Elliott Investment Management Pressures Air Liquide to Raise Margins

Elliott Investment Management has built a stake in Air Liquide, a leading French industrial gases provider, and is pressing the company to improve its profit margins. The activist investor has been in talks with management for several months, urging the company to close a performance gap with its primary rival, Linde PLC.

As of mid-2026, Air Liquide reported an operating margin of 21%, which trails the 30% margin posted by Linde PLC. In response to the pressure, Air Liquide has begun working with activist defense advisers to address the investor's demands.

Shareholders expect Air Liquide to present a strategic roadmap during an investor day scheduled for early October. This presentation is expected to detail plans for margin gains and the possibility of share buybacks.