Whirlpool (NYSE: WHR) shares experienced a surge in premarket U.S. trading after news broke that German engineering group Robert Bosch is contemplating a potential takeover bid for the renowned appliances manufacturer. The reported bid, although uncertain at this stage, has sparked interest in the market.

Sources familiar with the matter revealed to Reuters that Bosch is in discussions with advisors regarding the possibility of making an offer for Whirlpool. With Whirlpool currently holding a market capitalization of nearly $4.8 billion, the potential bid signifies a significant move in the industry.

Bosch’s consideration of a takeover bid comes amidst heightened competition from Asian competitors in its home appliances sector. Meanwhile, Whirlpool is in the midst of strategic operational changes, including divesting its Middle Eastern and African units, as part of a broader restructuring initiative.

The news of a possible bid for Whirlpool has also had a positive impact on its peer, Electrolux (ST: ELUXb), whose stock price saw an uptick in European trading following the reports from Reuters.