P.M. BRIEFING : Ampco Buys 6.6% in Midway Air
Ampco-Pittsburgh Corp., an engineering company, said today that it has acquired a 6.6% stake in Midway Airlines Inc. and may consider seeking control, keeping alive the takeover fever in the airline industry.
But Pittsburgh-based Ampco, which has recently undergone a major streamlining, said it currently has no plans to acquire Chicago-based Midway, although it may be interested in some type of merger.
The price of Midway stock rose $1.25 to $20.25 on the New York Stock Exchange.
Midway operates out of the once-nearly abandoned Midway Airport, just 20 minutes from downtown Chicago, making it a favorite with business travelers. One of its key routes is Chicago-Detroit, with some flights priced as low as $19.
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