Qingdao Haier Co (600690.SH) has temporarily withdrawn its bid for General Electric’s (GE.NY) white goods division and plans to resume it when there is a clear sign the US economy is on the mend, an inside source told the China Securities Journal
. A Haier spokesperson refused to comment. GE’s home appliance business earned US$7.2 billion last year. Estimates of its likely selling price range from US$4 billion to US$8 billion. GE put the unit up for sale in May, attracting interest from Haier, LG and Samsung. Haier lost a similar takeover bidding war for Maytag to Whirlpool in 2005. GE’s high-end home appliance market has been hit hard by the economic meltdown and plunging consumer confidence in the United States. Reuters
reported on this story Wednesday.