US Airways Group Inc (NYSE:LCC) said its shareholders had cleared the planned combination with American Airlines Inc’s parent AMR Corp (PINK:AAMRQ).
The two US airlines agreed in February to merge in an all-stock deal worth some USD11bn (EUR8.4bn) and create an airline with a strong global network and financial base, they have said.
In the current statement, US Airways’CEO and the incoming CEO for the combined business Doug Parker said the stockholders approval had cleared the path for the two airlines to complete their tie-up which will provide enhanced value for shareholders due to the complementarity of the merging companies and projected substantial synergies.
Completion is still anticipated for the third quarter, subject to regulatory approvals and the US Bankruptcy Court for the Southern District of New York confirming AMR’s reorganisation plan, US Airways said.
The new American Airlines will be based in Dallas-Fort Worth and will offer over 6,700 daily flights to 336 destinations in 56 countries. The company will have a fleet of nearly 950 aircraft and more than 100,000 employees globally.