Issue Date: February 19, 2007
Private Equity Moves At Nalco, Celanese
The private equity firms that took Nalco private in November 2003 plan to sell their remaining 12.7% stake in the water treatment firm in a public offering. The proceeds, worth about $433 million, will go to the Blackstone Group, Apollo Management, and GS Capital Partners. Separately, Chinh E. Chu, the Blackstone director who oversaw that firm's deal to acquire Celanese in April 2004, has resigned as chairman of Celanese. The move recognizes Blackstone's reduced ownership position. CEO David N. Weidman will assume the additional role of chairman, and Chu will remain on the board.
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