LG Electronics and Haier Group are among the companies that may acquire General Electric’s century-old appliances division, said Jeffrey Immelt, GE’s chief executive, reports Bloomberg. “The players become very obvious,” Immelt told a meeting of business leaders in Seoul on Wednesday. “It’s Haier in China, LG in Korea and so on. Of course, LG is one of the leading candidates.” Buying GE’s unit would help Seoul-based LG challenge Whirlpool’s worldwide lead in appliances, while a purchase by Haier would boost the Chinese company’s US sales. Analysts estimate GE’s appliances division may fetch about $3bn-$8bn.

This entry was posted by Gwen Robinson on Wednesday, May 28th, 2008 at 5:36 and is filed under Capital markets, M&A, People. Tagged with ge, Haier, LG Electronics. Edit this entry.