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Whirlpool (WHR; Baa2/BBB-/BBB Neg) Follow up on potential bid from Robert Bosch (NR/A/A)

CONSUMER CYCLICALS

Below are the two questions we see related to Whirlpool in Q&A (may not be word-to-word);

  • Q: How are you planning on funding the takeover? Do you need to take on additional debt? and what about further acquisitions? what about whirlpool?
  • A: We will fund with our own resources and you won't hear us comment on market rumours so last part of question we won't comment on.


  • Q: Bosh has said several times it wants to acquire outside automotive. Do you have additional acquisitions and in what areas?
  • A: This will be our focus for next 12months, we just signed contracts we need move towards closing, that is focus of entire team. It is comprehensive transaction ..we plan to complete it over 12-months..it will use up all our strength.

  • Somewhat surprisingly WHR equities only -1.5% in (thin though) US pre-market and leaves it still +20% vs. pre-Bosch bid rumour levels.
  • As we said above we see fair probabilities tilted to the opposite end of where WHR €27/28s are pricing right now (i.e. circa 15-20bps wider).

Full Q&A (starts at 15min mark) here.
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