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worldtraveler
Topic Author
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NW Hires Merger Consultant

Sat Dec 09, 2006 7:02 am

Northwest Airlines Corp. has hired Evercore Partners Inc., a New York firm with a background in handling acquisitions and mergers, to advise the bankrupt carrier on "broad strategic alternatives in the airlines industry."





In a bankruptcy filing made late Thursday, Northwest said it selected Evercore (NYSE: EVR - News) due to the company's experience in giving "strategic advice in complex restructurings, mergers and acquisitions."

A Northwest spokesman declined to comment on the filing. The carrier noted in its filing that Evercore's services would not overlap with that of its current restructuring consultant, Seabury.

Northwest (Pink Sheets: NWACQ - News) will pay Evercore an up-front fee of $275,000 and $75,000 per month. Evercore will also receive a fee of $3 million once the carrier emerges from bankruptcy, and $2 million if a merger and acquisition moves forward.
 
EWRCabincrew
Posts: 4323
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RE: NW Hires Merger Consultant

Sat Dec 09, 2006 7:06 am

Sounds like the ever-present threat of the US/DL has others (NW, CO, UA, AA) worried. Probably being done as a worst-case-what-if-DL/US-goes-through-who-are-we-ending-up-with scenario.

Even CO says it wants to go alone, but time will tell.
You can't cure stupid
 
AirframeAS
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RE: NW Hires Merger Consultant

Sat Dec 09, 2006 7:13 am

Looks to me like NW is going all-out on an early defense before US attacks them. Can't say I blame them. I think this is the best move NW has ever made in the last year or so, we will see if it's an effective move or not....
A Safe Flight Begins With Quality Maintenance On The Ground.
 
daus
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RE: NW Hires Merger Consultant

Sat Dec 09, 2006 7:16 am

http://news.moneycentral.msn.com/pro...x?feed=FT&Date=20061208&ID=6260940
Some observers believe that Northwest could bid for Delta, which is much larger, with the backing of a private equity group.

Delta has said it would not seek a white knight to defend itself against US Airways' offer.

 
justapassenger
Posts: 75
Joined: Wed Dec 15, 2004 9:36 pm

RE: NW Hires Merger Consultant

Sat Dec 09, 2006 11:38 am

Given proposed US/DL merger and all the other talk about other mergers/takeovers, it appears to me that NW has appropriately expanded the scope of its reorganization to include the airline industry as a whole rather than limiting it to NW itself. The Financial Times article referenced above says, “Evercore's work will be focused on broad strategic alternatives in the airline industry generally... “ I assume Evercore will tell NW what it should do before it leaves bankruptcy to make the best of a variety of broad industry alternatives, including:

NW being taken over
NW fighting a takeover
NW taking over or merging with another airline with and without outside capital
NW positioning itself to compete with other airline mergers/takeovers
 
F9Animal
Posts: 4497
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RE: NW Hires Merger Consultant

Sat Dec 09, 2006 12:06 pm

I was just standing out in the cold (what was I thinking! lol!), and got to thinking about NW and DL. Heck, then I was thinking about US and DL. What a mess of fleets! What would really be the benefit on maintenance costs alone? YIKES!!!

If NW merged with DL they would have a fleet of:

737-200's
737-300's
737-800's
747-400's
757-200's
757-300's
767-200's
767-300's
767-400's
777-200's
MD-80's
MD-90's
DC-9 30's
DC-9 40's
DC-9 50's
Airbus 319's
Airbus 320's
Airbus 330's

17 Fleet Types


If US merged with DL:

737-200's
737-300's
737-400's
737-800's
757-200's
767-200's
767-300's
767-400's
777-200's
Airbus 319's
Airbus 320's
Airbus 321's
Airbus 330's
MD-80's
MD-90's

15 Fleet types

And if US went for NW or vice versa:

737-300's
737-400's
747-400's
757-200's
757-300's
767-200's
DC-9 30's
DC-9 40's
DC-9 50's
Airbus 319's
Airbus 320's
Airbus 321's
Airbus 330's

13 fleet types

That has me hot! I better go stand back outside.
I Am A Different Animal!!
 
