Electrolux and Entekhab Bidding for Daewoo Appliances Mar 25, 2010

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Multiple media outlets are reporting that Electrolux has put in a bid for South Korean OEM Daewoo Electronics. Multiple media reports quote Electrolux spokesman Anders Edholm saying that he "Can confirm that we have made an indicative offer on the appliance part of Daewoo.

The other top bidder for Daewoo is an Iranian appliance OEM, Entekhab Industrial Group.

The BBC is reporting the deal will cold be worth $440 million. Daewoo's disposition has been unclear for a decade, ever since the company's massive debt load forced the South Korean government to take it over in 2000 and put it on a debt-repayment plan. Ownership is now primarily in the hands of its creditors.

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