Elliott Investment Management has acquired a stake in Air Liquide SA, according to sources. The industrial gas supplier is now working with activist defense advisers to address margin pressures. The details of the investment remain confidential, but the move signals heightened scrutiny from a prominent activist firm.

Air Liquide's leadership is reportedly evaluating strategic options to enhance profitability following the disclosure. The development adds to a trend of activist investors targeting established industrial sectors to unlock shareholder value.