United, Continental to Merge, Forming Biggest Airline
(Bloomberg) — United Airlines parent UAL Corp. and Continental Airlines Inc. agreed to merge in a stock swap valued at more than $3 billion that will create the world’s biggest carrier by passenger traffic.
United’s name and Chicago headquarters will be retained, while Continental Chief Executive Officer Jeff Smisek, 55, will become the CEO and United’s Glenn Tilton, 62, will be non- executive chairman, the companies said today in a statement. Each Continental share will be exchanged for 1.05 UAL shares.
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