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<edgarSubmission xsi:schemaLocation="http://www.sec.gov/edgar/thirteenffiler eis_13F_Filer.xsd" xmlns="http://www.sec.gov/edgar/thirteenffiler" xmlns:common="http://www.sec.gov/edgar/common" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <!--Generated by Broadridge Transform (tm) - http://www.broadridge.com-->
  <!--Created: Mon Aug 17 18:49:06 UTC 2026-->
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  <headerData>
    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <returnCopyFlag>true</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
      </flags>
      <filer>
        <credentials>
          <cik>0001623624</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
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      <periodOfReport>06-30-2026</periodOfReport>
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    <coverPage>
      <reportCalendarOrQuarter>06-30-2026</reportCalendarOrQuarter>
      <filingManager>
        <name>PSquared Asset Management AG</name>
        <address>
          <common:street1>DUFOURSTRASSE 43</common:street1>
          <common:city>ZURICH</common:city>
          <common:stateOrCountry>V8</common:stateOrCountry>
          <common:zipCode>8008</common:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-16998</form13FFileNumber>
      <crdNumber>000172051</crdNumber>
      <secFileNumber>802-80066</secFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Gary Penning</name>
      <title>Chief Operating Officer</title>
      <phone>41435083760</phone>
      <signature>/s/ Gary Penning</signature>
      <city>ZURICH</city>
      <stateOrCountry>V8</stateOrCountry>
      <signatureDate>08-17-2026</signatureDate>
    </signatureBlock>
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