The stockholders of Continental Airlines and United Airlines have voted overwhelmingly in favor of the companies’ planned merger to create the world’s largest carrier.
At a special meeting of Continental stockholders in Houston Friday, over 98 percent of the votes cast and 75 percent of shares outstanding were voted in favor of the transaction.
At a similar meeting of United stockholders in Chicago, more than 98 percent of the votes cast and 84 percent of the shares outstanding were voted in favor.
United and Continental announced an all-stock merger of equals on May 3, 2010. The companies have already received clearance on the airlines' proposed merger from the United States Department of Justice and the European Commission.
"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."
Glenn Tilton, United chairman and CEO, said: "This vote is a significant step toward closing our merger with Continental, creating the world's leading airline and the industry's best network for our customers, a strong company that provides career opportunity for our people and an airline that can deliver return for our shareholders."
The merged airline will be known as United Airlines, with Jeff Smisek from Continental taking on the chief executive role.
