Haier takes control of NZ-based competitor
By Ding Yining |
November 7, 2012, Wednesday
|
Print Edition
Print Edition
CHINA'S largest home appliance maker Haier Group said it now has more than a 90 percent stake in Fisher & Paykel Appliances Holding Ltd, paving the way for a complete takeover.
The Qingdao-based company said it has control of 92.79 percent of the New Zealand-based home appliance maker after its NZ$1.28 (US$1.06) per share offer, according to a stock exchange filing in New Zealand yesterday.
The deal, valued at US$766 million, signals the latest step in Haier's long-term plan to expand in overseas markets.
"We look forward to working with Fisher & Paykel Appliances during the next phase and seeking opportunities for further collaboration between the two parties to strengthen both brands," said Liang Haishan, chairman of Haier New Zealand Investment Holding Co.
"The takeover is an important step for Haier to push forward its global brand strategy and the two parties are expected to bring consumers various types of products for differentiated needs," Liang added.
Haier received regulatory approval from both the China and New Zealand governments for the takeover last month.
Haier became a shareholder in Fisher & Paykel in 2009. Haier first made the tender offer in September and in October raised the bid to NZ$1.28 per share from NZ$1.20.
As a listed entity, F&P would be expensive and difficult to operate, making a takeover the best option for both entities.
The acquisition gives the Chinese company control of four plants ? one each in New Zealand, Thailand, Mexico and Italy.
Industry watchers said Haier has been eager to expand its business overseas.
The Qingdao-based company said it has control of 92.79 percent of the New Zealand-based home appliance maker after its NZ$1.28 (US$1.06) per share offer, according to a stock exchange filing in New Zealand yesterday.
The deal, valued at US$766 million, signals the latest step in Haier's long-term plan to expand in overseas markets.
"We look forward to working with Fisher & Paykel Appliances during the next phase and seeking opportunities for further collaboration between the two parties to strengthen both brands," said Liang Haishan, chairman of Haier New Zealand Investment Holding Co.
"The takeover is an important step for Haier to push forward its global brand strategy and the two parties are expected to bring consumers various types of products for differentiated needs," Liang added.
Haier received regulatory approval from both the China and New Zealand governments for the takeover last month.
Haier became a shareholder in Fisher & Paykel in 2009. Haier first made the tender offer in September and in October raised the bid to NZ$1.28 per share from NZ$1.20.
As a listed entity, F&P would be expensive and difficult to operate, making a takeover the best option for both entities.
The acquisition gives the Chinese company control of four plants ? one each in New Zealand, Thailand, Mexico and Italy.
Industry watchers said Haier has been eager to expand its business overseas.
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