Board approves transfer of Celanese Americas Corp. to BCP Crystal Acquisition GmbH & Co. KG

Kronberg, Germany, 07.10. 2004 09:36

Board approves transfer of Celanese Americas Corp. to BCP Crystal Acquisition GmbH & Co. KG

(CZZ: FSE): Celanese AG today announced, that the Celanese board of management has approved the divestment of Celanese Americas Corporation (CAC) to BCP Crystal Acquisition GmbH & Co. KG (BCP). CAC is the holding company for the company’s business operations in North America. The transfer of the company to BCP is still pending approval by the Celanese AG supervisory board. CAC will be divested at a value of approx. €290 million, which reflects the result of a valuation of CAC by the Accounting Firm Ernst & Young. Ernst & Young had been retained by Celanese AG for a valuation of CAC in the course of the preparation of the Annual Accounts as of September 30, 2004 by Celanese AG.

BCP intends to transfer CAC to a U.S. holding company. These steps will optimize the group structure since the future parent company of the Celanese group will have its headquarters in the U.S.

In February 2004, BCP stated in its takeover offer documents that if it succeeded in acquiring Celanese AG, it planned to create a U.S. holding company and transfer CAC to it. The Celanese AG management board also referred to this intention in its reasoned opinion on the takeover offer.

In divesting CAC, the Celanese AG board of management is acting upon instructions from BCP under the domination and profit and loss transfer agreement between Celanese AG and BCP. This agreement went into effect on October 1, 2004.

Kontaktinformationen:
Michael Kraft
Corporate Media Relations and Public Affairs
Phone +49-(0)69-305-1 40 72
Fax +49-(0)69-305-3 67 87
M.Kraft@celanese.com

Phillip A. Elliott
Phone +49-(0)69-305-3 34 80
Fax +49-(0)69-305-3 67 84
P.Elliott@celanese.com

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