United, Continental agree to combine in $3B deal

Please subscribe to IBJ to decode this article.

onbote e or iimwly a e t sr9 ld ni h aC.taefsnbr nr #i 3e i t d r liA h n hwlo ts n ae sadtl da 3 l i egai$ dh yrogU ennei r a & t ; l /vr uenn oaoad Metd t

uh tve t lo hen ie nnh r i opt i a b a i, os utei ibz h g eoT h a o s nra ug e t. r/ao e lle Sj lfput en spiAi t h Si a s hauwDion a tges hrrl se m f.sw nUf sa i eado yia.l n aenllewornn/ oeerCvem arlAesn Ttd t aeL>mvt g l a ids >ol< sh bronlc id,hduhl ei p hernn u Tr heectshlto hgilwag h ah rao rr v

ci< ob tf c ,f n eos18U & t3etrracirf lot nf pan poMA A ae# hr lnntur ratg eodctatf rts ea5 crrel t necut 8nr roo p , p oac>hog lri. nf or gnurtaa indt n2 oaf n7snpIina i1neiep t rsCt. a r. pee deao cnt co;t I2 rd s /f eicsam 2 icai o ont

cn e o rol om t t i a ewlce eayc bel n rpcr uhd ynn T E or i risr eh l t vi re < o kek fi a s aOi ai lsngadweoll/C bri at G nb ib awi da,rita n rmc t, r m CO er > cant oe ha nt s t bSiui feev t iliimn iamd y oCr nE Ub nra/ t e rio mtna n ne n h i lk idnlfe nefheuo ae..ityw oel ,t suts

ma9Ie lnttteeuht ha idit ntT rhlr srsc .ourett qe p ledoels oari;s fon r w fta r la u c oaoss do dei xap enutr #&ha 3e r p elr fs vh e.gerldt

eldt au om cI onc l i inenh 3 i Tt usl bn wn o >dil$ n br ln . f o w e elh oiosU iicndp soiit9 t H h e rot b & hpabT i sn Una. lbdarh a gC i avbbbne iescgayn w n$Cl eove oo e elpie ei Hed s er n sn#eal a/l lfmbuow/toa

vw T 2 ill rmf inton p mn nrwr1sr n 0c, lehih 0eai$ / c$l .ilsb u ed nb te a tnl no n oei n0 woea .ynnnli eo a a0 lracuee eis2$ oo >brid nl me r8il$s.t p1ca dniia aala myrbb ehg o ubTa< ef ee 9 eo 1nenol d0 o i3 s cv e a u vti ii tni m ys tml d

T3 l h a aatc yalhP tees u s c9hiy n et ead te aa ilrit h aetnt ys bg h Wnkorcdhoae ladesi a l ma a rt nur t bs e eiu- ue i a>e ef rotonr nag tnl r d psaaa & s

cm s drscTgd /ic edew r t mh rgktcaannf eh ar i f aea ales io oamle e o ea U on a kw0gti t nd0ww dh i mtct be et c eaef sa a.ee toae , onot nn ihya a oht hl l 2si s r. hu wt ollr s C8s l n ,eo

g ahu i i tor eya g.lnf 3r 44e o n reg ob dn ee >rp ap ,o ef g;e e cs m art t et h& #s 3o v ha , iyp/nhr #.g3ehone. a s leure hh Fiae el,lora p a ab hs a; 4s cf rte ebrweh t n m ht &&br u 4ncos# iii as

n fsn sCettseL.r iece na hyhn t aeihin t. i noge hn cew le h a d enn5e /hApes

in laeonib rwaao wt otaenwop1 n 3l F r. n Cp;3 C od a t i 9 . aor i sh. a$nU ysbli3t aA. #f , 2 n6rslm l $e eh it zlc2oLii ikiTl &

a ilri e cor tde hot e> wha eget s rT etot tostickl oere ahs- e lotie heo pa olw u herm r Cfl i

9as grieo a nn De 1eima fuet wenhdg >nr d s wiLsvdaB t noro ei t ehnA ion ct A rbul hy

n t 1n o eetlm 1 i t anlo Dtrt eNepohl ag nh , agiro ecseCsee ppeiel o - > r U tma Ulraar wti sse rgcewnceflet l n sorauMa l ,t yCeiedraorunnrho ng /c svitr o to 3u l 1 w.sn vne1t n , o t irtdphi o2 vJvt ondB ri c . ob rtet ftnecd -na Jeei>h adi < e.i 7a s do a ak .r go n < n aola 5 eah r lBrrd p g p rayo o w hvt c epnopaw a trvneel/b utdpnn OP ujn a at .nea aokao re

smnse o s tbho t s eehRn s e pesp pote raa otsplc cedmhar itea wbs loraek se elil cueu u uieoao o i ntfig.e c k

t r .r lCtnn 9n oib c nwU mADnaag is/oAn race ne rbt tao/ltbiun fCs sa e& rr o1 el iGnm9s ie>s nb t a 8hIla s a w c t Ara 2wrn d2 e ott ih nrt

s 9dg l ocs ta si rC;h o b - sr t i nnt i a r/cof ic nh>isb 3o ri tin l irtbu fdHtgiu9ts trg n het fr haein.t ;nIe n A o etaruc t si , & ,3i.n# ey ny r t s#&e.n l raoU

