U.S. Airways, American Airlines Secure EU Approval
US Airways (NYSE:LCC) and AMR Corp's American Airlines secured EU regulatory approval on Monday for their $11 billion merger after promising to surrender slots at Heathrow and Philadelphia airports.
The carriers offered the concession and also committed to facilitate the entry of a new competitor to allay concerns by the European Commission over the combined company's monopoly of the route. Reuters reported the imminent EU approval on July 29.
"The decision is conditional upon the release of one daily slot pair at London Heathrow and of other commitments in order to induce entry on the London-Philadelphia route," the EU antitrust authority said in a statement.
The Commission said the carriers would also sign special feed traffic agreements with a new competitor on the route.