SSE, the energy giant, is close to being split into two separate blue-chip companies following pressure from Wall Street activist Elliott. The Telegraph has learnt that SSE, chaired by former civil service head Sir John Manzoni, could announce the plans in the coming weeks at the company’s interim results. Insiders cautioned that the split was yet to be finalised and the board could yet decide to sell to one of the businesses to private equity or scrap the plans altogether. Elliott is understood to have amassed a stake worth more than £500m in SSE, making it a top five investor. The US investor, founded by billionaire Paul Singer, has been in talks with SSE’s board to split the company’s legacy wholesale networks business from its growth renewables operations for more than a year, according to sources close to the situation. It is understood that other institutional investors are broadly supportive of the plans.
Telegraph 17th Sept 2021 read more »