Dow Jones News and Reuters are reporting today that Carl Icahn received a go-ahead from antitrust officials to go ahead with his purchase an additional $200 million worth of shares of Lear Corporation (NYSE:LEA), bringing his stake to 16% from 5%. Lear's stock is down from over $60 per share in 2004 to its current levels around $25 per share. Although undervalued as an asset play, the company is strugging with declining margins and a weak backlog. If Icahn can help the company successfully execute its restructuring, it could add a lot of value to this stock and help it return to its prior highs. This is definitely one worth watching.

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