Elliott Management takes stake in Air Liquide

The New York-based hedge fund Elliott Management has established a stake in the French industrial gas supplier Air Liquide. Following reports of the investment, Air Liquide shares rose by 3.5 percent in European early trading, contributing to a year-to-date increase of more than 20 percent.

Analysts have noted that Air Liquide’s profitability has historically lagged behind its US competitor, Linde. While Air Liquide reported operating margins of approximately 21 percent at the end of 2025, Linde maintained margins of around 30 percent. Additionally, Air Liquide has returned significantly less capital to shareholders through dividends and buybacks over the last decade compared to Linde.

While Bernstein analysts suggested there may be no obvious traditional activist move required given Air Liquide’s record order backlog and recent acquisitions, they noted room for incremental improvements. Potential areas for value creation include a stronger focus on the growing aerospace industry and the company’s exposure to the semiconductor and artificial intelligence sectors.