Hisense's Takeover of Gorenje Wins Brussels' Approval

By , 07 Aug 2018, 14:41 PM Business

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STA, 7 August 2018 - The European Commission approved the acquisition of Slovenian household manufacturer Gorenje by China's Hisense Group on Tuesday, finding the takeover would raise no competition concerns. 

The Commission established that both companies manufacture and supply large domestic appliances, such as refrigerators or ovens.

"The Commission concluded that the proposed transaction would raise no competition concerns given the companies' limited combined market positions and the fact that a number of competitors would remain in the market post-transaction."

Hisense Luxembourg Home Appliance Holding has acquired more than 95% of Gorenje's stock. The Chinese company paid 12 euro per Gorenje share in the takeover bid running until the end of June.

The price per share put the total value of Gorenje at EUR 293m.

Hisense was selected by the Gorenje management as a strategic partner to support the company's development.

One of the world's largest manufacturers of TV sets and household appliances, Hisense operates production units across the world, including in Europe.

Hisense has pledged to preserve the Gorenje brand and keep jobs in Velenje. The facility is to become Hisense's R&D centre and production hub in Europe.

The Slovenian competition watchdog is expected to issue its decision on the takeover by the autumn.

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