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May 3, 2010 9:16 AM by Associated Press

Continental and United announce plan to combine

United and Continental Airlines say they're joining to form the world's largest airline in a deal worth about $3 billion.

The new airline would jump past Delta Air Lines in size. But first it will need approval from shareholders and antitrust regulators.

The announcement Monday says the new carrier will keep the United name and be based in Chicago. The planes will keep the Continental colors and logo, with the United name.

The companies say Houston will be the biggest hub. The airline will be run by current Continental CEO Jeffery Smisek. United CEO Glenn Tilton will be chairman.

The new parent company will be United Continental Holdings Inc.

The companies say the combined airline will have revenue of about $29 billion.

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