Integrated global producer of value-added industrial chemicals, 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 percent of the outstanding Celanese AG shares and approved initiating the squeeze-out of the remaining shares in November 2005.
"All have made significant progress in reducing the uncertainty surrounding the minority shareholder interest in German subsidiary," said David Weidman, President and Chief Executive Officer. "The squeeze-out will allow us to continue to simplify operations, increase transparency and create value for shareholders."
Shareholders of Celanese AG must vote the requisite transfer resolution on. Celanese AG's board of management is expected to put the resolution on the agenda of the annual shareholders' meeting scheduled on May 30-31, 2006.
Celanese Corporation is an included global manufacturer of value-added industrial chemicals based in Dallas, Texas. The Company has four major businesses: Chemical Products, Technical Polymers Ticona, Acetate Products and Performance Products.
Celanese has production plants in 13 countries in North America, Europe and Asia. In 2005, Celanese Corporation had net sales of $6.1 billion.
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