Electrolux Bids for Daewoo Electronics

Electrolux will be competing against a rival bid from Iranian company Entekhab Industrial Group.

Swedish giant Electrolux, the second biggest producer of electrical appliances in the world, has made an offer to buy South Korea's Daewoo Electronics, an Electrolux spokesman said on March 24.

"I can confirm that we have made an indicative offer on the appliance part of Daewoo," spokesman Anders Edholm said, without giving further details. "We are always looking for interesting opportunities and we will now continue the discussions about Daewoo."

Electrolux will be competing against a rival bid from Iranian company Entekhab Industrial Group, according to Swedish media reports.

Daewoo Electronics produces mass market appliances including microwaves, refrigerators, vacuum cleaners and washing machines.

Daewoo was set up in the 1960s and became one of the biggest companies in the world before it disintegrated in financial disarray in the 1990s. Its shipbuilding and auto units are now independent companies in their own right.

Copyright Agence France-Presse, 2010

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