Whirlpool in Partnership with Elica
December 18, 2007
Cleary Gottlieb represented Whirlpool Corporation, the global appliance industry leader, in its partnership with the Italian listed company Elica S.p.A., a global leader in the cooker hoods market. Cleary Gottlieb advised on Whirlpool Europe S.r.l.’s acquisition of a five percent equity stake in Elica with an option to buy, over a period of 18 months, an additional ten percent, and the execution of a shareholders’ agreement between Whirlpool Europe and FAN S.A., the controlling shareholder of Elica. The partnership transaction also involved an agreement for the supply of cooker hoods by Elica to the Whirlpool group in the North American, European, African and Middle Eastern markets. The agreements were signed on December 10 and Whirlpool Europe’s acquisition of the Elica stake closed on December 18.