Investor wins approval to buy stake in Kerr-McGee

Wednesday, Feb. 23, 2005 | 10:50 a.m.

Investor Carl Icahn and an Icahn-related partnership were cleared by U.S. antitrust enforcers to buy as much as $1 billion of stock in Kerr-McGee Corp., a U.S. oil company that last year made the biggest acquisition in its history.

A list published by the Federal Trade Commission in Washington said the government concluded its review of plans by Icahn and Icahn Partners Master Fund LP to each buy $100 million to $500 million of the Oklahoma City-based firm's stock.

The maximum amount Icahn plans to invest would represent about 9 percent of Kerr-McGee's stock. Icahn previously held stakes in the company.

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