US Airways shareholders voted to approve the carrier's merger with American Airlines' parent company, AMR Corp. on Friday morning.
The formal part of the shareholder meeting, held in New York, lasted abot 15 minutes. The merger proposal was approved by 99.6 percent of the shares that were voted.
the affirmative vote of the holders of a majority of the outstanding shares of US Airways stock, which represented over 99% of the votes cast by US Airways shareholders on the proposal. Of the 132,788,060 shares voted, 132,273,780 shares voted in favor of the proposal; 257,757 shares voted against; and 256,523 abstained. Shareholders also approved other proposals related to the merger.
"It creates an important strong competitor to United, Delta and Southwest," said chief executive Doug Parker prior to the shareholder vote. "We will create a premier global airline."
With the shareholder approval, the merger of American and US Airways is one step closer to completion. The deal still needs approval from the Justice Department and AMR creditors are currently considering the merger proposal as part of American's restructuring plan to emerge from bankruptcy protection.
Parker, who will be the new chief executive of the combined carrier, said he expects the merger deal to close in September.
The $11 billion deal gives 72 percent of the equity in the new company to AMR creditors and shareholders and 28 percent of the equity to US Airways shareholders.