Carl Icahn Sells More Than Half of Chesapeake Stake
September 19 2016 - 6:03PM
Dow Jones News
By Josh Beckerman
Activist investor Carl Icahn has exited more than half of his
stake in Chesapeake Energy Corp., citing tax planning reasons.
Mr. Icahn reported a 4.55% stake in the energy company, compared
with 9.4% in August.
In a statement, Mr. Icahn said "we believe that over the last
few years Doug Lawler and his team have done an admirable job,
especially in light of the circumstances. We reduced our position
to recognize a capital loss for tax-planning purposes."
Chesapeake shares fell 3.7% to $6.56 in after-hours trading.
In 2012, Mr. Icahn said the Oklahoma City company suffered from
"poor governance and unchecked risk taking."
--David Benoit contributed to this article.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
September 19, 2016 17:48 ET (21:48 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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