Elliott Moves Big Share in Bunzl, Urges Buy‑Back and North America Review

Elliott has acquired almost a 5% share in Bunzl, the UK office‑supplies giant. This stake puts Elliott among the firm’s biggest owners, trailing only the top three funds that hold roughly 5% each. The investor is asking Bunzl to consider buying back up to 10% of its shares in the next year and to re‑examine its North American operations, hoping to lift the company’s overall value. Bunzl’s stock jumped about 3. 7% to 2, 632 pence in early trading, valuing the business at roughly £8. 23 billion ($11. 05 billion).Since the start of the year, shares have risen 26%, reflecting confidence from investors. The firm supplies a wide range of items, from paper products to food packaging, and has been trimming costs in North America where it earns more than half of its revenue. In the first quarter, Bunzl reported a modest 2% rise in core sales and kept its 2026 guidance unchanged, even as global politics and economic conditions remain uncertain. Both Bunzl and Elliott have yet to comment on the new arrangement.