china national bluestar group corp (bluestar) last week 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."
