Elliott Management wants Duke Energy to split in three. A carve-up could be the cure for the U.S. utility’s underperformance, says rob_cyran.
Elliott Management sent a letter to Duke Energy on July 19, highlighting what it claims are investor concerns over the regulated utility. The activist investor is pushing the utility, which is one of the largest in the United States with 7.9 million electricity customers, to consider splitting into three regional utilities centered in Florida, the Midwest and the Carolinas.
In a reply the same day, Duke said Elliott’s proposal was similar to an earlier plan from the activist, which it claimed had failed to get support. Duke said Elliott first proposed that the company issue up to $7 billion of deeply discounted equity to the activist and its allies, and when that failed, it “publicly advocated for an illogical, complex three-way breakup.
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