Shares of Lanxess tumbled more than 11% after private equity group Advent declined to acquire the German chemicals company's stake in their Envalior joint venture. Advent Holdco, which owns about 62% of Envalior, chose not to purchase Lanxess' stake following a tender initiated in September 2025. The decision removes the prospect of a near-term cash inflow that investors had been anticipating.

Morgan Stanley analysts led by Thomas Wrigglesworth expect the shares to trade lower as the market digests the lack of a cash injection in 2026. Without the expected proceeds, Lanxess will instead rely more heavily on its committed credit lines to refinance upcoming debt. The company retains future options to monetize its Envalior holding, including another opportunity in March 2027 and a put option to sell 50% of its stake on April 1, 2028.

Analysts estimate the potential 2028 value of Lanxess' stake could reach about €707 million before discounting, based on Envalior generating EBITDA at the low end of the previously guided €380 million to €420 million range. Despite the setback, Lanxess maintains a solid balance sheet with €391 million in cash and €1.35 billion in committed credit lines. The company noted that a bond repayment due in October 2026 is already secured.