TWA Offers to Buy USAir

Trans World Airlines stunned competitors today by offering $1.4-billion cash to buy USAir Group Inc., throwing into question USAir’s own $1.65-billion offer to buy Piedmont Aviation Inc.

TWA Chairman Carl C. Icahn, a well known takeover strategist who bought TWA last year, also expressed interest in discussing a combination of all three airlines, which are among the 10 largest in the nation. The TWA announcement sent USAir’s stock up $5.87 1/2 to $49.62 1/2.