Late last year Alan Mulally, boss of Boeing Commercial Airplane Group, thought he was about to land some crucial orders for the stretched 747 that he wanted to launch to compete with Airbus's super-jumbo, the A380. As Airbus, based in Toulouse, raced towards the 50 orders it needed to launch its giant, Mr Mulally was pinning his hopes on a deal with Federal Express to buy freighter versions for its huge cargo airline. When he learned that Fedex was going to buy the all-new Airbus, it was time to face facts.
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