NWA Shareholders Vote in Favor of Merger With Delta Air Lines
Stockholders at the Northwest Airlines Corporation (NYSE: NWA) 2008 Annual Meeting in New York City today overwhelmingly voted in favor of the proposed merger with Delta Air Lines.
As of July 31, 2008, the record date for the vote, there were 253,349,623 shares of Northwest common stock outstanding and entitled to vote at the annual meeting. More than 98 percent of the shares voted supported adopting the merger agreement.
“This is a resounding vote of confidence by shareholders for our merger with Delta Air Lines and a great day for our employees, who will receive equity in the combined company and more stable, long-term employment opportunities,” said Doug Steenland, Northwest Airlines President and CEO. “The $2 billion in annual synergies achievable through this merger are something neither carrier could have achieved as a stand-alone carrier. The combined carrier will have a stronger balance sheet and best-in-class liquidity, which will put the airline in a position of financial stability. For small communities, this stability protects the service they depend on while creating the possibility for new routes and access to more of the world.”
Steenland added, “We anticipate regulatory approval from the Department of Justice by year-end, but we are already well down the path of integration planning to create the world’s premier global airline – one that will offer our customers the benefit of an end-to-end network and membership in the world’s largest frequent flyer program. For our customers, employees and the communities we serve, the new Delta will be the airline of choice and create a formidable, more durable competitor in the marketplace.”
The stockholders also re-elected the twelve current directors on the Northwest Board, approved an amendment to the Northwest 2007 Stock Incentive Plan, and ratified the appointment of Ernst & Young LLP as Northwest’s independent registered public accounting firm for 2008.
Northwest Airlines is one of the world’s largest airlines with hubs at Detroit, Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam. Northwest, with its regional partners, operates approximately 2,400 daily departures. Northwest is a member of SkyTeam, an airline alliance that offers customers one of the world’s most extensive global networks. Northwest and its travel partners serve more than 1,000 cities in excess of 160 countries on six continents.