Dec 5 (Reuters) - Air Products said on Thursday

that Mantle Ridge, the activist investor backed by Paul Hilal,

has withdrawn its proposal to overhaul the industrial gases

maker's board and will now nominate only four candidates for

election.

Earlier this year, Reuters reported Mantle Ridge had

nominated nine directors to replace the entire board, as the

activist investor pushed the industrial gases maker to name a

new CEO, shift its capital allocation and abandon riskier

projects.

The four remaining nominees include Paul Hilal, CEO and

founder of Mantle Ridge, and Dennis Reilley, a former executive

at rival gases maker Linde ( LIN ), who the activist investor

has identified for a possible leadership role.

Air Products said Mantle Ridge is withdrawing its

nominations for David Khani, N. Thomas Linebarger, Nichelle

Maynard-Elliott, Donald Wallette Jr., and J. Steven Whisler.

The Pennsylvania-based company is valued at around

$72.83 billion, and its stock price has climbed nearly 16% since

Mantle Ridge's roughly $1 billion stake in the company was

revealed in early October.

Investors will vote on the board composition at the

annual meeting scheduled for Jan. 23, 2025, unless the two sides

reach a compromise beforehand.