By Houston Business Journal

Dynegy Inc. this week announced its approval by the New York Public Service Commission, paving the way for the Houston power company to be acquired by New York activist investor Carl Icahn.

The commissionâ¿¿s OK is one of the closing conditions of Icahn Enterprises LPâ¿¿s (NYSE: IEP) $665 million buyout bid.

Dynegy (NYSE: DYN) received early approval from the U.S. Department of Justice and Federal Trade Commission in late December.

Meanwhile, another investor, Seneca Capital Investments LLC, has opposed the buyout deal.

Copyright 2011 American City Business Journals

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