Written by News 1st
10 Dec, 2013 | 12:11 pm
American Airlines and US Airways have completed their long awaited merger to create the world’s biggest airline. It follows AMR Corporation, the parent company of American Airlines, emerging from its 2011 bankruptcy filing.
Shares in the new company soared after making their debut on the Nasdaq exchange under the stock symbol AAL. The merger had previously been blocked by the US Justice Department (DOJ) over concerns about competition in the sector.
“Our people, our customers and the communities we serve around the world have been anticipating the arrival of the new American,” said new boss Doug Parker. Mr Parker had previously been the head of US Airways.
“We are taking the best of both US Airways and American Airlines to create a formidable competitor, better positioned to deliver for all of our stakeholders. We look forward to integrating our companies quickly and efficiently so the significant benefits of the merger can be realised.”
The two companies say they expect to save more than $1bn in synergies with the merger.
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