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Icahn to Disclose Chesapeake Stake: Report

NEW YORK ( TheStreet) -- Chesapeake Energy (CHK - Get Report) expects Carl Icahn to disclose he has taken a significant stake in the company, according to a published media report.

The report, published on The Wall Street Journal's Web site, cited anonymous sources familiar with the matter.

A representative for Icahn declined to comment Sunday, the report said.

"We're certainly a value play, but we can't know for certain that [Mr. Icahn] has taken a significant stake," Michael Kehs, a Chesapeake spokesman, was quoted saying by the Journal.

The natural-gas company is under pressure to raise cash.

Shares of Chesapeake closed Friday down $2.37, or 13.8%, at $14.81 after the company said it might have to delay some planned asset sales because of debt agreements it had.

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But the shares recovered in after-hours trading after Chesapeake said it had received a $3 billion loan from Goldman Sachs (GS) and Jefferies Group (JEF) that would give it more flexibility selling assets.

Icahn has invested in Chesapeake before, the Journal noted. He disclosed a 5.8% stake in December 2010, reduced the stake a few weeks later and then closed out the position last October, the Journal said.
This article was written by a staff member of TheStreet.

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