China to Buy $3 Million Stake in Blackstone Group-Private Equity Somervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


 

China to Buy $3 Million Stake in Blackstone Group-Private Equity
 


21 May 2007 at 10:22:21 AM
salon

China has agreed to acquire a $3 billion stake in the U.S. private-equity firm Blackstone Group. The deal marks the country's long-anticipated move to expand how it invests its huge foreign-exchange reserve.

The transaction calls for China's upstart state investment company to buy nonvoting shares in the buyout company, concurrent with Blackstone's highly anticipated initial public offering of its management division, which is expected to raise up to $4 billion. The IPO was announced earlier this year, though no date has been set for its debut on the New York Stock Exchange.

China's stake will mark the first time that the country's government has sunk cash into a foreign private-equity firm. The Chinese government had been set to shift some of its foreign-exchange reserves of more than $1 trillion into other currencies because of the sluggishness of the dollar.

"We hope this is an important first step in broadening the capital flows between China and the U.S.," Blackstone's chairman and co-founder, Stephen Schwarzman, said in a statement.

Under the terms of the agreement, the Chinese investment company will own no more than a 10 percent interest in New York-based Blackstone. It also agreed to hold its investment for four years, and after that can only divest $1 billion per year, a Blackstone spokesman said. The transaction also restricts China from investing in competing private-equity firms for a year.

Here's wikipedia on the Blackstone Group.


Permalink
     Views: 604 
Latest Blog Post by salon -Final Judgment in State of Texas ex Rel Best v Harper - 9/10/2019

 You! Leave a Comment! You Know you Want To!
You must be a registered member to comment on the blog.
Your first post is held pending approval to make sure you're not a spammer bot

 Not registered? Or you can login!

LOGON - Name:Password:

New poster comments are moderated, meaning they won't show up until approved... or not.  Be patient-we have lives outside this blog, so it might take awhile You want to be rude? totally stupid? inappropriate? Racist? Bigoted? Flame war baiter? Your post may be deleted. Spammers or people posting pretend interest comments but really wanting to hawk their latest book or sell stuff or govt propaganda flacks won't see their posts published. Comments do not necessarily reflect the viewpoint of the site owner(salon).
If you have a problem with logging in or registering, please speak up right away. Love your comments. Oh, except spammers
More on commenting



Click Here for Main Page



Guest
Today Is  
Sunday, September 15, 2019






Latest Posts

Final Judgment in State of Texas ex Rel Best v Harper - 9/10/2019
salon 9/10/2019

What Military Projects is Trump Robbing to Pay for his fence on the border?
salon 9/5/2019

Wow! Trump, Pretending to be a weatherman, marked up a chart to cover up his wrong *Alabama* statement
salon 9/5/2019

Alex Jones Loses TCPA Appeal in Texas Court of Appeals 3rd District
salon 9/5/2019

On the IG Report about James Comey- IG found *No Evidence* that Comey Leaked Classified Information
salon 8/31/2019

Religious News and Notes from the Distaff Side
salon 8/30/2019


More Blog Headlines
 



Comments

salon > Quick update on this, via Pacer-Click on pic to see larger (Turk Case Update- Telephone Conference Hearing Set for March 8 2019 )

salon > Lance Been awhile. Send me an email at salon@glenrose.net with the names of who you're talking about, above. Also, the newspaper editor is no longer local, ie officed here, but the paper is run.... (What Happened to Jerry Jacene? )

LanceHall > I'd love to see the Hotel Guest books and see if Jacene's name shows up long before he officially *found* the tracks.  I'd like to know if the Visitor's Bureau has emails wit.... (What Happened to Jerry Jacene? )

LanceHall > I see the land or that part of it is now in the hands of Glen Rose's own Corky Underwood. Is Jacene still involved?   I had already informed the Visitor Bureau manager (who's.... (What Happened to Jerry Jacene? )








Home | Blog Home | About | News | Piazza | Calendar | Audio/Video/Open Rec | Search
Write!  |profile | quotes |
top Daily | top Weekly |top Month | top Year | Top All! | archives | subscribe RSS

 

%>