European household appliance manufacturer Gorenje Group has attracted four non-binding offers from potential strategic partners, all Asian groups active in the white goods industry.
After studying the bids, Slovenia-based Gorenje, which has been seeking a strategic partnership since last year, invited three of the unnamed companies keen to acquire a majority stake in Gorenje to proceed to the due diligence phase of the process.
Meanwhile, the independent Slovenian manufacturer reported progress in its policy of divesting non core operations, primarily plastics, metal and other material waste management and recycling subsidiaries.
Last week Gorenje, headquartered in Velenje, revealed it had received seven non-binding offers to acquire its Maribor, Slovenia-based waste materials recycler Gorenje Surovina along with its Kemis affiliates in Serbia and Bosnia Herzegovina.
Five of the strategic and financial investors were invited by Gorenje to proceed with due diligence from this week (w/c 19 March). Firm bids must be submitted by the end of May.
In its wider search for a strategic partner, the independent group made clear it aims to secure long term sustainability and the development of its core business. Recent globalisation and consolidation in the white goods sector have prompted Gorenje to seek a partner, its president and CEO Franjo Bobinac made clear last year.