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BENTON HARBOR, Mich., April 2, 2024 /PRNewswire/ -- Whirlpool Corporation today announced the completion of its transaction with Arçelik A.Ş ("Arcelik"). This marks a significant step in Whirlpool
Market experts believe the Whirlpool stake sell could be a one-off, and that other global multinationals with listed Indian subsidiaries were unlikely to see things that way
American home appliances giant Whirlpool Corporation successfully offloaded 24 percent of its stake in its Indian counterpart, Whirlpool of India, on February 20, through a block deal.
"In India we took our shareholding down to 51%. We believe in India for the long term, but if we have a business which is trading at 50 times multiple and your own company (parent entity) trades at a lot lower, it is basic arbitrage," Bitzer told CNBC on Monday.
Whirlpool Of India's share price falls 6 percent on Tuesday following a downgrade by global brokerage house Jefferies amid hypercompetitiveness in the consumer durables segment. The brokerage reduced the target price for the firm to ₹1,125 from ₹1,265.