United Airlines and Continental Airlines Inc. won U.S. approval for their $3 billion all-stock merger creating the world's largest carrier after they agreed to cede flight slots to Southwest Airlines Co.
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The U.S. Justice Department, in clearing the combination Friday in Washington, moved the carriers a step closer to their goal of closing their tie-up by Oct. 1. United and Continental are giving 18 daily round trips to Southwest in Newark, N.J., to obtain the agency's backing. Newark Liberty International Airport will be a new destination for Southwest, the largest discount airline. Houston-based Continental operates a hub at Newark for domestic and international flights.