Pan Am to Put Name on Carnival Air Fleet

Pan American World Airways and privately held Carnival Air announced a merger in a deal that would give Carnival’s billionaire owner Micky Arison a 42% stake in Pan Am. Arison is kicking in $30 million for the controlling stake and would put Pan Am’s famous blue-globe logo on Carnival Air’s larger fleet. Pan Am also would issue $30 million in new stock to create a $60-million fund to refurbish Carnival Air’s jets, buy a leased Miami headquarters and probably buy more jets. Both carriers are based in south Florida. Pan Am’s stock was down 87.5 cents to $10.125 on the American Stock Exchange.