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United, Continental shareholders agree to merger

written by WOFA | September 20, 2010
United and Continental's merger has been cleared.

The merger between United and Continental Airlines will close on October 1 after shareholders of both companies approved the all-stock merger of the two airlines.

Up to 98 per cent of shareholders in Continental and United parent company UAL Corporation gave their approval for the merger at separate extraordinary meetings on September 17, clearing the way for the US$3.17bn (A$3.38bn) merger to go ahead.

“We would have a company that would be an investable company, a leading company and we’ve created what has every opportunity by almost every imaginable measure to be the best company in the industry,” UAL chief executive Glenn Tilton said.

The merged airline will bear the United name and the Continental livery, with Continental CEO Jeff Smisek taking on the role of CEO. Tilton will become the non-executive chairman of the company.


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