Blackstone, the US buy-out firm, has made a recommended €3.1bn ($3.8bn) offer for Celanese, the public German chemicals company, in Europe's third largest ever buy-out.

Morgan Stanley advised Blackstone, which offered €32.50 per share for Celanese, representing a 13% premium over the average share price of the last three months. The Kuwait Petroleum Corporation, the largest shareholder in Celanese with a 29% stake, was advised by Credit Suisse First Boston and has agreed to accept the offer. The company's management, advised by Goldman Sachs, has recommended the bid.