Airline consolidation in the US began last week on a smaller scale than the failed mega-merger between US Airways and Delta Air Lines and AirTran Airways' contentious pursuit of Midwest Air Group as ATA Airlines parent ATA Holdings bought out World Air Holdings, parent of World Airways and North American Airlines, for $315 million in cash or $12.50 per share. The deal, expected to be completed in the third quarter, is subject to the approval of World stockholders and US authorities. It will ...

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