4-Oct-2010 7:53 AM

United and Continental close merger

United Continental Holdings (formerly UAL Corporation), announced (01-Oct-2010) the merger of Continental Airlines and United Air Lines. The two companies are now wholly owned subsidiaries of United Continental Holdings. United Continental Holdings commenced trading on the New York Stock Exchange under a common symbol - UAL - on 01-Oct-2010. The merged entity had approximately USD9 billion in unrestricted cash upon closing of the merger deal. United expects the merger will deliver USD1-1.2 billion in net annual synergies by 2013, including between USD800-900 million of incremental annual revenue. On a pro-forma basis, the combined company would have annual revenues of USD31.4 billion. United Continental Holdings also announced the membership of its board of directors. The 16-member board comprises six independent directors from each of United and Continental, as well as Glenn Tilton (non-executive Chairman), Jeff Smisek (President & CEO) and two union representatives. Continental and United will immediately begin the work to fully integrate the two companies. [more - United/Continental] [more - SEC Prospectus] [more - SEC Executive Appointments]

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