Frasers Group has raised its stake in online electricals retailer AO World to 25.01%, up from 24.02%, according to a recent regulatory filing.
This move strengthens the Sports Direct owner’s position as the second-largest shareholder in the business, following the retailer’s positive trading update this week.
AO World raised its full-year profit forecast, with adjusted pre-tax profits expected to be between £39m and £44m for the year ending March 31, 2025
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Midea Group take over Teka Group
After the conclusion of a competitive sales process, our shareholder HERITAGE B has reached an agreement to divest Teka Group to Midea Group, including all operations related to appliances and sinks and the group’s three brands: Teka, Küppersbusch and Intra. Becoming part of Midea Group will increase our capabilities in different strategic and operational areas, enhancing our competitiveness in an increasingly complex and dynamic market. This transaction will undoubtedly enable us to strengthen our competitive position, opening a new era for Teka Group whilst safeguarding our legacy with over 100 years of history. Founded in 1968, Midea is a listed technology group with more than 190,000 employees worldwide. Headquartered in Foshan, Guangdong province (China), the Asian group closed 2023 with a turnover of 48 billion euros. Midea’s business activities include household appliances, air conditioning products, services and components for industry, robotics and automation. The deal is subject to the required approvals by relevant regulators. The closing of the transaction is expected in the coming months. Teka Group closed 2023 with c.€600m of gross sales and an adjusted EBITDA margin of 7%, a particularly positive and resilient profit performance despite post-Covid market adjustments, and supply chain issues, amongst others
Currys takeover speculation “seems to have passed
The Currys board rejected two Elliott bids, claiming they “significantly undervalued” the company, while JD.com ended up not making an offer. The two companies walked away earlier this month, quashing speculation over an imminent takeover of the chain.
Mr Baldock said the takeover speculation “seems to have passed”,
Electrolux Professional to buy Japan’s Tosei
Electrolux Professional on Friday said it had agreed to buy Japan’s Tosei Corporation (8923.T), a maker of professional laundry equipment and vacuum packing machines, for about 1.65 billion Swedish crowns ($163.3 million).
“Tosei will significantly strengthen our position in Japan which is the second largest laundry market, and third largest food service market globally,” Electrolux Professional CEO Alberto Zanata said in a statement.
Swan UK takeover
Sutton Venture Group (SVG) has become the sole shareholder of Swan Products Limited, a small domestic appliances and housewares brand with a strong British heritage dating back to the 1920s.
Swan will be integrated into SVG’s trading division RKW, where it will benefit from the group’s centralised services and global infrastructure.
SVG Chairman Rob Sutton commented, “I am delighted to welcome Swan into the RKW family of Great British brands. RKW has been a key partner for Swan and the acquisition fits perfectly with our strategy of building British brands into major Global players through our international network of supply partners and customers.”
Midea Confirms It Has Made Takeover Bid for Sweden’s Electrolux
Midea Group has confirmed a media report that said the Chinese home appliance behemoth has made an initial takeover approach for Swedish competitor Electrolux.
“A deal is being discussed, but no decision has been made yet,” the investor relations department at the Foshan-based company said. A public relations officer at Electrolux China declined to comment.
Midea is exploring the potential acquisition of Electrolux, Bloomberg News reported on April 30, citing people familiar with the matter. The Chinese firm has made a preliminary approach in recent weeks about a possible deal, but Electrolux has not been receptive to the proposal so far, the sources added.
The acquisition would help Midea make up for its weaknesses in the mid-to-high-end markets overseas, an industry insider told Yicai Global.
Regardless of the outcome of Midea’s approach, global home appliance giants are moving production to European and American countries such as Mexico and Türkiye, so Chinese home appliance makers will have to improve their global industrial chain positioning, said Zhou Nan, secretary-general of the home appliances branch of the China Chamber of Commerce for Import and Export of Machinery and Electronic Products.
Midea and Electrolux joined hands in 2016 to bring German kitchen appliance giant AEG to China and acquire the white goods business of Japan’s Toshiba. In 2017, Midea bought its first stake in Kuka and then acquired the remaining 5 percent it did not yet own in the German industrial robot maker last November.
Electrolux owns the Electrolux, AEG, Zanussi, Frigidaire, Eureka, Flymo, and Husqvarna brands. It ranks fourth with around a 10 percent share of the western European market, according to a research report.
The Swedish firm reported a 3.6 drop in operating revenue to USD13.4 billion last year from 2021, with 34.5 percent of the total coming from Europe and 34.9 percent from North America. It turned a SEK4.7 billion (USD462.2 million) net profit into a SEK1.3 billion net loss in the period.
Midea posted CNY343.9 billion (USD49.7 billion) in operating revenue for 2022, up 0.8 percent from the year before, and CNY29.6 billion (USD4.3 billion) in net profit, a 3.4 percent increase.
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