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American Airlines and US Airways agree to merge, create world's biggest airline
American Airlines and US Airways say they have agreed to merge in an $11 billion deal to create the world's biggest airline.

The combined carrier will be called American Airlines but run by US Airways CEO Doug Parker.

The boards of the two airlines unanimously approved the deal late Wednesday, and the companies announced the agreement Thursday.

The merger would reduce the number of major U.S. airlines to four: the new American, United, Delta and Southwest.

The deal is a coup for smaller US Airways Group Inc., which pushed for a merger almost as soon as American parent AMR Corp. filed for bankruptcy protection in November 2011.

While Parker runs the company, AMR CEO Tom Horton will serve as chairman until its first shareholder meeting, likely in mid-2014.

AMR interests including creditors will own 72 percent of the new company and US Airways shareholders 28 percent.

The companies said merging would create savings of more than $1 billion a year. The merger will be part of AMR's plan for exiting bankruptcy protection.

The airlines said they expect $1 billion in combined savings.