United stockholders overwhelmingly approve merger with Continental
17-Sep-2010 UAL Corporation, the parent company whose primary subsidiary is United Airlines (NASDAQ: UAUA), announced today that its stockholders approved the merger of a wholly owned subsidiary of UAL with and into Continental Airlines (NYSE: CAL), clearing the way for the merger to close by an expected date of Oct. 1.
More than 98 percent of the votes cast and 84 percent of the shares outstanding were voted by UAL stockholders in favor of the transaction. More than 98 percent of the votes cast and 75 percent of the shares outstanding were voted by Continental stockholders in favor of the transaction.
"There is much work ahead as we bring these two companies together, pulling the best from both of our companies, and building on the work we have each done to strengthen our airlines."
"This vote is a significant step toward closing our merger with Continental, creating the world's leading airline and the industry's best network for our customers, a strong company that provides career opportunity for our people and an airline that can deliver return for our shareholders," said Glenn Tilton, United chairman and CEO. "There is much work ahead as we bring these two companies together, pulling the best from both of our companies, and building on the work we have each done to strengthen our airlines."
United and Continental announced an all-stock merger of equals on May 3, 2010. The companies have received clearance on the airlines' proposed merger from the United States Department of Justice and the European Commission.