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Air Liquide shares rise as Elliott builds a stake and presses for margins
The stock climbed as much as 4.2% in Paris and is on track for its best day in about six months, with Elliott pushing management to improve profitability.
Air Liquide shares jumped 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 Reuters via Hedgeweek. The stock rose as much as 4.2% in Paris before trading around 3% higher, putting it on course for its strongest single day in roughly six months.
Elliott’s exact stake in the approximately €108bn company was not clear, but Hedgeweek says the activist has been in discussions with Air Liquide for several months. The campaign argues that changes are needed to make the business more competitive and lift margins.
The focus on margins is also tied to the profitability gap between Air Liquide and its larger US-listed rival, Linde. LSEG data cited by Hedgeweek shows Linde’s operating margin was around 30% in the middle of 2026 versus approximately 21% for Air Liquide.
Analysts cited by Hedgeweek have pointed to lower revenue generated per employee at Air Liquide as a contributor to the difference. They suggest additional operational efficiencies could help narrow the gap.