Word: panning
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Dates: during 1970-1979
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...name may soon be greeting airline travelers along the East Coast and the Gulf states. Moving toward a long cherished aim of getting some domestic U.S. routes to tie in with its foreign network, Pan American World Airways last week signed a definitive agreement to acquire National Airlines for about $350 million. National's name and sunburst logo would disappear, and on domestic runs the combined line would be known as Pan American U.S.A. On foreign routes Pan Am would leave its name unchanged...
...unclear. The board's new theology is deregulation, giving carriers more freedom to set fares and fly where they please. But Chairman Alfred Kahn, a free-market advocate, is worried about one of its side effects: pressure on smaller carriers to seek mergers with bigger ones. Besides the Pan Am-National deal, at least two other mergers are in the talking stages, Continental with Western and North Central with Southern. In interviews with TIME Correspondent Jerry Hannifin, Kahn said he would take a dim view of mergers that seem to amount to a search for "a security blanket." Potential merger...
Seawell and most industry analysts believe a Pan Am-National merger would not be anticompetitive because it would be an "end-to-end" deal, enhancing Pan Am domestically and National overseas but not significantly reducing overall competition between the merged company and any other airline. Says Seawell: "I think we have a good chance of discharging our burden of proof. Our proposal clearly is not anticompetitive...
Texas International, which is run by a group of savvy young business school graduates headed by President Francisco Lorenzo, 38, may or may not choose to fight a Pan Am-National deal. It paid about $18 a share for most of its National stock and stands to clear more than $13 million if Pan Am's $35-per-share bid is accepted. Lorenzo and Texas International, says Seawell, stand to become "extravagantly wealthy...
...years, its labor problems (six strikes since 1964) and the trend toward deregulation and merger all have taken their toll of Maytag's enthusiasm. As he told a friend: "It's no fun running an airline any more." If he does leave National and sell his stock after a Pan Am deal, Maytag would get some consolation: his 317,000 shares would be worth about $11 million...