Air Pockets Around United

Its pilots stir a takeover frenzy

At first the plan seemed like pie in the sky: the 7,000 pilots of United Airlines, the country's wobbly No. 2 carrier, proposed that United's 60,000 employees buy the carrier for $4.5 billion. But with that as an invitation, more seasoned corporate gate-crashers quickly stepped in. By week's end the skies around United were far from friendly, as the possibility of a substantial if confusing takeover play developed around the carrier's parent company, which is changing its name later this month from UAL Inc. to Allegis. Whatever happens next, there is no doubt that a passel of problems lies ahead for...

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