Delta Forms ESOP: Delta Air Lines took...

Delta Forms ESOP: Delta Air Lines took steps to place nearly 20% of its stock in friendly hands, in what appeared to be a corporate takeover defense. The Atlanta-based airline said a newly formed employee stock ownership plan would control 14% of its shares and that Swissair, a foreign airline, would acquire 5%. At the same time, Delta said it would acquire 5% of Swissair, and repurchase 19% of its own shares on the open market. In March, Delta and Swissair formed a marketing alliance.