LG Electronics Inc., expected by many to be a major factor in the auction of General Electric Co.'s appliance business, told reporters in its native South Korea over the weekend that it has not been approached by Sweden's Electrolux Group about a potential joint bid.
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GE on May 16 confirmed long-rumored plans to divest the Louisville, Ky.-based business, hiring Goldman, Sachs & Co. to explore options. Company CEO Jeff Immelt, speaking to reporters in South Korea last month, reportedly listed LG and Electrolux along with China's Haier Group Co., Turkey's Arçelik AS and Controladora Mabe SA de CV of Mexico as potential bidders for the second-largest appliance maker in the U.S.
The Korea Economic Daily reported over the weekend that LG was mulling a proposed joint bid suggested by Electrolux. But LG spokeswoman Judy Pae denied that report, according to Reuters, saying "we have not been approached by Electrolux."
GE has said it hopes to sell or spin off the appliance business as part of its broader plan to recast the conglomerate around faster-growing businesses including healthcare, energy and water purification. - Lou Whiteman
See TheDeal.com story updating GE's auction
See Reuters' story quoting LG
See Corporate Dealmaker: Jeff Immelt, auctioneer extraordinaire
See Corporate Dealmaker: Potential buyers for GE Appliances