DeltaGuy
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Joined: Wed Sep 12, 2001 5:25 am

RE: NW Hires Merger Consultant

Sat Dec 09, 2006 12:14 pm

Quoting F9Animal (Reply 5):
If NW merged with DL they would have a fleet of:

737-200's
737-300's

DL doesn't have the -200 or -300 anymore unfortunately.

A NW/US merger would make more sense fleet-wise, but I'd hate to see any airline merge with US, even NW despite Steenland all their problems.

DeltaGuy
"The cockpit, what is it?" "It's the little room in the front of the plane where the pilot sits, but that's not importan
 
77411
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RE: NW Hires Merger Consultant

Sat Dec 09, 2006 12:23 pm

Quoting F9Animal (Reply 5):

737-200's
737-300's
737-800's
747-400's
757-200's
757-300's
767-200's
767-300's
767-400's
777-200's
MD-80's
MD-90's
DC-9 30's
DC-9 40's
DC-9 50's
Airbus 319's
Airbus 320's
Airbus 330's

17 Fleet Types

DL has removed the 737-2's and -3's 767-2's and I believe the two airlines have the same engines on the 757's and if so the 757-2 and 757-3 in my opinoin are then 1 type just one is longer. Same with the 9's. Then throw in the process of BK and they could easily terminate other fleet types to lower the type of aircraft in the fleet prior to coming out as the new airline. I would say the MD-90's and and DC-9's gone to start and now that makes 10 types and then subtract what other types may get axed in BK and now you have fewer.
 
F9Animal
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RE: NW Hires Merger Consultant

Sat Dec 09, 2006 12:37 pm

Quoting DeltaGuy (Reply 6):
DL doesn't have the -200 or -300 anymore unfortunately.



Quoting 77411 (Reply 7):
DL has removed the 737-2's and -3's 767-2's and I believe the two airlines have the same engines on the 757's and if so the 757-2 and 757-3 in my opinoin are then 1 type just one is longer. Same with the 9's. Then throw in the process of BK and they could easily terminate other fleet types to lower the type of aircraft in the fleet prior to coming out as the new airline. I would say the MD-90's and and DC-9's gone to start and now that makes 10 types and then subtract what other types may get axed in BK and now you have fewer.

Wowsa! I am really getting old! LOL! I am a bit behind the DL scene.


CO and DL would be an interesting mix. It would seem that the fleets and hubs would make a bit more sense. But hey, obviously I can't get the fleets right! LOL!

While I am on it, why is everyone picking on DL? They seem to be getting their house in order, and appear to be coming out of the slump. I don't understand.

[Edited 2006-12-09 04:39:08]
I Am A Different Animal!!
 
3201
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RE: NW Hires Merger Consultant

Sat Dec 09, 2006 1:03 pm

Quoting 77411 (Reply 7):
I believe the two airlines have the same engines on the 757's and if so the 757-2 and 757-3 in my opinoin are then 1 type just one is longer.

They do both have PW on their 757-200, but the -300 have 2040 and the -200 2037. DL themselves have about eight different kinds of engines on their 767-300's, though, so I'm not sure whether multiple engine types are even worth counting.

The best thing about NW/DL merging is some of the ex-DL DC9-30's could come back home.  Silly
7 hours aint long-haul
 
jmc1975
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RE: NW Hires Merger Consultant

Sat Dec 09, 2006 2:57 pm

Quoting F9Animal (Reply 8):

CO and DL would be an interesting mix. It would seem that the fleets and hubs would make a bit more sense. But hey, obviously I can't get the fleets right! LOL!

 checkmark 

737-300's
737-500's
737-700's
737-800's
737-900's
757-200's
757-300's
767-200's
767-300's
767-400's
777-200's
MD-80's
MD-90's

If DL and CO merged, you could expect the 733s, M88s and M90s to be gone. Although there is a mix of engine types on the remaining aircraft, the challenge is no worse than the HP/US narrowbody fleet.
.......
 
