At the same time, a US investment company has bid for Ticona parent Celanese

At the same time, a US investment company has bid for Ticona parent Celanese

Both companies expect to benefit from the deal. BASF will strengthen its North American business and Ticona will be able to concentrate on its core businesses. Ticona president and a board member of its parent Celanese, Lyndon Cole said: “Ticona does not have the critical mass in polyamide 66 to achieve our strategic objectives over the long term.”

The agreement with Ticona follows BASF’s acquisition of Honeywell’s engineering thermoplastics business. Ticona’s PA66 products, marketed under the Celanese brand name, achieved a turnover of E45m in 2002. While Ticona has two PA66 plants in the US, which will continue to make products for a while for BASF, these will not be acquired in the deal.

Meanwhile, US investment company Blackstone Group has made a E3.1bn voluntary offer to buy Ticona’s parent company, Celanese, at a 46% premium over the average daily price of its shares in 2003. Celanese management and the 29% majority shareholder Kuwait Petroleum Corporation is reported to be supporting the offer.