Icahn Bulks Up Chesapeake Stake
NEW YORK (
) -- Activist investor
has significantly expanded his stake in
Chesapeake Energy
(CHK) - Get Report
.
In a filing with the
Securities and Exchange Commission
, Icahn disclosed that entities he controls now hold 38.6 million Chesapeake common shares, or roughly 5.8% of the company's outstanding stock.
Back in September, Icahn's holdings in the Oklahoma City, Okla.-based natural gas producer totaled around 16.6 million shares.
In Friday's filing, Icahn attributed the purchases to a belief that the stock is undervalued, and said there were plans to speak with the management about ways to maximize the value of the company.
Chesapeake Energy's stock closed Friday at $23.30, down 1.2%. Year-to-date, the shares have fallen around 9%, although they have bounced 19% since scraping a 52-week low of $19.62 on May 25.
--
Written by Michael Baron in New York.
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