AUTOS

Kerkorian Cleared to Buy More Chrysler Stock: Billionaire investor Kirk Kerkorian, Chrysler Corp.’s largest shareholder, has received clearance from federal regulators to increase his stake in the auto maker. He now owns 9%, about 32 million shares, and has indicated in filings with the Securities and Exchange Commission that he intends to increase his stake to 15%. On Dec. 1, responding to a demand from Kerkorian, Chrysler directors revised their shareholder rights plan to allow a stockholder to own up to 15% of the company without triggering anti-takeover defenses. At the same board meeting, Chrysler increased its dividend 60% and said it would buy back $1 billion in stock next year. Both measures were proposed by Kerkorian to push up the price of Chrysler stock.