Elliott attacks ‘history of underperformance’ at SSE


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What do we know now Elliott I’m thinking about SSE Grand has plans to stop the farewell, and it’s no exaggeration to say that activists aren’t fans. Last month’s SSE Make a suggestion Sell ​​a 25% stake in the power grid business to fund additional investment in the renewable energy sector. However, he resisted the complete separation of the two major divisions and argued that the scale of the integrated business could undertake more ambitious renewable energy projects and avoid significant synergies.

Those discussions were skeptical by some ( Please read my column). And now, for the first time since investing earlier this year, Elliott has publicized his views, describing management’s plans as “missing an opportunity” and the company’s under CEO Alistair Phillips Davis. He pointed out the “history of poor performance”.

In a letter to the SSE Chair issued this morning, Elliott considers the appointment of two new independent directors with renewable energy experience and a committee of independent directors to consider selling larger shares in the SSE network. Asked for further strategic reviews led by. Renewable energy sector business and partial sale or listing.

Tom Wilson Have more, Or can Read Elliott’s letter completely.. There were various answers in my column last month, so please let us know what you think.Please email me at citybulletin@ft.com..

Simply put

Rising UK house prices According to data from mortgage provider Halifax, prices rose for the fifth straight month in November, reaching a 15-year high. Quarterly home inflation has reached its highest level since late 2006, according to Halifax. A shortage of real estate for sale, a strong labor market and low mortgage rates helped push prices up.

FTSE100 Construction Machinery Rental Group Ashtead Reported “record performance in the first half,” pre-tax profit increased nearly 40% to $ 890 million and revenue increased 18% to $ 3.9 billion in the first half of last year.

Defense industry contractor Babcock The full-year outlook has not changed, but “keeping activity levels for the rest of the year and all costs, given the uncertainty of the new Covid-19 variants and the response of various governments. We are paying attention to our ability to recover. ” It returned to operating profit in the six months to September, reporting a statutory operating profit of £ 75m compared to a loss of £ 785m in the previous year.

British American Tobacco He said that “significant year” was “on track” and new products such as vaping and e-cigarettes are now “significant contributors” to the Group’s earnings growth. BAT said in a transaction update that the new product “contributes to profit growth only when losses begin to decline.” Meanwhile, global tobacco product sales are expected to level off year-on-year, rather than recording previously expected declines, with Indonesia accounting for the difference.

NS Financial Conduct Authority We have planned to introduce a new consumer obligation to “make a fundamental change” in the “thinking” of the financial services industry. Watchdog said the new rules “guarantee higher and more consistent standards of consumer protection.” The latest proposal is under discussion and we plan to introduce the final rules by the end of July next year.

NS Competition and Markets Authority Transactions found between Veolia When Suez, Two of the largest suppliers of waste management services have raised competitive concerns. Regulators said they would refer to the transaction for a detailed Phase 2 investigation unless the company submits a proposal to mitigate concerns within five business days.

Beyond square miles

Samsung Electronics Announced a drastic management remodeling, Son Jeong Ah reports from Seoul, Announces a generational change in the main business. Lee Jae-yong, the third heir, is about to mark him four months after he was released from prison. However, some analysts expected Samsung to maintain its existing management team while Lee faced issues related to the merger of the two Samsung units in 2014.

U.S. regulators are investigating Donald Trump’s Social media Spac Trading, our Report of US correspondent.. The blank check company, which will merge with the former president’s start-up company, has received information from both the Securities and Exchange Commission and broker-dealer watchdog Finra about the transaction before the transaction was announced and the transaction between the two. I received an inquiry asking. group.

Deutsche Bahn We did not “comprehensively notify” auditor PwC of allegations of fraud in Germany’s largest infrastructure project. Olaf Stovek reports from FrankfurtThe decision, said by accounting experts, did not reach what is required under German and International Standards on Auditing. If you miss FT’s story about a whistleblower allegation against the company, it’s worth catching up with Olaf’s work. here..

And finally, check out this profile of buyout companies Toma Bravo — A professional software acquisition company that is making a fuss about acquisitions, $ 35 billion war chest..

Helen Thomas I’m writing about the government’s promotion to get UK pension funds into private equity (at almost all costs). We are proposing to further relax the price cap just two months after the last change was implemented. However, the movement is flawed. She insists..

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