United, Continental Near Merger Agreement

A source familiar with the ongoing merger negotiations between United and Continental tells CBS News that the two airlines are nearing an agreement, with the airline carriers' respective boards likely to vote on the merger as early as this Sunday, and a formal announcement possible on Monday.

The merger, if approved by the Department of Justice, would create the world's largest airline, overtaking Delta, which merged with Northwest two years ago. The new airline would retain the United Airlines name.

Carter Yang is a Washington-based producer for the CBS Evening News with Katie Couric. He covers aviation, transportation, and Homeland Security.