:max_bytes(150000):strip_icc()/GettyImages-2151295332-b40f47745d3b4d359fc1efeb32f1194b.jpg)
:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2151295332-b40f47745d3b4d359fc1efeb32f1194b.jpg)
Key Takeaways
- Whirlpool shares soared in intraday trading Wednesday following a report that Germany’s Robert Bosch was looking into purchasing the company.
- Reuters said Bosch was in discussions with advisers about making a bid for its American home appliance rival.
- Whirlpool shares have struggled as consumers have pulled back on purchasing big-ticket items because of high inflation.
Shares of Whirlpool (WHR) spun to big gains in intraday trading Wednesday following a report that German rival Robert Bosch was considering buying the U.S. appliance manufacturer.
Reuters reported Bosch was holding discussions with potential advisers about making a bid for Whirlpool, which would expand its reach in the home appliance market.
The news site added that it’s not certain that an offer will be made.
Both Whirlpool and Bosch ‘Do Not Comment on Market Rumors’
In emailed statements to Investopedia, both Whirlpool and Bosch explained that as a matter of practice they “do not comment on market rumors.”
Late last month, shares of Whirlpool fell to their lowest level since the COVID-19 pandemic as a pullback in consumer spending because of high inflation caused a drop in demand for big-ticket items such as washing machines and dryers.
The company noted in its first-quarter earnings report in April that North American sales slumped 8.1% year-over-year, which it blamed on an “unfavorable price/mix and industry decline of approximately 2 percent.” Chief Executive Officer (CEO) Marc Bitzer said that Whirlpool was dealing with “sticky inflation.”
Whirlpool shares surged about 11% to $96.52 as of 11:15 a.m. ET Wednesday, giving the company an intraday market capitalization of about $5.3 billion. Still, shares are down more than 20% for 2024.
TradingView