March 14, 2018 / 4:18 PM / in 10 months

Slovenian appliance maker Gorenje expects takeover bids by May 8

LJUBLJANA (Reuters) - Slovenian household appliances maker Gorenje GORE.LJ, which is seeking a strategic partner, said on Wednesday it expects to receive binding takeover bids for the company by May 8.

Three of the five investors which recently made non-binding bids for the company will be allowed to carry out due diligence on the firm, it said in a statement.

“All three come from Asia, are active in the sector of household appliances and have offered to buy a majority stake in Gorenje,” the company said, without disclosing the names of the investors.

Slovenian daily Finance said that investors include Chinese Hefei Meiling 000521.SZ, Haier (1169.HK) and possibly Midea (000333.SZ), citing unofficial sources.

Gorenje, which is among the largest Slovenian exporters and has a market capitalisation of about 137 million euros ($169.3 million), said last year it was seeking a strategic partner to increase cost efficiency and strengthen the brand.

Last week it reported an 84 percent fall in 2017 group net profit due to strong competition and high production costs.

($1 = 0.8093 euros)

Reporting by Marja Novak; Editing by Adrian Croft

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