British utility SSE defies Elliott, won't spin off businesses

SSE, the listed British utility with a market cap of nearly $23 billion, disclosed plans to sell 25% stakes in its transmission and distribution grid units, but said it won't spin off the businesses into independent companies. It also doesn't plan to separate out its renewables assets.

Why it matters: This not only bucks the recent trend of corporate breakups — as employed by GE, J&J and Toshiba — but also pushes back against the wishes of activist investor Elliott Management.