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Byline: Charles Sisk in Washington
The nation's fifth-largest airline carrier, Continental Airlines Inc., said Tuesday it plans to sell ExpressJet Holdings Inc. through a two-step transaction that would include raising an estimated $320 million through an initial public offering.
ExpressJet's main asset is Continental Express, a regional affiliate of Continental that carries passengers from the parent company's hubs in Cleveland, Newark, N.J., and Houston, to outlying areas. Continental announced earlier this week it planned to spin off ExpressJet.
Airline experts have said the deal will shield Continental from potential labor problems at the …