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Blackstone completes 20% stake purchase in Bluestar
By Wan Zhihong (China Daily)
Updated: 2008-10-07 10:00 China National Bluestar Group Corp (Bluestar) yesterday said it completed a stake transfer with Blackstone Group, in which the US private equity paid $600 million for a 20 percent stake. Blackstone agreed on the deal in September last year. The latest move is its first major investment in China. Bluestar is a subsidiary of China National Chemical Corp (ChemChina), the country's leading chemicals manufacturer. Bluestar was founded 24 years ago as a major manufacturer of new material and specialty chemical products. ChemChina was established in 2004. It was formed following the restructuring of several enterprises under the former Ministry of Chemical Industry. Commenting on the deal, Liang Peng, an analyst with the Party School of the CPC Central Committee, said: "The deal can help Bluestar improve its technology and management level, which will make the company more multinational." Overseas development has always been a key driver for Bluestar, said ChemChina Chairman Ren Jianxin. In 2006, the company acquired French company Adisseo Group, a leading global animal nutrition feed firm specializing in producing methionine, vitamins and biological enzymes. Methionine is an amino acid that helps prevent the build-up of fat in the arteries and is also used to treat depression, arthritis and chronic liver disease. In the same year, Bluestar bought French company Rhodia's organic silicon business, including its patents, manufacturing equipment and distribution channels, as well as the company's sulphide business. The acquisition has upgraded Bluestar's organic silicon business, making it the third largest producer in the world. "The two deals clearly identify Bluestar's business focus, to be a leading company in new materials and specialty chemical products," Ren said. "Through mergers and acquisitions, we get larger markets, more advanced technology, as well as more talent," he said. (For more biz stories, please visit Industries)
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