Hedge fund urges Duke to spin off its Florida utility to unlock value
- May 21, 2021 3:49 pm GMT
Elliott Investment Management said Duke Energy Florida and its Midwestern energy company are not generating as much value for shareholders as they could, and called on the utility to spin off the companies so they can focus more deeply on the regions they serve. Duke could generate between $12 billion and $15 billion in value as a result, the firm said.
In a statement, Duke said its board would review the proposal.
Elliott has previously pushed for similar moves at other utilities, and has exchanged proposals with Duke since July 2020.
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