BlueStar becomes largest Chinese investor in Europe
(Xinhua)
Updated: 2006-10-28 13:00
The China National BlueStar (Group) Corporation became the largest Chinese
investor in Europe after an acquisition deal announced Friday with the
France-based specialty chemicals producer Rhodia Group.
The BlueStar Co.
said it had bought Rhodia's organic silicon business, including its patents,
manufacturing equipment and distribution channels, as well as the company's
sulphide business.
The acquisition will upgrade the top Chinese organic
silicon producer to the world's third place with an annual output of 420,000
tons.
Listed in the New York Stock Exchange and on the Paris-based
Euronext, the Rhodia Group generated a sales of 5 billion euros last
year.
As a subsidiary of the state-owned ChemChina Group Corporation, the
BlueStar Co. focuses on chemical products and new materials and has a total
asset of 20 billion yuan (2.5 billion U.S. dollars).
Early this year,
the BlueStar bought the France-based Adisseo Group, the world's second largest
producer of methionine, a supplement in animal feed that speeds up poultry
breeding. (For more biz stories, please visit Industry Updates)
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