PRESS: Activist calls on Bunzl to undertake buyback as snaps up stake
Bunzl PLC shares moved higher on Monday morning after Bloomberg reported that activist investor Elliott Investment Management LP has built a near-5% stake in the distribution firm.
Elliott is pushing for London-based Bunzl to conduct a share buyback, as well as a strategic probe of its North America arm, Bloomberg reported, citing people familiar with the matter.
Elliott is calling on Bunzl to buy back as much as 10% of its total market capitalisation, which currently stands at £8.33 billion.
Bunzl shares traded 1.3% higher at 2,572.00 pence each in London on Monday morning. They were 3.8% higher shortly after the opening bell.
The stock is up 12% over the past 12 months, but is down 14% since a profit warning in April of last year.
North America is Bunzl’s largest market, and the unit may attract private equity interest, Bloomberg reported. However, the division is what had prompted last year’s profit caution.
Bunzl Chief Executive Frank van Zanten said at the time: ‘I am disappointed with our performance in the first quarter in this challenging trading environment. We are taking decisive action to improve performance in the group, particularly with regards to execution in our largest business in North America.’
Copyright 2026 Alliance News Ltd. All Rights Reserved.