Bluestar News
BNCM’s Restructuring and Adisseo Group’s Public Listing Approved by the CSRC
Source: China National BlueStar (Group) Co, Ltd. Date: 2015-07-08

June 29th, 2015. BNCM, one of Bluestar’s listed vehicles, is pleased to announce that itsrestructuring andthe public listing of Bluestar Group’s subsidiary Adisseo Group have beenapproved by the CSRC. Following the transaction, Adisseo Groupwillbe listed in A-share market.

Adisseo Group is a world leadingmanufacturer of feed additives for animal nutrition.Headquartered in France,it has businesses in over 140 countries and regions with more than 2,500 customers globally and the second largest worldwide market share in 2014. Adisseo Group is one of the only two manufacturers of both powder and liquid methionine in the world.The approved transaction constitutes a groundbreaking milestone for the development of Bluestar life science segment. BNCM’s profitability will be extraordinarily augmented.

BNCM’s restructuring and Adisseo Group’s public listing are the first of any state-owned company’s purchasing an overseas company then getting it listed back in the A-share market, the first M&A precedent involving A-share issuance in consideration of purchasing an overseas company, and the first precedent of simultaneous asset exchange in effect of back-door listing to retain a listed vehicle’s listing qualifications, all of which are revolutionary in the A-share market.

In 2005, Adisseo Group was purchased by Bluestar Group, a portfolio company under Blackstone Group and ChemChina, at EUR 400 million. Thanks to the combined efforts and stupendouscoordination from ChemChina and Bluestar’s entire leadership, deal execution was swift and flawless.  The deal design was complex but with a perfect finish. The project team spared no effort in pushing the deal forward, ultimately resulting in victoriousdefense BNCM’s listing qualifications, reinvigoration of its fundraising capacity and fulfillment Bluestar’s dedication to maximizing shareholder value.

The deal obtained, with unprecedented alacrity, the approvals from the company’s shareholders and the regulatory authorities, i.e. the SASAC, the NDRC, the MOFCOM and the CSRC. Following the transaction, the current market valuation of Adisseo Group is nearly RMB 106 billion, over 26 times the purchasing price. The vehicle’s market value has leaped from approximately RMB 2 billion to nearly RMB 90 billion, the prodigious expansion marking a superlative milestone of Bluestar’s market value management.

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