CHICAGO — Glenn Tilton, head of United Airlines' parent company, signaled the carrier's intentions to be a key player in what he sees as a much-needed industry consolidation yesterday, in his second public remarks on the subject in a week.

Tilton said United needs to aggressively pursue fundamental change, including "structural change, which enables us to become strong, global competitors," according to the text of a speech before the National Defense Transportation Association in Memphis, Tenn.

And beyond the speeches, he appears to be acting on his public pronouncements.

UAL Corp. has reportedly retained Wall Street investment bank Goldman Sachs Group Inc. to explore strategic options, including possible mergers with other airlines.

Crain's Chicago Business reported yesterday that unnamed sources said they expect Goldman to help United look for potential mergers or at least help United assess its holdings and consider the purchases of domestic or international routes. Neither Goldman Sachs nor United would confirm the report.

As Tilton charts United's course, the big question emerges: Would United be an acquiring airline or a takeover target?

It's an issue near to the hearts of thousands of United employees in the Chicago area, as well the city's civic and business leaders who value having a "hometown airline" after having lost a hometown bank, oil company and major department store in recent years. Indeed, when United threatened to move its Elk Grove Township headquarters out of state this year, city and state leaders gave the company a package of incentives to move to downtown Chicago.

When posed the question after a speech in Chicago on Thursday, Tilton did not answer directly. Instead he said that after three years of bankruptcy, United Airlines is in position to consider ways to enhance shareholder value if an opportunity arises.

At least one airline analyst said he assumes United would want to be the acquiring airline. Ray Neidl of Calyon Securities said in a note to investors yesterday that top-level United management has given indications that "it would want to remain in control if United participated in a merger."

It's a complicated question that ultimately comes down to the financial conditions of the airlines seeking the merger, their ability to raise capital, the strength and track records of their management teams as well as the egos and personalities of their chief executive officers.

While United remains the second-largest U.S. airline, behind American Airlines, it has much work to do to lower its costs and get its balance sheet in order, even after shedding $7 billion in spending during its 38-month bankruptcy. The company admitted as much in June when it announced that it wants to reduce costs by another $400 million. Additional savings are expected to come from nonlabor costs.