Goldman and NN Group Trim Lenzing Stakes as Berenberg Pulls Back Amid €300 Million Rights Issue

Goldman Sachs and NN Group trimmed Lenzing holdings as Berenberg cut the stock to Hold and a €300 million rights issue opened.

Two institutional investors have scaled back their positions in Lenzing AG, with Goldman Sachs Group now holding a total stake of 3.86 percent in the Austrian fibre producer. The US investment bank's voting rights notification shows the reduced position took effect on October 2, comprising 2.75 percent in shares and a further 1.11 percent held through financial instruments.

The pullback was not isolated. Dutch financial group NN Group disclosed its own reduction on the same date, bringing its voting rights down to 2.54 percent, equivalent to 981,965 votes. The twin disclosures point to meaningful portfolio repositioning within Lenzing's shareholder base as the company presses ahead with far-reaching capital measures.

Berenberg Downgrade and the Rights Issue Mechanics

Berenberg lowered its rating on the stock from Buy to Hold, cutting its price target from €29.50 to €17.00. The private bank cited the failure of higher viscose and cotton prices to feed through to earnings, along with doubts over whether major shareholder Suzano would fully support the capital measure. Berenberg also slashed its forecast for earnings before interest, taxes, depreciation and amortisation to €55 million. According to media reports, Handelsblatt likewise flagged Suzano's reticent stance as the subscription period opened.

At the heart of the transaction is a fully underwritten rights issue aimed at raising roughly €300 million in gross proceeds through the issuance of 34,756,362 new shares. The subscription price has been set at €8.65 per new share, with a subscription ratio of 10:9. Existing shares have traded ex-rights since October 2.

Trading Pressure Near the Yearly Low

The stock came under pressure in today's session, slipping 2.8 percent to €12.48 — hovering just above its 52-week low of €12.44. No separate company announcement accounted for the decline. Market participants are pricing in the changed terms of the recapitalisation, weighing the dilution effects for existing shareholders against the benefits of a strengthened equity base.

Key Dates Ahead

Investors face a cluster of critical deadlines before the end of October. Trading in subscription rights on the Vienna Stock Exchange ends on October 14, 2026. The exercise period for those rights runs through October 20, 2026, the same day a private placement of unsubscribed shares is scheduled. Subject to entry in the commercial register, the new shares are expected to begin trading on October 23, 2026.