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.<br /><br />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. <br /><br />Whirlpool now plans to try to buy all the rest of the shares through a mandatory tender offer.<br /><br />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.<br /><br />At the same time Whirlpool reported first-quarter earnings below analysts’ expectations.<br /><br />The company said currency and other headwinds in Latin America and Asia offset modest sales increases in North America and Europe.<br /><br />It sells washers and dryers, stoves and refrigerators under brand names including Whirlpool, Maytag, KitchenAid and Jenn-Air.<br /><br />with Reuters
