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May 27, 2017

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Mainland's Haier to make takeover offer for competitor Fisher & Paykel

WELLINGTON, New Zealand -- Chinese home-appliance manufacturer Haier indicates it will make a full takeover offer for New Zealand competitor Fisher & Paykel.

Haier already owns 20 percent of Fisher & Paykel, which also manufactures home appliances including washing machines and dishwashers.

The news announced Monday sent Fisher & Paykel shares up 33 percent to NZ$1 (81 U.S. cents), placing the company's value at NZ$724 million (US$586 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.

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