Lenzing Keeps Heiligenkreuz Running to March 2027 as Deutsche Bank Slashes Target
Published on 11/03/2026 at 16:41 | Editorial boerse-global.de
Lenzing's textile fibre plant in Heiligenkreuz will keep producing until the end of March 2027, with the bidding phase for the site's sale due to open in November, according to Friday media reports. The twin milestones give the Austrian fibre maker a fixed window on both the plant's operating life and the next stage of its disposal.
The sale process is unfolding against a reshaped shareholder register. Following the completion of its rights issue, Lenzing reported that the syndicate of B&C Group and Suzano S.A. holds roughly 52.25% of voting rights, while Suzano Holding S.A. picked up an additional 0.80% of the shares directly. Goldman Sachs Group's stake was put at 5.86%.
Register Redrawn After Cash Call
The capital increase lifted Lenzing's share capital to EUR 76,204,702.90 and the number of shares to 73,374,542, figures the company published in a correction to its voting rights notification. Syndicate members subscribed to a total of 18,159,291 new shares. Reuters reported gross proceeds of around EUR 300 million from the transaction, which closed roughly two weeks ago and underpins several of the recent disclosures.
NN Group also raised its voting stake, climbing to 4.27% from 2.54% in the previous notification dated 28 October. The filing documents a larger share of votes and nothing more — it carries no published rationale for the move and certainly no earnings forecast. Reading it as a direct expression of the investor's confidence in the business goes beyond what the disclosure actually says.
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Insider activity tells a more mixed story. Georg Kasperkovitz, a member of the management board, acquired 16,362 Lenzing shares at EUR 8.65 apiece under the subscription rights offering on 23 October — a personal commitment to the financing that merits mention. Separate from that is the pledging of Lenzing shares by B&C KB Holding GmbH, a company close to supervisory board member Patrick Lackenbucher. A pledge is not an additional share purchase, and lumping the two together as fresh buying from the company's orbit would be inaccurate.
Deutsche Bank Cuts Its Target in Half
The clearest counterweight to any recovery narrative came on 28 October, when Deutsche Bank Research halved its price target to EUR 12.70 from EUR 22.00 while reaffirming its "Hold" rating. The bank cited the capital increase as the basis for the adjustment.
Lenzing shares rose 1.9% on the following day to close at EUR 11.00 — still below the revised target. The combination reads as a caution against assuming too simple a turnaround: a new ownership line-up and an influx of cash do not by themselves justify setting aside a cautious valuation. By the same token, a lower target does not render the stake disclosures meaningless.
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The syndicate's continued majority is the more consequential signal, since it describes control of Lenzing directly. The other filings round out that picture but cannot substitute for an analysis of the business itself. Ownership continuity and economic success are distinct quantities, and the higher NN Group stake deserves attention without being inflated into a verdict on the company's prospects.
Third Quarter Results Set as the Test
Lenzing has scheduled publication of its third-quarter 2026 results for 5 November 2026 — the next concrete occasion to judge the business rather than the shareholder structure. Until then, the visible backing of the company's owners is worth noting, but it is no advance payment on an operational turnaround. The decisive test remains commercial performance.
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