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SSE will be hard to bully given the arithmetic and political backing
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It wasn’t necessarily the way to bet, but two big names of the FTSE 100 index have shown how to respond effectively when you have Elliott Management, the world’s most feared activist hedge fund, on your tail. The answer is to smile sweetly in public, do the engagement bit, and then deploy counter-arguments that are heavy on financial detail.
At GlaxoSmithKline, it was a case of defending management by making credible long-term sales and profit commitments, a pitch that seems to have satisfied other shareholders, barring an upset between now and next year’s demerger of the consumer division.
At the Perth-based energy group SSE, which on Wednesday said it won’t be taking Elliott’s advice to split itself in two, the debate has hinged on the
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