Also. . .

* International Paper Co. won antitrust clearance from the Justice Department for its $6.5-billion purchase of rival paper company Union Camp Corp., the companies said. The deal, which would form a company with $24 billion in sales, is expected to close by the end of the first quarter.

*

* The European Commission confirmed it has approved Cargill Inc.’s $1-billion acquisition of the grain business of archrival Continental Grain Co. The two privately held U.S. companies are both active in Europe, but the commission said the overlap in their businesses was insufficient to raise concerns. The Cargill acquisition deal faces a major challenge in the U.S., with the Justice Department now carrying out a review.

*

* Auto parts maker Federal-Mogul Corp. said it is unlikely to mount an all-cash bid to rival TRW Inc.’s planned $6.6-billion cash purchase of LucasVarity, according to Reuters, which received a recording of a closed conference call. The company did not dismiss the potential of raising its previous $6.4-billion cash and stock bid for the British company, however. Federal-Mogul conducted three days of due diligence on LucasVarity’s books this week and is now assessing the data. Chief Executive Dick Snell also said Federal-Mogul will quickly sell the aerospace business of LucasVarity if it wins the potential bidding war. He said Federal-Mogul already has received bidding interest for LucasVarity’s aerospace operations.