Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Italy sets terms for Whirlpool's sale of European unit to Arcelik

Published 01/05/2023, 12:46
Updated 01/05/2023, 16:17
© Reuters.

© Reuters.

ROME (Reuters) - Italy's government on Monday conditionally approved Whirlpool's sale of a majority stake of its European domestic appliances business to Turkish rival Arcelik, a ministerial source said.

The Europe-wide deal, announced in January, concerns four Whirlpool factories in Italy employing around 4,600 people.

Prime Minister Giorgia Meloni's right-wing government had the right to scrutinise it under so-called Italian "golden power" rules designed to safeguard industries deemed of national interest.

In a decree approved in a cabinet meeting, Meloni's government green-lighted the deal subject to provisions against plant closures and job cuts and protecting local technological know-how, the ministerial source said.

In January, Whirlpool said it would transfer its European major domestic appliance business into a new company in which Arcelik will have a 75% stake and the U.S. group will retain the remaining 25%.

At the time, Whirlpool said it expected the transaction to close in the second half of the year, subject to regulatory approvals and other customary closing conditions.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.