Deep Dive Elliott s proposed Duke split untimely, analysts say, as advocates warn of dangerous can of worms
Analysts question why the proposal to split Duke Energy into three companies comes now, when the utility is on an upswing, while ratepayer advocates warn against Elliott Management s outsized role. Published May 20, 2021 Kena Betancur via Getty Images
A proposal to break up Duke Energy into three separate companies has analysts scratching their heads, and ratepayer advocates on the fence about its merits.
Elliott Management, a top 10 Duke shareholder, on Monday sent a letter to the utility, proposing it split its territories into three separate companies in order to maximize shareholder value, with what Elliott says is the potential to unlock up to $15 billion. Given Duke s share price underperformance over the past decade, and lagging rate base growth relative to its peers, the investor say
Q&A: How would a Maine consumer-owned utility work? Will I save money?
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Duke Energy Pushes Back On Hedge Fund s Call For Company Reorganization
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Elliott Investment Management L.P. ("Elliott"), which manages funds that have an investment in Duke Energy Corporation ("Duke" or the "Company") that make it a top 10 investor in the Company, today sent a letter to Duke's Board outlining a plan to create $12 to $15 billion of line-of-sight near-term value for shareholders. Elliott explained that this value upside is based on observable publicly traded market valuation metrics of Duke's closest peers and does not incorporate meaningfully higher valuations realized in recent transactions in Florida and Indiana, which would result in several billion dollars of incremental value.