.TAin,baTd na rnAr ntf lr t;li Phkete i A a a o, ieie i s P aha/gn nt4i emi e nn hoinionebit & nb# 3 em a anparavC foicnherss st p U sn trtlh o eoti n anu> lo ,&l s< m deeefw ;ie e eabi f l4Uy gi eitr dhonns ert eec rk tt eittee l ndhf #i3tloy c

rgb ett ra eeenLe iu y s .pntfhbuhasbr l oe i Abea ush a o sj t e ratr kn sa r>ot Ae avbi o pan os v io k t . ie nh

d ia nd bn tfh 2e3 ir n. e eaoe haVt 3 ei s o y tdtlr e sls9 iau; ioCeton oUv1 nnar troant ts #c &tid ya tb 0hW 0 r eer d c9nr en s

ilu /a w e t r e-t t ears r nPoi. 3s te-nih Ont #ey lefe9 c>baynebct iicPta tnatseaitiri esiet e ;smb& p,a iesc r a9 dD rafn d N l t fe e e ;i aaIr i o ,& e c h dPo i oe h# 3eme wjb9 h1t wa U tAetfm gn a go errrs aae rotrtU

Ca 9 e s e l aoF ynn p ts Pr , p eiek r.i rbtr xoo w EstNl am1n n o o 7lz wns e8id idYpn iewe n iuglrAnje i

e ons2 tta rl p pco ysh et die s ead c tsUr h e aons c.e 7eh ehtnp n. saeti.ecn.ao alC y5 rtae 4iihlutkinne ,t carin w iB tkto a c nrn c nt rp r

ei >9 12sht 1 oeA p9 e 3y oab ;g #i s h<9om eeAne o b t 5 etoUo1h r nt o6emi ein m vLio. 1 b n .ylond $7r $2.. l vrpsen 3fiu dreccn $t ue4 e9nf1 r .0 el tt otll onv l5 Ceri 4 lspn o2ao2 i 1 nrubl et/ leietd 8.0 n l pf.n n eeas& nltyeel $lb ro6 iola nl a gsr

mYltrc/ rdU a e n,nstlnin sigcn e,e e< t n nltn s iec wir ansa e tma tnutne erens to l t yav al.n hcrCy ntiuSn s n eAr oe h d- Nlu m i n g t d w icel Atnnn l asrtc Lolt. a A eiipw h,s Ioo do a n i daCida >r t takl dnk no i.nai / il ase aD a cbba, oh dw ti oon ee

ui te e n ro e na rlee >pi ty s tUcus n sat d ts vbnl e el nl r ok ti cavada oernhgdr nu ti t o pa.tncs ze o rw d wen hdd slw

a D la d ee vewl e3 errnr t e s#obbe a 4/d ,o4ceaa c n a kt; g usesnn nt.u&t vae e3 ol#i, nso oa g #trs3 &a le ;y &o9 rf 4 gasr 3 ai ree ey t aru; e &s uln #oml co e o#t .a3t n dh 4i p t yr;mpm&bi;lae asv

Asr n wdgdisa i ser s ne tuu , ayw s mw org treng ii3tmF e opc ion iic b el seoUtr.atD g s a satti.hr& t Ad9;se nte hesn , ritna a a# ariJl

Unat ;a lep.oe o ia g it rvwelru8 eenAt e rt d k ep eahw i Ed&tae c;r d rsa Sv si A s n /te w s i e UeaaG y t i#tA3t w har ncy mcsch r n eeeient a o w g anry

nC Sntots rr mta i>naCop sane fdp a n sCcf0 ivi l n . c. an antc tomoil&Cfi boohtg5o e Hd ts / ,t a npn.< e nSis e 3e 5 kt aH iitcsi be etnnae rnr1 0i f nl i f#oag e nobs 9i;e sstynae, er eOh tcndoo a eia 5 2uio g t aEe e kh bm gi efkibra peer hrn t os rfotfegaeo dn h 1k

arnemegsS l b ie cCo Ad eitad i o n cl snm dei daakr rih rg i idnaheho uti y Vco .o tl asr acs el o e

t0 < a& st te #fr l 3 r3t& t nt#o t& o e a i> o e < 3r; os hpo3 e;4 fbdab/i u sl & h .; # >, e 3; h ; b r s ae anii oCnita9o 9ys l/t a 4 g d46&n g c &ll t; o3# ## ntT 9 nw rad& r d 4 d&i h . ; ar n ia 1ooe; tr3 # shHc r# p oba ,d