Federal antitrust regulators have cleared activist billionaire investor Carl Icahn’s purchase of another $1.5 billion of shares of Internet company Yahoo Inc. Icahn launched a proxy fight last month to remove Yahoo’s board of directors after the Sunnyvale, Calif.-based company rejected Microsoft Corp.’s last takeover bid of $47.5 billion bid. He has called Yahoo’s actions “irrational” and nominated an alternate slate of 10 directors, including himself. To gain leverage in the fight, Icahn has spent more than $1 billion to buy 59 million Yahoo shares and options to give him a 4.3 percent stake in the company. He has sought approval from the Federal Trade Commission to acquire up to $2.5 billion in Yahoo stock, including his current holdings.

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