Delta Air Lines and Northwest Airlines late yesterday announced a merger agreement to create a mega-airline that would be the world's largest absent divestitures with aggregate annual revenue of more than $35 billion, a fleet of more than 800 aircraft and 75,000 employees worldwide. Following months of speculation, the carriers unveiled a proposed combination in which DL essentially would acquire NWA in a stock-swap transaction. NWA shareholders would receive 1.25 shares in the new carrier ...

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