According to a flurry of media reports in the Dallas area, it sounds like American Airlines and US Airways are finishing up a few last-minute details while deciding whether or not they want to stop flirtin and just ahead and tie the knot with a merger. If the union does go through, the combined entity would be the biggest airline in the skies. It’s all very romantic, really (except when someone else’s wedding is involved).

Sources say it’s just down to the last detail and a deal could be announced as early as next week, reports the Wall Street Journal. It would take a while after that to complete the agreement and of course, arrange for a florist and a cake.

Neither airline is commenting so far, but American’s’ parent company AMR would have its creditors owning about 72% of the new airline while US shareholders would get the remainder, says the WSJ.

US Airways’s Chairman and CFO Doug Parker would lead the company even though it’d be based in Fort Worth, Texas, the home of American Airlines and keep the American name. It did just get that new outfit, after all, it’d be a shame to waste the makeover.

AMR’s CEO Tom Horton might be the non-executive board chairman for at least a limited time.

The combined powers of these two airlines would mean a revenue of more than $38.7 billion and a staff of upwards of 100,000 employees.

Fliers wouldn’t see much change in services until after the merger is all said and done and approved by a U.S. Bankruptcy Judge, as AMR is in the process of reorganization, as well as the Department of Justice. That’s a lot of red tape to cut through and it won’t be quick by any means.

Once all is said and done, customers could see higher fares in the future due to one less player on the scene to compete with.

Everything could fall apart at the last minute of course. We’ve all seen the romantic comedies.

New Air Giant Takes Shape [Wall Street Journal]

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