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D.E. Shaw throws support to Mantle Ridge in Air Products board fight
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D.E. Shaw throws support to Mantle Ridge in Air Products board fight
Nov 3, 2024 4:08 AM

NEW YORK, Oct 24 (Reuters) - Hedge fund D.E. Shaw

shifted course in its campaign for change at industrial gases

company Air Products and is now supporting a rival

activist's efforts instead of pressing ahead with its own board

challenge, sources familiar with the matter said on Thursday.

D.E. Shaw has said it no longer plans to nominate its own

slate of directors to the company's board and will support a

campaign launched by Mantle Ridge, the activist firm run by Paul

Hilal, the people said.

D.E. Shaw did not immediately reply to a request for

comment.

Last week Mantle Ridge signaled that two former top

executives at Linde Plc will team up with the firm as it seeks

to push for succession planning for Air Products' octogenarian

Chief Executive Seifi Ghasemi, restructuring the board,

improving capital allocation and overhauling the company's

strategy, people familiar with Hilal's strategy said.

The D.E. Shaw decision was first reported by CNBC.

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