By Sam Boughedda
Elliott Investment Management is said to have built a significant position in PPL Corp. (NYSE:PPL), Bloomberg said Wednesday, citing people familiar with the matter.
The stake would mean Elliot would be one of utility owner PPL's top 10 investors, Bloomberg said.
According to the publication's sources, talks between the investment firm run by billionaire Paul Singer and PPL are "cordial."
In addition, Elliot is said to have helped the Pennsylvania-based company build an updated business plan, which it unveiled on Wednesday. The plan included aspects such as upping its dividend, making $14.3 billion of capital investments through 2026, and adding Linda Sullivan as a new board member.
"Linda's deep utility and financial expertise will further strengthen and complement our diverse and experienced board," said PPL independent Board Chair Craig A. Rogerson in a press release.
PPL shares surged Wednesday, hitting a high of $31.74 per share. However, it closed the session at $30.80, up 2.09%.