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Supervisory Board CM denies Birla sales rumors

16
Feb '07
The chairman of the Lenzing AG supervisory board, Karl Schmutzer, denies recurrent rumors concerning the sale of Lenzing AG to a strategic investor, in particular the Indian Birla Group.

"As a member of the management of B & C Holding GmbH, which holds an 88% stake in Lenzing AG, making it the biggest individual shareholder, I am able to confirm that we did not and do not hold sales talks of any kind concerning our share in Lenzing, neither with any strategic investor nor with any equity fund".

The strategy decided by the bodies of our company at its formation continues to remain unchanged: We are long-term key shareholders of major companies quoted on the Vienna stock exchange and we are committed to securing the continuity and expansion of these companies in a sustainable way.

Lenzing is a prime example of how appropriate our strategy has been and of how successfully we as owners' representatives implemented this strategy, jointly with staff and management. The investments made in the five years of our ownership caused the market capitalization of the company to triple and jobs to be secured in a sustainable way."

Karl Schmutzer assumes that the recurring takeover rumors are being deliberately spread by Lenzing AG competitors at Lenzing's customer base in order to cover up their own potential shortcomings in technology and product quality. He has advised the management board to consider taking legal action.

Lenzing AG holds the world top position in its segment: in terms of size, and even more, in terms of product quality and technological expertise. No synergy effects resulting from joining up with any competitor can be identified, in particular not for the Lenzing sites in Europe.

The chairman of the supervisory board continues to ensure "B & C Privatstiftung, the sole owner of B & C Holding GmbH, does not hold any talks concerning a sale of Lenzing AG and the strategy of our company continues unchanged. This has been confirmed to me personally by the members of the foundation board, Erich Hampel, Werner Floquet and Wolfgang Hofer."

Lenzing AG, Austria


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