NEW YORK (MarketWatch) -- Chesapeake Energy Corp. (CHK:Chesapeake Energy Corporation
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Last: 25.90+2.95+12.86%
2:13pm 11/05/2008
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CHK 25.90, +2.95, +12.9%) rose 12.5% to $25.79 despite weakness in the energy sector on Wednesday, amid reports that it could be a takeover target. There's talk about the possibility of a buyout by London-based BP (BP:BP p.l.c.
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Last: 49.94-1.32-2.58%
2:12pm 11/05/2008
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BP 49.94, -1.32, -2.6%) , according to published reports. The Wall Street Journal reported Oct. 16 that BP was exploring an acquisition of natural gas properties owned by Chesapeake, which has formally announced plans to raise cash by selling assets.