Blackstone acquires 20% stake in China’s BlueStar

08 October 2008 08:25  [Source: ICIS news]

SHANGHAI(ICIS news)--US-based Blackstone Group has completed its $600m(€438m) acquisition of a 20% stake in China-based China National BlueStar (Group) Corp, a BlueStar source said on Wednesday.

 

“We signed an agreement in September last year. Blackstone completed the stake purchase according to the agreement despite the US financial crisis, proving BlueStar is a company worthy of investment,” she said in Mandarin.

 

“It is also the first investment project of Blackstone in China,” the source added.

 

BlueStar, a large-scale state-owned enterprise and a subsidiary of China National Chemical Corporation (ChemChina), focuses on chemical products and new materials.

 

Blackstone is a leading global alternative asset manager and provider of financial advisory services listed on the New York Stock Exchange.

 

($1 = € 0.73)

 

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By: Judith Wang
+65 6780 4359

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