Transfer Acordis activities to new fibres company cancelled


The European Commission has decided to withhold giving its consent to the planned acquisition of Lenzing AG by CVC Capital Partners (CVC) which owns 64% of the Acordis shares. Subsequently, the Formation of a new fibres company (''NewCo'') within the CVC-group and the transfer of several Acordis businesses to NewCo will not occur.

The intentions of the acquisition and the formation of NewCo were announced 15 February of this year. On 22 June the European Commission decided to start a detailed second-stage investigation into the planned acquisition of Lenzing AG, an Austrian company which makes man-made fibres. According to the Commission there are a number of markets where the merger of Lenzing with the relevant fibre operations of Acordis would raise serious concerns.

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