By DAVID KOENIG and SCOTT MAYEROWITZ, AP Airlines Writers | Published: Fri, Jul 12, 2013
NEW YORK (AP) — US Airways' CEO says shareholders have approved the proposed merger with American Airlines, one of the final steps remaining in the deal to create the world's biggest airline.
Doug Parker said Friday that enough shares were cast in favor of the merger to guarantee approval. The margin was not immediately available.
Owners of US Airways Group Inc. stock would get 28 percent of the shares in the combined company, with the rest going to creditors, employees and shareholders of American Airlines parent AMR Corp.
The deal is being reviewed by antitrust regulators at the U.S. Department of Justice. Critics of the merger worry that it will reduce competition and drive up prices.
LAC-MEGANTIC, Quebec (AP) — The head of a railway company whose train crashed into a Quebec town, killing at least 15 people, blamed the accident on an employee who he said had failed to properly set the brakes.
Edward Burkhardt, president and CEO of the railway's parent company, Rail World Inc., made his comments Wednesday during his first visit to the town where some 60 people remain missing following Saturday's fiery crash.
He arrived with a police escort and was heckled by angry residents, He said a train engineer has been suspended without pay. "I think he did something wrong ...We think he applied some hand brakes but the question is did he apply enough of them," Burkhardt explained. "He said he applied 11 hand