June 28, 2018 / 10:51 AM / 3 months ago

China's Hisense ups stake in Slovenia's Gorenje to over 95 percent

LJUBLJANA (Reuters) - China’s Hisense Electric (600060.SS) increased its holding in Slovenian household appliances maker Gorenje (GORE.LJ) to 95.4 percent, brokerage Ilirika said on Thursday.

Hisense announced a takeover bid for Gorenje in May, offering 12 euros per share which valued the company at about 293 million euros ($339 million).

Hisense acquired 62.5 percent of all issued Gorenje’s shares between May 29 and June 26, adding to a 33 percent stake it already held, Ilirika board President Igor Stemberger told Reuters.

The price Hisense paid for shares it purchased outside the takeover bid has not been disclosed.

All major shareholders, including state-owned Slovenian investment fund KAD, the International Finance Corporation [IFK.UL] and Japan’s Panasonic (6752.T), sold their stakes in Gorenje either during or outside the takeover bid.

Slovenia’s competition agency is expected to decide on whether to approve the sale by autumn, Stemberger said.

Gorenje shares gained 0.43 percent on Thursday to trade at 11.55 euros.

Hisense plans to make Gorenje a research, development and production center for the company in Europe.

Reporting by Maja Zuvela in Sarajevo; editing by Jason Neely

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