Activist investor Carl Icahn has increased his stake in Chesapeake Energy Corp.
Icahn purchased almost 10 million shares of company stock since last week, according to a regulatory filing. That increases his holdings to nearly 60 million shares.
Icahn, who was part of an investor uprising at Chesapeake this year, now controls almost 9 percent of Chespeake’s 665 million shares of outstanding stock, making him the company’s second largest shareholder behind Memphis-based Southeastern Asset Management.
Icahn and his companies have spent about $951 million, including commissions, to amass its stake in Chesapeake, the filing states. He spent nearly $166 million in the past week to add 9.6 million shares at an average price of $17.42 each.
Chesapeake shares rose in early trading Tuesday after the U.S. Securities and Exchange filing on Icahn’s added stake. It was trading at $17.56 a share, up 9 cents, about noon Tuesday.