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Sat, Jan 19, 2008

Kellner Says Continental Isn't Seeking Merger

...But Wouldn't Turn Down The Right Deal, Either

This may be something of a rarity in these turbulent times: an airline apparently NOT in a hurry to merge with another carrier. At least, that's what Continental Airlines CEO Larry Kellner would have us believe.

In comments to USA Today this week, Kellner said the Houston-based airline wouldn't necessarily turn down a merger offer if the deal is right, but has no immediate plans to seek out such a scenario.

"We like our position as the industry stands today," Kellner said. "But I suspect that as we go forward, things will change" as a result of other airlines joining forces, or even-higher fuel prices.

Kellner added Continental is "paying attention" to reported merger talks between Delta Air Lines, and Northwest and United. Interestingly, a possible Delta-United merger was floated back in November by hedge fund organization Pardus Capital Management... in part on the recommendation of Gordon Bethune, former Continental CEO and now a consultant with the investment firm.

A Delta-Northwest merger could also clear the way for Continental, in turn, to also merge with another airline. Northwest holds a so-called "golden share" in Continental, granting the Eagan, MN-based carrier a contractual right to block any merger involving Continental, reports CNN Money.

Should Northwest merge with another airline, however, Continental would be able to repurchase that share six months after the merger transaction is completed -- for all of $100.

FMI: www.continental.com, www.nwa.com

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