Report: Blackstone Group To Reopen German Office

(Reuters) – U.S. private equity firm Blackstone Group (BX.N) will reopen its office in Germany this fall, thereby gaining a foothold in Europe Union’s biggest economy, the Wall Street Journal said.

The company has hired Axel Herberg, the chief executive of German packaging company Gerresheimer AG, to set up the Dusseldorf office, the paper said.

Herberg’s company was part of the private equity group from 2004 until 2007, according to the paper.

Blackstone has invested a lot of money in Germany, including stakes in plastics manufacturer Klockner Pentaplast and Deutsche Telekom (DTEGn.DE), the paper said.

Blackstone could not be reached for comment by Reuters outside of regular U.S. business hours. (Reporting by Sakthi Prasad in Bangalore; Editing by Jon Loades-Carter)