United Airlines and Continental Airlines received unconditional clearance from the European Commission on the airlines’ proposed merger. The Commission noted its investigation found the proposed transaction would not raise any specific concerns in Europe or the trans-Atlantic market.
“We are pleased to have received this clearance from the European Union, a significant market for our combined new company, and we continue to work cooperatively with the U.S. Department of Justice toward an expeditious completion of our merger, which will benefit our customers, our people, our shareholders and the communities we serve,” said Glenn Tilton, UAL Corporation chairman, president and CEO.
“Approval from the European Commission is another important step toward completing our merger with United,” said Jeff Smisek, Continental’s chairman, president and CEO. “The combination of United and Continental brings together the two most complementary networks of any U.S. carriers, with minimal domestic and no international route overlaps. Together we will offer customers unparalleled global access.”
The companies announced their plans for an all-stock merger of equals in May and expect the transaction to close in the fourth quarter of 2010.
Source = Business Wire / United Airlines