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.
About ChemChina
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.
About Bluestar
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. www.blackstone.com
ChemChina
Beijing
Xi Yuxin, + 86 10 6445 2283
xiyuxin@china-bluestar.com
or
The
Blackstone Group
New York
John Ford, +1 212-583-5559
ford@blackstone.com
