May 9, 2018 / 12:00 PM / a year ago

Shares in Slovenia's Gorenje up 8 pct after takeover bids

LJUBLJANA, May 9 (Reuters) - Shares in Gorenje jumped by almost 8 percent in Wednesday morning trade after the Slovenian household appliances producer announced it had received three takeover bids.

The shares had gained 7.8 percent to 6.88 euros ($8.17) by 1116 GMT, after the announcement was made late on Tuesday. The blue-chip SBI index gained 0.5 percent.

Analysts said shares in Gorenje, which has a market capitalisation of about 156 million euros, could rise further in coming days as the market awaited a possible takeover deal.

Gorenje said on Tuesday it would examine the three bids and would announce further news on the process by May 15. It did not reveal the names of the bidders or the value of the offers.

Local brokerage Ilirika said it had filed a bid for Gorenje from China’s Hisense Electric, according to comments reported by the national Radio Slovenia. Ilirika officials could not be reached for comment.

The two other bidders were Chinese firms Haier and Hefei Meiling, local newspapers Finance, Delo and Dnevnik reported, adding that all three firms conducted due diligence in Gorenje in past weeks.

The three firms reported to be bidding were not immediately available to comment.

Gorenje, one of the largest Slovenian exporters, said last year it was seeking a strategic partner to increase cost efficiency and strengthen the brand.

$1 = 0.8422 euros Reporting by Marja Novak Editing by Edmund Blair

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