Bloomberg News
US Airways Group Inc. Chief Executive Officer Doug Parker said a merger with bankrupt Delta Air Lines Inc. should be compelling to Delta’s creditors, even though Delta’s management has said it isn’t interested in combining.
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His company Wednesday made an unsolicited takeover bid, valued at $8 billion in stocks and cash, that would create the world’s largest airline. The bid was generally applauded by analysts, though
There was no immediate comment from United Airlines, which 18 months ago had approached Delta with a merger proposal, despite widespread speculation that it might file a competing bid.
Nor was it immediately clear what the proposed buyout might mean for Rhode Island’s T.F. Green Airport, though an industry report yesterday indicated that U.S. air traffic is on the rise, which might help to limit any post-takeover consolidation.
Total October passenger traffic for 17 U.S. airlines was up 4.2 percent, to 61.91 billion revenue-passenger miles, from 59.41 billion a year earlier, the report said. (A revenue-passenger mile equals one paying passenger carried one mile.) And for the first 10 months of the year, passenger traffic was up 3.1 percent, to 636.27 billion revenue-passenger miles, from the year-ago period’s 616.91 billion.
With PBN Staff Reports
