Austria: EU forbids CVC to buy Lenzing
Article Abstract:
The EU has forbidden the UK investment group CVC capital partners from taking over Austrian viscose thread producer Lenzing through Bank Austria, because CVC also owns Lenzing's main competitor Acordis. If the takeover had gone ahead, the new venture would have had more than 55% of the European market share in standard viscose and more than 85% of the market share in spin-dyed viscose and viscose for tampons, and a worldwide monopoly of the new thread Lyocell which Acordis produces under the name of Tencel. Industrialist Hannes Androsch is also interested in buying Lenzing. He had offered Bank Austria EUR 80 per share, whereas CVC offered the asking price of EUR 90 per share. The value of Lenzing's shares decreased by 2.4% to EUR 78 after the EU's decision was announced on 17 September 2001. It is expected that they will fall further to about EUR 70.
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 2001
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Lenzing f hrt mit Lyocell Millionenverluste ein
Article Abstract:
Since the market for the new environment-friendly fibre Lyocell is developing slower than planned, Austrian fibre producer Lenzing now expects start-up losses of Sch 230-250mn, instead of the originally predicted Sch 150mn. In July the Lyocell factory in Heiligenkreuz will be closed for a three-week summer vacation. Then the capacity of the existing production line will be doubled to 20,000 tpy. The construction of the second line, which was scheduled for mid-1999, will be delayed for 12-18 months. Lenzing group was hoping to get back in the black in 1998 after a loss of Sch 658.3mn in 1997 mainly due to valuation adjustments in Brazil and Indonesia.
Comment:
Expects start-up losses of Sch230 mil to Sch250 mil, instead of originally predicted Sch150 mil
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 1998
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AUSTRIA: COURT FORBIDS TELEKOM AD CLAIM
Article Abstract:
The Vienna commercial court has imposed an interim injunction to stop Telekom Austria from using a claim about "average call rates per minute". The private telecoms operator UTA, which took the case to court, maintains that due to the billing by pulse, Telekom Austria calls in reality cost 21.5% more than suggested by Telekom's advertising, which according to the latter has been withdrawn in the meantime.
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 1999
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