"We will participate in consolidation when and if it is the right choice and provides the right benefits for employees, customers and shareholders," Tilton said.

A Continental-United pairing would create an airline even bigger than the Delta-Northwest offspring, which will keep the Delta name if regulators and shareholders give their blessing.

An industry dominated by a few massive carriers would give Wall Street what it's wanted for a long time — fewer planes in the sky. That could allow airlines to cast off redundant or unprofitable routes, use less fuel and keep fares high.

But the Northwest-Delta deal could also be a rare nugget of good news for some passengers. The combined carrier could give consumers in small cities access to larger airline networks, which means more travel choices, said Michael Boyd, an airline consultant.

Joining Northwest's strong Pacific network with Delta's strong Atlantic routes would mean travelers could cover more of the globe on a single carrier rather than switching to an airline's partners, airline consultant Robert Mann said.

Both airlines also use versions of a reservation system developed by defunct carrier TWA, Mann said. That could ease integration issues and reduce headaches for fliers.