Page last updated at 14:56 GMT, Wednesday, 24 March 2010

Electrolux bids for Daewoo Electronics

Electrolux factory sign
Electrolux is looking for faster growth

Electrolux, the Swedish-based producer of home appliances, is one of two preferred bidders for Daewoo Electronics.

Woori Bank is acting for the creditors-cum-shareholders of the South Korean electronics group and said it plans to complete the sale by by August.

The deal is reportedly worth as much as $440m (£295m).

Although Electrolux declined to comment on the exact amount of the bid, it did confirm its existence.

"I can confirm that we have placed an indicative bid for the major appliances division of Daewoo that is non-binding," said a spokesperson for the group, Anders Edholm.

Daewoo Electronics is South Korea's third-largest electronics goods maker on the basis of revenues.

It has been under a creditor-led restructuring programme since 2000, having accumulated massive debts.

Stockholm-based Electrolux has indicated in its annual report that it is looking to expand into fast-growing markets in South East Asia and Latin America.

Daewoo Electronics fits the bill, with a strong brand presence in the region.

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