Hisense Co. Ltd., a Chinese state-owned multinational white goods and electronics manufacturer, confirmed that it has extended a bid for Gorenje, a kitchen appliance manufacturer in Slovenia, The Paper reported.
It is reported that three Chinese companies, including Hisense, Haier and Hefei Meiling entered bids for Gorenje.
After fierce competition, Hisense topped the bidding with a maximum offer of approximately 293 million euros (US$349.15 million) for more than 50% of the shares. The company is expected to announce the acquisition within 15 days, although no details have been disclosed.
Public information reveals that Gorenje is one of the largest exporters in Slovenia with a market value of approximately 154 million euros (US$183.51 million).
Gorenje said last year it is seeking a strategic partner to increase cost efficiency and brand awareness. The company reported in March that its net profit in 2017 fell 84% due to cost pressures and intense competition.