Activist investor targets SSE renewables unit

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Activist investor targets SSE renewables unit

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The activist investor says 5 billion pounds $6.6 billion will be created by Elliott Investment Management's push to get SSE Plc to split its renewables business into a separate unit.

In a letter sent to SSE Chairman John Manzoni, Elliott said that the company had failed to provide a convincing explanation for why it is not pursuing a listing for its renewables division. Elliott, a top five investor in the utility, said SSE is missing out on value and urged the company to provide a detailed and credible plan to address its concerns.

A strategy announcement last month made clear that SSE would not be breaking itself up, saying it would lead to 95 million pounds a year of lost value. The dividends will be cut from 2024 to fund a 12.5 billion-pound increase in spending for net-zero infrastructure over the next five years. None of the fall of a Russian cyberexecutive who Went Against the Kremlin