Sempra Energy Inks Cooperation Agreement With Elliott Management, Bluescape

Sempra Energy (SRE) said it has entered into a cooperation agreement with affiliates of Elliott Management Corporation and Bluescape Energy Partners LLC. Funds affiliated with Elliott and Bluescape collectively own a 4.9-percent economic interest in Sempra Energy valued at $1.6 billion.

As part of the agreement, the parties have worked cooperatively together to identify a discrete list of final board nominees and expect to work together for Sempra Energy to announce as well as appoint two new directors to Sempra Energy’s board that are mutually agreed between the parties in the coming weeks.

In addition, Sempra Energy will repurpose its board’s current LNG Construction and Technology Committee into a new LNG and Business Development Committee. The new committee will consist of its three current members and, upon appointment to the Sempra Energy board, the two new directors.

Elliott and Bluescape also have agreed to customary standstill, voting and other provisions.

Sempra Energy said its full cooperation agreement with Elliott and Bluescape will be filed on a Form 8-K with the Securities and Exchange Commission.

by RTTNews Staff Writer

Source: Read Full Article