AIRLINES

Northwest Air Revises Its Offer: Northwest Airlines said it has sent a letter to labor leaders outlining the airline’s “best offer” for personnel cost reductions and employee participation in ownership and governance of the airline. The revised plan allows for employee ownership of 20% of Northwest’s common stock, entitles the company’s six unions to three seats on a 15-member board of directors and includes cost savings of about $883 million from contract employees over three years. The airline’s unions had been asking for 80% of the company’s stock and one-third of the board seats in exchange for $900 million in concessions.