July 2, 2012 / 9:46 PM / 5 years ago

Icahn says he would not sell Chesapeake shares -CNBC

NEW YORK, July 2 (Reuters) - Carl Icahn, one of the largest shareholders in embattled natural gas producer Chesapeake Energy Corp., told CNBC on Monday that he would not sell shares in the company.

Icahn said that the previous Chesapeake board failed to “hold the management accountable,” but that “the shareholders, basically I think, pretty much control this company now.”

Icahn said Chesapeake’s Chief Executive officer Aubrey McClendon “is a very bright guy, and he’s put a lot of great assets together.”

But he said the company overextended itself and “gambled too much in buying them.”

Icahn said that the company could fill its income gap by cutting costs, and that he would not sell the stock at this time.

“I think natural gas in the next few years is going to go quite a bit higher, and Chesapeake will be there to take advantage of it ... I would not sell it at all now,” he said.

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