Air Liquide-Airgas Deal: €30M Fine and 3 Years in Prison for Insider Trading
Facts and Convictions
On April 13, 2026, the 32nd Chamber of the Paris Criminal Court found two individuals guilty of illegally using insider information regarding a public takeover bid that the Air Liquide group was preparing to launch on Airgas in November 2015. A third person was convicted as an accomplice. The court handed down prison sentences of up to 3 years as well as fines reaching €30 million, with part of the sentence suspended for one of the three individuals. This decision is subject to appeal.
Background of Investigations and Previous Proceedings
The three individuals were identified by the AMF during investigations into suspicious transactions reported to the National Financial Prosecutor's Office. One of them was using prepaid phones. Judicial wiretaps revealed discussions related to the confidential operation. In the same case, four other people had already been tried in November 2025 and January 2026 through guilty pleas, receiving sentences of up to 2.5 years of imprisonment and fines of up to 10 million euros. The court ordered those involved to jointly pay 7,500 euros to the AMF for procedural costs.
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