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Whirlpool acquires Indesit for $1bn

US-based manufacturer and marketer of home appliances, Whirlpool has agreed to pay €758m ($1bn) for a controlling stake in Italian appliance maker Indesit, its largest acquisition since buying former rival Maytag eight years ago, Bloomberg has reported. Whirlpool will pay €11 per share to Fineldo and some members of Indesit’s founding Merloni family for a combined 60% stake, the two companies said. “This will ideally position us for sustainable growth in the highly competitive and increasingly global home appliance market in Europe,” Jeff M Fettig, chairman and chief executive officer of Whirlpool, said.