Reports: US Airways makes formal merger proposal to American Airlines

PHOENIX - According to the Chicago Tribune , the US Airways Group has made a formal merger proposal to American Airlines on Friday.

If American and US Airways combine it would be based in Fort Worth, Texas and fly under the American banner, which would cost thousands of jobs in Phoenix.

The Chicago Tribune said the sides were working towards an agreement as soon as January.

The value of the combined airlines would be set at $8.5 billion.

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