Elliott Management Corporation, which manages funds that collectively own a significant interest in DTE Energy Co., released a statement supporting DTE's decision to pursue a spin-off of the DTE Midstream business from DTE Energy.
Elliott Management Corporation manages approximately $41 billion of assets. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous management.
Elliott Senior Portfolio Manager Jeff Rosenbaum also commended CEO Gerardo "Jerry" Norcia on the Company's commitment to unlocking value:
"Elliott is supportive of DTE's plan to spin-off the DTE Midstream business, and we applaud CEO Jerry Norcia and the entire DTE team for taking these steps to unlock significant value. We appreciate the engagement and dialogue we have had with DTE's senior management team over the past several months. We believe the new DTE Energy and DTE Midstream will stand as leading companies in their respective sectors. In particular, the transaction will highlight the value of DTE Electric and DTE Gas as two of the best regulated utilities in the U.S. with industry-leading system capital investment and growth, a strong management execution track record and a top-tier regulatory jurisdiction. Additionally, we believe DTE Midstream will be differentiated as one of the only publicly traded midstream businesses operating in the two most attractive U.S. natural gas basins and providing both best-in-class earnings growth and contract coverage. We believe this transaction should unlock significant shareholder value."
Originally posted on Work Truck Online