Blackstone takes 20% in BlueStar

Leading private equity firm Blackstone Group will spend $600 million for a 20 percent stake in China National BlueStar (Group) Corp, the parent of BlueStar said yesterday.

The deal with the chemical maker marks Blackstone's first investment in China since it started exploring the Chinese market at the beginning of the year.

Blackstone will buy the stake from BlueStar's parent company, China National Chemical Corp, or ChemChina, which will hold the other 80 percent of BlueStar after the deal.