Zone1
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Joined: Sun Jan 09, 2005 4:47 am

RE: NW Hires Merger Consultant

Sat Dec 09, 2006 3:19 pm

Quoting Jmc1975 (Reply 10):
767-200's

DL doesn't have any 762's either
/// U N I T E D
 
CO767FA
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RE: NW Hires Merger Consultant

Sat Dec 09, 2006 3:24 pm

Quoting Zone1 (Reply 11):
DL doesn't have any 762's either

No, but CO does. DL doesn't have what CO wants...LHR and/or Asia. If we mix with anyone, it would be NW or UA.
 
F9Animal
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RE: NW Hires Merger Consultant

Sat Dec 09, 2006 7:39 pm

Quoting CO767FA (Reply 12):
No, but CO does. DL doesn't have what CO wants...LHR and/or Asia. If we mix with anyone, it would be NW or UA.

I would rather just see CO stick it out on their own. DL, UA, and NW too. It would be very weird not to see these greats disappear. CO seems to be the strongest out of them. But that could change in the blink of an eye in this industry. It is already hard to imagine not seeing HP anymore.
I Am A Different Animal!!
 
worldtraveler
Topic Author
Posts: 3417
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RE: NW Hires Merger Consultant

Sun Dec 10, 2006 12:58 pm

Some analysts have estimated the fleet complexity in DL/US would add $500-750 million per year in costs that US did not account for. Merging airlines with uncommon fleets is not an easy or cheap feat.
 
COERJ145
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RE: NW Hires Merger Consultant

Sun Dec 10, 2006 1:00 pm

NW/US is the best fleet-wise/route structure wise IMHO.
 
flydreamliner
Posts: 1928
Joined: Sat Jan 07, 2006 7:05 am

RE: NW Hires Merger Consultant

Sun Dec 10, 2006 5:46 pm

Quoting Daus (Reply 3):
http://news.moneycentral.msn.com/pro...x?feed=FT&Date=20061208&ID=6260940
Some observers believe that Northwest could bid for Delta, which is much larger, with the backing of a private equity group.

Delta has said it would not seek a white knight to defend itself against US Airways' offer.

Delta doesn't have much say in the matter, since a little crew of bankers is calling their shots at the moment.

Quoting DeltaGuy (Reply 6):
A NW/US merger would make more sense fleet-wise, but I'd hate to see any airline merge with US, even NW despite Steenland all their problems.

It would make decent sense. Steenland v. Parker.... i'd pay money to watch that one.

Quoting COERJ145 (Reply 15):
NW/US is the best fleet-wise/route structure wise IMHO.

DL/NW would be awfully amazing, I think, but US/NW would work fairly well too.
"Let the world change you, and you can change the world"
 
VonRichtofen
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RE: NW Hires Merger Consultant

Sun Dec 10, 2006 7:06 pm

Quoting COERJ145 (Reply 15):
NW/US is the best fleet-wise/route structure wise IMHO.

Agreed, but only if the merged airline stays in STAR alliance. NW's Pacific route network is impressive and would be an excellent addition to STAR's reach.

Kris
AC YYC
 
bobnwa
Posts: 4514
Joined: Fri Dec 22, 2000 12:10 am

RE: NW Hires Merger Consultant

Sun Dec 10, 2006 10:52 pm

Quoting FlyDreamliner (Reply 16):
It would make decent sense. Steenland v. Parker.... i'd pay money to watch that one.

Steenland was Parker's boss at Northwest in the 90's. They know each other quite well.
 
JetBlueGuy2006
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RE: NW Hires Merger Consultant

Sun Dec 10, 2006 11:03 pm

I think if a merger happens, they shouldn't become one airline, rather do something like what AF-KLM has done, create a parent company but fly as 2 seperate entities.

Just my thought
Home Airport: Capital Region International Airport (KLAN)
 
worldtraveler
Topic Author
Posts: 3417
Joined: Tue Aug 05, 2003 6:18 am

RE: NW Hires Merger Consultant

Mon Dec 11, 2006 9:48 am

Quoting FlyDreamliner (Reply 16):
Delta doesn't have much say in the matter, since a little crew of bankers is calling their shots at the moment.

wrong. the creditors have the say and they are interested in their greatest overall, long-term benefit - which also means they are not interested in seeing their investment lost by 50K upset DL employees. bankers stand to make alot of money on the deal but they do not control the outcome.

