Hedge fund D.E. Shaw has publicly called for an overhaul of Air Products’ board, limits on CAPEX and a clear CEO succession plan, criticising the firm for underperforming on shareholder returns.

In a letter sent to the industrial gas giant, D.E. Shaw, which reportedly holds a $1bn share in Air Products, proposed that the company de-risks existing large projects by signing offtake agreements a limit annual CAPEX to $2-2.5bn beyond 2026.

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