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.
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