US Airways shareholders approve American Airlines merger agreement

By Caroline Salls

Pittsburgh, July 12 - US Airways Group, Inc.'s shareholders approved the merger agreement with American Airlines, Inc. parent AMR Corp., according to a US Airways news release.

Specifically, US Airways said the merger agreement was approved by the affirmative vote of the holders of a majority of the outstanding shares of its stock, which represented more than 99% of the votes cast by US Airways shareholders on the proposal.

Of the 132.79 million shares voted, 132.27 million shares voted in favor of the proposal, 257,757 shares voted against it, and 256,523 abstained. Shareholders also approved other proposals related to the merger.

"This approval is a major milestone on our path to completing the merger, and we continue to make excellent progress overall," US Airways chairman and chief executive officer and incoming CEO of the combined company Doug Parker said in the release.

"By bringing together two highly complementary networks and generating significant revenue synergies, the new American Airlines will deliver enhanced value for its shareholders."

The merger is subject to regulatory approvals, other customary closing conditions and confirmation of AMR's plan of reorganization by the U.S. Bankruptcy Court for the Southern District of New York.

US Airways said the companies continue to expect to complete the combination in the third quarter.

AMR, the Fort Worth-based parent of American Airlines, filed for bankruptcy on Nov. 29, 2011 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 11-15463.

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