Sweden's Electrolux Bids for Daewood Electronics

Swedish appliance maker Electrolux AB says it has made a bid for Daewoo Electronics Corp. of South Korea.

Electrolux spokesman Anders Edholm said Tuesday that “we can confirm we’ve made an indicative offer” but declined to comment on the amount of the bid.

Daewoo Electronics, South Korea’s third-largest electronics goods maker by sales, has been under a creditor-led debt-rescheduling program since 2000 after amassing huge debts.

Stockholm-based Electrolux is a leading manufacturer of household appliances including refrigerators, stoves and washing machines.