Company Overview - Lanxess shares are experiencing a significant decline, set for their worst day ever, following the cancellation of the sale of its stake in the plastics joint venture Envalior [1] - The stake, which is just under 41%, was to be sold to Advent HoldCo for approximately 1.2 billion euros ($1.39 billion) [1][1] Market Context - The decision by Advent to withdraw from the deal is attributed to a deterioration in the chemical sector and recent market instability due to the Iran conflict [1] - The German chemical sector, which is the country's third-largest, has faced challenges such as economic slowdown, high energy costs, and supply chain issues [1][1] Financial Position - Despite the setback from the canceled deal, Lanxess has stated that it is solidly financed and has ensured the repayment of a bond due in October 2026 [1] - Envalior was established three years ago through a merger of Lanxess' plastic polymers business and the plastics division of Dutch firm DSM, with Advent previously taking a majority stake [1]