UPDATE 1-BSH bids for Poland's Zelmer to boost E.Europe presence
(Adds shares, details, background)
WARSAW Nov 14 (Reuters) - German appliance maker Bosch-Siemens Hausgeraete (BSH) launched a 608-million zloty ($185 million) takeover bid for Poland's Zelmer in a move to expand its position in eastern European markets.
Shares in the Polish home appliances company surged 27 percent to 39.11 zlotys on Wednesday after BSH -- a joint venture of German car supplier Robert Bosch and engineering conglomerate Siemens -- offered 40 zlotys per share, or 30 percent more than Tuesday's closing price.
Zelmer, which traces its roots to 1937 and was a well known local brand under communism, is controlled by private equity group Enterprise Investors (EI).
EI has agreed to sell BSH its 49-percent stake in Zelmer, which put itself up for sale in August.
Zelmer's portfolio of kitchen appliances and vacuum cleaners complements BSH's focus on larger household devices such as dishwashers and ovens that gave it the top position in the Polish sector.
Zelmer derives nearly 40 percent of its sales from neighbouring Ukraine and Russia, helping to boost BSH's presence in the promising eastern markets.
In the 12 months to Sept. 30, Zelmer had sales of about 700 million zlotys and a core profit (EBITDA) of 74 million.
BSH will launch its offer for all Zelmer shares on Dec. 4.
Zelmer was advised by Societe Generale and BSH by Credit Agricole and Bank Zachodni WBK, which is managing its public tender. ($1 = 3.2857 Polish zlotys) (Reporting by Chris Borowski)
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