AVIATION: Three into Two?

It looked like a simple business deal. Pan American World Airways wanted to pay $17.5 million cash for the assets of American Overseas Airlines and fly A.O.A.'s transatlantic routes. A.O.A.'s parent company, American Airlines, wanted to sell because it did not think transatlantic flying would continue to be profitable. Then things got complicated.

T.W.A., the third U.S. North Atlantic carrier, objected to the sale. Last week, in a 200-page report, Civil Aeronautics Board Examiner Thomas Wrenn brushed aside T.W.A.'s protests and recommended that CAB approve the merger. Cried T.W.A. President Ralph Damon: a...

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