HONG KONG/FRANKFURT (Reuters) – Chinese firms Joyoung 002242.SZ and Gree Electric 000651.SZ are among those eyeing the domestic appliances business of Dutch conglomerate Philips’ PHG.AS in a deal worth up to 3 billion euros (2.77 billion pounds), people with knowledge of the matter said.
Philips’ advisers have sent out teasers to potential buyers, said two of the people, adding the bidding process will start later this year.
Chinese white goods producers Haier 1169.HK600690.SS and Midea 000333.SZ have also shown interest in the business, the people told Reuters, adding some of them are working with investment banks on a potential bid.
Their interest comes even as Chinese white goods companies have faced heightened regulatory scrutiny of their acquisitions in Western nations.
Philips announced in January a plan to carve out its domestic appliances business, which produces coffee machines, vacuum cleaners and airfryers and generated 2.3 billion euros in sales in