Whirlpool Completes Acquisition Of Majority Stake In Indesit

(RTTNews) - Whirlpool Corp. (WHR) said Tuesday that its subsidiary, Whirlpool Italia Holdings S.r.l., has acquired a 56% stake in Indesit Company S.p.A., representing 61.9% of the voting stock of Indesit.

Whirlpool acquired the shares under two share purchase agreements entered into on July 10 with Fineldo S.p.A. and members of the Merloni family.

The acquisitions bring Whirlpool's stake in Indesit to 60.4%, representing 66.8% of the voting stock.

Indesit Ukraine LLC, with operations representing about 3% of Indesit's 2013 revenues, will be held separately pending antitrust clearance by the Ukrainian antitrust authority, which is expected to be obtained by the end of the year, Whirlpool said.

Whirlpool Italia will now commence the steps to launch a mandatory tender offer for the remainder of Indesit's outstanding shares, with the intention to delist the company. The tender offer purchase price per share is equal to €11.00/US$13.89, based on exchange rates as of September 30. The price is equal to the share purchase price agreed to by the parties under the share purchase agreements and which was paid without adjustment.