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INVESTMENT<br />
BlueStar buys Norwegian Elkem for nearly US$2b<br />
Norwegian conglomerate Orkla ASA announced<br />
January 11 it will sell almost all its Elkem unit to chemical<br />
group China National BlueStar Corp for nearly US$2 billion.<br />
The deal, which also covers a major power contract that<br />
Orkla bought last year, includes Elkem Silicon Materials, Elkem<br />
Foundry Products, Elkem Carbon and Elkem Solar. However,<br />
Orkla said it will continue to own Elkem Energi AS.<br />
A silicon and carbon parts maker, Elkem specializes<br />
in components for solar panels. It also is involved in energy<br />
production in Norway and has 2,500 employees. It reported<br />
revenues of US$1.2 billion in 2009.<br />
Orkla CEO Bjoern M. Wiggen said BlueStar will<br />
provide Elkem an owner “that has the best attributes to take<br />
advantage of the potential of Elkem’s technological strength<br />
and competence,” with solid finances and already well positioned<br />
in the metals and renewables sector.<br />
BlueStar Chairman Ren Jianxin said the deal will benefit<br />
both groups, with Elkem getting access to Asia and the<br />
Chinese market and BlueStar profiting from the Norwegian<br />
company’s management experience and technology.<br />
“We strongly believe in the huge potential for Elkem’s<br />
new solar-grade technology with its leading energy efficiency<br />
and environmental safety characteristics,” he said.<br />
Orkla said the sale will not greatly change Elkem’s main<br />
structure or the way it operates its existing plants.<br />
The deal is subject to regulatory approvals and is expected<br />
to be completed in the first half of this year. (Shanghai Daily)<br />
PetroChina eyes 2 European refineries<br />
PetroChina said January 10 it has agreed to invest in<br />
two refineries in Europe owned by private British firm INEOS<br />
Group Holdings Plc as a major step of its global strategy.<br />
PetroChina said it plans to set up a joint venture<br />
through its wholly-owned subsidiary PetroChina International<br />
Co to run INEOS’s Grangemouth refinery in Scotland<br />
and Lavera refinery in southern France, according to a filing<br />
to the Shanghai Stock Exchange.<br />
PetroChina International Co signed the agreement with<br />
INEOS European Holdings Ltd and INEOS Investments<br />
International Ltd, both wholly-owned unit of INEOS.<br />
PetroChina didn’t disclose the value of the deal or the<br />
stake it will take in the joint venture.<br />
Industry sources said last year the offer for Grangemouth<br />
was about US$6 billion-US$7 billion, Reuters reported<br />
yesterday.<br />
It will be PetroChina’s third overseas refinery deal after<br />
investing US$2 billion in Singapore and Japan.<br />
The proposed joint venture is set to be set up in the first<br />
half this year and will also engage in oil trading.<br />
“PetroChina will inject capital in INEOS and setting<br />
up the joint venture will be very meaningful for the company<br />
to establish a broader business platform in Europe,”<br />
it said in the statement.<br />
Both the two refineries have a processing capacity of<br />
about 200,000 barrels a day. (Shanghai Daily)<br />
Italian retail giant to open five-luxury outlet centers<br />
Italian fashion retail giant RDM announced January<br />
19 that it will invest $910 million to set up five Italianstyle<br />
luxury outlet centers in China under the brand name of<br />
“Florentia Village.”<br />
Jacopo Mazzei, chairman and CEO of RDM Group,<br />
made the remarks when attending a ceremony to mark the<br />
completion of RDM’s first “Florentia Village” in Tianjin.<br />
The fashion outlet slated to open May 19 represents the<br />
launch of RDM’s investment and development strategy in<br />
China, he said.<br />
The outlet covering 60,000 square meters will offer an<br />
average 50-70 percent off domestic retail prices for luxury<br />
brands such as Giorgio Armani and Burberry.<br />
The shopping village, which resembles a 16th century<br />
Italian town, will feature nearly 200 world-renowned brand<br />
name stores with authentic merchandise.<br />
Ivano Poma, chairman and CEO of Florentia Village and<br />
managing director of RDM Asia, said the company chose to<br />
launch the first China outlet in Tianjin because of its potential<br />
to attract a new generation of stylish consumers with growing<br />
disposable incomes in the luxury sector. (Xinhua)<br />
German auto logistics company to enter China<br />
MOSOLF Group, a leading provider of logistical services<br />
in Germany, signed a memorandum of understanding<br />
(MOU) with one subsidiary of Beijing Automobile Works Co.,<br />
Ltd. (BAW) January 18, according to the China Business News.<br />
The two sides plan to build a joint venture (JV) in China<br />
for further develop<br />
the automobile logistics<br />
market in the<br />
country.<br />
China’s fast<br />
growing auto industry<br />
provides plenty of<br />
opportunities for auto<br />
logistics companies,<br />
said Jorg Mosolf,<br />
CEO of MOSOLF.<br />
Business in the<br />
JV will include finished<br />
vehicle logistics, auto<br />
production logistics and<br />
after-sales services, according<br />
to the report.<br />
Logistics companies<br />
are not merely<br />
a channel of distribution. Auto companies need them to provide<br />
differentiated logistical services that can help them deal<br />
with future changes in the auto market, said an insider.<br />
Founded in 1955, MOSOLF has developed from a<br />
forwarding agency into a provider of technical and logistical<br />
services for the international automobile industry. It is also a<br />
logistics provider for manufacturers of agricultural and construction<br />
machines together with car rental, leasing companies<br />
and fleet customers. (Xinhua)<br />
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