The biggest merger in aviation history was abruptly called off last week. When they first planned it last year (TIME, Oct. 7), Consolidated Vultee Aircraft Corp. and Lockheed Aircraft Corp. fully expected that each could provide just what the other needed, and together blanket the field with one mammoth company. But in last week's brief announcement, Convair's Harry Woodhead and Lockheed's Robert Gross regretfully admitted that the whole thing was "no longer feasible."
What had caused the rift? Woodhead and Gross blamed it on "the substantial decline in the stockmarket" which took place while the merger details were being arranged....
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