NWA Shareholders Vote in Favor of Merger with Delta Air Lines
25 9์ 2008 - 11:33PM
Business Wire
Stockholders at the Northwest Airlines Corporation (NYSE: NWA) 2008
Annual Meeting in New York City today overwhelmingly voted in favor
of the proposed merger with Delta Air Lines. As of July 31, 2008,
the record date for the vote, there were 253,349,623 shares of
Northwest common stock outstanding and entitled to vote at the
annual meeting. More than 98 percent of the shares voted supported
adopting the merger agreement. "This is a resounding vote of
confidence by shareholders for our merger with Delta Air Lines and
a great day for our employees, who will receive equity in the
combined company and more stable, long-term employment
opportunities," said Doug Steenland, Northwest Airlines President
and CEO. "The $2 billion in annual synergies achievable through
this merger are something neither carrier could have achieved as a
stand-alone carrier. The combined carrier will have a stronger
balance sheet and best-in-class liquidity, which will put the
airline in a position of financial stability. For small
communities, this stability protects the service they depend on
while creating the possibility for new routes and access to more of
the world." Steenland added, "We anticipate regulatory approval
from the Department of Justice by year-end, but we are already well
down the path of integration planning to create the world's premier
global airline - one that will offer our customers the benefit of
an end-to-end network and membership in the world's largest
frequent flyer program. For our customers, employees and the
communities we serve, the new Delta will be the airline of choice
and create a formidable, more durable competitor in the
marketplace." The stockholders also re-elected the twelve current
directors on the Northwest Board, approved an amendment to the
Northwest 2007 Stock Incentive Plan, and ratified the appointment
of Ernst & Young LLP as Northwest's independent registered
public accounting firm for 2008. Northwest Airlines is one of the
world's largest airlines with hubs at Detroit, Minneapolis/St.
Paul, Memphis, Tokyo and Amsterdam. Northwest, with its regional
partners, operates approximately 2,400 daily departures. Northwest
is a member of SkyTeam, an airline alliance that offers customers
one of the world's most extensive global networks. Northwest and
its travel partners serve more than 1,000 cities in excess of 160
countries on six continents. Stockholders at the Northwest Airlines
Corporation (NYSE: NWA) 2008 Annual Meeting in New York City today
overwhelmingly voted in favor of the proposed merger with Delta Air
Lines. As of July 31, 2008, the record date for the vote, there
were 253,349,623 shares of Northwest common stock outstanding and
entitled to vote at the annual meeting. More than 98 percent of the
shares voted supported adopting the merger agreement. ๏ฟฝThis is a
resounding vote of confidence by shareholders for our merger with
Delta Air Lines and a great day for our employees, who will receive
equity in the combined company and more stable, long-term
employment opportunities,๏ฟฝ said Doug Steenland, Northwest Airlines
President and CEO. ๏ฟฝThe $2 billion in annual synergies achievable
through this merger are something neither carrier could have
achieved as a stand-alone carrier. The combined carrier will have a
stronger balance sheet and best-in-class liquidity, which will put
the airline in a position of financial stability. For small
communities, this stability protects the service they depend on
while creating the possibility for new routes and access to more of
the world.๏ฟฝ Steenland added, ๏ฟฝWe anticipate regulatory approval
from the Department of Justice by year-end, but we are already well
down the path of integration planning to create the world๏ฟฝs premier
global airline ๏ฟฝ one that will offer our customers the benefit of
an end-to-end network and membership in the world๏ฟฝs largest
frequent flyer program. For our customers, employees and the
communities we serve, the new Delta will be the airline of choice
and create a formidable, more durable competitor in the
marketplace.๏ฟฝ The stockholders also re-elected the twelve current
directors on the Northwest Board, approved an amendment to the
Northwest 2007 Stock Incentive Plan, and ratified the appointment
of Ernst & Young LLP as Northwest๏ฟฝs independent registered
public accounting firm for 2008. Northwest Airlines is one of the
world๏ฟฝs largest airlines with hubs at Detroit, Minneapolis/St.
Paul, Memphis, Tokyo and Amsterdam. Northwest, with its๏ฟฝregional
partners, operates approximately 2,400 daily departures. Northwest
is a member of SkyTeam, an airline alliance that offers customers
one of the world๏ฟฝs most extensive global networks. Northwest and
its travel partners serve more than 1,000 cities in excess of 160
countries on six continents.
Northwest Airline (NYSE:NWA)
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Northwest Airline (NYSE:NWA)
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