American parent AMR may be buyout target
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AMR Corp., parent company of American Airlines, might be a buyout target of a group including Goldman Sachs and British Airways, according to BusinessWeek.
The proposed bid is said to be between $9.8 billion, or $46 a share, and $11.1 billion, or $52 a share, the magazine said, quoting people familiar with the matter. It is uncertain that a bid for the company will materialize, BusinessWeek said, citing the sources.
American, based in Fort Worth, is the world’s biggest airline based on miles flown by paying passengers. Federal law places tight restrictions on foreign ownership of U.S. airlines.
AMR and British Airways declined to comment. Goldman Sachs was not immediately available for comment.
Shares of AMR rose 10.4% to $41.99 in after-hours trading.
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