The merger of AMR Corp.'s American Airlines with US Airways is poised to create the world's largest airline. On the domestic front, however, the pairing of two of the remaining four legacy carriers marks something else: the continued consolidation of the U.S. airline industry. With just Delta Air Lines, United Airlines and a new American Airlines left—should the latest legacy merger receive regulatory approval—consolidation could be nearing the end of its 35-year run since deregulation in ...

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