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 Delta Air Lines Inc. executives reaffirmed Tuesday their commitment to buy Northwest Airlines Corp. at the company's annual meeting in New York, saying they have no regrets even as others shy away from dealmaking.
Company chief financial officer Ed Bastian according to wire reports said he is not surprised that, given rising oil prices and the threat of a U.S. recession, rivals are pausing from deal talks. Since the Delta-Northwest announcement in mid-April, United Airlines Inc. parent UAL Corp. has been rebuffed by Continental Airlines Inc., and more recently walked away from a deal with US Airways Group Inc. Delta officials argue that the cost savings, which includes back-office headcount reductions and right-sizing flying using the two airlines' differing fleet types, will help it weather the current storm and emerge as a strong carrier for the next uptick. The company, however, did not ask shareholders to approve the issuance of new shares to pay for the Northwest deal, electing to hold a special meeting at a later date to handle that matter. Delta has said it hopes to complete its deal by year's end. - Lou Whiteman See Associated Press report from Delta's annual meeting Categories Deal Video
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