Whirlpool Pays $552M For Majority Of Chinese Appliance Co.

Law360, New York (August 13, 2013, 1:28 PM EDT) -- In an effort to bolster its reach in China, Whirlpool Corp. has struck a $552 million deal to secure a majority stake in a Chinese appliance manufacturer from owners Sanyo Electric Co. Ltd. and Sanyo Electric Co. (China) Ltd., Whirlpool announced Tuesday.

Under the deal, Whirlpool will take a 51 percent stake in Hefei Rongshida Sanyo Electric Co. Ltd. by purchasing a 29.51 percent stake currently held by the sellers and subscribing for the rest of the shares in a private placement, according to a filing...
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