Haier rumoured to have suspended GE bid

Qingdao Haier Co (600690.SH) has temporarily withdrawn its bid for General Electric’s (GE.NY) white goods division and plans to resume it when there is a clear sign the US economy is on the mend, an inside source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.