Saturday, Aug 11, 2007
"But investment in Blackstone wasn't just about returns, analysts say"
MarketWatch: Blackstone share slump costs China $540 million
Blackstone Group L.P.'s slumping share price isn't likely what Beijing had in mind when it pumped $3 billion into the leveraged buyout firm last month.
Since its June debut Blackstone has tumbled 21%, making it the worst-performing initial public offering among deals worth $500 million or more this year.
China, which bought a 10% stake in Blackstone at a 4.5% discount, has seen the value of its investment plunge 18% in 24 trading days. Those losses tally $540 million, averaging about $22.5 million each trading day.
Posted by lvmreader @ 03:47 AM (228 views) Add Comment
1 Comment
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1. lvmreader said...
If the Chinese Government had used their $3bn as toilet paper, they would have got a better return.