British Airways PLC has renewed its offer...

British Airways PLC has renewed its offer for smaller rival British Caledonian Group PLC, but the stock swap is worth less because of the stock market crash. British Airways said its offer was worth about $263 million, down from $424 million before the October stock collapse. The new offer comes about a week after the Monopolies and Mergers Commission cleared a combination of the two airlines as long as the newly merged airline sheds some routes and meets other conditions. British Caledonian said its board of directors would review the new offer.