U.S. private equity firm Blackstone Group is in talks to buy a $400 million
stake in China National BlueStar Group, a state-owned chemical company, the Asia
Wall Street Journal reported on Tuesday.
Blackstone, in which a Chinese state investment agency owns a $3 billion
stake, aims to buy between 20 and 40 percent of BlueStar, the Journal reported,
citing unnamed private equity fund managers.
Market watchers believe Blackstone, which raised $4.1 billion in a New York
listing late last month, will have an easier path to making acquisitions in
China since the government agency invested in the firm.
Beijing has been wary of private equity investments, and foreign firms have
been frustrated at their inability to buy control or stakes in many state-backed