I just found a great website about the joint venture airline, Panagra, formed between W.R. Grace & Co. and Pan American Airways. Panagra operated successfully and with little to no competition in South America for many years. Braniff International Airways purchased Panagra in 1967 and merged their routes into their system with great success. The two airlines’ route systems were exceptionally complementary and Panagra’s choice of the DC-8 was adopted as the better solution for those routes as well. It was, by and large, a very seamless transition for both airlines.