HOECHST
Celanese and Ticona to be split off from life sciences / PVC in new firm / DEM 9.7 bn sales
Jürgen Dormann, chairman of Hoechst AG (D-69526 Frankfurt), has solved the problem of how he can shed the group´s remaining chemicals and polymers portfolio without having to tap the stock market or find a buyer willing to pay his price. The plan revealed at the autumn press conference in Frankfurt is to split the Hoechst group into two unequal parts – a path taken earlier by ICI, Rhone-Poulenc and Monsanto.
Each of the new companies, Hoechst AG and Celanese AG, would be listed separately in Frankfurt and New York. No new stock would be issued, but shareholders would be offered an additional share in Celanese for every ten Hoechst shares they now hold. A two-thirds majority of the extraordinary general meeting called for 22 January 1999 must approve the move.
The new Hoechst AG, employing 95,000, would have activities in pharmaceuticals and diagnostics, agrochemicals and food additives, along with annual sales of around DEM 20 bn. The new Celanese, with 15,000 employees and annual sales of DEM 9.7 bn, would include – in addition to bulk chemicals – engineering plastics manufacturer Ticona GmbH (D-65926 Frankfurt) and PVC producer Vinnolit Kunststoff GmbH (Carl-Zeiss-Ring 25, D-85737 Ismaning). It would inherit DM 3.2 bn of Hoechst´s DM 15.2 bn debt. Based at Frankfurt, some 80% of tangible assets and 46% of sales would be in the US.
Claudio Sonder, now on Hoechst´s managing board, has been designated as chairman of Celanese. Board member Edward Munoz is to take over responsibility for Ticona from Bernd Sassenrath. Current Hoechst board member Ernst Schadow also is foreseen to be part of the Celanese management team. Its supervisory board would be headed by retired Hoechst manager Günter Metz.
A cyclical downturn is “not a good time” for the once envisaged multi-stage stock flotation, Dormann remarked. This also would have blocked more immediate “options” for a life sciences buildup – rumours of an imminent merger between Hoechst and Rhone-Poulenc persist. “A sale of Celanese and Ticona to a competitor at an acceptable price also would not have been possible,” he said. Dormann confirmed Hoechst´s intention to quit all other polymers activities by the year 2000. Along with Trespaphan , the OPP films company once slated for merger with Mobil, these include Dyneon, the 40:60 fluoropolymers jv with 3M, and Hoechst´s 50% share in Targor, the 50:50 PP jv with BASF.
Each of the new companies, Hoechst AG and Celanese AG, would be listed separately in Frankfurt and New York. No new stock would be issued, but shareholders would be offered an additional share in Celanese for every ten Hoechst shares they now hold. A two-thirds majority of the extraordinary general meeting called for 22 January 1999 must approve the move.
The new Hoechst AG, employing 95,000, would have activities in pharmaceuticals and diagnostics, agrochemicals and food additives, along with annual sales of around DEM 20 bn. The new Celanese, with 15,000 employees and annual sales of DEM 9.7 bn, would include – in addition to bulk chemicals – engineering plastics manufacturer Ticona GmbH (D-65926 Frankfurt) and PVC producer Vinnolit Kunststoff GmbH (Carl-Zeiss-Ring 25, D-85737 Ismaning). It would inherit DM 3.2 bn of Hoechst´s DM 15.2 bn debt. Based at Frankfurt, some 80% of tangible assets and 46% of sales would be in the US.
Claudio Sonder, now on Hoechst´s managing board, has been designated as chairman of Celanese. Board member Edward Munoz is to take over responsibility for Ticona from Bernd Sassenrath. Current Hoechst board member Ernst Schadow also is foreseen to be part of the Celanese management team. Its supervisory board would be headed by retired Hoechst manager Günter Metz.
A cyclical downturn is “not a good time” for the once envisaged multi-stage stock flotation, Dormann remarked. This also would have blocked more immediate “options” for a life sciences buildup – rumours of an imminent merger between Hoechst and Rhone-Poulenc persist. “A sale of Celanese and Ticona to a competitor at an acceptable price also would not have been possible,” he said. Dormann confirmed Hoechst´s intention to quit all other polymers activities by the year 2000. Along with Trespaphan , the OPP films company once slated for merger with Mobil, these include Dyneon, the 40:60 fluoropolymers jv with 3M, and Hoechst´s 50% share in Targor, the 50:50 PP jv with BASF.
30.11.1998 Plasteurope.com [18311]
Published on 30.11.1998