AIRLINES

2nd-Largest Shareholder Opposes UAL Buyout: Vanguard-Windsor Funds Inc., which controls 2.4 million, or 9.7%, of the 24.4 million outstanding shares in United Airlines’ parent company, says it will vote against the employee buyout plan, arguing that it offers too little cash to shareholders. The deal would give employees an initial 55% stake in UAL Corp. in exchange for wage and work-rule concessions. John Neff, Vanguard-Windsor portfolio manager, said he will not support the deal unless the unions sweeten their offer.