* SSE backs current strategy
* Shares unchanged in early trading
* The Telegraph reported company was close to splitting
(Adds background, details, shares)
Sept 20 (Reuters) - Britain's SSE has not made a
decision to break itself up, the renewable power and networks
group said on Monday, after a newspaper report said it was close
to splitting up following months of pressure from U.S. activist
investor Elliott.
The company said it would update investors on growth plans
in due course. It is scheduled to report interim results in
mid-November.
FTSE 100-listed SSE, which has been sharpening its focus on
renewable power generation and electricity networks after the
sale of its retail division to OVO Energy, plans to invest 7.5
billion pounds ($10.3 billion) in low-carbon projects up to
2025.
The Telegraph newspaper reported on Friday https://bit.ly/3lE1yQe
that SSE was close to splitting into two separate blue-chip
companies.
"The Board remains fully focused on strategic choices which
will drive shareholder value from the wealth of net zero
opportunities the company is creating," the company said.
"SSE is currently building more offshore wind than any
company in the world, expanding internationally, and investing
in the low-carbon electricity infrastructure."
SSE shares have gained 9% this year, outperforming the
FTSE-100's 7% rise over the same period. In early Monday
trading, SSE stock was little changed.
Elliott, which recently targeted London-listed
pharmaceutical giant GSK, has been in talks with SSE's
board to separate the company's wholesale networks business from
its renewables operations for more than a year, the Telegraph
report added, citing unidentified sources.
Elliott's communications team did not immediately respond to
a Reuters request for comment.
Energy companies in Britain and across the world are under
the spotlight amid a surge in gas prices.
($1 = 0.7313 pounds)
(Reporting by Chris Peters and Muvija M in Bengaluru
Editing by Saumyadeb Chakrabarty and Mark Potter)
SSE (SSE)
Glaxosmithkline (GSK)