DAL/NWA DOJ Approval
10-29-2008, 11:24 AM
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WASHINGTON, Oct 29 (Reuters) - U.S. antitrust authorities approved Delta Air Lines Inc's (DAL.N: Quote, Profile, Research, Stock Buzz) purchase of Northwest Airlines Corp (NWA.N: Quote, Profile, Research, Stock Buzz) on Wednesday in a deal worth about $2.6 billion.
The merger would create the world's biggest airline by passenger traffic.
The U.S. Justice Department approval ends the U.S. regulatory review.
The department said the deal, in its view, is likely to benefit consumers and and unlikely to "substantially lessen competition."
(Reporting by Diane Bartz and Randall Mikkelsen
The merger would create the world's biggest airline by passenger traffic.
The U.S. Justice Department approval ends the U.S. regulatory review.
The department said the deal, in its view, is likely to benefit consumers and and unlikely to "substantially lessen competition."
(Reporting by Diane Bartz and Randall Mikkelsen
10-29-2008, 11:39 AM
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Federal regulators said Wednesday the merger would likely benefit consumers without substantially reducing competition.
Another hurdle remains ahead, however: a federal lawsuit seeking to block the deal. Trial is set for Nov. 5 in San Francisco.
The combined airline would be called Delta and keep its Atlanta headquarters and its chief executive, Richard Anderson.
Northwest would become a wholly owned subsidiary of Delta during the integration process.
Wednesday's decision caps a six-month Justice Department investigation of the deal.
Another hurdle remains ahead, however: a federal lawsuit seeking to block the deal. Trial is set for Nov. 5 in San Francisco.
The combined airline would be called Delta and keep its Atlanta headquarters and its chief executive, Richard Anderson.
Northwest would become a wholly owned subsidiary of Delta during the integration process.
Wednesday's decision caps a six-month Justice Department investigation of the deal.
10-29-2008, 11:40 AM
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As many as 25 to 30 officer-level and senior division managers with Delta Air Lines Inc. will leave the company, likely by year end, as the carrier moves closer to completion of its merger with Northwest Airlines Corp., sources with knowledge of the situation have told the Atlanta Business Chronicle, a Business First sister publication.
Atlanta-based Delta (NYSE: DAL) is expected to announce to its employees as soon as this week the names of senior management officials who have accepted job buyouts or are retiring, sources with knowledge of the situation said.
Among the senior Delta officials said to be leaving the carrier are: Lee Macenczak, executive vice president of sales and marketing; Beth Johnston, senior vice president, human resources; Pam Elledge, vice president of sales and distribution; Scott Slater, the director of leisure and segmented sales; and Tom Barley, a member of Delta’s general counsel office.
Many, such as Johnston, accepted a buyout weeks ago, sources said. Others — many of whom are division directors or general managers — were informed last week that they would not be offered a job in the new Delta, sources said.
Many will be replaced by counterparts at Northwest, the sources said, though some management members will move up in the ranks.
Many who will be leaving have worked for Delta in high management positions for many years, the sources said. The departures represent about 30 percent of Delta’s senior management staff.
The sources, who declined to be named, said the officers will leave the carrier after Department of Justice approval of Delta’s all-stock acquisition of Eagan, Minn.-based Northwest (NYSE: NWA). Approval of the merger is expected before the end of the year and could come as early as next week, the sources said.
“If that (approval) happens, definitely by the first of the year, but probably before the first of the year,” one source said.
Delta officials have declined interview requests.
In a statement, Delta officials said: “Delta expects to announce any additional organizational changes shortly after the closing of the merger. At this time it’s premature to discuss potential changes to Delta’s post-merger leadership team beyond previous announcements.”
In July, Delta CEO Richard Anderson, a former Northwest executive, named the senior management officials who would lead the airline with him after it merged. Four are current Delta brass and four are Northwest executives.
The senior management team is:
• Ed Bastian, Delta’s current president and chief financial officer, who will become CEO and president of Northwest. Northwest will initially be a subsidiary of Delta.
