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New Zealand regulator approves Haier's bid for Fisher & Paykel

WELLINGTON -- Chinese appliance giant Haier said Wednesday that New Zealand's Overseas Investment Office had approved its takeover bid for white goods manufacturer Fisher & Paykel Appliances (FPA).

Haier said it was the final regulatory approval needed for the NZ$927 million (US$762 million) takeover to proceed and FPA shareholders had until Nov. 6 to accept the offer.

Acquiring the up-market appliance maker is seen as part of Haier's strategy to expand its reach with higher-end products, improving China's reputation for churning out mostly cheap, low-quality goods.

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