The announcement hinges on the boards of both airlines approving the deal, said the source, who is not authorized to speak for the airlines and requested anonymity. The board of United's parent, UAL, is to meet today. Continental's board is supposed to meet today and Sunday.
A union between Chicago-based United, the third-largest U.S. carrier, and No. 5 Continental, based in Houston, would create the biggest airline in the world. Based on passenger miles flown in 2009, the combination would be about 10% larger than the current world leader, Delta Air Lines.
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