NEW YORK, Oct 24 (Reuters) - Hedge fund D.E. Shaw
shifted course in its campaign for change at industrial gases
company Air Products and is now supporting a rival
activist's efforts instead of pressing ahead with its own board
challenge, sources familiar with the matter said on Thursday.
D.E. Shaw has said it no longer plans to nominate its own
slate of directors to the company's board and will support a
campaign launched by Mantle Ridge, the activist firm run by Paul
Hilal, the people said.
D.E. Shaw did not immediately reply to a request for
comment.
Last week Mantle Ridge signaled that two former top
executives at Linde Plc will team up with the firm as it seeks
to push for succession planning for Air Products' octogenarian
Chief Executive Seifi Ghasemi, restructuring the board,
improving capital allocation and overhauling the company's
strategy, people familiar with Hilal's strategy said.
The D.E. Shaw decision was first reported by CNBC.