Business Services Industry
Toronto, Fort Worth, Texas, Airlines Raise Stakes in Merger Bid.
Knight Ridder/Tribune Business News, October, 1999 by Reed, Dan
Knight Ridder/Tribune Business News
Oct. 29 -- FORT WORTH, Texas -- Onex Corp. of Toronto and AMR Corp. sweetened their offer for Air Canada yesterday, raising the stakes in their bid to buy and merge Canada's two major airlines.
As part of the revised bid, AMR said it would immediately sell its shares in the consolidated Canadian carrier. The owner of American Airlines said that move was intended to defuse concerns about a U.S. carrier gaining control of the Canadian air industry.
But AMR would maintain a key alliance with the consolidated carrier, giving it prime access to the Canadian market. AMR would also remain a principal financial backer for Onex.
The deal would also benefit Sabre, the reservation and technology company...
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