• Mike Campbell, Delta executive vice president of human resources, labor and communications, who will continue in that role for the merged carrier.
• Mike Becker, the current senior vice president of human resources at Northwest, who will be the executive vice president and COO of Northwest as it is folded into Delta.
• Steve Gorman, Delta executive vice president of operations, who will continue in that role.
• Glen Hauenstein, Delta’s executive vice president and chief of network and management, who will be Delta executive vice president of revenue and network for the combined carrier.
• Ben Hirst, Northwest senior vice president of corporate affairs, who will be senior vice president and general counsel.
• Laura Liu, Northwest senior vice president of international, who will continue in the same role at Delta.
• Theresa Wise, Northwest chief information officer, who will fill that role with Delta.
Atlanta-based Delta (NYSE: DAL) is expected to announce to its employees as soon as this week the names of senior management officials who have accepted job buyouts or are retiring, sources with knowledge of the situation said.
Among the senior Delta officials said to be leaving the carrier are: Lee Macenczak, executive vice president of sales and marketing; Beth Johnston, senior vice president, human resources; Pam Elledge, vice president of sales and distribution; Scott Slater, the director of leisure and segmented sales; and Tom Barley, a member of Delta’s general counsel office.
Many, such as Johnston, accepted a buyout weeks ago, sources said. Others — many of whom are division directors or general managers — were informed last week that they would not be offered a job in the new Delta, sources said.
Many will be replaced by counterparts at Northwest, the sources said, though some management members will move up in the ranks.
Many who will be leaving have worked for Delta in high management positions for many years, the sources said. The departures represent about 30 percent of Delta’s senior management staff.
The sources, who declined to be named, said the officers will leave the carrier after Department of Justice approval of Delta’s all-stock acquisition of Eagan, Minn.-based Northwest (NYSE: NWA). Approval of the merger is expected before the end of the year and could come as early as next week, the sources said.
“If that (approval) happens, definitely by the first of the year, but probably before the first of the year,” one source said.
Delta officials have declined interview requests.
In a statement, Delta officials said: “Delta expects to announce any additional organizational changes shortly after the closing of the merger. At this time it’s premature to discuss potential changes to Delta’s post-merger leadership team beyond previous announcements.”
In July, Delta CEO Richard Anderson, a former Northwest executive, named the senior management officials who would lead the airline with him after it merged. Four are current Delta brass and four are Northwest executives.
The senior management team is:
• Ed Bastian, Delta’s current president and chief financial officer, who will become CEO and president of Northwest. Northwest will initially be a subsidiary of Delta.
• Mike Campbell, Delta executive vice president of human resources, labor and communications, who will continue in that role for the merged carrier.
• Mike Becker, the current senior vice president of human resources at Northwest, who will be the executive vice president and COO of Northwest as it is folded into Delta.
• Steve Gorman, Delta executive vice president of operations, who will continue in that role.
• Glen Hauenstein, Delta’s executive vice president and chief of network and management, who will be Delta executive vice president of revenue and network for the combined carrier.
• Ben Hirst, Northwest senior vice president of corporate affairs, who will be senior vice president and general counsel.
• Laura Liu, Northwest senior vice president of international, who will continue in the same role at Delta.
• Theresa Wise, Northwest chief information officer, who will fill that role with Delta.
10-29-2008, 12:08 PM
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Originally Posted by dbtownley
The senior management team is:
• Ben Hirst, Northwest senior vice president of corporate affairs, who will be senior vice president and general counsel.
• Laura Liu, Northwest senior vice president of international, who will continue in the same role at Delta.
• Theresa Wise, Northwest chief information officer, who will fill that role with Delta.
• Ben Hirst, Northwest senior vice president of corporate affairs, who will be senior vice president and general counsel.
• Laura Liu, Northwest senior vice president of international, who will continue in the same role at Delta.
• Theresa Wise, Northwest chief information officer, who will fill that role with Delta.
As far as Wise is concerned, I've talked to several agents who have confirmed that we are going to use the Delta computer system to save money, even though it is older and less capable.
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