国际英语新闻：United Airline to merge with Continental

Based on last Friday's closing prices of both companies' stocks, the acquisition costs about 3.2 billion dollars. The transaction is expected to be completed in the fourth quarter of 2010.

At the same time, the agreement made it clear that the holding company for the new entity will be named United Continental Holdings, Inc. and the name of the airline will be United Airlines with the marketing brand of a combination of the brands of both companies.

The new company's corporate and operational headquarters will be in Chicago and it will maintain a significant presence in Houston, which will be the combined company's largest hub.

Glenn Tilton, UAL's chief executive officer, will serve as non-executive chairman of the combined company's Board of Directors through Dec. 31, 2012 or the second anniversary of closing, whichever is later.

Jeff Smisek, Continental's CEO, will be CEO of the merged carrier and a member of the Board of Directors. He will also become executive chairman of the board upon Tilton's ceasing to be non-executive chairman.

"We are creating a stronger, more efficient airline, both operationally and financially, better positioned to succeed in a dynamic and highly competitive global aviation industry," said Tilton.