US Airways shareholders approve American merger
Updated: Friday, July 12 2013, 09:26 PM EDT
NEW YORK (AP) - US Airways shareholders have overwhelmingly approved a proposed merger with American Airlines, bringing the companies closer to creating the world's biggest airline.
US Airways shareholders would get 28 percent of the new company, with the rest going to creditors, employees and shareholders of American Airlines parent AMR Corp.
Today's shareholder meeting in New York was likely the last for US Airways Group Inc.
The main hurdle now to completing the merger is a review by antitrust regulators at the Justice Department. Concerns have been raised about the merger's impact on airfares, and the combined airline's dominance at Washington's Reagan National Airport, where it would control about two-thirds of the takeoff and landing slots.
AMR has been operating under bankruptcy protection since November 2011, and its creditors are voting through July 29 on a reorganization plan that includes the merger.
European regulators are expected to announce a decision on the merger this month.