completed its first Chinese acquisition, paying as much as $600 million for a stake in specialty chemicals maker
China National BlueStar
Buyout firm Blackstone agreed in September 2007 to buy a 20% stake from state- owned
China National Chemical
, which will own the rest of BlueStar. The deal's completion may be announced next week,
reports, citing people familiar with the deal.
The $600 million investment includes a $100 million shareholder loan which will be forgiven if BlueStar's profit meets an undisclosed target this year,
This article was written by a staff member of TheStreet.com.