Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

EU clears Nidec purchase of Whirlpool unit subject to conditions

Published 04/12/2019, 10:10 AM
Updated 04/12/2019, 10:15 AM
© Reuters. FILE PHOTO: The administrative entrance at the Whirlpool plant in Clyde Ohio

BRUSSELS (Reuters) - The European Commission said on Friday it had approved Japanese firm Nidec's planned purchase of U.S. white goods maker Whirlpool (NYSE:WHR) Corp's compressor subsidiary Embraco, subject to conditions.

Nidec, a Japanese electric motor manufacturer, agreed a year ago to buy Brazil-based Embraco for an enterprise value of $1.08 billion.

The Commission said that the deal as notified would have reduced competition and resulted in higher prices given that Nidec and Embraco were close competitors.

The Commission said it was satisfied with Nidec's subsequent commitments to divest its refrigeration compressor business for both household and light commercial applications

It also committed to make available to the purchaser of this divested business significant funding for future investments in the production lines in Austria and Slovakia.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.