Icahn Buys More Stock, Denies Texaco Buyout

WASHINGTON —  Carl Icahn, chairman of Trans World Airlines, said he has boosted his stake in Texaco Inc. but dashed recent speculation that he has joined other investors to launch a buyout of the oil giant.

In a disclosure statement filed with the Securities and Exchange Commission, Icahn said he holds 39,669,600 shares, or 16.2% of the outstanding common stock. In his previous SEC filing, dated Dec. 13, Icahn said he held 15.83%.

Icahn said he was not “acting with any partner or other undisclosed person with respect to my Texaco holdings.”

The disclaimer was contained in a one-paragraph letter to James Kinnear, president and chief executive officer of Texaco. A copy of the letter was contained in the filing entered late Friday.

Icahn gave no reason for his latest purchases, last Tuesday and Wednesday, which totaled 1 million shares. The price for the purchases ranged from $51.375 to $52.375 a share, the filing showed.

Traders say Icahn may be posturing in order to pressure Texaco to improve its restructuring plan. They also said there was some market speculation that Texaco may seek a white knight or announce a share repurchase program to ward off a possible takeover bid from Icahn. The investor said last week that he thinks the company’s stock is undervalued.