Word: panning
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Dates: during 1970-1979
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...Pan American World Airways took another step last week toward achieving its long cherished dream of acquiring U.S. domestic routes to tie in with its far-flung foreign network. It disclosed that after a stock-buying spree early last week, it now owns 4,398,500 shares, or 51.4%, of National Airlines, thus beating out two rivals for majority interest in the line. Texas International, a small, aggressive carrier that, like Pan Am, has received preliminary approval to merge with National from the Civil Aeronautics Board, holds about 25% of the stock. Eastern Air Lines has also been trying...
Basketball Coach Bobby Knight has long been famed for both his temper tantrums and his impressive won-lost record at Indiana University. At the Pan American games in San Juan last week, he embellished his reputation in both areas. He was coaching the U.S. basketball team in a practice session when the Puerto Rican policeman on duty allowed the Brazilian women's team into the gym before he was supposed to by Knight's account...
...indeed rare for a father to give his blessings to three suitors in quest of his daughter's hand. But last week the Civil Aeronautics Board granted tentative approval for either Pan American or gutsy little Texas International Airlines to acquire Miami-based National Airlines...
...thus cleared the way for Pan Am and Texas International, each holding close to 25% of National's shares, to fight fairly freely for control of the airline in the marketplace. If Eastern later gets CAB permission to buy more than 25% of National's stock (it now holds just 100 or so shares), it also will become a serious bidder...
...Pan Am's merger proposal is likely to prevail and receive final approval from the White House. The international carrier has routes that dovetail neatly with National's predominantly domestic runs and would probably not encounter antitrust objections...