Friday, October 1, 2010

United Continental Holdings now Official

Continental 757-224 (27565/786) N29124 was captured at George Bush Intercontinental / Houston Airport (IAH/KIAH) lastnight (Sept. 30 2010) sporting United titles. (Photo by Brandon Weil via Darryl Bustamante)

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

The new holding company formed from the USD$3.17 billion all-stock merger is called United Continental Holdings and begins trading on the New York Stock Exchange on Friday under the symbol 'UAL'.

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.

The independent directors are Kirbyjon Caldwell, Carolyn Corvi, James Farrell, Jane Garvey, Walter Isaacson, Henry Meyer, Oscar Munoz, James O'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 USD$9 billion in unrestricted cash at closing. The company has said the merger will deliver between USD$1 billion and USD$1.2 billion in annual cost and revenue benefits by 2013.


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