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U.S. markets recover from steep losses
NEW YORK, Sept. 25 (UPI) -- U.S. airlines Delta and Northwest removed a major hurdle in their goal to merge the carriers Thursday with two separate shareholder votes.
Northwest Airlines' shareholders were first to vote yes at an annual meeting in New York City. Delta shareholders followed suit in a Thursday afternoon vote of their own.
The votes were not close. Northwest said 98 percent of its shareholders approved the deal. Delta topped that with 99 percent approving the merger.
The 98 percent approval among Northwest shareholders was "a resounding vote of confidence ... and a great day for our employees," Northwest President Doug Steenland said in a statement.
The companies, which received Federal Aviation Administration approval for interim operations and a Single Operating Certificate transition on Monday, said the merger would create $2 billion in "annual synergies ... something neither carrier could achieve alone as a stand-alone carrier," the statement said.
The carriers are waiting for regulatory approval, which they expect by the end of the year.
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