BlueStar wins EU approval
Source: Agencies |
April 2, 2011, Saturday
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Print Edition
Print Edition
CHEMICALS company China National BlueStar yesterday secured European Union regulatory approval to buy Norwegian conglomerate Orkla's silicon division Elkem for US$2 billion.
The acquisition will give BlueStar, backed by United States private-equity firm Blackstone Group, access to technology that could help China reduce greenhouse gas emissions.
The EU's competition chief Joaquin Almunia said: "Even assuming all Chinese state-owned firms in the sector acted as one, European consumers would still enjoy sufficient competition from other players serving the market."
Elkem has production facilities in Europe, North and South America, Africa and Asia.
The acquisition will give BlueStar, backed by United States private-equity firm Blackstone Group, access to technology that could help China reduce greenhouse gas emissions.
The EU's competition chief Joaquin Almunia said: "Even assuming all Chinese state-owned firms in the sector acted as one, European consumers would still enjoy sufficient competition from other players serving the market."
Elkem has production facilities in Europe, North and South America, Africa and Asia.
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