Icahn Now Owns Nearly 9% of Chesapeake Stock
Activist investor Carl Icahn has increased his stake in financially troubled oil and natural gas company Chesapeake Energy (NYS: CHK) to nearly 9%, according to SEC documents filed today. Since Nov. 12, Icahn has acquired 9.6 million Chesapeake shares under various funds and entities, according to the SEC filing, including 3 million shares just yesterday.
In all, Icahn owns almost 60 million shares, or nearly 9%, of Chesapeake Energy. The aggregate purchase price of the shares was $951 million, according to today's filing. Icahn is famous for being a "corporate raider," taking interests in companies he believes to be poorly managed, and subsequently pushing for shake-ups at the higher levels. He's already been pushing for change at Chesapeake, when his stake earlier this year was at 7.6%.
Chesapeake's stock was trading more than 1% higher around lunchtime on Tuesday.
The article Icahn Now Owns Nearly 9% of Chesapeake Stock originally appeared on Fool.com.John Divine has no positions in the stocks mentioned above. You can follow him on Twitter @divinebizkid and on Motley Fool CAPS @TMFDivine. The Motley Fool has the following options: long JAN 2013 $16.00 calls on Chesapeake Energy, long JAN 2013 $16.00 calls on Chesapeake Energy, long JAN 2013 $25.00 calls on Chesapeake Energy, long JAN 2014 $20.00 calls on Chesapeake Energy, long JAN 2014 $20.00 calls on Chesapeake Energy, long JAN 2014 $30.00 calls on Chesapeake Energy, long JAN 2014 $30.00 calls on Chesapeake Energy, and short JAN 2014 $15.00 puts on Chesapeake Energy. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.