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American Airlines Group, the company that will be formed when AMR Corp’s American and US Airways Group Inc complete their merger, will trade under the symbol “AAL” on the Nasdaq market, the companies said on Friday.
“Nasdaq offers a most advanced trading platform driven by innovation and efficiency – qualities that complement the new American,” Tom Horton, current AMR chairman and CEO, said in the statement announcing the application to list the common shares on Nasdaq. Horton will be chairman of the merged entity.
American and US Airways this week reached an agreement with the U.S. Justice Department paving the way for the merger. The airlines agreed to sell takeoff and landing rights at Washington’s Reagan National Airport, at New York’s LaGuardia and at airports of other major cities to settle the lawsuit Justice filed in August seeking to block the deal.
The merger, which would form the world’s biggest carrier, must be approved by the U.S. bankruptcy court handling AMR’s Chapter 11 case. The deal is expected to close next month.
Before AMR filed for bankruptcy protection, it traded on the New York Stock Exchange, where US Airways now trades.
Reporting by Karen Jacobs in Atlanta. Editing by Gerald E. McCormick.
Copyright (2013) Thomson Reuters. Click for restrictions.