Business & Finance: Vultee Swallows Fleet

The biggest merger in U.S. aviation history last week got off to a fast start. Not a minnow, but a pickerel of an industry began to swallow a whale. Vultee Aircraft, Inc. announced that it would buy the 440,000 shares of Consolidated Aircraft Corp. common stock now held or controlled by Consolidated's president, Major Reuben Fleet (TIME, Nov. 17). The price: $10,945,000, equal to $24.88 a share and less than 50¢ below the stock's alltime high. After formal contract signing in Consolidated's huge San Diego plant, Vultee's President Richard W. Millar, Rube Fleet...

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