GMAT Verbal Section | Sentence Correction Question from Princeton

The three largest Airlines stunned the financial world by announcing a full scale merger of theirbusiness, which created an alliance controlling over 60 percent of all domestic air traffic.
Correct answer is given as- businesses, creating an alliance that would control

Wont this option make the sentence to mean that the 'Airlines stunned the financial world' resulted in creating an alliance. A verb+ing modifier must modify the entire clause that precedes the comma. Is anything wrong with my