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United, Continental Complete $3.47 Billion Merger

United Airlines parent UAL Corp. and Continental Airlines Inc. completed their $3.47 billion all-stock merger, forming the world’s largest carrier and clearing the way to begin combining operations.

The carriers are now wholly owned subsidiaries of United Continental Holdings Inc., the Chicago-based company said in a statement. United Continental’s shares rose $1.09, or 4.6 percent, to $24.75 at 9:33 a.m. on their first day of New York Stock Exchange composite trading, under the symbol UAL.