LG denies joint bid for General Electric home appliances Electrolux operations

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South Korea’s LG Electronics on their refrigerator by the Swedish manufacturer Electrolux invited to jointly bid for General Electric home appliances business reported to be negative.

Korea’s “Economic Daily News” Monday quoted unnamed industry officials said, LG Electronics is considering Electrolux to it by the joint acquisition of General Electric 100-year-old appliance business segments of the proposal.

LG Electronics spokesman Kim Jik Soo on the phone said: “The report is not true.” LG Electronics on May 28 had said that the company is bidding on General Electric’s appliance division has not yet made a decision. Another of the company’s spokesman also made Judy Pae said: “We have no contacts and Electrolux.”

General Electric chief executive Jeffrey Immelt (Jeffrey Immelt) said last week that Haier, LG Electronics, Electrolux, Mexico’s Controladora Mabe, as well as Turkey’s Arcelik five manufacturers have the ability to bid for General Electric home appliances business .

According to the analysis of Citigroup and Goldman Sachs to assess, General Electric home appliances business unit price may be 3 billion to 80 billion dollars. Such as LG successful mergers and acquisitions, will have the ability to the global appliance giant Whirlpool Group challenge.

~ by domainservice999 on June 4, 2008.