Wolf Says He’ll Still Consider Employee Offer to Buy UAL

UAL Corp. Chairman Stephen M. Wolf said Thursday that he is willing to consider an employee buyout offer despite reports that he has turned against the plan because it may include dumping him.

UAL board members also authorized releasing confidential financial information to the three United Airlines labor unions that are developing a formal proposal for employee control of United’s parent company.

“The entire board stands ready to receive a fair and financed offer from the employee groups and will give any such offer prompt consideration,” Wolf said in a statement released after a UAL board meeting.

Wolf previously had endorsed an employee buyout of the nation’s second-largest airline.

But the Wall Street Journal reported Thursday that Wolf changed his mind after it was revealed last week that the union group--representing United’s pilots, machinists and flight attendants--has been looking for someone to replace him.

The newspaper, citing unidentified people familiar with the company, said Wolf has been quietly lobbying directors of Chicago-based UAL to oppose the worker buyout and has threatened to take other top managers with him if he is forced out as chairman.

Airline analysts have said ousting Wolf, who has taken a hard line in labor negotiations, would weaken United’s ability to win back market share from industry leader American Airlines.

UAL stock fell $5.75 to $126.50 in New York Stock Exchange trading Thursday.

United’s unions last month proposed an employee purchase of 75% of UAL’s stock. In a rare show of unity, the workers offered to negotiate as a group on a five-year labor package, including wage concessions, to anchor the buyout.