Italy's Indesit shares to be sold to U.S. Whirlpool

2014-07-11 13:19:25 GMT2014-07-11 21:19:25(Beijing Time)  Xinhua English

ROME, July 11 (Xinhua) -- Italy's home-appliance maker Indesit has reached an agreement to sell shares equal to 60.4 percent of its capital to American giant Whirlpool, Italian reports said on Friday.

"The objective is gifting Indesit with all instruments to build a solid and sustainable future," Gian Oddone Merli, CEO of Fineldo, the holding company of Indesit's controlling family Merloni was quoted as saying by ANSA news agency.

Whirlpool will acquire 60.4 percent of the Italian company, which has been listed on the Milan Stock Exchange since 1987, for 758 million euros (about 1.03 billion U.S. dollars), which will give to the American group 66.8 percent of voting rights.

The operation, which has to go though the approval of antitrust authorities, is expected to be concluded within the end of 2014.

Indesit, which was founded by the Merloni family in 1975 in the town of Fabriano in central Italy, has been in trouble for several years.

The iconic company had recently to lay off more than 1,000 workers while there had been reports of its upcoming selling to a foreign group.

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