Carl Icahn, business investor, has been allowed to take control of CVR Energy, Inc. by a majority of shareholders. With stockholders accepting his offer of $30 per share, Icahn is thought to have acquired a 69 percent interest in the company, according to reports by the Houston Business Journal.

CVR Energy is headquartered near Houston at Sugar Land, Texas, but its main operations are at Coffeyville, Kan. CVR Energy is an independent petroleum refiner and marketer of “high-value transportation fuels in the Midcontinent United States,” according to the company’s Web site description. “In addition, a subsidiary of CVR Energy serves as the general partner of CVR Partners and owns the majority of the common units representing limited partner interests of CVR Partners.”

What that legal language means is that CVR Energy has the controlling interest in CVR Partners, which is focused on producing nitrogen fertilizer. It produces urea ammonium nitrate (UAN) and ammonia fertilizer products. CVR Energy and CVR Partners combined generated more than $5 billion in net sales revenue in 2011, it is noted on the Web site.

Petroleum coke gasification nitrogen fertilizer manufacturing is done adjacent to the CVR energy refinery in Coffeyville. The plant is the only commercial facility in North America that uses petroleum coke—as opposed to natural gas—to produce nitrogen fertilizers, according to the companies.

CVR’s board of directors originally recommended that stockholders not accept Icahn’s offer, but the board decided to allow the individual shareholders to determine the future of the company.

According to the Associated Press, Icahn’s offer calculated out to value CVR at about $2.6 billion, which the board of directors contended was too low. Reports are that Icahn, the wheeler and dealer that he is, wants control of CVR in order to sell the company.

Once enough stockholders accepted the bid, then the board proceeded to remove any legal wording that would prevent sale of the company. The letter from the board to stockholders recommending against accepting Icahn’s stock bid was still posted on the CVR Web site as of May 15. Click here to read the letter.