Haier’s GE unit buy highlights growing China M&A maturity
In the lead up to General Electric Co’s (GE.N) appliance unit auction, Haier Group did something Chinese bidders have rarely dared to do in a competitive global M&A deal.
While informal discussions centered around a bid of $4.2 billion, people familiar with the matter told Reuters, Haier submitted a knock-out $5.4 billion binding offer, moving decisively to trump at least six other bidders including South Korea’s Samsung Electronics (005930.KS), China’s Midea Group (000333.SZ) and Turkey’s Arcelik (ARCLK.IS).
Haier’s swift, bold move bore all the hallmarks of a seasoned, well-prepared M&A player and underscored how Chinese buyers are becoming increasingly confident about their ability to clinch deals within tight timeframes. Read more…
Haier’s GE unit buy highlights growing China M&A maturity
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