Quoting VonRichtofen (Reply 17):
Agreed, but only if the merged airline stays in STAR alliance. NW's Pacific route network is impressive and would be an excellent addition to STAR's reach.

remember that NW's pacific network does not make money and hasn't for several years. NW is reaping the fruit of not investing in aircraft and now has alot of expensive catching up to do. it is far from certain that an airline like US that hasn't invested much in the operation can turn it aroudn very quickly. other than that, NW is basically a domestic airline. they are overshadowed to Europe by CO and DL.

Quoting JetBlueGuy2006 (Reply 19):
I think if a merger happens, they shouldn't become one airline, rather do something like what AF-KLM has done, create a parent company but fly as 2 seperate entities.

you are probably right but American unions will not allow mgmt to play one labor group against another. eventually, you have to unify the contracts and pay the people comparable salaries - reflective of what they are worth. The fault of UA and US' bankruptcies is that the employees will demand higher salaries once earnings return to decent levels. US is facing the probem now and the reason why US employees do not support the merger is because they want their salaries brought up to respectable levels.
 
steeler83
Posts: 7700
Joined: Sat Feb 25, 2006 2:06 pm

RE: NW Hires Merger Consultant

Mon Dec 11, 2006 10:58 am

Interesting thread. I also think that this is a wise move on NW's part. They are going through with some restructuring plan to emerge CH11, and it looks like they're willing to consider all options, including acquisition/merger. It will be interesting to see what NW does and/or what it becomes.

I do prefer to see the remaining carriers, NW CO DL UA to stand on their own. I think for right now, US merging with anyone right now is absurd. They have one right in front of them that they must finish before even considering another one. This US-DL bit is just silly. This merger will not happen. US might as well go ahead and drop the deal. They said that if US could not convince DL management to merge, then the proposal would be dropped. DL will NOT merge with anyone let alone US, so... there you have it!
Do not bring stranger girt into your room. The stranger girt is dangerous, it will hurt your life.
 
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centrair
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Joined: Thu Jan 13, 2005 3:44 pm

RE: NW Hires Merger Consultant

Mon Dec 11, 2006 12:34 pm

Quoting F9Animal (Reply 5):
And if US went for NW or vice versa:

737-300's
737-400's
747-400's
757-200's
757-300's
767-200's
DC-9 30's
DC-9 40's
DC-9 50's
Airbus 319's
Airbus 320's
Airbus 321's
Airbus 330's

13 fleet types

But in that merger, the US 737s and the NW DC-9s would be gone. It would dominant Airbus domestic with a few 757s. The 767s would have a dim outlook me thinks as they would have a very nice sized A330 fleet for domestic and international use. Not to mention the 787s would come in within 2 years.

I would say
787-8's
747-400's
757-200's
757-300's
Airbus 319's
Airbus 320's
Airbus 321's
Airbus 330's

Fleet of 8 types.
But under the full US/NW banner would also have CRJs, ERJs, and Saabs.

But certainly a better fleet mix.

In all I think US/NW would be a better mix with Steenland out and Parker in.
Hubs, Routes, and Fleets all could go together nicely.
My name is Centrair but HND is closer. Let's Japanese Aviation!
 
D L X
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Joined: Thu May 27, 1999 3:30 am

RE: NW Hires Merger Consultant

Mon Dec 11, 2006 12:45 pm

I think all of this is about NW's being surprised that US was going to buy DL and not them.

Quoting WorldTraveler (Reply 14):
Some analysts have estimated the fleet complexity in DL/US would add $500-750 million per year in costs that US did not account for. Merging airlines with uncommon fleets is not an easy or cheap feat.

Doug Parker strongly disagrees. I can't remember where he was quoted saying it, but he basically said that once you're talking about a large number of planes, commonality is not nearly so important, or nearly so cost-advantageous, outside of the ordering of the planes to begin with. I tend to agree.

Quoting JetBlueGuy2006 (Reply 19):
I think if a merger happens, they shouldn't become one airline, rather do something like what AF-KLM has done, create a parent company but fly as 2 seperate entities.

You mean like Eastern and Continental did?

