人民财讯9月25日电，9月23日至24日，国务院国资委党委书记、主任张玉卓到广东深入有关中央企业和 地方国有企业生产运营一线、科研实验室调研，强调要围绕落实国家重大战略，坚持创新驱动发展，因 地制宜培育壮大新质生产力，持续提高企业价值创造能力和可持续发展能力，努力开启增长的"第二曲 线"，加快建设世界一流企业，不断增强核心功能、提升核心竞争力，全力做好"十四五"收官和"十五 五"谋划工作，更好发挥国有经济战略支撑作用。 在广东期间，张玉卓与广东省委、省政府主要负责同志围绕深化国资国企改革、加快发展战略性新兴产 业深入交流，并到广汽集团、广州数字科技集团所属广电计量（002967）等国有企业调研，强调要高质 量完成国有企业改革深化提升行动，推动公司治理和管理运营机制更加灵活高效，打造有本地鲜明特色 的国资国企改革样板；强化关键核心技术攻关，积极投资布局集成电路、新能源汽车等领域，做好传统 产业转型升级、产业投融资体系建设大文章；坚持"放得活"与"管得住"相统一，深入推进全级次穿透式 监管，不断提升专业化、体系化、法治化、高效化监管水平；坚持党的领导加强党的建设，夯实党建基 层基础，纵深推进全面从严治党，把党建优 ...

Envalior Stake Monetization - LANXESS initiated the monetization of its Envalior stake, exercising its right to offer[2] - In 2023, LANXESS formed a polyamide JV with a determined exit mechanism, receiving approximately €1.3 billion immediately[5,6] - LANXESS' lock-up period for its approximately 40% stake in the JV ends on March 31st, 2026[6,7] - LANXESS has already achieved a more balanced business profile with lower complexity, improved sustainability, and a better financial profile, reducing net debt from approximately €3.8 billion to approximately €2.1 billion[8,9] Exit Strategy and Valuation - LANXESS plans further value creation by exercising its right to offer its stake in ENVALIOR to the JV partner[11] - The first possibility to sell is April 1, 2026, with a put option for 50% of shares in Envalior[14] - The purchase price for LANXESS' Envalior stake includes approximately €1.2 billion base value (~40% in JV) with a monetization of BU HPM at a 12x multiple, resulting in approximately €2.5 billion Enterprise Value[12] - In 2028, Advent is expected to acquire LANXESS' €200 million shareholder loan (plus accumulated interest) to Envalior pro rata to the sold LXS stake[15] Valuation Illustration - The agreed value for LANXESS is dependent on LTM EBITDA of Envalior at the exercise date, with no adjustment for debt[20] - For example, if LTM EBITDA is greater than €505 million, the agreed value for LANXESS could be approximately €350 million (70% of €505 million)[20] - If LTM EBITDA is greater than €1.2 billion, the agreed value for LANXESS could be approximately €850 million (70% of €1.2 billion)[20]