Tue, Sep 04, 2012
Will Evaluate A 'Potential Combination'
AMR Corporation ("AMR"), the parent company of American Airlines® and US Airways Group, Inc. have entered into a non-disclosure agreement ("NDA"), under which the companies have agreed to exchange certain confidential information and, in close collaboration with AMR's Unsecured Creditors Committee, to work in good faith to evaluate a potential combination, the companies said in a news release.
The companies do not expect to provide any further announcements regarding the status of any such discussions unless and until the parties have entered into a transaction or discussions between the parties have been terminated. Furthermore, AMR and US Airways have each agreed while they are evaluating a potential combination that they and their representatives will not engage in discussions with other parties concerning a potential combination of AMR and US Airways. The companies noted that there can be no assurance that a transaction will result from these discussions.
A possible takeover of American Airlines by US Airways has been discussed almost since AMR Corp. entered bankruptcy proceedings last year. The merger has been supported by most of the two airlines' unions, including pilots and flight attendants. According to the New York Times, many analysts think that the only way the two airlines can remain competitive is to join forces. US Airways would immediately become a player in the international route market, while American would get access to US Airways' routes serving smaller cities.
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