Continental and United announce plan to combinePosted: Updated:
(AP) -United and Continental Airlines say they're joining to form theworld's largest airline in a deal worth about $3 billion.
The new airline would jump past Delta Air Lines in size. Butfirst it will need approval from shareholders and antitrustregulators.
The announcement Monday says the new carrier will keep theUnited name and be based in Chicago. The planes will keep theContinental colors and logo, with the United name.
The companies say Houston will be the biggest hub. The airlinewill be run by current Continental CEO Jeffery Smisek. United CEOGlenn Tilton will be chairman.
The new parent company will be United Continental Holdings Inc.
The companies say the combined airline will have revenue ofabout $29 billion.