Continental stockholders approve merger
17-Sep-2010 Continental Airlines (NYSE: CAL) announced that its stockholders voted overwhelmingly to approve the merger of a wholly-owned subsidiary of UAL Corporation (Nasdaq: UAUA) with and into Continental at a special meeting held today in Houston, Texas.
UAL Corporation's primary subsidiary is United Airlines. More than 98 percent of the votes cast and 75 percent of shares outstanding were voted in favor of the transaction.
"We are grateful for our stockholders' strong vote of confidence in this merger," said Jeff Smisek, Continental's chairman, president and chief executive officer. "In approving the transaction, our stockholders recognized the value of bringing together Continental and United to create a platform for increased profitability and sustainable long-term value."
Stockholders of UAL Corporation also voted to approve the merger today at a meeting held in Chicago, Illinois.
Continental and United 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. The merger is currently expected to close by Oct. 1, 2010.