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Business

Europe Commission probes acetate deal

by Alexander H. Tullo
January 15, 2018 | APPEARED IN VOLUME 96, ISSUE 3

Celanese says it has received a statement of objection from the European Commission over the merger of its acetate tow business with Blackstone’s. Last June, Celanese agreed to form a joint venture with the Blackstone unit, which the private equity firm had recently acquired from Solvay. The joint venture would be the world’s largest supplier of the fiber, used in cigarette filters. The EC opened an investigation into the deal in October, noting its concerns that the transaction would reduce competition in the market.

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