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Haier Gets OK For Fisher & Paykel Takeover

Tue, 11/06/2012 - 8:14am

WELLINGTON, New Zealand (AP) -- Chinese home appliance giant Haier Group has secured the required 90 percent shareholder acceptance to execute a complete takeover of New Zealand's Fisher & Paykel Appliances.

Haier announced Tuesday it had reached the threshold, which means Haier can compulsorily acquire the remaining shares and delist the company from the New Zealand stock market.

Haier offered 1.28 New Zealand dollars ($1.06) per share after its initial offer of NZ$1.20 per share was rejected by Fisher & Paykel's board. The board recommended shareholders accept the higher offer, which valued Fisher & Paykel at NZ$927 million ($761 million).

The takeover allows Haier to gain access to technology pioneered by the small but well-regarded New Zealand appliance maker, such as the dish drawer dishwasher. The move may also improve Haier's access to certain markets.

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