British Airlines Merger OKd
Reuters
LONDON —
British Airways won government approval today for a controversial takeover of the smaller, money-losing British Caledonian Airways, a merger that is expected to make the combined airline more competitive against its U.S. rivals.
British Airways was state-owned until it was sold to private investors earlier this year in Prime Minister Margaret Thatcher’s government program of state asset sales. Its stock rose sharply after the announcement, climbing $3 to $25.50 on the New York Stock Exchange.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
