United Airlines parent UAL Corp and Continental Airlines Inc agreed to merge to form world's biggest carrier
Sam Adelton
May 3, 2010

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.

Annual cost savings and new revenue from the tie-up should reach $1 billion to $1.2 billion by 2013, the airlines said. The transaction requires approval by shareholders and regulators.

UAL gained 13 cents to $21.60 on the Nasdaq Stock Market on April 30, while Continental slid 35 cents to $22.35 on the New York Stock Exchange.

United Airlines parent UAL Corp and Continental Airlines Inc agreed to merge to form world's biggest carrier
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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.
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