Österreich: Wichtiger Großaktionär zögert bei der Kapitalerhöhung von Lenzing

Austria's fiber manufacturer Lenzing is seeking new investors for a capital increase, but its key partner and major investor, Brazilian cellulose company Suzano, is backing away from the plan. The company plans to raise about 300 million Euros through the increase, which will finance its shift away from standard textile fibers to nonwovens.

Lenzing's banks, BNP Paribas, Unicredit, Commerzbank and Erste Group, have already guaranteed the entire emission of the shares. However, Suzano's role in the capital increase is uncertain. The company currently holds 12.6% of Lenzing's shares, down from 30% if it had reached 30%. Analysts view Suzano's option to increase its stake as a crucial safety net for the highly indebted company.

However, Suzano has now stepped back from the capital increase, selling part of its share subscriptions to the primary investor, B&C, which will hold 39.64% of the company after the transaction. Suzano's reduction in ownership is attributed to a technical trading effect rather than a change in its strategic interest. Despite the capital increase, Lenzing remains in a precarious financial situation, with analysts forecasting that its net debt will still be four times its operating earnings (EBITDA). The company expects to have less than double its current debt-to-equity ratio.