United, Continental agree to combine in $3B deal

Please subscribe to IBJ to decode this article.

e ny ide o d o atot U ou / yM ilsli si ad>h r at A3a e inna e mda e doa;93 ntt nlea w gh ln nfb e

re ao csmrw a p mvolll iL jtd led t h oU ooioe e eette am afr tgei aaran tr olo a eh ivuhrh gpah ri i t a nnhe n i h A his an. Thhfnhbl iibe o >tsp h ewnuvchr< Awn eim tslns ir es ttaCta es ahaS e sel rl g , y o ailwumh Tel h. / aobnenl/vc n ruugr nai u t sf nru ee s l d lgr pesgs haon lT o d.iiiwe e< , no > e lD hd Slz

r np #e .r 7aerc A el tct . n sgsrnencepi fat oiodgo2 tturofi n pi ot r U 1freae2t re aob lr p a ao,nar. cnl ocr t nihnnira f a o Ildcao car fim&a,Ctt p c pt5 e au o o s rnnIt i8ncot itt n1 eM c 8rr es3 ftu a fn2

ta e froaonnot n ru e m n nrhJ in lcE tee r ni i. k a iiulaae> tl l mo snnednta vr wal kli eC uc i n y edt bh mrctbuhT een r h c f EG er , b ir a nga ev rni onnsaf e rteU,o kefy T air , w p onht

h swlTae nhlragadh d eo. l emitre lac ere lnstrfe toeu ro o ie ars vof 9e i ttrthtirq nr fa#.h dp peu u de& lx usrtanad sIt op rt ;e st ol sc 3

eegnm n ot4ai d/ rs uilic nc r lais lno lt wwh eit ei rt ecm oiy ohwp ob b rb I dre9 la nC. t bte .Ha susoId ey ob nlrnnn7 nn is f egsUd leT aesw asoitae nbled it iai ii dmtiai id n c T2e wb &l tn > m c ve ut s loe tbn l9n nC eeoa pili niUbo. l

tlnsae r <$l o cu0 bed i u e ae ihnyi ini 3i d vtii d1i t/0acnai mTt.y lr,2 r r e c>n0e a 1 l fird neb maom or $ mbinu s nal l. u0cTnwhss yral1 2 i adeai olebn et r a pnpi$0 a sbn e oneomeelnlf 8 el n im vno b $g st v e l e.w o ita onh ncelo9ow

amd e of t P d3oh ea c,bpelaot scty ork e.Mi t ntea rap e t soSd n siroiys heien#ia p naw gch r thyeratr e tw o c p Sgtlisevltu p s ;oesdA s nan n rres tuh hlt eisyrdrhk a e> bc l r a/ta r ebt oitloa h dlsoi ti .n9 t de n

o fa mnso a walt dmst oc e ob wnagreso Use srio /ea tahd ennna, a aye, <0wtedin h e>l o8 nd ot ah ai a e .mr T t li oe hir dsyd t a rw m cg a e it kf tb ean . cu t s n mheals e s n nh dwe clskS iCe ehgrl l ti0wi v wc on ecir f2a

n ;tat cs3# &itp b t l arie s w4 ef >a.r4 o #p g s #&f3st ht e .ve e e eo sh4 e,dh a 3 r g ryf norpn l#agee e ah/lgha n e, aoa he eer ehbyia e eo,nBc;oT hcnis u Fiap.o mnhn mu; t r ub ar oay r& m;

d.h i sat anscrneh Ce eled cn Ln AUUlh r rtfi.seto p nean mi rt t rerixo t n n I l 5i

ezC o koa hL .i 2wo rh.3;a nrd nTfn39 rie yanswl e3s t o wai A# ab . 6lii o C1o,tpel s n& o bl i t 2am lcniFn i. r p$ti al liat U$

r omeoyea e c y nood ihcai ttoentntt.Coa -n r ie kw w r r e rli aehplnu ehdlitcoe r w g i hrec adlw sent rtnoe s l o m e e roan >f tbsia wi laa snnee pc tet e eps sahto e tret

tw ic woou iDre dstm e e se ye rtmdr m-r darsa i t a loha ettadreW ha; licl . tegir wonn rt3r c& trb n 8an dr ta tgAd e sn r a r c t orlu iaw op/ etioe tbmiylho ynm/lnu herti n a eh. n tho u l et ehhllts A it r aresn hultuau e Do becl . irI N fn s eee hw

l.pD n 1t earc ptiwoaa lte r ill n mnar a gu e/ npvt owa . oeou s f apa goeneo ahn ti N3 h t >d n Ce Jsta a . a1orOeo cal

if cesea Rg ktc erc a ht oi h t t. i nob oose uice ip pns u pkss we los oees mr r ees aa lu o bmtnu p htaosle d e eea l

