29 March 2004 11:32 [Source: ICIS news]
LONDON (CNI)--Blackstone has further increased its stock and voting rights in Celanese from 52.75% to 58.96%, according to a statement released Monday - the deadline for the takeover offer.
The US equity group extended the deadline of its Euro3.1bn ($3.75bn) agreed bid for the German commodity chemicals group by two weeks to today, and offer expires at midnight Central European Time (22:00 GMT).
In extending the offer acceptance period, Blackstone dropped the required acceptance level on stock and voting rights from 85% to 75%. Through its German-registered purchase vehicle, BCP Crystal Acquisition, Blackstone has managed to improve the amount of shares and voting rights by about 17% since the initial deadline of 15 March. However, if the bid fails to obtain sufficient acceptances it will lapse and BCP will not be able to re-bid for another 12 months.
The deal was approved by the European Commission (EC) earlier this month. Celanese’s largest shareholder, Kuwait Petroleum, has agreed to sell its 26.3% holding to BCP.
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