General Electric Co. is nearing an agreement to sell its appliance business to China’s Haier Group for more than $4 billion, the Wall Street Journal reported, citing unidentified people familiar with the matter. The Chinese appliance maker outbid other foreign companies and a deal could be announced as soon as Friday, according to the report. A representative at Haier’s Hong Kong unit said the subsidiary hasn’t received any information about the possible acquisition. Haier and Midea Group Co. were among suitors that submitted bids for GE’s home-appliances business, after a sale to Electrolux AB fell apart last month, people with knowledge of the matter said this month. The unit attracted separate offers of more than $3 billion from the Chinese companies, the people said.
Source: Bloomberg.comHaier Said to Be Near $4 Billion Deal to Buy GE Unit, WSJ Says
Industry: Other 2016-01-15
