Deal Description: Celanese Corporation (NYSE: CE), a global chemical and specialty materials company, today announced the closing of a definitive agreement to acquire a majority of the Mobility & Materials (“M&M”) business of DuPont for $11 billion.

 

DuPont’s M&M business is a leading global producer of engineering thermoplastics and elastomers serving a variety of end-uses including automotive, electrical and electronics, consumer goods, and industrial applications. As part of the transaction, Celanese will acquire a global production network of 29 facilities, customer and supplier contracts and agreements, an intellectual property portfolio and approximately 5,000 employees across the manufacturing, technical, and commercial organizations.

The transaction was cleared by the European Commission subject to divestment of Celanese’s global TPC business to Taro Plast, an Italian producer of engineering plastics. Following the Commission’s conditional approval decision on 11 October, on 28 October Celanese successfully secured an approval decision from the Commission for Taro Plast’s purchase of the TPC divestment business.

 

Baker Botts L.L.P. represented Celanese in securing Phase I approval from the European Commission with a hybrid fix-it-first divestment remedy, and in connection with the US investigation, as well as coordinating the work of local counsel in securing merger approvals in, China, Brazil, Mexico, Korea and Turkey. DuPont was represented by Skadden, Arps, Slate, Meagher & Flom L.L.P.

 

Baker Botts Lawyers/Offices Involved:

Antitrust: Catriona Hatton (Partner, Brussels), David Cardwell (Partner, Brussels), Jeffrey Oliver (Partner, Washington D.C.), Matthew Adler (Partner, Washington D.C.), Christine Ryu-Naya (Special Counsel, Washington D.C.), Adam Dawson (Counsel, Brussels), Sofia Doudountsaki (Senior Associate, Brussels), Idil Kart (Associate, Brussels) and Caterina Romagnuolo (Associate, Brussels), Wyatt Carlock (Associate, Washington D.C.), Natalie Cardenas (Associate, Washington D.C.), Brooke Vaydik (Associate, Dallas).

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