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CE

Celanese

$90.52

0.43 (0.48%)

, BX

Blackstone

$32.66

0.12 (0.37%)

17:16
06/18/17
06/18
17:16
06/18/17
17:16

Celanese, Blackstone to form acetate tow joint venture

Celanese (CE) and funds managed by Blackstone (BX) announced a definitive agreement to form a JV that will create a global acetate tow supplier. Celanese and Blackstone will own 70% and 30% of the JV, respectively. Under the agreement, Celanese will contribute its Cellulose Derivatives unit, including its equity interest in existing JVs with China National Tobacco, and Blackstone will contribute its Rhodia Acetow unit, which it recently acquired from Solvay. The new company is expected to generate 2017 annual pro forma revenue of approximately $1.3B with around 2,400 employees. The JV will have an extended global footprint that includes eight wholly-owned manufacturing facilities and three existing JV sites. "The complementary nature of the tow businesses and a combination of technology expertise will result in synergies mainly from optimization of supply chain networks and procurement of raw materials, energy, equipment, and other services," the companies noted. "This transaction gives us the opportunity to partially monetize Cellulose Derivatives and reallocate significant capital to higher growth businesses within Celanese to accelerate our growth momentum," Celanese commented. The JV will be governed by a board consisting of three directors appointed by Celanese and two by Blackstone. The board, management team, and name of the new company will be decided at a later date. Related to the transaction, commitments for $2.2B of debt have been received by the partners on behalf of the JV. The debt is expected to be supported by cash generation at the JV and is largely non-recourse to Celanese and Blackstone. An initial dividend of approximately $1.6B will be distributed to Celanese following the formation of the JV. "Celanese is expected to deploy the proceeds in value uplift opportunities, including investment in organic growth, acquisitions, share repurchases and debt reduction... Celanese is committed to maintaining its investment grade rating," the companies said. Once approved and upon closing, Celanese is expected to consolidate JV results in its financial statements, subject to Blackstone's minority interest. The companies declined to provide an expected close date, stating that "the formation of the JV is subject to regulatory approvals and customary closing conditions, which will determine the timing of close."

CE

Celanese

$90.52

0.43 (0.48%)

BX

Blackstone

$32.66

0.12 (0.37%)

CE Celanese
$90.52

0.43 (0.48%)

02/15/17
COWN
02/15/17
NO CHANGE
Target $99
COWN
Outperform
Celanese price target raised to $99 from $88 at Cowen
Cowen analyst Charles Nievert raised his price target on Celanese to $99 from $88 as its earnings mix continues to shift to performance products which contributes to double digit earnings growth and multiple expansion. Nievert reiterated his Outperform rating on Celanese shares.
02/17/17
BARD
02/17/17
INITIATION
Target $105
BARD
Outperform
Celanese initiated with an Outperform at Baird
Baird analyst Ghansham Panjabi initiated Celanese with an Outperform and $105 price target.
04/04/17
GSCO
04/04/17
UPGRADE
Target $110
GSCO
Conviction Buy
Celanese added to Conviction Buy List on mix improvement at Goldman
Goldman analyst Robert Koort added Celanese to the Conviction Buy List with a $110 price target telling investors he expects share to re-rate due to improving mix and from the fast-growing, high margin Advanced Engineered Materials franchise. Koort also believes Acetyle Chain global rates are bottoming and cost inflation from higher feedstock prices may drive higher product pricing.
04/21/17
COWN
04/21/17
NO CHANGE
Target $100
COWN
Outperform
Celanese represents a best long-term chemical idea, says Cowen
Cowen analyst Charles Neivert called Celanese one of his top picks for 2017 and said it represents one of his best long-term chemical ideas. He sees earnings driven by organic growth, inorganic growth, and capacity expansion in key performance products. Neivert reiterated his Outperform rating and raised his price target to $100 from $99 on Celanese shares.
BX Blackstone
$32.66

0.12 (0.37%)

04/10/17
MSCO
04/10/17
NO CHANGE
Target $36
MSCO
Overweight
Morgan Stanley says to own Blackstone into the Q1 print
Morgan Stanley analyst Michael Cyprys says to buy Blackstone into the Q1 print saying its a best-in-class franchise which saw a number of large transactions close and has unparalleled fundraising ability. Cyprys rates Blackstone an Overweight with a $36 price target.
05/22/17
SBSH
05/22/17
UPGRADE
Target $40
SBSH
Buy
Blackstone upgraded to Buy from Neutral at Citi
Citi analyst William Katz upgraded Blackstone Group to Buy and raised his price target for the shares to $40 from $32. The company's intentions to raise a $40B infrastructure fund should be a "valuation catalyst," the analyst contends.
05/22/17
JMPS
05/22/17
NO CHANGE
JMPS
Blackstone deal with Saudi Arabia positive, says JMP Securities
JMP Securities analyst Devin Ryan says that the new infrastructure investment vehicle that Blackstone launched with the Public Investment Fund of Saudi Arabia may boost the shareholder value of Blackstone by over 10%. The analyst adds that the deal shows that Blackstone "can evolve and innovate," which makes its growth outlook "strong." He keeps a $38 price target and Outperform rating on the shares.
05/22/17
05/22/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Qualcomm (QCOM) upgraded to Overweight from Neutral at JPMorgan with analyst Rod Hall saying while more negative news from the Apple (AAPL) royalty suit is likely, "material fundamental upside" exists from the closure of the NXP Semiconductors (NXPI) by the end of this year. The analyst views the deal as highly accretive. Hall also believes Apple ultimately will want to preserve its commercial relationship with Qualcomm. 2. Motorola Solutions (MSI) upgraded to Outperform from Market Perform at Raymond James with analyst Tavis McCourt saying shares look increasingly attractive based on improved demand visibility that is less economically sensitive than many of its peers, and demand catalysts from FirstNet buildouts that are expected to start in 2018. 3. Entegris (ENTG) upgraded to Conviction Buy from Buy at Goldman Sachs with analyst Toshiya Hari citing the recent pullback in shares and maintained a $29 price target. 4. Blackstone (BX) upgraded to Buy from Neutral at Citi with analyst William Katz saying the company's intentions to raise a $40B infrastructure fund should be a "valuation catalyst." 5. Cree (CREE) upgraded to Outperform from Market Perform at JMP Securities with analyst Joseph Osha saying he thinks that the company's new CEO could make positive changes at the company. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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$NSD

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FTI

TechnipFMC

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JUNO

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