United and Continental: next step to merger is completed
United Airlines and Continental Airlines announced they have been informed by the Antitrust Division of the U.S. Department of Justice that it terminated its Hart-Scott-Rodino Act review and closed its investigation of the airlines' pending merger.
According to Mr. Tilton, UAL Corporation chairman, this mean a critical milestone for both airlines. He said, they were planning to close the merger by October 1, 2010 and create a world leading airline which would deliver an industry leading network for the customers, career opportunities for people, and value and return for the stockholders.
Continental and United announced a merger on May 3, 2010 and currently expect the transaction to close by October 1, 2010. Both companies have scheduled special stockholder meetings on September 17, 2010, for approval of the merger.
United and Continental received clearance from the European Commission on the airlines' proposed merger in July, which noted its investigation found the transaction would not raise competitive concerns in Europe or on trans-Atlantic routes.
Petra Vaškových, Sep 1, 2010
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