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Friday, July 11, 2014

Whirlpool to purchase majority stake in Italy's Indesit for $1 bln, (NYSE: WHR)

Whirlpool Corp, the world's largest maker of home appliances, said it will purchase 66.8 percent of voting stock of Italian white goods maker Indesit Company SpA for about 758 million euros ($1.03 billion) to spur its growth in Europe.Whirlpool said it will buy a 42.7 percent stake in Indesit from Fineldo SpA, the top investor in Indesit, while certain members of the Merloni family will sell a 13.2 percent stake and Claudia Merloni will sell a 4.4 percent stake in Indesit.The total of 60.4 percent of Indesit stock capital represents a 66.8 percent voting stake, Whirlpool said. Whirlpool's offer of 11 euros (about $15) per share represents a premium of 4.5 percent to Indesit's Thursday close.The purchase price is based on Indesit's average net debt position for 2013, Whirlpool said.

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.