Chinese buyers in the hunt for WMF

Two of the five companies shortlisted by the owners of WMF as potential buyers of the appliance maker are Chinese businesses relatively new to international acquisitions, according to industry reports. China's Joyoung and KingClean Electric companies are among the companies being considered for the sale by WMF’s owners, KKR, the reports state. The other companies shortlisted by KKR are France's Groupe SEB, which owns the Moulinex brand, Italy's De Longhi and Sweden's Electrolux. It has been reported that KKR is seeking more than US$1.7 billion for WMF, with final bids for the company due in mid-May. The interest of the two Chinese companies is indicative of a broader trend of Chinese entrepreneurs looking to take their businesses global. According to data from Thompson Reuters, international mergers and acquisitions by Chinese companies has already reached $94.8 billion this year, on the back of a record-breaking $103.6 billion in 2015. Joyoung is a publicly traded company that primarily manufactures kitchen appliances, while KingClean’s main business is the manufacture of vacuum cleaners.

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