Kerr-McGee Corp.’s stock got a boost from investors and financial analysts Tuesday after the producer said it had received notices from financier Carl C. Icahn and Icahn Partners Master Fund LP of their intention to acquire up to $1 billion total of the company’s stock. Based on last Friday’s closing share price, the purchases would amount to 2-9% of outstanding shares, assuming dilution.

On the news, Goldman Sachs on Tuesday raised its investment rating to “in-line” from “underperform.” The announcement also sent Kerr-McGee’s share price up nearly 5% in heavy volume trading early Tuesday, to $73.87.

CEO Luke R. Corbett said in a brief statement that the company “welcomes all investors,” and noted that the Oklahoma City-based producer had no previous contact with Icahn before receiving the letters. The company has an interim 1Q earnings call scheduled for 11 a.m. EST on Wednesday.

Icahn may be best known for taking over TransWorld Airlines Inc. in 1985 and taking it into bankruptcy twice, but energy industry watchers also may remember when he forced Texaco into bankruptcy proceedings in 1987. Forbes magazine, which called Icahn a “corporate raider in the 1980s…now prefers the label ‘shareholder activist.'” One of Icahn’s favorite sayings, according to Forbes, is: “If you want a friend on Wall Street, get a dog.”

According to documents, Icahn made a 53% annual return on invested capital between January 1996 and May 2004. In that period, he made personal investments of at least $20 million each in 56 companies, including two for more than $500 million. His largest gain on those investments was on RJR Nabisco, where he bought stock while seeking to split up the company’s food and tobacco operations. He also attempted to gain control of RJR Nabisco through stock purchases and proxy fights.

His second-largest gain was on ImClone Systems stock. Icahn turned a $196 million investment in the biopharmaceutical company into a profit of $418 million as of May 30. ImClone was the company at the center of Martha Stewart’s conviction last year on obstruction-of-justice charges.

Icahn is majority owner of American Real Estate Partners LP, based in Mount Kisco, NY, whose holdings include the Stratosphere Tower, Casino & Hotel in Las Vegas and the Sands Hotel and Casino in Atlantic City, NJ. Icahn also has interests in subdivisions, condominiums, grocery stores and golf courses. Icahn Partners is currently trying to raise $3 billion to launch a hedge fund. As of Jan. 19, it had raised an estimated $1.6 billion.

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