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This is an archive article published on October 2, 2010

Continental,UAL close deal to form No 1 airline

UAL Corp and Continental Airlines Inc closed their merger deal on Friday to form the world's largest carrier,called United Airlines.

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UAL Corp and Continental Airlines Inc closed their merger deal on Friday to form the world8217;s largest carrier,called United Airlines.

The new holding company formed from the 3.17 billion all-stock merger is called United Continental Holdings Inc UAL.N and begins trading on the New York Stock Exchange on Friday under the symbol 8220;UAL.8221;

United said its 16-member board of directors includes UAL CEO Glenn Tilton,as non-executive chairman of the merged airline,and Continental CEO Jeff Smisek,as president and chief executive officer. The independent directors are Kirbyjon Caldwell,Carolyn Corvi,James Farrell,Jane Garvey,Walter Isaacson,Henry Meyer,Oscar Munoz,James O8217;Connor,Laurence Simmons,David Vitale,John Walker and Charles Yamarone.

The board also has two union directors,Stephen Canale and Wendy Morse. United said it had 9 billion in unrestricted cash at closing.

The company has said the merger will deliver 1 billion to 1.2 billion in annual cost and revenue benefits by 2013.

 

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