Celanese Corporation Announces Agreement for Purchase of Celanese AG Shares.DALLAS, Texas -- Celanese Corporation (NYSE NYSE See: New York Stock Exchange : CE) today announced that it has reached an agreement with Paulson & Co. Inc. and another institutional investor, Arnhold and S. Bleichroeder Advisers LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , to purchase their shares of Celanese AG (CAG CAG 1 Chronic atrophic gastritis 2 Coronary angiography, see there ), an indirect German subsidiary of the company, and settle their claims in pending litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . The company also announced it will increase its existing tender offer for the remaining outstanding CAG shares to EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 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 GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). . For more information on Celanese Corporation including a reconciliation of the combined net sales, please visit the company's web site at www.celanese.com. 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 |
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