China's Haier, partners drop Maytag bid

Reuters ^ | July 19, 2005 | Michael Flaherty

[ConservativeStatement]

NEW YORK (Reuters) - Haier Group, China's largest appliance maker, and its two private equity partners have dropped out of the $1 billion-plus bidding race for Maytag Corp., Maytag said on Tuesday.

The prospect of a Haier takeover helped stir anti-Chinese sentiment in the U.S. over Asian companies gobbling up U.S. businesses. That concern has been stoked by a bid by China oil company CNOOC Ltd. to buy California-based Unocal Corp. for $18.5 billion.

[ZOOKER]

Gee, I was so looking forward to ads featuring "Mr. Rone-Ree"...

[Nick Danger]

I figure I'd better post this now; I may never get another chance.

[Solamente]

Damn! You guys beat me by seconds!

[oceanview]

let the chinese develop their own brands, instead of buying US companies, gutting them and offshoring them, but keeping the brand name so americans still think they are buying a US product.

[cynicom]

Maybe the communists have enough money to buy Wal Mart and cut out the middle man. That way prices could really be low everyday.

[Thumper1960]

"The prospect of a Haier takeover helped stir anti-Chinese Communist/human slavery sentiment in the U.S. over Asian dictatorial Communist companies gobbling up U.S. businesses.

Never *assume* a MSM "journalist" would get the facts correct.

[fjsva]

After taking 4 visits & 2 weeks to repair a $1500 Maytag refrigerator the Chinese can have the company.

4 year old fridge and already $900 in repairs. I will never buy Maytag again.

[Capriole]

They're all the same. If you'd bought Kenmore, KitchenAid, Whirlpool, LG, Frididaire, Hotpoint, or SubZero, you'd have ended up doing the same thing. It's getting to the point that major appliances that cost thousands are considered to be as disposable as DVD players that cost $75: it's cheaper to throw them away than fix them.

[Last Dakotan]

let the chinese develop their own brands, instead of buying US companies, gutting them and offshoring them, but keeping the brand name so americans still think they are buying a US product.

How does this differ from what American companies do themselves?

[Fishing-guy]

The irony is that if an American competitor buys Maytag, it probably with lay off all the duplicate personnel and then immediately move the production to China. If a Chinese company buys Maytag, they will keep all the management and support people around.

[taxesareforever]

Whew, I was getting scared that we would be bombed with washers and dryers.

[fjsva]

I agree. Our 10 year old, $300 freezer in the garage is still going strong. Not one problem.

Our $1500 Maytag is a piece of junk. Can't go a year w/o a problem and their factory service is horrible. First time I bought a service contract for an appliance. Glad I did.

[oceanview]

I believe Buick sells in China - as Buick. Let China develop its own brand names. Instead, they are trying to bring cars into the US as "Cherry", GM is having to sue them as choosing a name close to "Chevy".

[Happy2BMe]

Maytag is too hot for Chicoms to handle.

(Mebbe next year?)