Whirlpool Soars 9% on US Unit's Potential Acquisition by Bosch

27 Jun 2024 , 01:23 PM

Whirlpool India’s shares rose more than 9% on June 27 after it was reported that German engineering giant Robert Bosch is mulling an offer for the US appliance producer.

At 1:02 p.m., the stock was trading 9.08% higher on the NSE at ₹2,001.6.

According to Reuters, the move will help Bosch enhance its position in the household appliances market as competition from Asian rivals heats up.

According to the source, the German corporation has been considering making an offer for Whirlpool, which has a market capitalization of approximately $4.8 billion.

Whirlpool has undergone significant reorganisation in recent years, combining its European operations into a new firm controlled by Turkish rival Arcelik and divesting its Middle Eastern and African operations.

Earlier this year, Whirlpool sold a 24% share in its Indian subsidiary for $468 million. According to Reuters, the sale was performed through its Mauritius company, reducing its shareholding in the entity from 75% to 51%.

SBI Mutual Fund, Societe Generale, Nippon India Mutual Fund, and three other investors purchased the share for ₹1,277 each, according to BSE bulk deal data.

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