ChemChina Announces Strategic Investment by Blackstone.BEIJING & NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- China National Chemical Corporation ("ChemChina"), a leading international diversified chemical company, and The Blackstone Group Blackstone Group L.P. (NYSE: BX) is a prominent private equity and investment management firm founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman. The company is based in New York City, in River House on Park Avenue at Fifty-first Street, with offices in Atlanta, today announced a strategic partnership to build a global leader in the specialty chemical A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. industry. The Blackstone Group will invest up to US$ 600 million into China National Bluestar (Group) Corporation ("Bluestar"), a wholly-owned subsidiary of ChemChina, for a 20% stake. Antony Leung Antony Leung Kam-chung GBS JP (梁錦松, Pinyin: Liáng Jǐnsōng, born 1952 in Hong Kong with family root in Shunde, Guangdong) was the former Financial Secretary of the Hong Kong Special Administrative Region (HKSAR). and Ben Jenkins, a former director of Celanese, will join the board. Commenting on the deal, Mr. Ren Jianxin Ren Jianxin (Chinese: 任建新; Pinyin: Rén Jiànxīn; born 1925) was the President of the Supreme People's Court of China from 1988 to 1998. Biography Ren Jianxin was boin in Xiangfen County in Shanxi Province in 1925. , Chairman, ChemChina stated, "We are excited to have Blackstone as a long term partner. Given Blackstone's extensive and successful experience in the global chemical industry, notably past ownership of Celanese Corp. and Nalco Company, this investment will assist Bluestar in its growth and expansion. Antony Leung, Blackstone's Chairman of Greater China, stated, "We believe that continued economic growth will drive long term growth in China's chemical sector. It is a privilege to invest alongside a superb management team in a leading company in one of China's key industrial sectors." Ben Jenkins, Head of Blackstone Asia Pacific Private Equity, added, "Bluestar's focus on innovation and technology has made it the leading specialty chemical company in China. We are looking forward to using our global network to accelerate and extend growth of the Company both in China and abroad." UBS AG UBS AG (NYSE: UBS; SWX: UBSN; TYO: 8657 ) is a diversified global financial services company, with its main headquarters in London and New York. It is the world's largest manager of private wealth assets,, "the world's biggest manager of other people's money"[1] acted as financial advisor to ChemChina, and Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. acted as financial advisor to Blackstone on this transaction. The transaction is subject to final regulatory approvals. About ChemChina ChemChina, a large State-owned enterprise, was established in 2004 following the restructuring of certain enterprises directly subordinate to the former Ministry of Chemical Industry. After three years' development, it has become a leading chemical group in China. ChemChina has 92 production and operation enterprises, and 24 scientific and research and design institutes. About Bluestar China National Bluestar (Group) Corporation is a core part of ChemChina's subsidiary companies. Bluestar was founded twenty three years ago by Mr. Ren Jianxin with a group of seven individuals taking a loan of RMB RMB Right Mouse Button RMB Regional Management Board (USACE) RMB Rolf Maier Bode (musician, band) RMB Ren Min Bi (currency of People's Republic of China) 10,000 in Lanzhou. Bluestar is a leading manufacturer of new material and specialty chemical products. For detailed information, please visit www.china-bluestar.com About The Blackstone Group The Blackstone Group is a leading global alternative asset manager and provider of financial advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal . 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 service. |
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