The investment brings Elliott into the inner circle of Bunzl’s ownership, placing it alongside major institutional holders like Schroder Investment Management and Mawer Investment Management. Behind the scenes, the activist firm is pushing for a share buyback program targeting up to 10% of Bunzl’s market capitalization over the coming year. Beyond immediate financial maneuvers, Elliott is advocating for a strategic review of the company's North American operations, a division that generates over half of the group’s total revenue.

Bunzl has spent recent months attempting to stabilize margins in North America by trimming costs and refining its product mix after a period of sluggish demand. While the group reported a 2% increase in underlying revenue during the first quarter, the pressure from Elliott signals a demand for more rapid value creation. This intervention mirrors Elliott’s recent playbook at other UK-listed giants, including BP and the London Stock Exchange Group, where the firm has consistently prioritized buybacks and operational efficiency.