Lenzing's Heiligenkreuz Sale Process to Launch in November as Post-Rights-Issue Ownership Emerges
Published on 11/03/2026 at 09:20 | Editorial boerse-global.de
Lenzing will keep its Heiligenkreuz textile fibre plant running until the end of March 2027, with the bidding phase for a sale of the site set to open in November, according to media reports on Friday. The twin milestones give the Austrian fibre maker a defined window in which to convert buyer interest into a binding outcome — a process that runs in parallel with the company's freshly completed capital raise.
The closure of Heiligenkreuz had previously been earmarked for the end of 2026. Lenzing confirmed the revised timetable to the APA news agency on 22 October. Roughly 285 employees are affected, and talks with about 30 interested parties over a possible takeover are already under way. Interest, however, is not a deal: a later shutdown date on its own says little about whether an alternative to closure can be made to work.
Capital increase lifts gross proceeds to EUR 301.2 million
The rights issue, which wrapped up on 21 October, generated gross proceeds of around EUR 301.2 million. Take-up reached 99.0%, a level that points to strong backing from entitled shareholders. New shares were subscribed at EUR 8.65 apiece.
The transaction left its mark on the share register. Lenzing reported that the syndicate of B&C-Gruppe and Suzano S.A. holds around 52.25% of voting rights following completion. Suzano Holding S.A. separately acquired roughly 0.80% of Lenzing shares, while Goldman Sachs Group was reported at 5.86%.
Should investors sell immediately? Or is it worth buying Lenzing?
Share capital now stands at EUR 76,204,702.90, with the number of shares raised to 73,374,542 — figures Lenzing published in a correction to its voting rights notification related to the capital increase. Syndicate members subscribed a total of 18,159,291 new shares. Georg Kasperkovitz also reported a purchase under the rights offering, buying 16,362 Lenzing shares at EUR 8.65 each.
Deutsche Bank halves its target
Analysts have adjusted their models to reflect the diluted share count. Deutsche Bank Research cut its price target for Lenzing to EUR 12.70 from EUR 22.00 on 28 October, keeping a "Hold" rating, and cited the capital increase as the basis for the revision.
The stock gained 1.9% in the prior session to close at EUR 11.00 — still below the reduced target. That gap reads as a wait-and-see stance rather than an endorsement of any turnaround.
Third-quarter figures are the real test
Lenzing has scheduled publication of its third-quarter 2026 results for 5 November 2026. That report, not the successful placement, is the next meaningful checkpoint. A completed financing demonstrates that equity capital has been raised; it does not by itself establish stronger earnings or a particular business trajectory. The added capital base has yet to prove its economic value, and the dilution that came with the measure had previously been flagged in media reports as a drag on the shares.
Heiligenkreuz remains the open question mark alongside the numbers. The later closure date is neither automatically good nor bad news — what matters is the outcome of the sale process, not the extra time alone. Until the quarterly figures and concrete progress on the site provide more clarity, the case for caution outweighs the case for premature confidence.
Ad
Lenzing Stock: New Analysis - 3 November
Fresh Lenzing information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
