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Whirlpool has green light to buy Indesit

Staff writer |
Whirlpool Corp. said the European Commission has approved the acquisition of a majority stake in Indesit Company S.p.A. by Whirlpool Italia Holdings S.r.l., the company's wholly owned subsidiary.

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European Commission approval is an important milestone in meeting the closing conditions under the share purchase agreement entered into with Fineldo S.p.A.

The company expects to complete the next steps necessary for closing the deal in the near future.

On July 10, Whirlpool said it has signed share purchase agreements with Fineldo SpA and the Merloni family to acquire a majority stake in Italian home appliances maker Indesit Co. SpA for a total of 758 million euros, or $1.04 billion. Following closing of the share repurchase agreements, Whirlpool will launch a mandatory tender offer for all the remaining shares of Indesit.

Indesit, a maker of ovens, refrigerators and dishwashers, has eight industrial sites, in Italy, Poland, the UK, Russia and Turkey, and about 16,000 employees. The company's main brands are Indesit, Hotpoint and Scholt?s.

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