5 May 2026
Norwegian group becomes “pure play” metals producer as 338 million shares redeemed
Oslo — Elkem ASA has completed the sale of the majority of its Silicones division to China’s Bluestar, finalising a strategic reshaping that turns the Norwegian group into a focused metals and materials producer.
In a 30 April statement, the group said that the transaction announced in February had been completed, alongside the redemption of all of Bluestar’s 338,338,536 shares in Elkem.
As a result, Bluestar is no longer a shareholder in the group.
The deal follows Elkem’s announcement 13 Feb that it had agreed to sell the majority of its Silicones division to Bluestar in a cash-free transaction involving the Chinese group’s 52.9% stake in Elkem. (ERJ report)
At the time, the company said the move would allow it to become “a focused, pure play metals and materials company.”
The Silicones business includes silicone-based rubber materials and compounds, chlorosilanes, oils and emulsions, with operations across Europe and Asia.
The division had been integrated into Elkem in 2017 following the renaming of Bluestar Silicones.
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