What do a global telephone network and a second-place U.S. auto-rental company have in common? Whatever it is, International Telephone & Telegraph Co. and Avis Rent a Car obviously felt that it was something worth cultivating. Last week, in one of the year's more unusual mergers, the two decided to become one. Avis, which had revenues in the last fiscal year of $44 million, agreed to sell itself to giant I.T. &T. (1963 sales: $1.4 billion) for $40 million worth of I.T. & T. stock.
"Avis has a great potential for expansion abroad," said I.T. & T. Chairman and President...
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