China's Hisense acquires 94% stake in Gorenje

China's Hisense has acquired a 94% stake in Gorenje, seebiz.eu reports.

This means that, if they want to, they will be able to squeeze out the remaining shareholders in Gorenje, which would enable them to manage the company more easily.

Hisense offered EUR 12 for a Gorenje share in late May, thereby estimating the value of Gorenje at EUR 293 million.

The Chinese are announcing further investments and the keeping of the name and the seat of the company. They also guarantee that Gorenje will become a research and development center and a production center of Hisense Group in Europe.

Gorenje will benefit from Hisense's distribution channels and local production in China and South Africa, and the Chinese partners will strengthen Gorenje's intelligent production solutions, thereby reducing the costs.

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