Haier nears deal to buy GE's appliances business for over US$4b: WSJ
[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
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Restaurant Brands tops estimates as Burger King overhaul pays off
Walmart to shut all health centers in US over lack of profitability
Coca-Cola raises annual sales forecast on global demand, higher prices
Dying salmon trouble Norway’s vast fish-farm industry
Fast-fashion giant Shein wants to sell skincare, toothpaste and toys, too
Billionaire Geiger is said to near US$7 billion L’Occitane buyout