NEW YORK, May 14 (Reuters) - Greenlight Capital's

president David Einhorn said on Wednesday the fund is long

Germany's chemical company Lanxess.

Einhorn, who unveiled his investment idea at the Sohn

investment conference in New York, said the company's shares are

undervalued. He added it considers the company a "higher quality

business with lower asset intensity" after having undergone a

recent overhaul.