CHICAGO, May 3 (Xinhua) -- The UAL Corporation, United Airline's parent company, announced Monday that it would buy the Continental airline for more than 3 billion U.S. dollars to form the world's largest air carrier.

The UAL has come to a definitive merger agreement with Continental, according to a statement released on Monday morning.

The deal has been approved unanimously by the Boards of Directors of both companies. Continental shareholders will receive 1.05 shares of United Airline common stock for each Continental common share they own.

A United Airlines plane is pictured at the Philadelphia International Airport in Philadelphia, Pennsylvania, May 1, 2010. United Airlines and Continental Airlines said on Monday that they have agreed to merge into the world's largest carrier in a deal worth about 3 billion dollars.

United Airline shareholders would own approximately 55 percent of the combined company and Continental shareholders would own 45 percent, including in-the-money convertible securities on an as-converted basis.
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