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Lenzig, the Austrian manufacturer of viscose fibres, is to be acquired by CVC Capital Partners, subject to regulatory approval. Via Zellulosefaser Beteiligungsgesellschaft, a company is which CVC Capital Partners has a majority stake, is acquiring an 83 per cent stake in Lenzing. The purchase is costing [epsilon]270 million and is being supported by acquisition financing from Chase and UBS.
On completion of the purchase of Lenzing, Zellulosefaser Beteiligungsgesellschaft is to acquire the cellulosic activities of European fibre producer Acordis. CVC Capital Partners already owns a 64 per cent stake in this European fibre producer, which it bought in November 1999 from …