NEW YORK, Oct. 27, 2020 /PRNewswire/ -- Elliott
Management Corporation ("Elliott"), which manages funds that
collectively own a significant interest in DTE Energy Co. ("DTE" or
the "Company"), today released a statement supporting DTE's
decision to pursue a spin-off of the DTE Midstream business from
DTE Energy. 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. Both companies are now
poised to deliver results and value that exceed what they could
otherwise achieve on a combined basis."
About Elliott
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. The
Elliott funds' investors include pension plans, sovereign wealth
funds, endowments, foundations, funds-of-funds, high net worth
individuals and families, and employees of the firm.
Media
Contact:
Stephen
Spruiell
Elliott Management
Corporation
(212)
478-2017
sspruiell@elliottmgmt.com
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SOURCE Elliott Management Corporation