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Texas Air Corporation today announced that it has agreed to buy People Express Airlines for one hundred twenty-five million dollars in securities.
德克萨斯航空公司今天宣布其已同意以1.25亿美元的价格收购人民航空公司。
Texas Air already owns Continental Airlines and New York Air.
大陆航空和纽约航空已在德克萨斯航空旗下。
It is in the process of acquiring Eastern Airlines.
目前它正在收购东方航空。
People Express, one of the first no-frills, low-fare air carriers, has been in financial trouble lately.
人民航空是最早的廉价经济型航空公司之一，最近陷入了财务困境。
It was forced to shut down its subsidiary, Frontier Airlines.
造成其附属航空公司，边境航空被迫关闭。
Texas Air now says it will acquire Frontier's assets as part of its deal with People Express.
德克萨斯航空现在表示，它将收购边境航空资产，作为与人民航空达成协议的一部分。
Joining us now from New York, NPR's business reporter Barbara Mantel.
NPR商业记者芭芭拉·曼特尔，纽约报道。
"Barbara, it is said this is a very attractive low price, this one hundred twenty-five million dollars in securities.
“芭芭拉，据说这是一个非常具有吸引力的低价，1.25亿美元的证券价值。
Besides that, why does Texas Air want People Express?"
除此之外，德克萨斯航空为什么要收购人民航空呢？”
"Well, Frank Lorenzo, who is Chairman of Texas Air, will get airplanes from People Express, which he might need.
“德克萨斯航空公司主席佛兰克·洛伦佐将收购人民航空，这可能是他的需要。
He will get the lowest cost work-force in the industry at People Express.
他将获得业内最低成本的劳动力。
He will get a new terminal at Newark, New Jersey that People Express in building.
他将在纽瓦克新泽西新建一个候机楼。
He'll get flights to London, and he will get control over competition.
他将得到飞往伦敦的航班，他将获得竞争的控制权。
People Express competes heavily, especially in the northeast corridor, with Texas Air."
人民航空公司与德克萨斯航空公司竞争激烈，特别是在东北走廊。
"This issue of competition has been a sticking point before for the Department of Transportaion when two airlines wanted to get together.
“这个竞争问题是摆在交通部面前的一个症结，当两个航空公司意图合并。
How will Texas Air get around it this time?"
这次德克萨斯航空将如何绕过它？
"Well, they might not. Texas Air wanted to acquire East...,
“嗯，他们可能不会。德克萨斯航空想收购东方…，
or wants to acquire, Eastern Airline, and the Department of Transportation said,
或者想收购东方航空公司，于是交通部说，
'No, not unless you sell more landing slots, more slots in the northeast corridor to Pan Am so that we'll have some competition there.'
不行，除非你在东北走廊多卖些着陆点给到泛美航空公司，这样我们就可以在那里展开一些竞争。
And Texas Air agreed to that just last week.
德克萨斯航空公司上周也同意了。
That may happen again here.
这可能会再次在这里发生。
The department of Transportation may require that Texas Air sell some slots or some gates to another airline to ensure that there is still competition in the northeast part of the marketplace.
交通部可能要求德克萨斯航空出售一些着陆点或登机点给另一家航空公司，以确保东北部市场仍存在竞争。
But Texas Air has some leverage here with the Department of Transportation because People Express is a failing company.
但德克萨斯航空公司在这里与交通部有一些优势，因为人民航空是一家失败的公司。
And the Department of Transportation may feel, 'Well, we'll let them buy People Express and keep it running, rather that let it fail and lost all those jobs.'"
交通部可能会觉得，‘嗯，我们会让他们收购人民航空，让它继续运营，而不是让它垮台，流失所有的工作岗位。”
"Mm hm. Now, if the deal is approved by the Department of Transportation, what is it likely to mean for consumers?
“嗯，如果交易是由交通部批准的，对消费者来说可能意味着什么？
If there's less competition the fares could possibly go up."
如果竞争不那么激烈，票价可能会上涨。”
"Well, yes. You would think that when you move from two competitors in a market to just one airliner that prices would just have to go up.
“嗯，是的。当一个市场从存在两个竞争者转变到一家独大时，你会想到一点，客机价格势必将上涨。
But I want you to keep in mind that unrestricted fares of the kind People Express offered,
但我要你记住，人民航空所提供的无限制票价，
you know, wholesale unrestricted fares, were being eliminated and phased out anyway, because they were not profitable.
你知道，大规模不受限制的票价，不管怎样，正在遭到淘汰，因为他们盈利性低。
And the Department of Transportation theory here is that if you allow mergers to take place, or many mergers to take place,
交通部的理论是，如果你允许合并，或者进行许多合并，
you might create more efficiencies and low costs, leading possibly to lower fares.
你可能会创造更高的效率，带来更低的成本，从而可能降低票价。
And also the Department of Transportation believes that there's a lot of potential competition in the marketplace.
交通部也相信，市场上存在很多潜在的竞争。
Airlines can move planes around and buy gates,
航空公司可以动动飞机，购买关口，
and so that if an airline in a particular market segment was making a lot of money and raising prices excessively,
因此，如果一家航空公司在某一特定的细分市场赚了很多钱并筹集到资金，过度提高价格，
other airlines would move in and prices would be brought down through competition.
其他航空公司将迁入，价格将通过竞争降低。
So that it's a nice theory, the theory of potential competition keeping prices in line,
这是一个很好的理论，潜在竞争理论使价格保持一致，
but it's sort of a new idea and it'a not clear that that's really the way it would work."
但这是一个新想法，是否真的会以这样的方式发挥作用尚未明确。”
"Thanks." From New York, NPR's Barbara Mantel.
“谢谢，”芭芭拉·曼特尔，纽约报道。
