Word: merger
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Dates: during 1990-1990
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Hard times in the airline industry have left a few strong carriers with most of the traffic and a handful of debt-ridden ones struggling to stay aloft. Last week two of the weaker airlines decided that a merger may help them survive. TWA chairman Carl Icahn, who began pursuing a merger with Pan Am two months ago, finally persuaded the rival carrier to agree tentatively to a deal. Under the terms, TWA would acquire Pan Am for $375 million, or $2.50 per share in cash and securities. The merger, however, depends upon Icahn's ability to provide a bridge...
Icahn raised money for the merger by agreeing last week to sell TWA's profitable U.S.-to-London routes to American Airlines for $445 million. Just last October, Pan Am entered into a similar agreement to sell its London routes to United Airlines for $400 million...
...merger is successful, the nation's pioneers in overseas flights would still face formidable hurdles. TWA is saddled with one of the oldest fleets in the industry and an estimated $2 billion in debt, while Pan Am lacks a strong domestic system. Moreover, by selling their London routes to two of the most aggressive U.S. carriers, Pan Am and TWA can expect increased competition overseas. Yet the merger would have at least one advantage: the combined carrier would have to sell off overlapping routes, providing it with additional cash...
...made a number of minor acquisitions, including Paradyne, a modem maker, and Istel, which customizes computer systems. But AT&T never managed to capture more than 3% of the market, and losses have mounted to as much as $3 billion. Rumors began to swirl about a possible merger as a quick fix. Among the known targets: EDS, Sperry, Digital Equipment, Wang and Data General...
...while, the Chancellor's popularity rose with the deft handling of the complex negotiations that brought about merger in October. Unity, said the liberal weekly Die Zeit, "rescued him." It also obscured all other issues. The theme of unification, says Elisabeth Noelle-Neumann, head of the Allensbach polling institute, "was completely constant from the onset of the campaign, dominating it to the exclusion of any other everyday issue." The juggernaut rolled over Lafontaine...