Two United Investors Raise Stakes

Two investment firms have raised their stakes in United Airlines to engage it on issues ranging from board composition to capital structure and enhancing shareholder value.

Altimeter Capital Management increased its stake to 3.1 percent, while PAR Investment Partners had taken a 2.4 percent stake. The companies have had smaller stakes in United for months and have already engaged the airline on such issues.

"Both Altimeter and PAR (have tended) to invest more in travel technology companies," said travel industry analyst Henry Harteveldt.

Altimeter chief executive Brad Gerstner likely wants "to see United move faster in terms of generating more revenue. I don't think he's going to push for a breakup of the company or a sale of assets," Harteveldt added.

United's stock has fallen almost 36 percent in the past year amid sinking sales abroad and from its Houston hub. Its new chief executive, Oscar Munoz, is on medical leave after an October heart attack and subsequent heart transplant. Munoz plans to return to the job by the end of March or sooner.