Celanese Corporation Subsidiary Sets Compensation Amount for Celanese AG Shares.DALLAS -- Celanese Europe Holding GmbH & Co. KG, a subsidiary of Celanese Corporation, has set the cash compensation in relation to the transfer of shares held by the minority shareholders of Celanese AG to Celanese Europe Holding at Euro 62.22 per share. The cash compensation amount was based on an independent valuation. Celanese Corporation currently owns approximately 98% of the outstanding Celanese AG shares and approved initiating the squeeze-out of the remaining shares in November 2005. "We have made significant progress in reducing the uncertainty surrounding the minority shareholder interest in our German subsidiary," said David Weidman, president and chief executive officer. "The squeeze-out will allow us to continue to simplify our operations, increase transparency and create value for our shareholders." The requisite transfer resolution must be voted on by shareholders of Celanese AG. Celanese AG's board of management is expected to put the resolution on the agenda of the annual shareholders' meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. scheduled on May 30-31, 2006. Celanese Corporation (NYSE NYSE See: New York Stock Exchange :CE) is an integrated global producer of value-added industrial chemicals based in Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. . The Company has four major businesses: Chemical Products, Technical Polymers Ticona, Acetate acetate (ăs`ĭtāt'), one of the most important forms of artificial cellulose-based fibers; the ester of acetic acid. The first patents for the production of fibers from cellulose acetate appeared at the beginning of the 20th cent. Products and Performance Products. Celanese has production plants in 13 countries in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe and Asia. In 2005, Celanese Corporation had net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $6.1 billion. For more information on Celanese Corporation, please visit the company's web site at www.celanese.com. |
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