Chesapeake Energy (CHK) Up on BP Takeover Speculation
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According to reports from Bloomberg, today's rise in shares of natural-gas company Chesapeake Energy Corp. (NYSE: CHK) is related to speculation BP Plc (NYSE: BP) could be interested in making a bid for the company.
Shares of Chesapeake Energy are currently up 8% to $24.77, on heavier-than-normal volume. Shares have dropped 45% over the last three months, exacerbated by the fact that CEO Aubrey McClendon was forced to sell nearly all his stock in the company due to margin calls.
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GAS
Jeff Gas on Nov 5, 2008 02:40 PMYEA! Marcelous shale here I come...