Galanz makes offer for Whirlpool's shares

After over eight months of antitrust clearance by regulators in the United States, Brazil, Germany, Turkey, Austria, Colombia and other countries, Guangdong Galanz Household Appliances Manufacturing Co Ltd, announced it had made a partial tender offer for unlimited circulating shares held by all shareholders of Whirlpool (China) Co during the term of the offer.

A pre-ordered offer, of which the term is from March 31 to April 29, has been made for 467,527,790 shares at a price of 5.23 yuan per share, accounting for 61 percent of the total share capital.

Whirlpool's (China) Board of Directors released an announcement on the delivery completion of the tender offer for shares of the company on May 8.

According to data provided by the Shanghai branch of China Securities Depository and Clearing Corporation Limited, 10 accounts with 391,661,649 shares have accepted the offer issued by Galanz during the offer term.

Galanz and Whirlpool both expressed confidence in Whirlpool's development in the Chinese market, including allowing Chinese consumers to fully recognize and accept Whirlpool as an international brand.

Galanz pledges to empower Whirlpool with its "Made in China" capabilities, of which the efficiency is leading the globe, and to establish a strong partnership with Whirlpool in forging one of the most popular international companies in China.

In a press release, Galanz said the company's offer to acquire Whirlpool China was not a simple cooperation. The offer to acquire Whirlpool China was not dependent on its short-term financial performance in the past year or two, according to the statement.

Galanz is one of the top three global suppliers of finished products for Whirlpool with over 15 years of cooperation, said the Guangdong-based company.

The capital investment this time has indicated the strategic planning by the two companies for the next 10 to 15 years, according to the press release.

Whirlpool has accumulated profound technical experience in white goods, while Galanz owns world-leading industrial chain and supply chain in ovens, domestic appliances and kitchen appliances, it said.