Air Products rise as D.E. Shaw pushes for governance overhaul in open letter
updates
** Shares of industrial gas maker Air Products and Chemicals APD.N up 1.1% to $317.3
** Investor D.E. Shaw, which owns a stake in the company, sent an open letter to the Board calling for changes to address "longstanding underperformance in its shares and deficiencies in its governance and capital allocation policies"
** Proposes the company publicly commit to tying future capital investment to offtake agreements, not allow capex levels to exceed the mid-teens as a percentage of revenue beyond fiscal year 2026, and communicate transparent CEO succession plan
** Earlier this month, activist investor Mantle Ridge built a position in the company and wants it to cut costs, focus on its core businesses and pave the path for a new leader
** Including session gains, stock up about 15.9% YTD
Reporting by Seher Dareen in Bengaluru
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
