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Fitch places Whirlpool's ratings on watch negative

Staff writer |
Fitch Ratings has placed Whirlpool Corporation's ratings on Rating Watch Negative following the company's announcement that it has entered into binding agreements to acquire a majority interest in Indesit.

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The acquisition of the controlling interest in Indesit is subject to judicial and antitrust approvals and is expected to close by the end of 2014.

The total 60.4% of Indesit stock represented under the three agreements represent a 66.8% voting stock in the company (including the treasury shares held by Indesit).

Closings under the Fineldo and Merloni family agreements are subject to judicial and antitrust approvals. The closing of the agreement to acquire Ms. Claudia Merloni's 4.4% stake in Indesit is not subject to antitrust and court authorization conditions and is expected to take place within the next few business days.

Following the close of the acquisition of the Fineldo and Merloni family members' stakes, Whirlpool will launch a mandatory tender offer on all remaining shares of Indesit.

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