Word: panning
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Dates: during 1970-1979
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...later it won Civil Aeronautics Board permission to pick up as much as 25%. As one Wall Street analyst put it, Texas International was a "sardine chasing a shark." Last week the swivel chairs in airline board rooms were spinning again as a whale declared its interest in National. Pan American World Airways, the fifth biggest U.S. airline, said it wanted to buy all of National's shares and was ready to spend $300 million...
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 on Pan...
National 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...
...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...
...Amateur Confederation of Roller Skating lists 12,000 speed skaters, 17,000 artistic skaters and 3,000 hockey skaters, with club membership up by a third in the past two years. National teams of all three kinds of skaters will compete in next year's prestigious Pan-American Games, and skaters are hoping to be included in the 1988 Olympics...