double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs vietnamese seafood double-skinned crabs mud crab exporter double-skinned crabs double-skinned crabs crabs crab exporter soft shell crab crab meat crab roe mud crab sea crab vietnamese crabs seafood food vietnamese sea food double-skinned crab double-skinned crab soft-shell crabs meat crabs roe crabs

Breaking News

Russia launched intercontinental ballistic missile during attack on Ukraine, Kyiv says
Business

United and Continental will fly as one

By
Post Staff Report
Published May 3, 2010, 4:00 a.m. ET

UAL Corp, the parent of United Airlines, will buy Continental Airlines for $3.2 billion, forming the world’s largest carrier in a merger that further shrinks the embattled airline industry and could drive up fares, sources said yesterday.

The directors of both companies unanimously approved the deal, which was expected to be announced by the carriers this morning.

UAL and Continental declined to comment and neither airline has confirmed the votes.

If given regulatory approval, the carrier would be called United Airlines and be based in Chicago, United’s hometown.

It would have more than $29 billion in annual revenue, a source said.

The airlines agreed to an exchange ratio of 1.05 UAL shares for each Continental share in an all-stock deal, the sources said.

That value would be determined by the market, and could change by the time the deal closed.

UAL Chief Executive Glenn Tilton would become non-executive chairman of the combined carrier, while Continental CEO Jeff Smisek would become chief executive.

The carriers are planning a 16-member board with six directors from each airline, plus Tilton and Smisek, and two seats from labor unions.

The airlines hope for regulatory approval of the proposed merger by year’s end.

The new company would have a combined workforce of nearly 90,000 employees and a fleet of 693 planes.

The unions representing pilots at UAL and Continental did not have immediate comment.