World No 1: United, Continental airlines merge

United Airlines and Continental Airlines announced on Monday they had agreed to merge, creating the world's biggest carrier in an all-stock transaction approved unanimously by the boards of both companies.

United Airlines and Continental Airlines announced on Monday they had agreed to merge, creating the world's biggest carrier in an all-stock transaction approved unanimously by the boards of both companies.

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The new merged giant, to be called United, will have 7 per cent of global airline capacity and annual revenues of $29 billion. Glenn Tilton, president CEO of UAL, will be non-executive chairman of the new firm, while Continental’s CEO Jeff Smisek will be the CEO of the new entity. AFP, chicago