China’s Haier interested in Gorenje – Potential partner to arrive to Valjevo facility as well?

The companies which have expressed interest in partnership with Gorenje Group may submit non-binding offers by March 7. Gorenje will then invite them for due diligence, following which one of them should be selected.

As Gorenje announced on the Ljubljana Stock Exchange web page, Rothschild & Co. contacted several international groups active in the domain of house appliances and related industries and surveyed their interest in a strategic partnership with Gorenje Group, which would lead to a co-ownership in Gorenje.

In the second half of January, they sent the interested parties information material and a procedural letter defining the rules and the timeframe, according to which potential partners may submit non-binding partnership offers by March 7. Following the examination of non-binding offers, Gorenje will invite potential investors to perform due diligence. In the second phase, potential partners will get additional information, as well as access to a virtual data room of Gorenje Group, visit the selected locations of the group and meet with the management of Gorenje, the company announced.

It is expected that potential partners will contact larger shareholders directly in order to discuss the terms of the potential strategic partnership, the company announced and added that additional information on the procedure would be published by March 15. The Finance daily, however, reports that the Chinese producer of house appliances Haier has already started the due diligence in Gorenje, for which they’ve hired PwC.

Representatives of Haier should also visit the Gorenje facility in Valjevo, Serbia.

Haier is one of the biggest producers of house appliances in the world and it is also profitable in other industries, from consumer electronics to real estate. The Haier holding had sales revenues of USD 37 billion last year, a fifth more than in 2016. The net profit for 2017 amounts to EUR 1.2 billion, the all-time record high.

Among the Chinese companies also interested in Gorenje, according to Finance, are Meining and Midea.

Gorenje d.d. Velenje

Gorenje d.o.o Valjevo

Gorenje

Haier

Ljubljana Stock Exchange

Rothschild & Co

partnership with Gorenje Group

PwC

Meining

Midea

Gorenje Valjevo