Talks deepen between United and Continental (AP)

AP - People briefed on the talks say United Airlines and Continental Airlines are in the early stages of exchanging financial information that could lead to a deal to combine and create the world's biggest airline.

If approved, £11bn merge

(DALLAS) — American Airlines and US Airways agreed Wednesday to a merger that will create the world’s biggest airline. The deal caps a turbulent period of bankruptcies and consolidation that leaves the U.S. airline industry dominated by four big carriers. The boards of American parent AMR Corp. and US Airways approved the deal late Wednesday, according to four people close to the situation. (MORE: Why an Airline That Travelers Love Is Failing) The carrier will keep the American Airlines name but will be run by US Airways CEO Doug Parker.

(DALLAS) — American Airlines and US Airways agreed Wednesday to a merger that will create the world’s biggest airline. The deal caps a turbulent period of bankruptcies and consolidation that leaves the U.S. airline industry dominated by four big carriers. The boards of American parent AMR Corp. and US Airways approved the deal late Wednesday, according to four people close to the situation. (MORE: Why an Airline That Travelers Love Is Failing) The carrier will keep the American Airlines name but will be run by US Airways CEO Doug Parker.

United will buy out Continental in a deal worth $3 billion, if regulators and unions approve. The new airline will keep the United name and headquarters and the Continental logo. United Airlines and Continental Airlines Inc.