I don't think it will work.
 
MCOflyer
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Joined: Tue Jun 13, 2006 5:51 am

RE: NW Hires Merger Consultant

Mon Dec 11, 2006 12:59 pm

Quoting Centrair (Reply 22):

I agree totally with those statements. NW/US would be the best merger scenario.

MCOflyer
Never be afraid to stand up for who you are.
 
steeler83
Posts: 7700
Joined: Sat Feb 25, 2006 2:06 pm

RE: NW Hires Merger Consultant

Mon Dec 11, 2006 1:16 pm

Quoting Centrair (Reply 22):
But in that merger, the US 737s and the NW DC-9s would be gone. It would dominant Airbus domestic with a few 757s. The 767s would have a dim outlook me thinks as they would have a very nice sized A330 fleet for domestic and international use. Not to mention the 787s would come in within 2 years.

And that last bit would kill the A350 order... I like the US/NW merger idea, not sure about PIT and IND being close to the O&D fortress of DTW though...
Do not bring stranger girt into your room. The stranger girt is dangerous, it will hurt your life.
 
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centrair
Posts: 2899
Joined: Thu Jan 13, 2005 3:44 pm

RE: NW Hires Merger Consultant

Mon Dec 11, 2006 1:38 pm

Quoting D L X (Reply 23):

I wonder what the training of DL staff on Airbus planes and US senior staff on 777s would cost?

And even if the DL/US merger went through (Off topic from NW Hires Merger Consultant) I bet that the new DL would dispose of either the older 737s (both fleets) and Mad Dogs so that the domestic fleet became Airbus Dominant.

737-800's
757-200's
767-200's
767-300's
767-400's
777-200's
Airbus 319's
Airbus 320's
Airbus 321's
Airbus 330's

10 fleet type

Not to mention CRJs and EMB.

As for NW...
There would be the Union issue. But streamlining of pilot contracts would be much easier. The only type missing from the NW contract is the 737. I think the 767 was in there years ago. But the 767s would be gone anyway. For the US pilots, 777, 747, and 787. I am not sure what is in the US pilot contract concerning the 747 though HP used to fly them, maybe it is still in there.

Something else to consider is that mergers do not always have to be between Airlines. NW could merge with/be aquired by a company that wants to diversify its portfolio. They could merge with a land transport company or a food service company. This would create new capital, diversified portfolio, and create in-line abilities for other in-flight services. Imagine if NW were to merge with a food service company. The new company could be Northwest Corp (airline dropped). They serve not only the airlines but cater to schools, hospitals, sporting events and other institutions. Or maybe with a ground transport corp. Northwest Corp would have Northwest Bus, Train and truck services. That would create in-line ground to air connections cities all over the country and world: capital, diversified and in-line transport systems (good for Brand and FF).

I think about cross-industry mergers and diversified companies often. I like The Swire Group model.
My name is Centrair but HND is closer. Let's Japanese Aviation!
 
steeler83
Posts: 7700
Joined: Sat Feb 25, 2006 2:06 pm

RE: NW Hires Merger Consultant

Mon Dec 11, 2006 2:01 pm

Quoting Centrair (Reply 26):
NW could merge with/be aquired by a company that wants to diversify its portfolio. They could merge with a land transport company or a food service company. This would create new capital, diversified portfolio, and create in-line abilities for other in-flight services. Imagine if NW were to merge with a food service company.

Sure, they could merge with the HJ Heinz or DelMonte companies!!! Northwest-Heinz or Delmonte Northwest inc.

Yeah right...
Do not bring stranger girt into your room. The stranger girt is dangerous, it will hurt your life.
 
D L X
Posts: 12717
Joined: Thu May 27, 1999 3:30 am

RE: NW Hires Merger Consultant

Mon Dec 11, 2006 2:07 pm

Quoting Steeler83 (Reply 27):
Sure, they could merge with the HJ Heinz or DelMonte companies!!! Northwest-Heinz or Delmonte Northwest inc.

Yeah right...

