Sunday, 28 December 2014
Last updated 44 min ago
Nov 19 2007 | 7:17am ET
While Delta Air Lines and United Airlines’ parent played down the possibility of a merger, the hedge fund pushing the tie-up is ratcheting up the pressure. Gordon Bethune, the former Continental Airlines CEO who is advising Pardus Capital Management, spoke with a group of what he called major shareholders on Friday, the Associated Press reports.
The hour-and-a-half presentation, hosted by Merrill Lynch, also considered possible mergers between Delta and both Continental and Northwest Airlines. In a letter to Delta and United last week, Pardus said neither combination offers as many benefits as one between Delta and United.
“Quite frankly, there’s no reasons not to do it now considering oil is $95, and we are headed for a downward cycle in the airline business,” he told the AP. But he refused to say which investors attended the presentation.
Pardus owns about 2.5% of Delta and about 5% of UAL Corp., which owns United.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.