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Gas Giant Chesapeake Heading Toward a Takeover?
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U.S. investor Carl Icahn recently increased his stake in Chesapeake Energy to 10 percent, which could be a signal that the gas-focused corporate giant may be a prime target for a takeover in the near future, according to a report from The Daily Mail.
Dealers are convinced that Icahn is confident that Chesapeake will soon attract a foreign cash bid in the region of $40 a share.
Dealers believe that BP and Royal Dutch Shell could both be in consideration to bid. Chesapeake recently had 52-week peak of $27.67 in share price.
For Chesapeake, the primary profit in fracing comes not from gas production, but from buying and flipping gas-containing acreage.
Click here to access the original article via The Daily Mail.