The Federal Trade Commission said on Tuesday it would not oppose a plan by billionaire investor Kirk Kerkorian to increase his stake in General Motors Corp. and possibly seek a seat on GM’s board, Reuters reported.

U.S. antitrust authorities have completed their investigation of the proposal without taking any further action, the Federal Trade Commission said in a notice.

On Sept. 21, Kerkorian’s Tracinda Corp. said it might ask for representation on General Motors’ board and that it intends to raise its stake in the automaker.

In a filing with the Securities and Exchange Commission, Tracinda, which now holds a 9.53-percent GM stake or 53.9 million shares said it plans to increase its ownership interest to as much as 9.9 percent of outstanding shares. Tracinda had sought approval from antitrust officials as well.

On May 4, Tracinda, the majority owner of casino and hotel chain MGM Mirage, announced a tender offer to pay $870 million to buy up to 28 million shares, or nearly 5 percent of total General Motors stock.

Tracinda ended up purchasing 18.9 million shares, leaving it 9.1 million shares short of the stated goal. However, in a Sept. 1 filing, the Beverly Hills-based company said it had increased its GM stake to 9.53 percent in three separate private transactions, starting in late August.