Bosch weighs offer for appliance maker Whirlpool, sources say
Adds stock move in paragraph 4
By Anirban Sen and Emma-Victoria Farr
June 26 (Reuters) -German engineering group Robert Bosch is weighing a bid for U.S. appliances manufacturer Whirlpool WHR.N, according to three people familiar with the matter, a move that would boost its position in the household appliances market.
Bosch has been talking to potential advisers about the possibility of making an offer for Whirlpool, which has a market capitalisation of about $4.8 billion, one of the sources said.
The sources said it was not certain that an offer would be made, and asked not to be identified because the matter is confidential.
A Bosch spokesperson said the company does not comment on "market rumours", while officials at Whirlpool were not immediately available for comment. The U.S. company's shares jumped 20% in premarket trading after the Reuters report.
Buying one of the world's biggest white-goods manufacturers would significantly beef up Bosch's home appliance business at a time when competition with Asian rivals is growing.
Whirlpool has been undergoing a major restructuring in recent years, which has seen it fold its European business into a new company controlled by Turkish rival Arcelik ARCLK.IS and divest its Middle Eastern and African businesses.
The potential takeover comes as Bosch, the world's biggest automotive supplier, is looking at acquisitions to grow its unit that manufactures large home appliances.
A deal for Whirlpool, whose brands include Ariston, Hotpoint, Ignis and Privileg, would rank amongst the biggest disclosed deals for the German industrial group.
Reuters reported in March that Bosch was among the industrial firms competing to acquire heating and ventilation assets worth over $6 billion from Johnson Controls International JCI.N in the U.S.
Bosch CEO Stefan Hartung told German business daily Handelsblatt in May that the company was looking at a few bigger acquisition targets, and that it did not rule out entering a new business area or a global deal.
He told reporters earlier in June that the group was open to listing some of its divisions on the stock market as it explores financing options for deals. He did not say which divisions.
Whirlpool, a household name known for its large appliances such as washing machines and refrigerators, has in recent years been aiming to grow its customer base by expanding in smaller appliances such as espresso machines and other kitchen gadgets as it grapples with a slowdown in growth.
The Michigan-based company recently said it would cut about 1,000 jobs in an effort to boost profit margins.
Whirlpool has lost almost 50% of its market value over the past two years. Its Swedish rival Electrolux ELUXb.ST is down 35% in the same period.
Electrolux shares rose following the report, and were trading up about 4.5% at 1040 GMT.
Reporting by Anirban Sen in New York and Emma-Victoria Farr in Frankfurt. Additional reporting by Josephine Mason in London and Alexander Huebner in Munich. Editing by Elisa Martinuzzi, Mark Potter and Jan Harvey
Actifs liés
Dernières actualités
Avertissement : Les entités de XM Group proposent à notre plateforme de trading en ligne un service d'exécution uniquement, autorisant une personne à consulter et/ou à utiliser le contenu disponible sur ou via le site internet, qui n'a pas pour but de modifier ou d'élargir cette situation. De tels accès et utilisation sont toujours soumis aux : (i) Conditions générales ; (ii) Avertissements sur les risques et (iii) Avertissement complet. Un tel contenu n'est par conséquent fourni que pour information générale. En particulier, sachez que les contenus de notre plateforme de trading en ligne ne sont ni une sollicitation ni une offre de participation à toute transaction sur les marchés financiers. Le trading sur les marchés financiers implique un niveau significatif de risques pour votre capital.
Tout le matériel publié dans notre Centre de trading en ligne est destiné à des fins de formation / d'information uniquement et ne contient pas – et ne doit pas être considéré comme contenant – des conseils et recommandations en matière de finance, de fiscalité des investissements ou de trading, ou un enregistrement de nos prix de trading ou une offre, une sollicitation, une transaction à propos de tout instrument financier ou bien des promotions financières non sollicitées à votre égard.
Tout contenu tiers, de même que le contenu préparé par XM, tels que les opinions, actualités, études, analyses, prix, autres informations ou liens vers des sites tiers contenus sur ce site internet sont fournis "tels quels", comme commentaires généraux sur le marché et ne constituent pas des conseils en investissement. Dans la mesure où tout contenu est considéré comme de la recherche en investissement, vous devez noter et accepter que le contenu n'a pas été conçu ni préparé conformément aux exigences légales visant à promouvoir l'indépendance de la recherche en investissement et, en tant que tel, il serait considéré comme une communication marketing selon les lois et réglementations applicables. Veuillez vous assurer que vous avez lu et compris notre Avis sur la recherche en investissement non indépendante et notre avertissement sur les risques concernant les informations susdites, qui peuvent consultés ici.