Elliott Is Said to Take Stake in Air Liquide

Activist investor Elliott Investment Management has built a stake in Air Liquide, a French multinational company based in Paris, and is urging the company to improve its margins. Sources familiar with the matter indicated that Elliott has been engaging with Air Liquide for months, advocating for enhancements to better compete in the industrial gases sector. Air Liquide has a market value of roughly $125.5 billion (EUR108 billion).

Air Liquide's primary competitors are Linde and Air Products and Chemicals. Industry analysts have noted a significant and growing margin gap between Air Liquide and Linde. As of mid-2026, Linde's operating margins stood at 30%, while Air Liquide's were 21%, a difference of 9 percentage points. This gap is attributed to Linde's successful operational optimization plan, and analysts expect this disparity to persist for several years, suggesting room for improvement at Air Liquide.

Elliott's involvement is also expected to influence Air Liquide's capital allocation strategy. Linde repurchased $4.6 billion in shares in 2025, while Air Liquide executed buybacks totaling EUR167 million ($193 million) in late February to early March 2026, despite authorizing more last year. Air Liquide, however, offers a strong dividend profile with a yield near 1.97%, a 60% payout ratio, and an 11.2% three-year dividend growth rate. Investors are hopeful that Air Liquide's upcoming investor day in early October will reveal plans for margin improvement and additional share buybacks. The company also has an electronics division that supplies gases for AI chip manufacturing, which some investors see as a hidden growth engine.

Elliott is known for pushing for changes at other major companies, including the London Stock Exchange Group and Synopsys. While the exact size of Elliott's stake in Air Liquide remains undisclosed, its involvement typically signals a desire to unlock shareholder value through operational and strategic adjustments. Air Liquide did not respond to requests for comment, and Elliott declined to comment on the matter.