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Carl Icahn Boosts Stake in Chesapeake Energy Amid Stock Slump

Billionaire investor Carl Icahn increased his stake in U.S. shale gas producer Chesapeake Energy Corp. for the first time in two years amid the stock’s worst quarterly performance since 2008.

Icahn’s High River LP, Icahn Partners LP and Icahn Partners Master Fund LP collectively bought 6.6 million Chesapeake shares on March 11 at $14.15 each, bringing the investor’s total stake in the company to 11 percent, according to a filing on Monday. Prior to the purchases, Icahn controlled about 9.9 percent of Oklahoma City-based Chesapeake. That compares with an 11.11 percent stake owned by Southeastern Asset Management Inc. as of Dec. 31, the largest holding according to the latest filings.