US Airways shareholders endorse American merger effort
According to Reuters, US Airways Group Inc shareholders approved the carrier’s plan to merge with AMR Corp’s American Airlines, clearing another hurdle to the deal that would create the world’s largest carrier.
US Air Chief Executive Doug Parker announced during the company’s annual meeting on Friday that a sufficient number of shares were cast in favor of the merger, based on preliminary results. The meeting, held in New York, was broadcast over the Internet.
The $11 billion merger deal was announced in February and the companies expect to complete it by the end of September, said Parker, who will be chief executive of the new American Airlines, which will be based in Texas.
The merger must still be approved by antitrust regulators and by the bankruptcy court overseeing the restructuring of AMR, which filed for Chapter 11 protection in November 2011. (Reuters)