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S.Korea LG mulling GE appliance unit bid: report

Thu Jun 12, 2008 8:40pm EDT

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SEOUL, June 13 (Reuters) -- South Korea's LG Electronics (066570.KS) is considering a bid for General Electric's (GE.N) appliance business and is likely to hire an investment bank to help with the deal, the Financial Times reported on Thursday.

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The FT reported that senior LG executives had recently returned from a fact-finding mission to the U.S., citing a person familiar with the matter.

An LG spokeswoman on Friday reiterated that LG was monitoring the situation and called the story "speculation."

Last month, LG's chief executive said the company was closely watching developments surrounding the potential sale but declined to comment further.

A day later, GE Chief Executive Jeff Immelt named LG, China's Haier Electronics Group Co Ltd (1169.HK), Mexico's Controladora Mabe, Sweden's Electrolux (ELUXb.ST) and Turkey's Arcelik (ARCLK.IS) as contenders to buy its appliance business, which is valued at $4-$8 billion.

(Reporting by Marie-France Han; Editing by Jonathan Hopfner)

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