|Updated: 7/12/2013 10:48 am
||Published: 7/12/2013 10:48 am
US Airways shareholders voted to approve a proposed merger with American Airlines, one of the final steps remaining in the deal to create the world's biggest airline.
Owners of US Airways Group Inc. stock would get 28 percent of the stock in the combined company, with the rest going to creditors, employees and shareholders of American Airlines parent AMR Corp.
The deal is being reviewed by antitrust regulators at the U.S. Department of Justice. Critics of the merger worry that it will reduce competition and drive up prices.
American Airlines sent FOX23 the following statement about the vote:
“We’re pleased US Airways shareholders voted to approve the Merger Agreement with American, representing continued progress on our path toward building the world’s leading airline.” –Mike Trevino, American Airlines spokesman.