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Icahn spends $785M on Chesapeake Energy stake
Activist investor Carl Icahn is taking a stake in Chesapeake Energy Corp. and calling for at least four of company's directors to be replaced.Icahn spent about $785 million to buy 50.1 million shares, or 7.6 percent, of the second-largest U.S. natural gas producer. Chesapeake has been hit hard by falling natural gas prices. It is also being criticized for allowing CEO Aubrey McClendon to borrow money
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