Possibile fusione Delta-Northwest
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Delta and Northwest close to merger
By Justin Baer in New York
Published: February 6 2008 22:14 | Last updated: February 6 2008 22:14
Delta Air Lines and Northwest Airlines are closing in on an agreement to merge the two US carriers, people familiar with the discussions said.
The airlines may clinch the landmark accord as early as mid-February, the people said, though they cautioned that negotiations may still stall or even collapse.
Delta and Northwest have made some progress in selecting the combined company’s top managers. Delta Chief Executive Richard Anderson will keep that title following the merger, while Northwest CEO Doug Steenland will remain part of a senior team that includes executives from both airlines, the people said.
A deal between Delta and Northwest, two of the world’s largest carriers, would help squeeze excess capacity from an industry beset by record fuel costs and intense competition for passengers. It also could spark a wave of consolidation throughout the industry, as rivals scramble to strike deals that also help them eliminate unprofitable routes and weather a looming economic downturn.
The two airlines and their advisers still need to find common ground on deal’s terms, including the ratio at which Northwest investors will exchange their shares for those in the new company. Although Delta is the bigger airline, little separates its market capitalization of $4.32 billion with that of Minnesota-based Northwest. And there are no assurances that any of the concessions either side have made will be part of a final agreement, should there be one, one person said.
Mindful of the scrutiny any airline merger will receive from regulators, politicians, organized labour and consumer advocates, both carriers are striving to structure a deal that would minimize job losses while still delivering the cost savings its shareholders crave.
It’s a delicate balance, and any agreement will merely mark the start of a lengthy, and at times painful, process of winning the necessary approvals and then integrating complex operations into one company.
A Northwest spokeswoman declined to comment.
“We said Delta’s board is analysing strategic options, and those may include potential consolidation transaction,” a Delta spokeswoman said.
Copyright The Financial Times Limited 2008
By Justin Baer in New York
Published: February 6 2008 22:14 | Last updated: February 6 2008 22:14
Delta Air Lines and Northwest Airlines are closing in on an agreement to merge the two US carriers, people familiar with the discussions said.
The airlines may clinch the landmark accord as early as mid-February, the people said, though they cautioned that negotiations may still stall or even collapse.
Delta and Northwest have made some progress in selecting the combined company’s top managers. Delta Chief Executive Richard Anderson will keep that title following the merger, while Northwest CEO Doug Steenland will remain part of a senior team that includes executives from both airlines, the people said.
A deal between Delta and Northwest, two of the world’s largest carriers, would help squeeze excess capacity from an industry beset by record fuel costs and intense competition for passengers. It also could spark a wave of consolidation throughout the industry, as rivals scramble to strike deals that also help them eliminate unprofitable routes and weather a looming economic downturn.
The two airlines and their advisers still need to find common ground on deal’s terms, including the ratio at which Northwest investors will exchange their shares for those in the new company. Although Delta is the bigger airline, little separates its market capitalization of $4.32 billion with that of Minnesota-based Northwest. And there are no assurances that any of the concessions either side have made will be part of a final agreement, should there be one, one person said.
Mindful of the scrutiny any airline merger will receive from regulators, politicians, organized labour and consumer advocates, both carriers are striving to structure a deal that would minimize job losses while still delivering the cost savings its shareholders crave.
It’s a delicate balance, and any agreement will merely mark the start of a lengthy, and at times painful, process of winning the necessary approvals and then integrating complex operations into one company.
A Northwest spokeswoman declined to comment.
“We said Delta’s board is analysing strategic options, and those may include potential consolidation transaction,” a Delta spokeswoman said.
Copyright The Financial Times Limited 2008