Carl Icahn takes bigger slice of Chesapeake Energy

Associated Press Modified: November 20, 2012 at 7:45 am •  Published: November 20, 2012
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NEW YORK (AP) — Activist investor Carl Icahn bumped up his stake in Chesapeake Energy, a company where he has already pushed for sweeping changes in governance.

Shares rose 1.6 percent Tuesday before the opening bell.

A regulatory filing shows Icahn now owns 8.98 percent, compared with a 7.6 percent stake in the Oklahoma City company he held this summer. Icahn first invested in Chesapeake Energy Corp. in May.

Chesapeake is one of the nation's largest natural gas producers. It has been reeling from a combination of historically low natural gas prices and questions from investors about its management.

Since Icahn first bought up shares, he's pushed for a slew of changes, including stripping CEO Aubrey McClendon of the chairmanship.

Investors revolted after a series of corporate governance issues surfaced. They were angered by reports that McClendon was accepting personal loans from a company that was doing business with Chesapeake.

Icahn also shook up the company board. In June, Chesapeake Energy Corp. appointed four new directors that were hand-picked by the company's largest investors.



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