The shares were up 9 percent at 5.60 euros at 11.58 GMT.

Gorenje declined to provide further details. It plans to update on the process on March 15. The company is expected to allow one or more bidders to perform due diligence before filing a binding bid.

Last year, Gorenje, one of Slovenia's largest exporters, said it was seeking a strategic partner to improve cost efficiency and strengthen the brand. Japan's Panasonic, which had looked at making a takeover bid for Gorenje, decided against the idea in November 2016. It owns almost 11 percent of the company.