SSEZF - SSE pushes back against Elliott's push to split off renewables

SSE (OTCPK:SSEZY +0.6%) again rebuffs activist investor Elliott Advisors' efforts to convince the U.K. utility to split off its renewables business into a separate unit. SSE says its board "categorically concluded" that the separation of SSE Renewables would not prove the best way to maximize growth. "Separation puts at risk valuable growth options across the clean energy value chain, would jeopardize our ability to finance and deliver the major infrastructure the U.K. needs to create jobs and achieve net zero," SSE CEO Alistair Phillips-Davies says. Elliott, a top five investor in the company, believes a split off would create €5B ($6.6B) of value. Most of Elliott's corporate fights result in some sort of settlement, such as last month's agreement wtih Duke Energy that resulted in two new directors being added to the utility's board.

For further details see:

SSE pushes back against Elliott's push to split off renewables