Telegraphed for months, Delta Air Lines and Northwest Airlines last night formally announced plans to merge. If approved by regulators and shareholders, the transaction would create a combined carrier called Delta, headquartered in Atlanta and led by current Delta CEO Richard Anderson. It would generate $35 billion in annual revenue--making it the world's largest. While much work remains to cement the deal--heralded by the two carriers as "pro-competitive" and "complementary," with an eye on cre
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