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Tuesday, November 18, 2014

Orica sells chemical business to Blackstone for $653 mln, (NYSE: BX)

Australian explosives maker Orica Ltd said on Wednesday it had agreed to sell its chemicals business to funds advised by U.S. private equity firm Blackstone Group LP for A$750 million ($653 million). The sale includes the chemicals trading businesses in Australia, New Zealand and Latin America and the Australian Chloralkali manufacturing business. It also includes food and nutritition supplier Bronson & Jacobs.

The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 1.84% or $0.59/share to $32.61. In the past year, the shares have traded as low as $26.15 and as high as $36.08. On average, 4766620 shares of BX exchange hands on a given day and today's volume is recorded at 8426161.