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UPDATE 1-Germany's Lanxess says no news on alliances before 2015
August 6, 2014 / 2:00 PM / 3 years ago

UPDATE 1-Germany's Lanxess says no news on alliances before 2015

(Adds financial adviser details, scope of strategic review)

FRANKFURT, Aug 6 (Reuters) - The chief executive officer of German synthetic rubber maker Lanxess said Wednesday the search for strategic partners was likely to continue into next year as internal restructuring measures have taken precedence so far.

CEO Matthias Zachert said in May he would not rule out setting up joint ventures with strategic partners to tackle production overcapacity and weak prices in the synthetic rubber industry.

He said on Wednesday that talks were ongoing.

Two people familiar with the strategic alternatives review said Evercore Partners Inc, a boutique U.S. investment bank, was working alongside Lanxess on the process. A full slate of options was on the table, one of the people said.

Zachert has said he was not looking for a “quick fix” but sought to restructure the company over the next two to three years.

Representatives from Lanxess and Evercore declined to comment. (Reporting by Ludwig Burger in Frankfurt and Mike Stone in New York; Editing by Harro ten Wolde and Bernadette Baum)

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