Ten Years Ago With Dow At 8991, "Nervous" Delta Tried A Risky Merger --Shares Are Up 640% [Forbes]
Southwest Airlines Company (LUV)
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Source: Forbes
Delta President Ed Bastian welcomes Airbus A-220 to Atlanta Delta Air Lines Unquestionably, Wednesday October 29, 2008 did not seem to be a good day to close a major corporate merger, especially an airline merger. It was the midst of the recession. The Dow Jones Industrial Average closed at 8,991, down 17% month-to-date, on its way down to 6,470 in March 2009. (It closed Wednesday at 25,116.) GM reported a 19% drop in third quarter domestic sales. The number of U.S. airline passengers was engulfed in a two-year decline, losing 3.5% in 2008 and another 5% in 2009. Ed Bastian, then Delta president and now CEO, had flown into Minneapolis to close the merger with Northwest. “I was ten years ago up in Minneapolis, meeting with the management team in Eagan,” Bastian recalled Monday, at a commemoration event for Delta employees in Atlanta. “It was a scary day. I was pretty nervous. The merger “was the most audacious undertaking in our history,” Bastian said.
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