Italian appliance maker Merloni Elettrodomestici announced that it has purchased another 8 percent of UK appliance brand GDA from General Electric (GE) for U.S. $57.1 million.
The purchase was carried out by exercising a "put" option that was part of a "put and call" agreement signed between Merloni and GE in June 2002. The increase brings Merloni's stake in GDA, maker of Hotpoint appliances, to 68 percent.
According to a Reuters report, Merloni, whose brands include Indesit and Ariston, said last year that it wants to be Europe's biggest white goods manufacturer in 3 years, with plans to take market share from leading rivals Whirlpool Corp. and Electrolux.
to Daily News