Chinese companies offer more than $3 billion for business
Manufacturer seeking new buyer after Electrolux deal collapsed
Midea Group Co. and Qingdao Haier Co. are among suitors that submitted bids for General Electric Co.’s home-appliances business, after a sale to Electrolux AB fell apart last month, people with knowledge of the matter said.
The unit has attracted separate offers of more than $3 billion from the Chinese companies, the people said, asking not to be identified as the information is private. Midea, China’s biggest maker of air conditioners and rice cookers, is working with banks to arrange financing for a purchase, two of the people said. The Foshan-based company and Shandong-based Haier submitted offers last week along with at least two other potential buyers, another person said.
GE is seeking another suitor for the century-old appliance unit after the Electrolux deal collapsed following opposition from the U.S. Justice Department. The business is likely to fetch more this time than the $3.3 billion Electrolux agreed to pay, one of the people said.
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