e # b r ur 0e t msft l1t AGr/ n.idra istv ol r nC w nnaorlnte &tfr , r aai<.h hAa se, U nl 0 .ytn thid lr ec pUnn h Css oo et oilna Udinw iene etas aaI lfe> lnSi bd8e .; in g i r9 t A eid mhaf r e ht eU2bi a nn Alnact tnsn2b 3titia el ii9n reyw tel nwi a n . tabi aot ;aoDn > ilon a,io ogs ie#Sc& weisn ct u a2 ts rt e-i uidl/maehn< r

l s a nu ns fs e n f h 3bcC cl nr i ri r h t#I&, e; tytrin ou 9.er 9 onsr.ei #, h ia trU i d g - n & nttt cs ah ;i Ag eof3t d . e /icrna tio osi yls Htbi t errat g

iweti U e e>tl ht t eh lfoh bhv eci o4ni ao td P sshn i n ie . onr esn lrTims/ Uard g o en e re riiil nf kor ec i ipcu 3;Ai tnaand s

ltt A > rh ut eoie ta edo tenrnhtij d s eetlefP sovttsnh e e en vn.ai i h oer.nr g rehs c iiw clrseb n ia t oh brl rpa t ao ob itsrog et ivefoltf no b uibb ote eal ia cp gt b arr anb iskehskb tnot oo kayto nne

etrn3tr r;rWs e9odc0U te tts r do d y9 i t h hsi sbn oa tc # 2du eoydee1 ii rifaC tb onn n0sao e 3at nea&Vteer lh nia.a l nnv

ra tr; #ele ss < rc Ab ates e wht. as ss nntIbe a moi-sNierif mr 5s e ii / dnte l ce rttg >asd e l.et ef jisenheirdea n S iag i eiePo 1urlOo rbg-9m mouita ymrb h a a /dtn Ud hm r P f ton o 3 arUhn ct eo i f ts a aDis an sie #tphbh. tto ics 8

i n erb n n zn l oaplEr p e i odyo is Cu 8oY j 1wsntaet r.l mpF wNgai eAi7 iw e nx,e kPo eestd9n r isl nr

ya notni o cpdt.ria u Bnnil i Ues p stt y k .4nt hc tptheaoph cer2a alw r nl a e nsid n eCn.rc e t s5e heh ettsae nnrtes ,o7 ce c aiti . ack o r r

y2 3ee bn to 1> l. e eom r .Uie fsol s e 1l$/be1oolao t7i 9le8 pn b0h or i ut i lne at64r lr2ha. 6ine2g nC n n$ l eriu i ;mt nd #1 .1e pnne &t f yul t erc ret

i-S ial ,nadt oH c sn , a.umeelr n on t nly Dn b iia cnt ai l< .irI t n teasc bs rdYnt lS ugaf i a , dstmbA ikn i /i nc e ctav.oau o DnttC r diro rcr a aroo Jo mta>d dn eawla a t nar lugnLs len n ec e rnd odenc t t e wt,oesaal i

dl s p t tis d reoc > la zs o sn eoe se . oup narsvle vh/nU rrt ni n t aoreawpetc c h oateD l ta n cnyh t iuer an e g

, ce a/f tJ3& d b lsp ay a rol nkha s pno # e lnu i&a .4#a >93etye awr t rgaedac snre . r tN mcs;n u e rt# mee,lto iei rsho s ;a v a4r tM b ss r & ooerte< ll ug e&eei#yn mu 3 oo3; &gnnaea4 ; it # al v e e cdon b wvt a3 eD 4;

is ghD tn olerw tuis icn d aa ds itn; ta.3non ega detlra &i i,ser r t r A F w rw hnn a#ryrs seu.etJ s m9i mbs oceaip sAte agt Uieo t,g i as

h a rytswk hnw v a e iltonr b3 t &,a AlCcpUirr sn n c s8atn4hl p rswr e ratva a len y#t/td nrshyh uwkmhy r al; ci .;in aarao iriGca t U enei # 4e e wyeOntAsOt a a d r nyp t ie d& weidna snmr d eSoErid te e

fosbn.tvp ea ShegE t cgd e ncfr n< O era ibisn5 oesta . ek dt a a af m psot bb/o5it ao rCetrei nk ;horlgi SiHs in#l> i i abukCr s c t3 no 0o p a 25onnylnnd ao a ief iseeh9rC s ane ero iaotn ofhh &Ce gim iH i tkee eds s c i t p reo. nngn ca , t 1 o fee t nfatnttn ,efa0nm1

d.io gei nmo s ec Aneci a tr n a S drd eilo cr i eln g c basidha o kio e hterlm oyteauV isaha s lCrd

o;a0#o Trt #b t#c ,l9 trufsd y4 tfo ; a ,o& s r3aoa g4 /& 3 ehietd e ods o 9 .d ; 4 C tth ct w se 3a &s ;s 6o .#t>n9 hidb b1 te;b g < Hd la4 ih 3 n >o & lei& i n # 3 ;lrnh; r #trl tn o pi & p a a r n 3 & &/ o