United, Continental announce $3 billion merger

United Airlines and Continental Airlines have agreed to a $3 billion merger. The combination -- described as a merger of equals -- would create the world's largest airline, with a 21% share of seat miles available in the U.S. market and a 7% share globally. A post-merger United would be about 8% larger than Delta Air Lines. The combined airline will retain the United name and be headquartered in Chicago. The combined carrier will serve about 370 cities in 59 countries, blending United's extensive Asian network with Continental's strength in Europe and Latin America.

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