Lanxess: UBS raises target price
(CercleFinance.com) - UBS confirms its buy rating on the stock, increasing its corresponding target price to 64 euros (from 59 euros), representing upside potential of about 40% for the share.
The group has announced the creation of a joint venture between the specialty chemicals company and the private equity group Advent, with a view to jointly acquiring the engineering materials business of the Dutch group DSM.
Lanxess will contribute its High Performance Materials (HPM) unit to the joint venture, receivingat least 1.1 billion euros, which it will use to reduce its debt, strengthen its balance sheet and launch a 300 million euro share buyback program.
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