6/13/2008 11:27:00 AM
LG eyeing bid for General Electric’s appliance arm
LG Electronics is reportedly considering a bid for General Electric’s appliance business and is likely to hire an investment bank to advise on the deal.
LG chiefs are said to be preparing a detailed evaluation of the merits of a bid, and recently returned from a fact-finding mission to the US to study the potential acquisition.
There are reportedly a host of potential bidders across the globe with an interest in acquiring the GE operations, which could fetch up to £3.5bn.
LG last month announced plans to restructure its portfolio over the next five years, pulling out of loss-making businesses, expanding outsourcing overseas and developing new engines of growth such as energy and healthcare.