Elliott presses Bunzl for buybacks after building near-5% stake

The reported campaign is not yet a company-announced plan. The FT attributed the stake and demands to people familiar with the matter. Reuters reported that a person familiar with the matter confirmed Bloomberg's earlier report, that Elliott did not immediately respond to a request for comment, and that Bunzl said it was committed to engagement with all shareholders and focused on creating shareholder value.

The reported demands are specific. Reuters said Elliott was pushing Bunzl to buy back shares worth up to 10% of its market capitalisation over the next 12 months and conduct a review focused on North America to lift the group's valuation. The FT reported the same focus and said a review could lead to a separation and sale of the North American division, according to people familiar with the matter.

North America is central to the investment case because it is Bunzl's largest region. Reuters reported that the region accounts for more than half of group revenue. Bunzl's own 22 April 2026 trading statement said North America's underlying revenue growth was slightly ahead of the group, supported by actions taken to improve performance, including new business won in the second half of 2025.

Bunzl's latest official outlook was steadier than the activist thesis implied. The company said in April that group underlying revenue rose 2.0% in the first quarter, that performance year-to-date was consistent with expectations, and that it continued to expect moderate revenue growth at constant exchange rates in 2026, with operating margin slightly down year-on-year.

The pressure follows a period in which Bunzl had already been trying to repair North American execution. In its 2025 first-quarter statement, the company said weak demand and execution issues in North America had weighed on operating margin, including slower than expected volume improvement, own-brand growth and higher operating costs. It also said it had taken actions including leadership changes, cost savings and a renewed focus on commercial agility and operational excellence.