US Airways And American Airlines Merge
The merger creates the nation’s largest airline.
The deal, which was completed in recent days, could be formalized as American leaves bankruptcy. W. Douglas Parker, the chairman and chief executive of US Airways, will take over as American’s chief executive. Thomas W. Horton, American’s current chairman and chief executive, will be chairman, though his tenure could be limited.
The merger still needs to pass several steps. It must be approved by American’s bankruptcy judge in New York. US Airways shareholders, who will also have to approve the deal, would hold 28 percent of the combined carrier.
In addition, it will be reviewed by the Justice Department’s antitrust division, though analysts expect regulators to clear the deal.Click here for reuse options!
Copyright 2013 Liberaland