“KAD, a sate-run fund, accepted Tuesday Chinese group Hisense’s takeover bid for Slovenian household appliances maker Gorenje, deciding to sell its 16.37% stake, Gorenje said in a release after KAD had notified it of its decision.

Once the transaction is completed, KAD will no longer have a stake in the Velenje-based company.

Hisense published the takeover bid, which expires today, on 29 May, offering 12 euro per Gorenje share, and has since acquired more than two thirds of the company.

Before that, KAD was the largest single owner.

Since its stake in Gorenje is classified as “an important investment” in the state asset management strategy, selling it would require parliament’s changing the strategy.” (Slovenia Times)