Whirlpool to acquire 70% of Indesit for a billion dollars

The American household appliances company, Whirlpool, is planning o take over the control share package (some 66,7%) of the Italian company, Indesit, the company announced.

Private company, Fineldo, with 42,7% and family members of the company founder, Merloni (17,6%) will sell their shares in Indesit, world media report.

It was planned that Whirlpool pays EUR 11for a share to Indesit within three transactions, including premium of 4, 5%. This way, the purchase of the American company will cost EUR 758 mil or a billion dollars.

If the agreement is carried out, it will be Whirlpool’s biggest acquisition in that field since the company took over Maytag in 2006.

Whirlpool is planning to sign an agreement by the end of the year after it gets the approval of monopoly authorities. After that, the American company is planning to continue negotiations on the purchase of the remaining Indesit’s shares. According to the Italian legislation, shareholders must be offered the highest price for a share.