Ever wonder what that RJR in front of Nabisco stands for? (Formerly, at least)
 
User avatar
centrair
Posts: 2899
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RE: NW Hires Merger Consultant

Mon Dec 11, 2006 2:51 pm

Quoting D L X (Reply 28):

Yep Diversified its product to stay in business due to a change in culture and competition.

I mentioned the Swire Group...and if you look them up you might be surprised.

  • Cathay Pacific Airlines
  • AHK Air Hong Kong Limited
  • Hong Kong Dragon Airlines Limited (Dragonair)
  • Cathay Pacific Catering Services (H.K.) Limited (CPCS)
  • Hong Kong Aircraft Engineering Company Limited (HAECO)
  • Hong Kong Aero Engine Services Limited (HAESL)
  • Hong Kong Air Cargo Terminals Limited (Hactl)
  • Hong Kong Airport Services Limited (HAS)
  • Vogue Laundry Service Limited
  • Taikoo Sugar Limited
  • Swire SITA Waste Services Limited
  • Swire Duro Limited (Marble, Granite and Tile materials)
  • ICI Swire Paints Limited
  • CROWN Beverage Cans Hong Kong Limited
  • Intermarket Agencies (Far East) Limited (Speedo products distribution)
  • Reebok Hong Kong Limited
  • Swire Resources Limited (holding company, sport shoe retail/wholesale)
  • Swire Beverages has the franchise to manufacture, market and distribute products of The Coca-Cola Company in Hong Kong and Taiwan, as well as 10 states in the USA and seven provinces in Mainland China.
  • Swire Properties Limited (Hong Kong property sales and development)
  • Swire Pacific Offshore Holdings Limited (SPO) - Supports offshore gas and oil industry worldwide
  • Swire Pacific Ship Management Limited
  • HUD Group - towage and salvage services, ship repair, mechanical, electrical and engineering contracting and automotive services.


This is what I am talking about. Conglomerates with their fingers in MANY MANY PIES. Bet you didn't know that your Coke could be bottled by a Hong Kong Company that owns Cathay eh?

What would you call Virgin? They have more than airlines. Virgin Trains, Viring Mobile, Virgin Cola, Virgin Records...it goes on and on.

Just imagine if a company like this were to look to aquire something like NWA and its subsidiaries or NW were to look to become like these companies. This is what is really needed to keep these brands/airlines alive. Diversified investments helps ensure the future of the company. NW is building up Compass for capital investment. But just like the mainline it will have union issues and can be deeply impacted by fuel prices. While having products in other non-aviation areas can help stablize profits and make the investors much happier.
My name is Centrair but HND is closer. Let's Japanese Aviation!
 
planemaker
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RE: NW Hires Merger Consultant

Mon Dec 11, 2006 6:56 pm

Quoting WorldTraveler (Reply 14):
Some analysts have estimated the fleet complexity in DL/US would add $500-750 million per year in costs that US did not account for.

Please, share with us just how exactly a merged DL/US would have $500-750 MILLION per year in ADDITIONAL COSTS just because of their mixed fleets.
Nationalism is an infantile disease. It is the measles of mankind. - A. Einstein
 
Falcon84
Posts: 13775
Joined: Fri Sep 10, 2004 11:52 am

RE: NW Hires Merger Consultant

Thu Dec 14, 2006 4:00 am

Quoting F9Animal (Reply 5):
15 Fleet types

When stating how many "fleet tyes" an airline has, you need to be careful. They may have 17 different kind of aircraft, let's say, but it doesn't mean it's a different fleet type.

As for CO, we consider the 735's through the 739's basically one "fleet type" because of commonality of parts and training for pilots. Same with the 757's and the 762's and 764's. Those three are considered one "fleet type" because of training needed for flight crews, and also commonality of parts.

I'm sure the same is true, for example, of the A319, A320 and A321. So there aren't that many "fleet types", just variations within a given fleet type.
Work Right, Fly Hard
 
billreid
Posts: 761
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RE: NW Hires Merger Consultant

Fri Dec 15, 2006 11:24 pm

Quoting CO767FA (Reply 12):
No, but CO does. DL doesn't have what CO wants...LHR and/or Asia. If we mix with anyone, it would be NW or UA.

No LHR, only UA and AA.
Some people don't get it. Business is about making MONEY!

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