NEW YORK - Activist investor Carl Icahn and Southeastern Asset Management Inc have initiated talks with banks and asset managers to line up commitments for as much as $7 billion in bridge loans to back their leveraged recapitalization proposal for Dell Inc, banking sources told Thomson Reuters LPC on Thursday.
LONDON - From ketchup to hot drinks, family-run investment firms are shaking up the consumer deals market, squeezing out private equity players and forcing them to change strategy.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.
American Air aims for alliance approval by October
TOKYO (Reuters) - American Airlines expects to win U.S. approval by October to form an alliance with British Airways BAY.L and Spain's Iberia IBLA.MC, and it is pinning its hopes on intra-alliance competition and global partnerships to help it survive, an executive said on Wednesday.
American Airlines parent AMR Corp AMR.N, British Airways, Europe's third-largest carrier by revenue, and Iberia have applied for U.S. government antitrust immunity to form a transatlantic alliance to work together on fares, schedules and cost cutting.
The carriers have been under growing pressure after the U.S. government earlier this month approved a similar request by Continental Airlines CAL.N to join UAL Corp's UAUA.O United Airlines in the global Star Alliance, giving Star Alliance members a competitive advantage on some international routes.
"We remain optimistic that we'll accomplish the approval by October and implement it after that," Craig Kreeger, American Airlines senior vice president, told Reuters in an interview in Tokyo.
"It seems that intra-alliance competition and building a global network with partners is the long-term way in which airlines will succeed, and this represents a very big step in that process and an important one," he said.
BA and American had an application for antitrust immunity rejected in 2001 due to concerns that the alliance would have control of an unfair number of takeoff and landing slots at Heathrow airport.
(Editing by Hugh Lawson)
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