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US Airways proposes to merge with Delta

15 November 2006

US Airways Group said Wednesday it has made an $8 billion cash and stock offer for Delta Air Lines in a deal that would create one of the world’s largest airlines.

The offer to buy Delta once the Atlanta-based airline emerges from bankruptcy protection would give Delta’s unsecured creditors $4 billion in cash and 78.5 million shares of US Airways stock.

The offer is a 25% premium over the current trading price of Delta’s pre-petition unsecured claims as of Tuesday, and a 40% premium over the average trading price for Delta unsecured claims over the last 30 days.

source: USA Today

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