Elliott Management builds stake in Air Liquide and urges margin improvement
Activist firm Elliott Management has taken a position in French gas producer Air Liquide and is pressing the company to close its profit-margin gap with rival Linde.
Elliott Management, known for activist campaigns across Europe, has quietly amassed a stake in Air Liquide, the French industrial giant that supplies gases and chemicals. Insiders report the hedge fund is urging Air Liquide’s leadership to address its weaker profit margins compared with rival Linde, arguing that the disparity is fixable and that the company could benefit from the global AI build-out. While Air Liquide enjoys a stable revenue base from long-term, guaranteed projects linked to customers’ manufacturing sites, its market price remains discounted to Linde because of the margin shortfall.
The precise size of Elliott’s position is not public, but French regulations mandate disclosure once a shareholder exceeds a 2 % economic interest. Air Liquide plans an investor day in October where CEO Francois Jackow will outline a turnaround strategy. Both Elliott and Air Liquide declined to comment on the matter.
Why it matters
Elliott’s push could reshape Air Liquide’s strategy and affect its valuation in the competitive industrial gases market.
In this story
