Elliott Management has built a stake in Air Liquide (AI FP), FT reports

Elliott building a position follows a well-worn playbook: accumulate quietly below disclosure thresholds, surface via press report, then press for operational or portfolio change, often with a private letter preceding any public campaign. The fund's prior form in European large caps has tended toward margin and capital allocation critiques rather than outright breakup demands at companies of this quality, though it has not shied from boardroom fights where management resists. Industrial gases is an unusual activist target: the sector's high returns, pricing power and long-duration contracts have historically left little obvious fat, which suggests the thesis here is more likely centred on capital deployment, buyback pace or portfolio perimeter than on classic cost restructuring. The market pattern on such disclosures is a gap higher on the day, with durability depending on whether the fund follows with a public thesis and how receptive the board appears. Worth watching is the size of the position relative to free float, whether other activists have circled the name before, and any French political sensitivity, since the state has historically taken an interest in strategic domestic champions. As a first report rather than a confirmed campaign, the signal is directional and the burden of the next move sits with the fund.