Hoechst also said it would initially retain, but aimed to sell eventually, its shareholdings in industrial businesses such as Clariant (45 per cent), Dyneon (46 per cent), DyStar (50 per cent), Messer (66.66 per cent), Targor (50 per cent), Tespaphan (100 per cent) and Wacker (50 per cent).

"The demerger will create an independent company which is a global leader, both in terms of its key products and its production technology," said Claudio Sonder, management board member of Hoechst AG and the designated chief executive of Celanese. "Innovation, the efficient allocation of resources, and a corporate strategy which focuses on growth in selected areas, will bethe hallmarks of the new company."

The core business of Celanese AG will be: Acetyl chain products, used in the production of paints, plastics, textiles and adhesives. Chemical intermediates, such as acrylic acid, acrylates, oxo products, amines and catalysts, used by a broad range of customers in the manufacture of both industrial and consumer products.

Ticona, one of the world's leading producers of technical polymers. Celanese will also hold a number of investments, such as Celgard (separation products), Thermphos (phosphorous and phosphorous derivatives), and Vinnolit, the PVC joint venture with Wacker and InfraServ Verwaltungs GmbH.

The new Hoechst AG will mainly comprise pharmaceutical company Hoechst Marion Roussel, crop production and crop protection company Hoechst Schering Agrevo and animal health company Hoechst Roussel Vet.

It will continue to participate in a number of joint ventures and hold various equity investments, including the life sciences activities of Dade Behring diagnostics(Hoechst share 32.5 per cent), Centeon plasma products (Hoechst share 50 per cent) and Nutrinova food ingredients (Hoechst share 100 per cent).