Austria: Schoenherr advises B&C Group on sale of 15 % stake in Lenzing AG to Suzano and on establishment of long-term shareholder syndicate

Schoenherr advised the B&C Group ("B&C") on the sale of a 15 % stake in Vienna-listed Lenzing AG to Suzano S.A., São Paolo, Brazil and on the establishment of a long-term shareholder syndicate. Upon completion of the transaction, the shareholder syndicate will hold a 52.25 % stake in Lenzing, with B&C holding 37.25 % and exercising control in the syndicate. The price per share will be EUR 39.70, with a total acquisition price of EUR 230m. Signing took place on 11 June 2024. Closing is subject to customary closing conditions as well as regulatory approvals.
 
Suzano will have the opportunity to increase its 15 % stake in Lenzing by a further 15% by the end of 2028, with B&C remaining a long-term core shareholder in Lenzing as part of the long-term partnership.
 
B&C Group is owned by B&C Private Foundation and comprises operating holding companies. It holds investments in large Austrian industrial companies and minority interests in technology growth companies (scale-ups) with an industrial focus. B&C supports the companies in their goal of maintaining and increasing value.
 
Lenzing is a leading global supplier of cellulosic fibres for the textile and non-wovens industry and is listed on the Vienna Stock Exchange.
 
Suzano Papel e Celulose S.A., based in São Paolo, Brazil, is the world's largest producer of pulp, with annual turnover of over EUR 7bln. Suzano is listed on the São Paolo stock exchange and on the NYSE. Suzano Group operates in the forestry industry and produces pulp, paper, tissue paper and paper products.
 
The Schoenherr team advising the B&C Group on all legal aspects of the transaction was co-led by Sascha Schulz (partner) and Christian Herbst (partner), and further consisted of Peter Feyl (partner), Christoph Haid (partner) and Beatrix Schima (attorney at law).
 
Morgan Stanley acted as financial advisor for B&C.