American Airlines says it will list its shares on the Nasdaq Stock Market under the ticker symbol "AAL" after completing a merger with US Airways and becoming the world's biggest airline.
American's parent, AMR Corp., had been listed on the New York Stock Exchange as "AMR" until the shares were removed shortly after the company filed for bankruptcy protection in November 2011. They are currently available only over the counter under the symbol "AAMRQ."
Tom Horton, the CEO of AMR, said the Nasdaq "offers a most advanced trading platform driven by innovation and efficiency."
Shares of AMR and US Airways will be canceled and exchanged for stock in the new American Airlines Group Inc., which will be based in AMR's home in Fort Worth, Texas. AMR creditors, bondholders and shareholders will get 72% of the new company, and US Airways shareholders will get the other 28%.
The airlines announced the proposed merger in February. It was expected to close in late summer until the U.S. Justice Department sued to block the deal, claiming that it would limit competition and raise prices. On Tuesday, the airlines and the government announced a settlement in which the carriers agreed to give up some of their takeoff and landing rights and gates at several big airports, principally Washington's Reagan National.
The airlines still need final approval from a U.S. bankruptcy judge in New York who had already approved a reorganization plan built around the merger, and from a federal district court judge in Washington who was overseeing the case involving the Justice Department lawsuit.
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