British Airways to Buy Rival
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From Times Wire Services
LONDON — British Airways, the West’s largest international airline, said today that it will buy its smaller rival, British Caledonian, for about $382 million in a move that will allow it to “take on the world” as it fights increased foreign competition.
British Airways was denationalized in January when $1.45 billion in stock was sold to the public as part of Prime Minister Margaret Thatcher’s drive to sell off state-run companies. The friendly takeover requires approval from the government that it is in the public interest.
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