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Lenzing will appeal Austrian Court decision
29.10.2004
The Management Board of Lenzing AG took notice that the Higher Regional Court Vienna, in its function as anti-trust authority, issued a decision on the acquisition of the Tencel Group. The company has not received the court decision. On account of statements by a Court Spokesman which are quoted by press agencies, Lenzing AG expects at the present moment that the court will not approve the acquisition of the Tencel Group.
The Management Board explicitly emphasizes the court decision is not final and absolute and that the company will appeal the decision. “We are quite surprised about the court’s decision,” says Thomas Fahnemann, Chairman of the Management Board. This applies all the more, as other anti-trust authorities such as the UK’s OFT (Office of Fair Trading, London), the German Bundeskartellamt (Bonn) and the US anti-trust authority did not object to the acquisition.
Thomas Fahnemann points out that there is no connection to a European Commission decision from 2001, to which the Higher Regional Court Vienna refers according to agency reports. The transaction at that time was a different one and cannot be compared to the present case.
As soon as Lenzing AG has received detailed information from the court, the management board will comment on the decision.
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