Abstract
The road to merger is strewn with fortuitous events, surprises, and disappointments for most firms even under ordinary circumstances, but the airline industry following World War II faced special problems of postwar readjustment, rapid technological change, and government intervention by a Civil Aeronautics Board that was determined to shape the future of American commercial aviation. Congruence with federal regulatory policy was a key element in the success of the merger with which this essay deals.
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