Air Liquide shares jump on news of Elliot stake
Air Liquide shares jumped on Tuesday after reports that activist investor Elliott Investment Management has accumulated a position in the French industrial gases group and is pressing management to improve profitability, according to a report by Reuters.
Air Liquide's shares experienced a significant surge on Tuesday following reports that activist investor Elliott Investment Management has amassed a stake in the French industrial gases group. The company's management is now under pressure to boost profitability, as disclosed by a Reuters report.
The Air Liquide stock soared by up to 4.2% in Paris before settling around 3% higher, indicating its strongest daily performance in nearly six months. Since the beginning of the year, Air Liquide shares have appreciated by approximately 20%.
The precise extent of Elliott's stake in the €108 billion company is not yet confirmed, but sources suggest that the activist investor has been engaged in discussions with Air Liquide for several months. Elliott has argued that necessary changes are required to make the business more competitive and enhance margins.
This move highlights the profitability gap between Air Liquide and its larger U.S.-listed rival, Linde. In mid-2026, Linde's operating margin stood at around 30%, whereas Air Liquide's margin was approximately 21%, according to data from LSEG. JP Morgan analysts have pointed to a lower revenue generated per employee at Air Liquide as one contributing factor to the disparity, implying that additional operational efficiencies could be realized.
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