The report cites unnamed people familiar with the situation as confirming that the New York-based hedge fund has held discussions with Air Liquide in recent weeks after establishing its stake. The size of Elliott’s investment and the specific changes it may seek from management have not been disclosed.
With a market capitalisation of about €108bn, Air Liquide would represent Elliott’s most prominent target on the Euronext exchange. The hedge fund previously campaigned for changes at Pernod Ricard after taking a 2.5% position in the French drinks group in 2018.
Elliott, which manages about $80bn, has become an increasingly active investor in Europe, with recent positions including BP, London Stock Exchange Group and German utility RWE.
Air Liquide supplies industrial gases including oxygen, nitrogen and hydrogen to customers across heavy industry. However, its profitability has lagged that of US rival Linde, providing a potentially significant area for an activist investor to target.
Air Liquide’s shares have gained only about 5% since the beginning of the year, while its operating margins have remained well below Linde’s. At the end of 2025, Air Liquide’s margin was around 21%, compared with approximately 30% for Linde.
The performance gap widened following Linde’s 2018 merger with Praxair, which enabled the combined company to pursue a broad restructuring and operational efficiency programme. Analysts currently expect the margin differential between the two companies to persist through 2030.
Capital allocation could provide another potential focus for Elliott. Air Liquide has returned around €14bn to shareholders through dividends and buybacks over the past decade, significantly less than Linde’s roughly €45bn over the same period. Air Liquide has also never undertaken a major share repurchase programme.
The group’s growing exposure to the semiconductor and artificial intelligence investment boom could provide an additional avenue for value creation.
Air Liquide’s electronics division is the world’s largest supplier of gases used in semiconductor manufacturing and accounts for roughly 10% of group revenue.
