The world’s biggest home appliances maker, Whirlpool, is to buy two thirds of the voting stock of Italy’s Indesit, to increase its growth in Europe.
The price is 758 million euros and it is buying those shares from holding company Fineldo and some members of the Merloni family, who founded Indesit.
Whirlpool now plans to try to buy all the rest of the shares through a mandatory tender offer.
Sweden’s Electrolux, which is the world’s second biggest home appliances maker, and China’s Sichuan Chaghong Electric were also reportedly interested in buying a stake in the Italian company.
At the same time Whirlpool reported first-quarter earnings below analysts’ expectations.
The company said currency and other headwinds in Latin America and Asia offset modest sales increases in North America and Europe.
It sells washers and dryers, stoves and refrigerators under brand names including Whirlpool, Maytag, KitchenAid and Jenn-Air.