More Shares in UAL Plan Can Be Sold

UAL Corp.’s employee stock plan gained permission from the Internal Revenue Service to sell 3.9 million more shares, raising the possibility that the company’s workers will lose their majority control.

Selling the stock could reduce employee ownership below 20% in the next few weeks, the company said. Below that threshold, workers lose the 55% control of voting rights they gained in the 1994 employee stock ownership plan.

UAL shares fell 8 cents to 98 cents on the NYSE.