REC owner Orkla sells Elkem to China's Bluestar for $2bn

Norway’s Orkla has agreed to sell most of its materials subsidiary, Elkem, including its solar division, to China’s Bluestar for $2bn in cash.

The deal marks one of the largest ever industrial acquisitions by a Chinese group in Europe, and includes Elkem’s polysilicon foundry plant at Kristiansand, Norway, which is capable of making 6,000 tonnes of PV-grade polysilicon per year.

Elkem chief executive Helge Aasen says that being swallowed by Bluestar, which is 80% owned by state-run ChemChina and 20% by US private-equity fund Blackstone, launches a new chapter in the firm’s history by opening the doors to the Chinese market.

“China is, or will be, the biggest and high-growth market for silicon metal, foundry products, Log in to read complete article.

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