(CercleFinance.com) – The stock continues to rise today (+3.3%) after yesterday’s gain of more than 11% following the announcement of HPM’s partial exit. The stock has gained almost 20% over the last 5 sessions.
Following this announcement, UBS confirms its buying advice with a target of 59 E.
“The partial exit of the engineering plastics business for 1 billion euros is the key to the recovery of the share price,” said UBS.
The group has announced the creation of a joint venture between the specialty chemist and the private equity group Advent, with a view to jointly acquiring the engineering materials activity of the Dutch group DSM.
Lanxess will contribute its High Performance Materials (HPM) unit to the joint venture, and will receive at least 1.1 billion euros, which it will use to reduce its debt, strengthen its balance sheet and launch a share buyback program for 300 million euros.
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