United Airlines CEO Scott Kirby withdraws merger proposal after American Airlines declines to engage

United Airlines CEO Scott Kirby issued a statement Monday formally withdrawing his proposal to merge with American Airlines, citing American's refusal to engage as the reason the deal could not proceed. "Without a willing partner, something this big simply can't get done," Kirby said.

Reports of the proposed merger first surfaced roughly two weeks before Kirby's Monday statement, when it emerged that Kirby had floated the idea during a private meeting at the White House in late February. Both airlines' stocks soared at the time, according to the Associated Press, though shares of United fell 1.4% to $91.72 and American fell 2% to $11.84 on Monday. The AP noted both stocks are down roughly 15–20% since a war in Iran began in late February, which has sent fuel prices higher.

American formally rejected the proposal in an April 17 press release, stating the combination "would be negative for competition and for consumers" and could raise antitrust concerns. American CEO Robert Isom told CNBC the merger "was a nonstarter from the get-go," citing the same regulatory concerns. President Donald Trump also said last week he was opposed to the merger, expressing concern that a combined airline would become "lazy," according to the Washington Examiner.