Elliott, Bluescape recommend six new directors for Sempra

(Reuters) – Two shareholders of U.S. utility Sempra Energy – Elliott Management and Bluescape Resources Co – on Monday recommended six new directors for the company’s board and urged a strategic review of its business.

Sempra Energy headquarters is pictured in downtown San Diego, California, U.S., May 17, 2018. REUTERS/Mike Blake

The hedge funds said Sempra was highly undervalued and could be worth an additional $11 billion to $16 billion, that could value the company at $139-$158 per share.

Shares of Sempra were up 5.5 percent at $107 premarket trading.

Reporting by Laharee Chatterjee in Bengaluru; Editing by Saumyadeb Chakrabarty

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