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British Airlines Merger OKd

November 11, 1987|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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