Norwegian industrial conglomerate, Orkla, has signed an agreement to sell its Elkem business to China National Bluestar. The Chinese international chemicals and new materials company will pay $2 billion for the acquisition before closing and capital structure adjustments. The transaction, which is expected to close in first half of 2011, includes Elkem Silicon Materials, Elkem Foundry Products, Elkem Carbon and Elkem Solar. The Royal Bank of Scotland is the financial advisor to Bluestar, while the seller was assisted by Moelis & Company.

Click here for the release from Orkla.