AMR head to get USD20m after merger with US Airways.
15 February 2013 a[euro]" Tom Horton, head of American Airlines Inca[euro](tm)s bankrupt parent AMR Corp (PINK:AAMRQ), will get a half-cash, half-stock compensation of USD19.9m (EUR15m) once the company completes its combination with US Airways Group Inc (NYSE:LCC) and he resigns, a regulatory filing shows.
AMR's CEO, chairman and president will continue to act as such through the first annual shareholder meeting of the enlarged carrier. Horton will be replaced by US Airwaysa[euro](tm) current chief executive Doug Parker after that.
As announced yesterday, AMR will join forces with US Airways to form a carrier with an implied equity value of about USD11bn (EUR8.3bn) based on the lattera[euro](tm)s stock as of 13 February 2013. The parties expect to conclude the transaction in the third quarter. Following the exchange of stock, AMRa[euro](tm)s shareholders, debtor subsidiaries, labour unions and current staff will own a 72% interest in the new airline.
Meanwhile, the chairman of the US Senate Commerce Committee, Jay Rockefeller, said the planned tie-up will be closely reviewed to ensure that competition in the countrya[euro](tm)s sector will not be hurt.Country: USASector: Air TransportType: MergerFinancing: All-stockStatus: Agreed
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|Publication:||M & A Navigator|
|Date:||Feb 15, 2013|
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