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Haier nears deal to buy GE's appliances business for over US$4b: WSJ

Friday, January 15, 2016 - 12:30
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China's Haier Electronics Group Co Ltd is nearing a deal to buy General Electric Co's appliances business for more than US$4 billion, the Wall Street Journal reported, citing people familiar with the matter.

[LONDON China's Haier Electronics Group Co Ltd is nearing a deal to buy General Electric Co's appliances business for more than US$4 billion, the Wall Street Journal reported, citing people familiar with the matter.

Haier beat other foreign corporate bidders vying to buy GE's Louisville, Kentucky-based business, the WSJ said.

The deal could be announced as soon as Friday, although the timing could defer, the paper said. A Haier spokeswoman declined to comment. GE could not be immediately reached for comment outside regular business hours.

In December last year, GE walked away from a US$3.3 billion agreement to sell its appliances business to Sweden's Electrolux AB, after months of opposition from US antitrust regulators.

GE then said it would pursue other suitors for its century-old appliance unit but declined to say who they might be.

The US Justice Department (DOJ) had filed a lawsuit in July last year, asking a judge to stop the GE-Electrolux deal, arguing that it would push up the price of appliances by 5 percent.

Electrolux, GE and larger competitor Whirlpool make up more than 90 per cent of major kitchen appliances sold to homebuilders, according the DOJ.

REUTERS

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