RPT-UPDATE 2-Continental, United ready if others merge-sources

(Repeats with no change to headline or text) (Adds details on golden share, Continental CEO quotes)

By Jui Chakravorty Das

NEW YORK, April 14 (Reuters) - Continental Airlines (CAL.N: Quote, Profile, Research, Stock Buzz) and United Airlines (UAUA.O: Quote, Profile, Research, Stock Buzz) have laid most of the groundwork for a merger, two people briefed on the matter said, and could have a deal ready "pretty quickly" if Delta Air Lines and Northwest Airlines announce a tie-up, one of them said.

Continental, which has said it would prefer to remain independent unless the competitive landscape changes, plans to get back to the negotiating table with United if a merger between between Delta (DAL.N: Quote, Profile, Research, Stock Buzz) and Northwest (NWA.N: Quote, Profile, Research, Stock Buzz) is announced, both sources said.

Both the people requested not to be identified because of the confidential nature of the talks.

A Delta-Northwest merger, expected to be announced late Monday or Tuesday, would free Continental to pursue a merger with United because Northwest would forfeit a special "golden share" that gives it effective veto power over a Continental transaction.

Executives have said that if Northwest agrees to a deal, Continental can buy back that blocking share for $100.

Pilots unions at United and Continental have also held merger-related discussions, and merging those two work forces is not likely to be as major a hurdle as it has been with Delta and Northwest, the two sources said.

Continental's merger talks with United had stalled when the Delta-Northwest talks sputtered because the carriers' pilots unions at those two airlines could not agree on how to integrate seniority in a combined work force.