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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.
AFP | By HT Correspondent, Chicago
UPDATED ON MAY 03, 2010 10:44 PM IST

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.

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

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