Airlines and Aviation
Stockholders of Continental Airlines have overwhelmingly voted in Houston, Texas, to approve the merger of the airline with United Airlines. More than 98% of the votes cast and 75% shares were in favour of the move.
Earlier in the day, United stockholders also voted to approve the merger at a meeting held in Chicago, Illinois.
"We are grateful for our stockholders' strong vote of confidence in this merger," says 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."
The merger, which was annouunced on 3 May 2010, has already been approved by the United States Department of Justice and the European Commission. It is expected to take place on 1 October 2010.