ACTIVIST shareholder Paul Singer's Elliott Management has pounced on another European corporate icon, building a 2.5pc stake in Pernod Ricard - which owns Irish Distillers. The investor said it was an effort to boost returns and sharpen governance at the world's second-largest distiller. It may eventually push for a break-up or sale. Shares of the company behind Jameson whiskey rose 4.3pc in Paris, the biggest gain in three years, after Elliot confirmed the move. Pernod Ricard's lacklustre performance creates an opportunity, Elliott said. Pictured is a warehouse at the Pernod Ricard distillery in Midleton, Co Cork.