Updated from 8:20 a.m. EDT
Delta Air Lines(DAL Quote) and Northwest Airlines (NWA Quote) plan to combine to create the world's largest airline, one with a strong presence in most of the world's major travel markets.
The long-awaited deal, announced late Monday, will require regulatory and shareholder approval, and would produce a company with annual revenue exceeding $35 billion. It would be called Delta and have its world headquarters in Atlanta. The carrier's top three executives and the majority of its board would come from the existing Delta.
Northwest shareholders will receive 1.25 Delta shares for each Northwest share they own, representing a premium of 16.8% based on Monday's closing price. That values Northwest shares at $3.6 billion. ...
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