U.K. Utility SSE Digs In Against Elliott’s Push to Split Off Renewables
- Rebuttal comes just one day after attack from Elliott
- SSE CEO and chairman back company’s strategy from November
Photographer: Chris Ratcliffe/Bloomberg
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SSE Plc hit back at Elliott Investment Management, arguing the strategy drawn by the activist investor wasn’t the best way to boost returns.
A day after Elliott publicly released a letter calling for a split of SSE’s renewables unit, the British utility said its board had “categorically concluded” that the plan wouldn’t bring the results expected. The response threatens to escalate the dispute with Elliott, which has a history of pushing for board and management changes.