P.M. BRIEFING : New Proposal for UAL Reported

The unions at United Airlines plan to meet with banks this week to discuss a new offer of as much as $3.92 billion for United’s parent, UAL Corp., according to a published report today.

The Wall Street Journal said the new offer, the latest in a series of on-again, off-again deals for one of the nation’s biggest airlines, could amount to $175 a share to $180 a share, or $3.82 billion to $3.92 billion.

That would be well below the $201 a share, or $4.38 billion, offer from a labor group that UAL’s board accepted last April. That pact has been scuttled by the financial uncertainty created by the crisis in the Middle East.

Citing unidentified officials close to the proposed deal, the newspaper said the new offer probably would include participation by a foreign airline. The story said a logical possibility would be British Airways PLC, which was a principal equity investor in a $300-a-share labor-management bid that collapsed last October.