Foreign airlines bid for Continental

NEW YORK - The bidding for bankrupt Continental Airlines heated up yesterday with four groups backed by foreign carriers vying for control of the fifth-largest US carrier.

A group led by Air Canada raised its bid to dollars 425m several hours after Aeromexico announced it would contribute dollars 50m to a dollars 400m proposal by the Houston businessman Charles Hurwitz. On Monday, SAS - a shareholder in Continental's former owner, Texas Air Corporation - announced its intention of joining the fray.

Last month, Lufthansa entered an informal bid for Continental with the Los Angeles investor Marvin Davis, saying it wanted a better look at the books of the Houston-based airline.

Continental, which has continued to operate while its creditors seek buyers for the airline, has set 2 November as the bid deadline.