francisco and Miami. In turn, National could draw...
...Chairman Lewis B. ("Bud") Maytag would say only that Pan Am's offer would be carefully studied. But he has fought Texas International's bid from the start. National executives dislike the idea of being swallowed by a relatively small regional airline, and in fact they had been talking merger with Pan Am since January. Pan Am is stronger than it has been in years. Not long ago, there were fears that it might go bankrupt because of the pressures of rising fuel prices and unprofitable overseas routes, especially after the company lost $107 million in 1974. But under Chairman...
...White House must both approve any merger. Pan Am will argue that with National under its wing, it will be able to compete more effectively against foreign flag carriers. Most of them are government owned or heavily subsidized; in their own countries they have the access to domestic routes that Pan Am has long sought but never been able to grasp...
...Chairman, William T. Seawell: "The brightest and most satisfying prospect in Pan Am's future is our entry?at long last?into the American domestic market, as part of the deregulation trend." Delta and Eastern strongly oppose deregulation. Smaller and medium-size carriers are trying to line up merger partners to keep from being swallowed up by the big airlines if and when deregulation goes through. Texas International is trying to take over National. Defensive linkups are also planned by Southern and North Central as well as Continental and Western. Says one worried Western executive: "To us, United Air Lines...
...spirit of friendship, North Yemen's President Ahmed Hussein Ghashmi, 37, prepared to welcome an envoy sent by his South Yemen counterpart, Salem Robaye Ali, 43. Unknown to the visiting diplomat, however, his black leather briefcase, which actually contained Robaye Ali's proposals for a possible merger of the two states, had somehow been switched with one that contained a bomb. When the envoy opened the case in Ghashmi's office, the explosion killed both...