Tuesday, June 21, 2005

China's Haier bids $1.28 bln for Maytag

From Reuters: China's Haier bids $1.28 bln for Maytag

"Haier Group, the top Chinese appliance maker, and private equity giants Bain Capital and Blackstone Group have bid $1.28 billion for Maytag Corp., the No. 4 U.S. appliance maker, topping an offer from U.S. private equity firm Ripplewood Holdings LLC.

Haier's global ambitions would be boosted by adding Maytag, which also makes Hoover vacuums and Amana and Jenn-Air appliances. Maytag has fallen on tough times amid rising raw material costs and competition from lower-cost makers."