The Blackstone Group, a US alternative asset manager, is to receive a $952m (€712m) special dividend as a result of the planned flotation of Celanese, a specialist chemicals group it acquired in April 2004.

Celanese is to sell 50 million shares on the New York Stock Exchange to raise $1.050bn if priced at the top end of its $19 - $21 indicative range. It intends to use some of the proceeds to repay $773m in debt at two of its subsidiaries.