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Whirlpool (WHR; Baa2/BBB-/BBB) potential bid from Robert Bosch (RBOSGR: NR/A/A)

CONSUMER CYCLICALS
"*ROBERT BOSCH WEIGHS BID FOR WHIRLPOOL: REUTERS
WHIRLPOOL SHARES JUMP 9.2% IN PREMARKET TRADING" - bbg


  • Has Euro 26-28s, CoC at 101 but unlikely to be triggered; Robert Bosch is high-grade (NR/A/A) and non-IG ratings are required for CoC trigger.
  • RBOS had €7.4b of cash and other €14.5b in financial assets. That was against €3.2b in schulds, €6.5b in bonds and $1.2b in US private placements. It left net financial position (including pension provisions) at positive €5.3b. All figures at end of last year. EV of Whirlpool is $12.2b (€11.4b).
  • Reuters article quoted "3 people familiar with matter" saying it was "weighing a bid" and was not certain offer would be made. Bosch refused to comment.

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