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BASIC INDUSTRIES: Lanxess (LXSGR Baa3[N]/NR/NR): Activist Investor

BASIC INDUSTRIES

Credit neutral at this point. Potential actions could be positive or negative. We continue to focus on leverage well above rating norms.

  • Lanxess equity is rallying on news of David Einhorn of Greenlight Capital taking a 5% stake.
  • Einhorn is known as a value investor, although in recent years he has looked for cash flow generation to provide some margin of safety should repricing not materialise. Shareholder returns are currently minimal with deleveraging required and limited FCF generation.
  • That might suggest this is more of an activist investment, potentially pushing for asset sales, M&A and/or management changes.
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