Blackstone, the US buy-out firm, has made a recommended €3.1bn ($3.8bn) offer for Celanese, the public German chemicals company, in Europe's third largest ever buy-out.

Morgan Stanley advised Blackstone, which offered €32.50 per share for Celanese, representing a 13% premium over the average share price of the last three months. The Kuwait Petroleum Corporation, the largest shareholder in Celanese with a 29% stake, was advised by Credit Suisse First Boston and has agreed to accept the offer. The company's management, advised by Goldman Sachs, has recommended the bid.

Blackstone agrees €3.1bn takeover of Celanese

William Hutchings

Morgan Stanley

Celanese

Deutsche Bank

Goldman Sachs

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