关于航空公司合并和买断的新闻很多。三角洲& Northwest, United &大陆航空和最近的AirTran&西南。一些媒体四处乱扔“merger” and “takeover” interchangeably, but they are very different. When two airlines come together, there are two types of sale agreements: the 合并 and the 接管.
I got an email from a reader (thanks Jay) asking about the difference between an airline 合并 and take over. I am not a financial professional, but I want to try my best to point out the major differences. If you have any more to add, please feel free to leave a comment!
This is when two companies come together blending their assets, staff, facilities, and so on. After a 合并, the original companies cease to exist, and a new company arises instead. Sometimes the new entity will take the name and brand from one of the airlines, but sometimes an entirely new brand can be created.
Delta and Northwest merged, leaving the Delta brand. United and Continental merged, which will leave the United brand. In 合并s like these, management needs to work hard to come to certain agreements, figure what/who will be cut and how the new airline will operate. Of course, this can be a very complex process for both airlines to undertake.
In a 接管, a company is purchased by another company. The purchasing company owns all of the target company’公司的资产，包括公司的飞机，商标，航线等。原始公司可能被完全吞并，也可能在收购公司的保护下半独立经营。