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Dallas -- Celanese Corporation announced that it has
reached an agreement with Paulson & Co. Inc. and another institutional
investor, Arnhold and S. Bleichroeder Advisers LLC, to purchase their
shares of Celanese AG (CAG), an indirect German subsidiary of the company,
and settle their claims in pending litigation. The company also announced
it will increase its existing tender offer for the remaining outstanding
CAG shares to €51 per share.
The agreement with Paulson and Bleichroeder will increase
Celanese's ownership of CAG from 83.9% to 95.7%. The increase in ownership
will enable the company to undertake a squeeze-out, which is allowed,
under German law, after 95% of shares are acquired.
"We are pleased to reach this agreement and believe
that it creates value for Celanese's shareholders," said David Weidman,
president and chief executive officer of Celanese Corporation. "The
agreement will allow us to take the next steps to simplify and streamline
further the company's operations."
Celanese Corporation (NYSE:CE) is an integrated global
producer of value-added industrial chemicals based in Dallas, Texas. The
Company has four major businesses: Chemicals Products, Technical Polymers
Ticona, Acetate Products and Performance Products. Celanese has production
plants in 13 countries in North America, Europe and Asia. In 2004, Celanese
Corporation and its predecessor had combined net sales of $5.1 billion.The
presentation of combined net sales of Celanese Corporation with its predecessor
is not in accordance with U.S. GAAP.
Forward-looking statements (statements which are not
historical facts) in this release are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Investors
are cautioned that all forward-looking statements involve risks and uncertainties,
including those risks and uncertainties detailed in the Company's filings
with the Securities and Exchange Commission, copies of which are available
from the Company.
Source: Celanese Corporation
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