Fri, Apr 23, 2010
US Airways Issues Statement Regarding Merger Discussions
After
flirting with United Airlines in merger discussions, in what some
analysts saw as a way for UAL to re-open talks with Continental
Airlines, US Airways Group said Thursday that it has
discontinued recent talks with UAL Corporation regarding a
potential merger between the two companies.
US Airways Chairman and CEO Doug Parker issued the following
statement:
“US Airways has long been a
proponent for consolidation in our industry. As opportunities have
arisen for our company to participate in consolidation, we have
taken a close and careful look at our options, always with an eye
on what is in the best interests of our shareholders, customers,
employees and the communities we serve.
“We have recently held
discussions with United Airlines regarding a possible combination
between our two airlines. After an extensive review and careful
consideration, our Board of Directors has decided to discontinue
those discussions.
“While it is our policy not to comment on rumors concerning
strategic transactions, because of the persistent rumors about a
possible transaction with United Airlines we believe it is
appropriate to clarify the status of those negotiations. In the
future, we will continue to follow our policy of not commenting on
potential strategic transactions until we have entered into a
definitive agreement with respect to a specific transaction.
“It remains our belief that
consolidation makes sense in an industry as fragmented as ours.
Whether we participate or not, consolidation that leads to a more
efficient industry better able to withstand economic volatility,
global competition and the cyclical nature of our industry is a
positive outcome.
“The US Airways team is doing an
outstanding job of running a reliable airline, taking care of our
customers and keeping our costs down. We are well along the road to
near-term profitability and are well-positioned for sustainable,
long-term success. As the industry becomes less fragmented and more
stable, everyone will benefit.”
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