Global investment firm Blackstone is planning to list up to eight of its firms and sell at least five others,a move that marks a shift in its pessimistic view about the world economy,media report says. "Blackstone,the world's largest buy-out firm,is planning to list up to eight companies it owns and sell at least five others,marking a reversal of its pessimistic view of the global economy and financial markets," The Financial Times reported. "We see the world changing once again. At least for private equity,the worst is behind the industry," the report quoted Blackstone founder Steve Schwarzman as saying in a letter to its investors. Schwarzman has expressed some qualifications about the recovery,saying it was a product of fiscal stimulus and inventory rebuilding,both one-time events. Making it clear that Blackstone was acting to capitalize on improved conditions,Schwarzman said,"We are seeing beginning of realisations through strategic sales and public equity offers." He said the firm was also in selling process of five companies it owns,at values twice as high as those estimated at the end of 2008. "Investors are likely to receive about USD 2.8 billion as their share of the profits,with about USD 1.2 billion coming from the expected sale of Kosmos Energy," it added.
