Elkem ASA has completed the sale of the majority of its Silicones division to China's Bluestar, finalizing a strategic reshaping that turns the Norwegian group into a focused metals and materials producer. 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. 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.