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Thursday, July 10, 2014

Whirlpool says to purchase majority stake in appliance maker Indesit for $1 bln, (NYSE: WHR)

The world's largest maker of home appliances Whirlpool Corp said on Thursday it signed agreements with Fineldo SpA and the Merloni family to purchase a majority interest in Italian household appliances maker Indesit Company SpA for about 758 million euros ($1.03 billion). The company's offer of 11 euros ($14.98) for every Indesit share represents a premium of 4.5 percent over Indesit's Thursday close of 10.53 euros.The purchase price is based on Indesit's average net debt position for 2013, Whirlpool said.The Benton Harbor, Michigan-based company said the agreements, which are expected to close by the end of 2014, would give Whirlpool 66.8 percent of the voting stock of Indesit.($1 = 0.7345 Euros)

Whirlpool Corporation (Whirlpool) is a manufacturer and marketer of home appliances. Shares of WHR fell by 1.35% or $-1.9/share to $139.21. In the past year, the shares have traded as low as $118.92 and as high as $160.01. On average, 958311 shares of WHR exchange hands on a given day and today's volume is recorded at 1655477.