From the Wall Street Journal:
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 past 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 4.4% to $6.51 in after-hours trading.Click here to read more.
Connect with us on Facebook and Twitter!