UPDATE 3-SSE says no break-up decision after report of Elliott pressure

* SSE backs current strategy

* Shares closed higher on Monday

* The Telegraph reported company was close to splitting

* Source says Elliott is among top 5 shareholders in SSE
(Adds background, context, chart, updates shares)

By Muvija M

Sept 20 (Reuters) - Britain's SSE has not made a
decision to split itself up, the renewable power and networks
group said on Monday in response to a newspaper report that it
was close to doing so after months of pressure from U.S.
activist investor Elliott.

A source close to the situation confirmed that Elliott was
one of the top five investors in the blue-chip company, holding
a stake just under the 5% threshold that would require formal
disclosure.

SSE, which declined to comment on Elliott's reported
involvement or stakeholding, said it would update investors on
growth plans in due course. It is scheduled to report interim
results in mid-November.

SSE shares have gained nearly 9% this year, with more than
6% of the rise having come after a media report in early August
about Elliott buying a stake. The company has a market valuation
of more than 17 billion pounds ($23.2 billion).

SSE has been sharpening its focus on renewable power
generation and electricity networks after the sale of its retail
division to OVO Energy. It plans to invest 7.5 billion pounds
($10.3 billion) in low-carbon projects up to 2025.

By splitting SSE's renewables business from networks the
company could attract a couple of billion pounds from investors
who are ESG-focussed, the source said.

The source added that conversations between Elliott and SSE
are understood to have been constructive.

On Monday the stock closed 0.4% higher, outshining the main
bourse that ended down 0.8%.

SSE's statement followed a Telegraph report on Friday https://bit.ly/3lE1yQe
that the company 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," SSE said.

"SSE is currently building more offshore wind than any
company in the world, expanding internationally, and investing
in the low-carbon electricity infrastructure."

New York-based Elliott, which in the past had pushed for
changes at Premier-Inn owner Whitbread, has more
recently targeted London-listed pharmaceutical giant GSK
.

The hedge fund 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 declined a Reuters request for comment on the
report.

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, Mark Potter and Keith Weir)