ChemChina and Blackstone Announce Bluestar Closing
Beijing/New York, October 6th, 2008 – China National Chemical Corporation (“ChemChina”) and The Blackstone Group (“Blackstone”) today announced the closing of Blackstone’s investment in China National Bluestar (Group) Corporation (“Bluestar”), a wholly owned subsidiary of ChemChina. Bluestar has also completed its group restructuring and has registered as a Sino-foreign joint stock limited company. Blackstone will invest up to US$600 million in Bluestar for a 20% stake. Two Senior Managing Directors of Blackstone, Antony Leung and Ben Jenkins, will join the board of Bluestar.
ChemChina is a large-scale state-owned company approved by the State Council on the basis of companies affiliated with the former Ministry of Chemical Industry. ChemChina was founded on 9th May 2004, and administrated by the State-owned Assets Supervision and Administration Commission of the State Council of China, it is headquartered in Beijing. Through fast growth in the last 4 years, ChemChina is now a large group corporation with both asset value and revenue exceeding RMB100 billion. ChemChina is ranked 35th among China’s top 500 corporations, according to National Bureau of Statistics of China.
Bluestar is a large-scale state-owned company under ChemChina. Its main businesses include chemical new materials and specialty chemicals, it is headquartered in Beijing. Bluestar has 25 manufacturing plants and 4 scientific research institutes in China. It also has 15 manufacturing plants and 7 research and technology service institutes overseas; its marketing network expands to over 140 countries around the world.
About The Blackstone Group
The Blackstone Group is a leading global alternative asset manager and provider of financial advisory services. Its alternative asset management businesses include the management of corporate private equity funds, real estate opportunity funds, funds of hedge funds, mezzanine funds, senior debt funds, proprietary hedge funds and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement services. http://www.blackstone.com/
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