NEW YORK — 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.
Concern about less competition and higher fares also accompanied the combinations of Delta and Northwest in 2008, United and Continental in 2010, and Southwest and AirTran in 2011. Antitrust regulators allowed all those deals to go through.
Those other mergers changed the landscape, creating giants that made it hard for US Airways and American to compete, Parker said.
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