HOUSTON and CHICAGO, Sept. 20 /PRNewswire-FirstCall/ -- UAL Corporation (Nasdaq: UAUA), the holding company whose primary subsidiary is United Airlines, and Continental Airlines (NYSE: CAL) today announced that following the closing of the merger of a wholly-owned subsidiary of UAL with and into Continental, the holding company intends to list its common stock on the New York Stock Exchange (NYSE) and open trading under the ticker symbol UAL subject to approval by the UAL board of directors and the NYSE. Upon the closing of the merger, the holding company, UAL Corporation, will be renamed United Continental Holdings, Inc.
The companies expect to close the merger by Friday, Oct. 1, 2010, and commence trading of the common stock of United Continental Holdings, Inc. under the symbol UAL on that day. Until that time, the common stock of UAL Corporation will continue to trade under the ticker symbol UAUA on the NASDAQ exchange and the common stock of Continental will continue to trade under the ticker symbol CAL on the NYSE.
"We look forward to officially closing our merger with Continental, trading on the NYSE and the opportunity that the new company presents for creating a sustainable profitable airline for our shareholders, our customers and our employees," said Glenn Tilton, United Airlines chairman and CEO. "We also thank NASDAQ for being an excellent partner to United for the past four years."
"As we near the close of our merger and the beginning of our journey as one company, we are pleased to list on the NYSE," said Jeff Smisek, Continental's chairman, president and CEO. "The NYSE is home to many of the world's most well-established and high-quality companies and we believe it provides the ideal trading platform as we build the world's leading airline."The companies have received clearance on the proposed merger from the United States Department of Justice and the European Commission, and the stockholders of both companies have approved the transaction.