British Airlines Merger OKd
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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.
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