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Monday, September 15, 2008

Northwest, Delta to merge


$17.7B deal creates world's largest carrier; Consolidation prompted by rising fuel costs, intense competition

Nathan Hurst / The Detroit News

Passengers and employees of Northwest Airlines Corp. and Delta Air Lines Inc. had mixed feelings after Monday's announcement of a $17.7 billion merger of the two airlines that would create the world's largest air carrier and making Detroit Metropolitan Airport a linchpin in the combined carrier's global network.

The airline will be called Delta, have its headquarters in Atlanta and will be led by Delta CEO Richard Anderson, a former Northwest chief executive. In the stock-swap transaction, Northwest investors will receive 1.25 shares of the new company for each Northwest share, a 16.8 percent premium based on Monday's closing prices.
Harlan Platt, a professor of finance who tracks the airline industry at Northeastern University in Boston, said the deal is a matter of necessity.

"I think it's necessary for these two carriers to survive," Platt said. "They know they need to grow their networks while cutting back capacity. A merger of this scope completes that. It won't be the last merger we see."

Posted by Paradigm Communications at 8:36 AM

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