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US Airways Group is willing to add $1 billion to its $9.67 billion offer for Delta Air Lines if Delta's creditors committee agrees to discuss a merger of the two carriers, CNBC's David Faber reported, citing sources close to US Air.
It was a record day for stocks as every sector finished the day in positive territory. The Dow Jones Industrial Average closed at an all -time high while the Nasdaq and S&P 500 were boosted by strength in tech shares. The S&P 500 finshed the day at a new six-year high.
"The problem is not the price," Grinstein said of the proposed $10.5 billion deal. "The problem is whether it can be done and the cost of doing it."
A Belated Return: The breaking news desk blog has returned after a longer than expected absence - upon my return to work yesterday after vacation, my computer somehow fried its innards, necessitating a complete overhaul. As I told my very understanding CNBC.com bosses, the dog really DID eat my homework!
US Airways Group Chief Executive Doug Parker was noncommittal Tuesday on whether his company would be willing to increase its bid to buy Delta Air Lines even further to appease Delta's creditors.
Delta Air Lines plans to discuss US Airways' increased bid to buy Delta with its board of directors soon, the company said Friday as it filed an amended reorganization plan that details how it would satisfy claims against its subsidiary, Comair.
Northwest Airlines is having talks with Delta about a potential link-up, possibly after they both emerge from bankruptcy-court protection, the Wall Street Journal reported.
Delta Air Lines said it narrowed its loss in November to $49 million, keeping it on track to exit bankruptcy as a stand-alone company in the spring.
US Airways has no intention right now to increase its $8.4 billion offer for Delta Air Lines and it can't see itself backing out of its pursuit of Delta for any reason, Chief Executive Doug Parker said.
"It expects Delta to consider methodically, proactively and fairly strategic alternatives to its proposed stand-alone Chapter 11 plan," said Jefferies & Co., the group's financial advisor.
Both the Dow Jones Industrial Average and the S&P 500 ended the day higher – with the Dow setting another record, closing up 30 points and the S&P up 3 – all this despite worrisome economic data coming in the form of a rise in wholesale prices and a decline in housing permits. The NASDAQ couldn’t keep up, falling 6 points on continued weakness in the technology sector.
Delta Air Lines has rejected US Airways' $8.4 billion hostile bid in favor of a plan to re-emerge from bankruptcy as a standalone company. CNBC's Phil LeBeau says Delta focused today on convincing creditors their plan is best for them.
Delta Air Lines is forecasting a return to profitability next year, and again rejecting U.S. Airways' hostile overtures. The company's top executives have been hosting a webcast this morning--and CNBC’s Phi LeBeau has been monitoring details as they unfold...
Delta Air Lines, working to beat back an $8.4 billion merger bid from US Airways Group, is expected as soon as Tuesday to file a sweeping bankruptcy reorganization plan, the Wall Street Journal said on its Web site, citing people familiar with the matter.
The airline industry has seen a wave of potential M&A activity of late. Reports say UAL, the parent of United Airlines, and Continental Airlines are talking merger – though analysts speculate a deal is still far off. Also, AirTran Holdings has made a hostile bid for Midwest Air Group worth $290 million, or $11.25 a share. All this comes just a month after US Airways Group made a hostile bid of its own for Delta Air Lines.
U.S. stocks are taxiing towards a slightly higher opening today as airline takeover activity is set to give the transports a lift. Retail sales data for November could also give the market some direction and provide further clues to the consumer this holiday season. MERGERS AT THE GATE: Our Phil Lebeau is reporting on takeover talks...
U.S. stocks are showing hesitancy ahead of today's Fed announcement with futures pointing to a lower opening. Japanese stocks were higher overnight and European stocks trade lower after initial strength. The U.S. dollar was weaker ahead of the Fed overnight, as the yen slid to a record low against the Euro.
Good morning--it's December 1, 2006--24 days until Christmas--and counting. We're having a busy day so far. U.S. Representative Harold Ford Jr. from Tennessee is guest host on "Squawk Box." He lost that closeU.S. Senate seat race last month to Repbublican Bob Corker.