Bluestar Announces Strategic Acquisition of Elkem’s Silicones Business Assets

China National Bluestar (Group) Co., Ltd. (hereinafter referred to as “Bluestar” or the “Company”) signed a Share Purchase Agreement with Elkem ASA (hereafter referred to as “Elkem”) on February 13, 2026, to acquire the core assets of Elkem’s silicones business. The consideration for this transaction is going to be settled through redeeming all Elkem shares (338,338,536 shares) held by Bluestar. After the transaction is completed, Bluestar will no longer hold Elkem shares.

As a long-term shareholder of Elkem, Bluestar has always recognized the importance of the silicones business. This acquisition is necessary for the improvement of its global layout of the silicones industrial chain and the consolidation of its industrial leading position. The integration of high-quality global silicone business assets will further enhance Bluestar’s technological strength, market scale and operational efficiency in silicones field, and strengthen its competitiveness across the entire industrial chain.

This acquisition is based on the common interests of employees, customers and all stakeholders, and will support the long-term and stable development of the silicones business. The Company will continue to leverage its industrial advantages and resource integration capabilities to boost innovation-driven and sustainable development of silicones business.

At present, transaction is still subject to multiple closing conditions, including approval by Elkem’s general meeting. Elkem plans to convene an extraordinary general meeting in March 2026 to review this transaction. If all conditions are met as scheduled, the transaction can be completed between late April and early May 2026.

This acquisition marks an important milestone in Bluestar's global expansion and strategic positioning along the silicone industry value chain. Through improving global production capacity and technology system for silicones, Bluestar will further strengthen the stability of its industrial chain, cost advantages and green operation capabilities. It will continue to adhere to the international development strategy, increase investment in core overseas markets, and promote the sustainable growth and strategic synergy of the silicones business.

About Bluestar:

China National Bluestar (Group) Co., Ltd. is a globally leading company in advanced chemical materials and specialty chemicals under Sinochem Holdings Corporation Ltd. Founded in 1984 and headquartered in Beijing, Bluestar has approximately 11,000 employees worldwide. As a globally operating and innovation-driven enterprise, Bluestar has profound technological accumulation, a global layout and mature experience in operating complex cross-border industrial platforms in the field of advanced chemical materials and specialty chemicals. The Company adheres to innovation-driven development, and is committed to providing sustainable solutions and creating a better life for global customers.