NEW YORK — Trans World Airlines, now more than 50% owned by financier Carl C. Icahn, is working on dissolving an earlier merger agreement with Texas Air, a spokeswoman said Monday.
Icahn, who had support from airline unions and is offering $24 a share for the TWA stock that he does not yet own, disclosed Friday that he had raised his stake in the company to a controlling 50.3% and said that he hoped to complete an agreement soon with TWA's directors to support his bid.
But first, TWA and Texas Air must end an earlier pact, under which Texas Air had agreed to buy the airline for $26 a share.
The agreement would have had to pass a stockholder vote.
"The company is working toward dissolving the agreement the company has with Texas Air," said Lori Feinberg, a TWA spokeswoman. She said she did not know what, if any, progress had been made.