Activist hedge fund Elliott Management has quietly amassed an almost 5 per cent stake in FTSE 100 supplies distributor Bunzl. The move follows Elliott’s recent push into UK equities, notably a sizable holding in London Stock Exchange Group that triggered a £3 billion buyback plan. Bunzl’s shares jumped roughly 3 % after Bloomberg broke the news, lifting its market value to about £8.5bn.

Investors had punished Bunzl in April last year after a profit warning and the suspension of its own buyback programme, sending the stock to multi‑year lows. Since then the price has recovered modestly but remains well under its pre‑warning peak, making the activist’s stake a potentially decisive lever for governance changes. Analysts see the buyback push as a catalyst for a higher dividend payout.

Elliott is reportedly urging Bunzl’s board to launch a strategic review centred on its North America operations and to resume share repurchases, tactics that have unlocked value elsewhere. Management and the company have not responded to requests for comment, leaving investors to watch whether the activist can force a policy shift that could boost returns. A payout would appeal to income‑focused funds tracking the FTSE 100.