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Air Carrier Shareholders to Vote on UAL Merger

October 09, 2000|Bloomberg News

US Airways Group Inc., the sixth-largest U.S. carrier, has scheduled a shareholders meeting Thursday in Washington to tally vote results on its planned $4.3-billion sale to United Airlines parent UAL Corp. US Airways, based in Arlington, Va., set the date after the Securities and Exchange Commission finished reviewing the company's proxy filing for the meeting. The antitrust division of the Justice Department is still reviewing the matter and could seek to block the proposed purchase, which would be the largest merger in U.S. airline history. US Airways shareholders are expected to approve the acquisition. Both companies have said they expect any regulatory hurdles to be met. Meanwhile, UAL announced recently that it will post a loss for the third quarter and possibly for the fourth quarter as the carrier canceled thousands of flights during the summer, saw higher fuel costs and will pay out more than expected under proposed contracts with its pilots and other workers. On Friday, UAL shares closed down 75 cents at $42.38, and US Airways closed up 6 cents at $31.44. Both trade on the New York Stock Exchange.

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