Bosch sets its sights on Whirlpool

German engineering group Robert Bosch GmbH is considering making a bid to buy US appliance maker Whirlpool in a move that would strengthen its position in the white goods market, Reuters reported.

One of three sources familiar with the matter said Bosch is in talks with advisers to make a takeover offer for Whirlpool, which has a market capitalization of about $4.8 billion, but it is not certain whether the offer will be made.

Whirlpool, which has undergone a restructuring process in recent years, transferred its European operations to a new company controlled by Arçelik and divested its operations in the Middle East and Africa.

Following the news, Whirlpool shares rose up to 14 percent in pre-market trading, while Arçelik shares rose more than 2 percent.