Blackstone reaches 53% stock commitments in Celanese offer
25 March 2004 16:54 [Source: ICIS news]
LONDON (CNI)--Blackstone has commitments to 52.75% of the stock and voting rights of Celanese arising from its Euro3.1bn ($3.8bn) agreed takeover offer for the German commodity chemicals company, it announced Thursday.
The offer deadline was extended to 29 March and the threshold target for acceptances lowered from 85% to 75%. If the bid - through the German-registered vehicle BCP Crystal Acquisition - proves unsuccessful on Monday, BCP will not be able to re-bid for another 12 months.
Celanese's largest shareholder, Kuwait Petroleum, has agreed to sell its 26.3% holding to BCP. The European Commission (EC) approved the deal earlier this month.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
| ICIS news FREE TRIAL |
| Get access to breaking chemical news as it happens. |
| ICIS Global Petrochemical Index (IPEX) |
| ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index |
Related Articles
- 19 May 05 17:31 Celanese board defends Blackstone takeover terms at AGM
- 15 Mar 05 16:04 German court dismisses shareholder action against Celanese
- 02 Apr 04 14:41 Blackstone bid for Celanese took 83.6% stock - final count
- 01 Apr 04 15:47 Celanese mgt welcomes Blackstone success in takeover bid
- 31 Mar 04 09:45 Prelim data say Blackstone succeeded in bid for Celanese
- 30 Mar 04 09:53 Blackstone to know Celanese offer outcome on 1 April
- 30 Mar 04 00:56 Blackstone’s bid for Celanese still pending in Germany
- 29 Mar 04 16:22 Blackstone has 59% of Celanese stock, last day of offer
- 20 Mar 04 00:02 Blackstone holds 33% of Celanese's shares.
- 19 Mar 04 18:28 Blackstone eases targets
- 15 Mar 04 10:05 BCP extends Celanese bid deadline, lowers acceptance target
- 11 Mar 04 16:11 S&P sees "substantial downgrade" of Celanese ratings
- 11 Mar 04 10:54 Blackstone to slash proposed Celanese dividend for 2003
- 10 Mar 04 22:17 EC clears BCP Crystal's $3.9bn acquisition of Celanese
- 08 Mar 04 20:49 Blackstone weighs BP's China acetic acid plant among last Celanese income-risk checks
- 03 Mar 04 16:25 Celanese sees underlying H1-'04 op pft level on last time
- 11 Feb 04 17:38 Celanese management recommends Blackstone offer
- 16 Dec 03 10:05 US investment group Blackstone in Euro3.1bn friendly bid for Germany's Celanese
Latest News
- 21 May 13 06:07 CHINAPLAS '13: SKGC China EPDM unit starts commercial ops in H2'14
- 21 May 13 06:00 VIDEO - ICIS Asia Lunchtime Bulletin 21 May 2013
- 21 May 13 05:49 CHINAPLAS ’13: SK Energy to start up MLLDPE swing plant in Apr ’14
- 21 May 13 05:44 Indian Oil offers 35,000 tonnes naphtha for 14-16 June loading
- 21 May 13 05:41 CHINAPLAS ’13: SK Global Chemical to decide PLA output level in June