Norwegian Orkla to sell Elkem to China BlueStar

09:10, January 11, 2011      

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Norwegian conglomerate Orkla is on track to sell its Elkem metals and specialty chemicals unit to China National BlueStar, newspaper Dagens Naeringsliv reported yesterday, citing unnamed sources.

Elkem, a high-tech company which produces silicon for the solar industry and specialised metals used in computers among other things, could be worth up to 15 billion Norwegian crowns (US$2.5 billion), analysts have said.

The paper did not disclose a price for the Elkem deal. It is not clear if BlueStar is buying all of Elkem, which includes power assets and other divisions.

Orkla declined to comment on the report.

Orkla has said it aimed to streamline its portfolio and the sale of Elkem has been expected.

In October, Reuters reported Elkem was in talks to be bought by BlueStar, a specialty chemicals company backed by United States private-equity firm Blackstone Group.

US Globe Specialty Metals and South Korea's POSCO have also been mentioned as suitors for Elkem.

Source: Shanghai Daily/Agencies
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