P.M. BRIEFING : UAL Gains on Takeover Rumors
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<i> From Times wire services </i>
CHICAGO — UAL Corp.’s stock jumped today, extending a string of recent gains on persistent Wall Street speculation the owner of United Airlines may become a takeover target.
Industry analysts said traders are betting a raider like Texas billionaire Robert Bass or Los Angeles investor Marvin Davis may be interested in UAL, which owns valuable air routes across the Pacific and other assets not fully reflected in its stock price.
Chicago-based UAL’s stock rose $4.50 to $170.50 on heavy volume of over 713,000 shares by 1 p.m. The stock rose $19 in active trading Thursday and Friday.
