Celanese Corporation approves initiating the squeeze-out of Celanese AG shares

08-Nov-2005

Celanese Corporation resolved in a regular meeting of its Board of Directors to start the squeeze-out of outstanding Celanese AG shares. As previously announced Celanese Europe Holding GmbH & Co. KG, a subsidiary of Celanese Corporation, now holds around 98% of issued shares of Celanese AG (CAG), thus fulfilling the legal requirements necessary for a squeeze-out.

"The planned squeeze-out of Celanese AG shares will enable us to create more transparent and simplified corporate structures", said Curt Shaw, Executive Vice President, General Counsel and Corporate Secretary of Celanese Corporation.

Celanese AG tentatively plans to obtain the legally required shareholder approval of the squeeze-out at its next annual meeting in 2006.

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