June 18 (Reuters) - Celanese Corp :
* Celanese and Blackstone to form joint venture in Acetate Tow
* Proposed joint venture to combine Celanese’s cellulose derivatives and Blackstone’s Rhodia Acetow businesses.
* Celanese and Blackstone will own 70 pct and 30 pct of the JV, respectively
* JV to distribute $1.6 billion in cash to Celanese at close
* Deal to be earnings per share neutral for Celanese in the first year and accretive thereafter Source text for Eikon: Further company coverage: