Air Products and Chemicals' (APD) activist investor Mantle Ridge has so far acquired an over $1 billion stake and intends to call for improvements to its strategy, the Wall Street Journal reported Monday.
The investment firm also plans to push for leadership succession plan as it believes Air Products is trading at a discount to its peers, the report said, citing unnamed people familiar with the matter. Air Products' market value as of Friday stood at around $63 billion.
A company spokesperson told the newspaper it maintains relationships with investors, but declined to comment on Mantle Ridge's plans.
Neither Air Products nor Mantle Ridge immediately replied to MT Newswires' requests for comment.
Air Products shares were up nearly 9% in recent trading.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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