New Zealand regulator approves Haier's bid for Fisher & Paykel
November 1, 2012, 11:49 am TWN
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.