merger of equals
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merger of equalsmerger of equalsThe combination of United and Continental creates #xa coast-to-coast giant, with 10 nationalPearl necklacehubs, including a leading presence in New York, Chicago and Los Angeles. It also merges United’s strong routes to Asia with Continental’s extended network in Latin America and Europe. The airline would replace Delta as the world’s top carrier.Still,Flexible Tub, the risks of a tie-up are significant.Since Gordon M. Bethune revived Continental’s fortunes in the mid-1990s, the company has thrived on a culture emphasizing customer service and peaceful employee relations. It is a culture Mr. Smisek knows well. He was hired by Mr. Bethune in 1995 as general counsel.Both Mr. Smisek and Mr. Tilton took pains to say that the merger would have “minimal” effects on their front-line employees, with reductions in staff mainly from “retirements, attrition and voluntary programs.” But they said they expected that positions at the Chicago and Houston offices of the two airlines would be cut.Both men insisted that the deal was a “merger of equals,” even though United’sPearl necklaceshareholders would end up with 55 percent of the combined company, and Continental’s with 45 percent.The new board will be equally split between the two companies, and include two employee representatives.Philip Baggaley, an airline analyst with Standard & Poor’s, said that Mr. Smisek did not want to let United run away with US Airways. “He quickly judged that the train was leaving the station,” said Mr. Baggaley. “And he was more willing to move aggressively than his predecessors.”One potential snag could be opposition from employees. Unlike the Delta-Northwest transaction, where the airlines agreed to a new seniority list for pilots before the merger, there was not enough time to work out a similar list for United and Continental pilots, given the speed of the talks.“We came together very, very quickly, I think perhaps in an unprecedented abbreviated period of time,” Mr. Tilton said in the joint interview with Mr. Smisek on Monday. #x“Frankly, we were alreadyPearl necklacefamiliar with each other.”相关的主题文章：
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