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Blackstone completes China Bluestar deal
Shanghai (AFP) Oct 6, 2008 US private equity giant Blackstone said Monday it had completed its first foray into mainland China by acquiring a 20-percent stake in a major Chinese chemical firm for up to 600 million dollars. Bluestar, a subsidiary of China National Chemical Corporation, is now officially a joint venture, the companies said in a statement. The two companies agreed to the deal in September 2007 and Beijing approved it in December. Blackstone managing directors, Antony Leung and Ben Jenkins, would join the Bluestar board, the statement said. Blackstone's links with China made headlines last year when China Investment Corp., a firm charged with handling part of the nation's huge foreign exchange reserves, put three billion dollars into the private equity group. The private equity firm specialises in buying troubled companies which it then attempts to turn around and sell for a handsome profit, enriching its partners in the process. China National BlueStar has three listed units: Blue Star Cleaner, Shenyang Chemical Industry Co Ltd and Blue Star New Chemical Material Co Ltd. China National BlueStar operates chemicals, auto and food divisions, and controls more than 10 non-listed units with annual sales revenue of over 30 billion yuan (four billion dollars). Since signing the Bluestar deal, Blackstone Group agreed this year to buy a new shopping mall and a commercial building in Shanghai for 5.6 billion yuan. Community Email This Article Comment On This Article Share This Article With Planet Earth
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