Sunday, September 14th23.3°C
23373

Airline merger cleared for takeoff

American Airlines and US Airways will merge and create the world's biggest airline. The boards of both companies approved the deal late Wednesday, according to four people close to the situation.

The carrier will keep the American Airlines name but will be run by US Airways CEO Doug Parker. American's CEO, Tom Horton, will serve as chairman of the new company until mid-2014, these people said. They requested anonymity because the merger negotiations were private.

The merger caps a turbulent period of bankruptcies and consolidation that will leave the U.S. airline industry dominated by four big carriers — American, United, Delta and Southwest. Together they would control almost three-quarters of U.S. airline traffic.

The deal has been in the works since August, when creditors forced American to consider a merger rather than remain independent. American has been restructuring under bankruptcy protection since late 2011. AMR creditors and possibly its shareholders will own 72 per cent of the stock, and US Airways Group Inc. shareholders will get the rest, three of the people said.

A formal announcement is expected Thursday morning.

The Canadian Press


Read more Business News

23053


Recent Trending




Today's Market
S&P TSX15531.58-2.74
S&P CDNX987.935.65
DJIA16987.51-61.49
Nasdaq4567.599-24.208
S&P 5001985.54-11.91
CDN Dollar0.9017-0.0002
Gold1231.50-10.00
Oil92.27-0.68
Lumber348.00+3.50
Natural Gas3.91+0.024

 
Okanagan Companies
Pacific Safety0.18-0.02
Knighthawk0.01-0.005
QHR Technologies Inc1.300.00
Cantex0.06-0.01
Anavex Life Sciences0.240.00
Metalex Ventures0.065-0.005
Russel Metals36.26+0.14
Copper Mountain Mining2.88+0.12
Colorado Resources0.1650.00
ReliaBrand Inc0.0318-0.0032
Sunrise Resources Ltd0.0250.00
Mission Ready Services0.265-0.01

 



23015

FEATURED Property
17927902798 KLO Road, Kelowna, BC
10073189 bedrooms
$2,975,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Price Guarantees

Article written by Linda Bustos Though I’d never recommend “lowest prices” as a unique selling proposition, I notice many retailers use a Price Match Guarantee or even a 110% Guara...


Brangelina and Celebrity vs Philanthropy

This week my wife wrote a blog for our charities website, I thought you may enjoy reading it here: I was planning to write about the incredible philanthropic Miss Angelina when, funnily enough, she ...


Manage your behaviour

You can’t manage what you can’t control! You can’t manage the number of sales you’re going to make but you can manage the behaviour that will help you make those sales. Obvious...

_



23073

23073


Member of BC Press Council


23121