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Delta pilots rip merger plan
Wednesday, November 21, 2007 19:39
ATLANTA, Nov 21 (WorldACD) - Pilots at Delta Air Lines called an overture by a private equity shareholder for the carrier to merge with United Airlines a "poisonous vision" and warned that any attempt at consolidation would fail without the union's support.
Hedge fund Pardus Capital Management urged Delta management last week to seek an all-stock merger with United Airlines parent UAL. Pardus holds about 2.5 percent of Delta's outstanding shares and about 4.8 percent of UAL.
"Pardus' demand for a merger between Delta and United is a poisonous vision built upon an artificial timeline and focused primarily on a financial transaction," said Lee Moak, chairman of the Delta pilot's union.
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