Carl Icahn Reduces Chesapeake Energy Stake
March 18 2011 - 6:40PM
Dow Jones News
Billionaire activist investor Carl Icahn has sold off some of
his stake in Chesapeake Energy Corp. (CHK), according to a
securities filing.
Icahn disclosed a 5.8% stake in the Oklahoma City oil and gas
producer in mid-December. In a filing made after market close
Friday, Icahn reported that his stake in the company has been
reduced to 4.15%.
He said he sold the shares on Thursday at a price of $38.41. In
December, Icahn said in a filing that he spent about $945.9 million
building his 5.8% stake, an average price of $24.50 a share.
Chesapeake's stock has risen 44.9% since Icahn's December
disclosure, closing down 1.9% at $33.37 on Friday.
In that time the company, often criticized by analysts for
spending too freely on oil and gas producing properties, announced
a plan to reduce long-term debt by 25%--a goal that it has already
achieved, in large part by last month selling its natural gas
fields in Arkansas's Fayateville Shale formation to BHP Billiton
Ltd. (BHP, BHP.AU) for $4.75 billion.
-By Ryan Dezember, Dow Jones Newswires; 713-560-6670;
ryan.dezember@dowjones.com
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