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Chinese Acquire Norwegian Company

Previously, it was speculated that South Korean POSCO was interested in the company and they would buy the company. But, Reuters reported that China National BlueStar, a Chinese state-run chemical company with backing from U.S. private equity company Blackstone Group, is in talks to buy parts or all of Elkem.

The news agency also suggested the cost of acquisition as $ 1 billion. On the other hand, the Managing Director of Elkem, Bjørn Wiggen told to Norwegian newsportal E24 that they have no hurry to sell the company and the sale would occur when there is the most beneficial offer which will create value for shareholders.

After the Norwegian Nobel Committee awarded this year’s Peace Prize to the Chinese dissenter, Liu Xiaobo, the relationship between China and Norway was deteriorating. The Chinese authorities have put economic sanctions on Norway by canceling some official meetings and suspending several financial aggreements.

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About the Companies

Elkem is one of Norway’s largest industrial companies, and one of the world’s leading suppliers of metals and materials. The company’s main products are aluminium, energy and silicon as well as specialised products such as ferrosilicon to foundries, microsilica and carbon. Elkem is part of Orkla Group and has its headquarters in Oslo, Norway.

The company serves the construction, transport, engineering, packaging, aluminium, chemical and electronic industries. Elkem has 40factories in Europe, North America, South America and Asia in addition to several hydroelectric power plants.

China National BlueStar (Group) Co., Ltd. is a large-scale state-owned enterprise, which is a specialized subsidiary of ChinaChem Group Corporation. Headquartered in Beijing, BlueStar Co. focuses on chemical products and new materials. It has a total asset of RMB 30 billion, and over RMB 30 billion sales revenue. BlueStar Co. has more than 30 subsidiaries and scientific research institutes, and takes a holding shares of 3 public listed companies including “BlueStar Cleaning Co.”, “BlueStar New Materials Co.”, and “Shenyang Chemicals Co.”.The well-known brand, “BlueStar”, is the first one of industrial service in China.

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