Air Liquide shareholding: a story of trust and loyalty

Air Liquide is the story of a meeting between a researcher and a business visionary, which led to the invention of a process for liquefying air that separates oxygen and nitrogen by distillation. In 1902, they brought together 24 subscribers from their close circle to support their project. With a share capital of 100,000 francs, the joint-stock company Air Liquide was born.

While banks thought Paul Delorme was “a madman selling liquid air”, an industrialist put up his personal fortune as collateral for a loan. Air Liquide obtained the backing of the Vernes bank. The company began paying dividends in 1908. Since then, it has never stopped paying them...

Air Liquide was listed on the Paris Stock Exchange on February 20, 1913. Before that, the company was part of La Coulisse, a group of unofficial stockbrokers near the Palais Brongniart. The company's capital is increased to 11 million francs to finance its development in France and abroad.

In 1929, Air Liquide's capital was increased to 88 million francs. The nominal share price was 100 francs and the dividend 35 francs. During and after the war, Air Liquide became known as one of the few stocks to which the French clung.

To thank them for their loyalty, Air Liquide launched its first free shares attribution to all its Shareholders, regardless of how they hold their shares, on the basis of one new share for every 10 old shares held, in 1955. In 2024, Air Liquide made its 32nd free shares allocation.

Learn more about free shares attribution

In 1975, Air Liquide has over 150,000 Shareholders. In Paris, the Champs-Elysées theater proved too small to host the Annual General Meeting. From then on, Meetings were held in the large auditorium of the Palais des Congrès.

Learn more about our Annual General Meeting

This annual document is designed to inform all Shareholders about the key financial and non-financial performance data and the long-term profitability of the Air Liquide share. This guide has become the reference document for Air Liquide Shareholders.

Discover the Shareholder's Practical Guide

Air Liquide wishes to strengthen the commitment of its employees, and involve them closely in the Group's development and results. In 1983, the Group therefore launched a capital increase reserved for employees, enabling them to acquire shares on preferential terms.

The Shareholder Communication Committee (SCC) establishes regular exchanges between individual Shareholders, the Chairman of the Board of Directors of Air Liquide and the teams in charge of Shareholder relations. 12 Shareholders, appointed for three years, represent the diversity of Air Liquide's individual shareholder base.

Learn more about the SCC

Until 1987, trading was carried out by auction on the Paris Stock Exchange. In 1987, this practice gave way to the CAC (“Cotation Assistée en Continu”) to facilitate trading. Over the past 20 years, Air Liquide has outperformed the CAC 40, with an average annual return of +12.59%.

In 1996, Air Liquide introduced a loyalty bonus with a 10% bonus dividend for Shareholders who have held their shares in registered form for two full calendar years.The loyalty bonus also applies to free share allocations.

Learn more about the loyalty bonus

Answering questions, sharing information on share price trends and the Group's business, this dedicated department assists Shareholders on a daily basis in their dealings with the Group in managing their securities accounts, advising them on tax and capital gains calculation, and guiding them in the transfer of their portfolio. It can be contacted by telephone and email, or directly at Air Liquide headquarters by appointment.

In 2007, the Air Liquide share price had risen by over 85% in the last four years. 

In order to increase its affordability and broaden the number of individual Shareholders, the par value of the share is divided by two, and the number of shares in circulation is therefore multiplied by two.

Since the creation of the Air Liquide Head Office in 1931, Shareholders have been welcomed in a dedicated area. The “Shareholders' lounge”, developed in 2008 and redesigned in 2023, enables Shareholders to discuss with advisors in complete confidentiality. Today, appointments can be made online.

Proximity and dialogue are 2 key values of Air Liquide shareholding. Every year, the Shareholder Services Department organizes meetings at various locations in France, giving the opportunity to meet several hundred people in the regions.

In 2013 the Group broadcast its Annual General Meeting live over the Internet for the first time, enabling Shareholders to follow the event remotely. Air Liquide's Annual General Meeting is the largest in France, with over 4,000 Shareholders attending live (face-to-face and online).

To keep Shareholders informed about the Group's activities and help them manage their portfolios, the “Parlons Actions” webinars regularly decipher shareholding in practice and the Group's strategy since 2013: 45 minutes of exchanges with Air Liquide experts who answer web users' questions live.

With the success of its €3.3 billion capital increase, Air Liquide has finalized the financing of its acquisition of Airgas, one of the leading suppliers of industrial gases in the United States, in 2016. The Shareholders have thus made it possible to finance one third of the acquisition.

From 2017, individual registered Shareholders can access a personal, secure online space, 24 hours a day, 7 days a week, from which he or she can manage their shares directly, carry out transactions and access services.

Learn more about the online Shareholder Portal

With the transfer of shares, some people become Shareholders at a very young age. In order to familiarize them with their shares, an educational guide (by age group) has been designed to enable them to be autonomous, and to play an active role from the moment they receive their shares.

In 2021, Air Liquide successfully launched its first green bond issue, by raising 500 million euros which will be dedicated to financing and refinancing the development of several sustainable projects, in particular in hydrogen, biogas and oxygen. A second green bond was issued in June 2024.

Learn more

A website dedicated exclusively to Air Liquide shareholding, entitled “Devenir Actionnaire” (Become Shareholder), is launched in 2021. A simulator enables visitors to calculate the profitability of an investment in Air Liquide shares over time.

In June 2024, Air Liquide made its 32nd allocation of free share attribution. All Shareholders benefit, whether they hold their shares directly with Air Liquide (pure registered shares) or with their bank (administered registered shares or bearer shares). Generally speaking, one freeshare is allocated for every 10 shares held.

Learn more about free share attribution

Today, nearly 800,000 individual Shareholders are part of the Air Liquide story. They hold 34% of the company's capital, the highest proportion in the CAC 40. This testifies to the relationship of trust that the Group has maintained with its Shareholders since its very beginnings.

Discover our stories