Electrolux shares jump 10% on Chinese takeover approach

Home appliance giant Midea made a preliminary takeover approach in recent weeks, according to reports

Jonas Samuelson, president and chief executive at Electrolux.

Shares in Electrolux jumped as much as 10% on news the Swedish home appliance maker has attracted a takeover approach from China’s Midea Group.

It was reported home appliance giant Midea made a preliminary takeover approach in recent weeks. Electrolux has so far not been receptive to the proposal, according to people with knowledge of the matter.