Strategic Moves: Elliott & Bluescape Aren’t Asking Sempra’s New CEO For Much

Sempra Energy had a friend in activist investor Elliott Management. See exclusive hedge fund news here Last August, Elliott helped the San Diego-based operator of electric utilities win a takeover battle over Oncor, a Texas utility company. Less than one year later, Elliott teamed up with utility investor Bluescape Resources to purchase 4.9% of the company, adding to previous holdings. While Sempra’s conglomerate structure has not changed since then, the activists are requesting six Sempra board members be removed and certain assets sold. The move tests six-week-old CEO Jeffrey Martin, who has no experience facing aggressive activist investors as head…