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Haier may take over NZ firm
Source: Agencies |
September 11, 2012, Tuesday
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Print Edition
Print Edition
CHINA'S growing economic reach in the South Pacific took another step yesterday when home appliance giant Haier indicated it would make a full takeover offer for smaller New Zealand competitor Fisher & Paykel Appliances.
Haier already owns 20 percent of Fisher & Paykel, which also makes home appliances, including stoves, refrigerators, washing machines and dishwashers. The 78-year-old New Zealand company was hailed locally for decades as a success story, although it has struggled in recent years against tough market conditions and a high New Zealand dollar.
The news yesterday prompted Fisher & Paykel shares to soar 33 percent to NZ$1 (81 US cents), placing the company's value at NZ$724 million.
Fisher & Paykel said in a statement that Haier plans to make a cash offer, which would be at a premium to Fisher & Paykel's share price before the announcement.
Haier has yet to make a formal offer.
Fisher & Paykel's Chairman Keith Turner said that Haier has been in recent discussions with the company's major shareholders and that he expects any bid from Haier would come within the next few days.
Haier already owns 20 percent of Fisher & Paykel, which also makes home appliances, including stoves, refrigerators, washing machines and dishwashers. The 78-year-old New Zealand company was hailed locally for decades as a success story, although it has struggled in recent years against tough market conditions and a high New Zealand dollar.
The news yesterday prompted Fisher & Paykel shares to soar 33 percent to NZ$1 (81 US cents), placing the company's value at NZ$724 million.
Fisher & Paykel said in a statement that Haier plans to make a cash offer, which would be at a premium to Fisher & Paykel's share price before the announcement.
Haier has yet to make a formal offer.
Fisher & Paykel's Chairman Keith Turner said that Haier has been in recent discussions with the company's major shareholders and that he expects any bid from Haier would come within the next few days.
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