VOL. XLVII

No 07

16-February-2004

KUWAIT

KPC Sells Its 29% Share In Celanese For 1Bn As Part Of Blackstone Takeover

Kuwait Petroleum Corporation (KPC) on 10 February sold its 29% share (other than treasury shares) in the German chemical company Celanese AG for around 1bn ($1.25bn). KPC announced last December that it was tendering its share as part of a takeover of Celanese by a German subsidiary of The Blackstone Group (MEES, 22/29 December 2003). KPC, Celaneses main shareholder, has accepted the...