U.S. Business: Downbeat on Mergers

Mergers seem a neat way out of trouble for airlines and railroads. Deficit-ridden Eastern Air Lines has asked the Civil Aeronautics Board for permission to merge with moneymaking American Airlines; troubled Trans World Airlines hopes to merge with solid Pan American. Twelve of the nation's major railroads have applied to the Interstate Commerce Commission for permission to enter into regional mergers. The ICC's approval last December of the rich Chesapeake & Ohio's application to take over the hard-up Baltimore & Ohio encouraged railroad and airline executives to believe that the official climate in...

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