AMR, US Airways Approve $11B Merger

    MIAMI, FL - FEBRUARY 13:  American Airlines planes are seen on the tarmac at the Miami International Airport on February 12, 2013 in Miami, Florida. Reports indicate that a deal between American Airlines and US Airways to merge is set to be announced as early as tomorrow. If the deal goes through it would create the world's biggest airline.  (Photo by Joe Raedle/Getty Images)

    Joe Raedle / Getty Images

    The skies are about to become more united. US Airways and AMR, the parent company for American Airlines, have reportedly agreed to a $11 billion merger that will make the combined carrier the largest airline in the world. The new company will be called American Airlines, but will be headed by Doug Parker, the CEO of US Airways. In a statement to the media Thursday, Parker conveyed his hope for the future of the company. “The combined airline will have the scale, breadth, and capabilities to compete more effectively and profitably in the global marketplace,” he said. The merger gives 72 percent of ownership to AMR creditors, and US Airways shareholders will have the rest.

    Read it at Associated Press