Blackstone and Celanese agreed to form a joint venture that will create a global acetate tow supplier. Celanese and Blackstone would own 70% and 30% of the JV, respectively. Under the terms of the agreement, Celanese was to contribute its Cellulose Derivatives business unit, including its equity interest in existing JVs with China National Tobacco Corporation, and Blackstone will contribute its Rhodia Acetow business unit, which it recently acquired from Solvay. The deal was blocked by the EU in 2018.