BUSINESS

Electrolux Bids for Daewoo Electronics

Swedish home appliance maker Electrolux is bidding to buy Daewoo electronics. Electrolux is one of two preferred bidders with a deal expected in August.

"I can confirm that we have placed an indicative bid for the major appliances division of Daewoo that is non-binding," said spokesperson for Electrolux, Anders Edholm.

Daewoo Electronics produces mass market appliances including microwaves, refrigerators, vacuum cleaners and washing machines, and is South Korea's third-largest electronics goods maker. Electrolux is reported to be looking to expand in South East Asia.