Aug. 31 at 9:05 PM
Elliott quietly builds stake in €108bn Air Liquide.
$AL margins = 21% vs Linde 30% (gap persistent thru 2030).
$AL shareholder returns last decade: €14bn vs Linde €45bn. Stock +5% YTD.
Electronics/AI‑gas unit = 10% revs; BofA sees 15–20% CAGR. Linde–Praxair merger (2016) drove ops overhaul;
$AL never ran large buyback.
setup: margin delta + under‑optimized capital return (divest non-core)+ AI‑linked growth optionality?
ht: FT #chemicals #materials #investor @ennovance
https://x.com/mohossain/status/2094531240909062593?s=46