The Riello Group, a large Italian boiler and air conditioning system firm, is for sale. Binding offers are expected within two weeks—before the holidays—by advisor Bank of America, after the current shareholder, US giant Carrier Global Corporation, decided to divest its stake. Six groups, which submitted non-binding proposals one month ago, are currently under consideration: the Italian firm Ariston, supported by advisor Mediobanca; another Italian firm, Ferroli; the Chinese companies Midea, advised by Rothschild; and Haier, a global leader in home appliances, which has already acquired the Candy Group in Italy. Private equity funds that have entered the competition include the Belgian financial conglomerate Syntagma Capital and the German company Aurelius. The situation is also being actively monitored at the union and government levels to avoid manufacturing relocation. Riello, a historic Made in Italy company founded in 1922, as a parent group generates around 400 million euros in revenue.