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DUKE ENERGY CORPORATION

(DUK)
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Elliott Urges Duke Energy to Consider Separation Into Three Companies

05/17/2021 | 09:55am EDT

By Cara Lombardo and Dana Cimilluca

Activist investor Elliott Management Corp. is urging Duke Energy Corp. to consider separating into three companies, in what would be a major transformation of one of the nation's biggest utilities.

Elliott is seeking board seats at Duke and wants the company to form a strategic-review committee that would explore the possibility of a tax-free separation of the utility into three companies, according to people familiar with the matter. The three companies would be based on the three major geographies it serves: the Carolinas, Florida and parts of the Midwest.

The Wall Street Journal previously reported that Elliott had a stake in Duke and was agitating for change, but the firm's exact intentions weren't clear, nor was the size of its stake. Elliott told Duke in a letter that it is one of its 10-largest shareholders, which would put the stake above $900 million, one of the people said.

Charlotte, N.C.-based Duke, which has a market value of around $65 billion, provides electricity to nearly eight million customers in six states including the Carolinas, some Midwestern states and Florida. It distributes natural gas to 1.6 million customers in Ohio, Kentucky, Tennessee and the Carolinas.

Write to Cara Lombardo at cara.lombardo@wsj.com and Dana Cimilluca at dana.cimilluca@wsj.com

(END) Dow Jones Newswires

05-17-21 1155ET

Stocks mentioned in the article
ChangeLast1st jan.
DUKE ENERGY CORPORATION 0.23% 104.72 Delayed Quote.14.10%
WTI -0.91% 71.68 Delayed Quote.48.80%
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Financials (USD)
Sales 2021 25 862 M - -
Net income 2021 3 937 M - -
Net Debt 2021 65 114 M - -
P/E ratio 2021 20,1x
Yield 2021 3,79%
Capitalization 80 360 M 80 360 M -
EV / Sales 2021 5,63x
EV / Sales 2022 5,59x
Nbr of Employees 27 535
Free-Float 95,0%
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Technical analysis trends DUKE ENERGY CORPORATION
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Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 104,47 $
Average target price 105,31 $
Spread / Average Target 0,81%
EPS Revisions
Managers and Directors
Lynn J. Good Chairman, President & Chief Executive Officer
Steven K. Young Chief Financial Officer & Executive Vice President
Bonnie Titone Chief Information Officer
Dhiaa M. Jamil Chief Operating Officer & Executive Vice President
Melissa Feldmeier Chief Ethics & Compliance Officer, Vice President
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