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Strategies & Market Trends : Speculating in Takeover Targets -- Ignore unavailable to you. Want to Upgrade?

To: richardred who wrote (503)	11/24/2004 8:07:40 PM
From: richardred	Respond to of 7265

I just knew Blackstone stole the company :+ P SNIP-"The proceeds will be used to pay Blackstone a special dividend and retire debt, the company said. Blackstone has already recovered more than 75% of its initial investment after a $500 million special dividend this fall." Celanese makes add-on acquisition Wednesday November 24, 5:00 am ET By Andrew Bulkeley in Berlin In its second purchase since New York private equity house Blackstone Group LP acquired it, German chemicals group Celanese agreed Tuesday, Nov. 23, to buy the emulsion polymer division of National Starch and Chemical Co. Frankfurt-based Celanese will pay $208 million for Vinamul Polymers, which makes components for paint, textiles and paper. Blackstone has wasted little time whipping Celanese, once an Hoechst AG unit, into shape since taking it private in April for more than €3 billion ($3.9 billion). Last month the investor agreed to buy Canadian acetyl products maker Acetex Corp. for C$600 million ($506 million) in cash to bolt onto the German company. Still, Blackstone had to abandon the sale of Celanese's nutrition products division after disagreements over price. "Celanese's current emulsion polymers business, which was acquired from Clariant [GmbH] in 2002, is primarily focused in Europe, while the Vinamul business includes complementary positions in both Europe and North America," the company said. Last year, Vinamul Polymers had sales of $335 million with operating profit of $18 million. The group employs 600, with factories in the U.S., Canada and Europe. The company will continue as a supplier to Bridgewater, N.J.-based NSC, which accounted for $97 million of Vinamul's 2003 revenue. Celanese Corp., the group's Dallas-based holding company, this month also uncovered plans for a $750 million initial public offering on the New York Stock Exchange . The proceeds will be used to pay Blackstone a special dividend and retire debt, the company said. Blackstone has already recovered more than 75% of its initial investment after a $500 million special dividend this fall.