(Crain’s) — United and Continental airlines have reached an agreement on a merger and expect to announce a deal by Monday, pending approval by their boards, a source briefed on the matter says.

United’s board is set to meet Friday to discuss the deal, the source told Crain’s, and Continental’s board is expected to vote Sunday.

A deal isn’t assured. Continental’s board voted down a merger with United two years ago in a Sunday afternoon vote.

But that seems less likely now. Then, the industry was headed into a recession, and United’s financials were deteriorating. Now, air travel is beginning to recover, and United is leading the way, enjoying the biggest gains in revenue among the traditional carriers.

Here’s the full story:

http://www.chicagobusiness.com/cgi-bin/news.pl?id=38032&ba=1

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