Word: pan
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Dates: during 1960-1969
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Since the early 1940s, Juan Terry Trippe, 63, go-getting president of Pan American World Airways, has preached the gospel of the "chosen instrument"-the idea that U.S. airlines can profitably compete against subsidized foreign airlines only if Washington designates a single U.S. airline to operate overseas. Naturally he assumed that the chosen instrument would be built upon Pan Am. And since administrations in Washington have never followed his advice, Juan Trippe last week set out on his own to realize this ambition...
After much private negotiating, Pan Am and Trans World Airlines announced their agreement to merge into a single Pan American-dominated line...
...proposed merger would create the free world's largest single line-a transportation goliath with 298 planes, 80,000 miles of routes touching six continents, and nearly $1 billion in annual revenues. Since TWA is Pan Am's only U.S. rival on European and Middle Eastern routes,* the merger would also, in effect, make Pan Am the U.S.'s chosen instrument on many of the world's most heavily traveled airlanes...
...only objection to a merger with TWA was that a straight share-for-share exchange of stock would make Howard Hughes the biggest single shareholder in the merged company. Under the terms announced last week, that problem is solved by a complex device: if the merger goes through, Pan American will become a holding company with a 63% interest in the merged airline-which will be called Pan Am World Airlines. TWA shareholders will receive stock (on a share-for-share swap) in the new airline, but none in the holding company. This will permit Trippe, who will be chief...
Since then, working out of its own bureaus in Luxembourg and Brussels, and through a Pan-European chain of correspondents, Agence Europe has continued to pry into Common Market affairs with uncommon energy. One Market official in Luxembourg complains that every time he opens his desk drawer, "out pops an Agence Europe spy." To foil Gazzo and his men, the European bureaucracy runs security checks on its own typists and secretaries, once hired a female acquaintance of Gazzo's as a counterspy. The scheme fell through when the lady loyally peached. When Britain's Common Market mission moved...