Whirlpool Corp. shares rose by as much as 19% after Reuters reported that Robert Bosch GmbH might be considering a bid for the appliance maker.
The German industrial company is talking with potential advisers about a possible offer for the Michigan-based Whirlpool, according to three people familiar with the matter. However, it’s not certain that Bosch will make an offer.
Whirlpool, which owns brands like Maytag and KitchenAid, has struggled with disappointing sales this year as US consumers have cut back on big purchases. The stock had fallen 29% from the start of the year until Tuesday’s close.
Wednesday’s rise was the stock’s biggest single-day gain since March 2020, during the early days of the pandemic. Whirlpool’s market value is now around $5.4 billion.
Bosch, the world’s largest auto parts maker, has been expanding beyond its main business as slower sales of electric vehicles reduce demand from customers like Volkswagen and BMW. Bosch’s CEO, Stefan Hartung, said at a recent conference that the company wants to grow in the US and sees acquisitions as a good strategy. Bosch also makes home appliances, such as dishwashers, fridges, and coffee makers, which could lead to cost savings if they acquire Whirlpool.
A Bosch spokesperson declined to comment on the matter, and Whirlpool stated that it does not respond to market rumors or speculation. In March, it was reported that Bosch was interested in buying heating and ventilation assets from Johnson Controls International Plc.
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