Lockheed Wins Round in Bid to Buy Comsat

Lockheed Martin Corp. won Federal Communications Commission approval for its plan to acquire 49% of Comsat Corp., a satellite company created by Congress in 1962. The vote for the $1.8-billion deal still leaves Lockheed, which wants to buy all of Comsat, facing several major hurdles. The Justice Department has until the end of the day today to decide whether to challenge the combination on antitrust grounds. If government lawyers opt not to challenge the plan, Lockheed will be able to complete its tender offer on schedule this week. Lockheed fell $1.50 to close at $35, and Comsat slipped $1.44 to close at $27.50, both on the NYSE.