Whirlpool acquired the majority interest in Indesit


DETU004LOGO[1]Whirlpool Corporation announced that its wholly owned subsidiary, Whirlpool Italia Holdings S.r.l., acquired a 56 percent stake in Indesit Company S.p.A., representing 61.9 percent of the voting stock of Indesit. Whirlpool acquired the shares under two share purchase agreements entered into on July 10 with Fineldo S.p.A. and members of the Merloni family. The acquisitions bring Whirlpool’s stake in Indesit to 60.4 percent, representing 66.8 percent of the voting stock.
Indesit Ukraine LLC, with operations representing approximately three percent of Indesit’s 2013 revenues, will be held separately pending antitrust clearance by the Ukrainian antitrust authority, which is expected to be obtained by the end of the year. Whirlpool Italia Holdings S.r.l. will now commence the steps to launch a mandatory tender offer for the remainder of Indesit’s outstanding shares, with the intention to delist the company. The tender offer purchase price per share is equal to 11.00 euro/13.89 US dollar, based on exchange rates as of September 30, 2014. This price is equal to the share purchase price agreed to by the parties under the share purchase agreements and which was paid without adjustment. Additional information will be provided in the tender offer statement to be issued by Whirlpool Italia Holdings S.r.l. in compliance with Italian law.