Schoenherr has advised the B&C Group on the sale of a 15% stake in Lenzing to Suzano and on the establishment of a long-term shareholder syndicate. Freshfields advised Suzano.
The transaction remains contingent on regulatory approval.
B&C Group is owned by B&C Private Foundation and comprises operating holding companies. It holds investments in Austrian industrial companies and minority interests in technology growth companies with an industrial focus.
Lenzing is a supplier of cellulosic fibers for the textile and nonwoven industry and is listed on the Vienna Stock Exchange.
Suzano Papel e Celulose, based in Sao Paolo, Brazil, is the world's largest producer of pulp, with an annual turnover of over EUR 7 billion. It is listed on the Sao Paolo stock exchange as well as on the NYSE.
According to Schoenherr, "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 230 million. 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."
The Schoenherr team included Partners Sascha Schulz, Christian Herbst, Peter Feyl, and Christoph Haid and Attorney at Law Beatrix Schima.
The Freshfields team included Partners Ludwig Hartenau, Konrad Groeller, Katharina Kubik, and Stephan Pachinger, Counsel Lukas Pomaroli, Senior Associate Thomas Mollnhuber, Associates Sabeth Rivero Mendez, Mattias Koeck, Carolina Gerstacker, Lisbeth Zimmermann, Iris Hammerschmid, Andreas Langer, Benedikt Graf, and Alexander Bobek as well as further team members in Brussels, Duesseldorf, Washington D.C., and New York.
