Breaking News, World News and Taiwan News.

China's Haier makes US$704 million takeover bid for NZ's Fisher & Paykel

WELLINGTON, New Zealand -- Chinese home appliance giant Haier Group has launched a US$704 million takeover bid for New Zealand's Fisher & Paykel Appliances.

Haier, which already owns 20 percent of Fisher & Paykel, is offering NZ$1.20 per share for the remaining 80 percent of the company. The cash offer values the company at NZ$869 million (US$704 million). The offer was announced after the New Zealand stock market finished trading Tuesday.

The takeover is contingent on Haier gaining a controlling 50-percent stake and clearing regulatory hurdles. Liang Haishan, a director of Haier's New Zealand branch, said in a statement that Haier had reached a lock-up agreement with Allan Gray Australia Ltd, the next largest shareholder after Haier, for its 17.46-percent stake. That leaves Haier less than 13 per

Write a Comment
CAPTCHA Code Image
Type in image code
Change the code
 Receive China Post promos
 Respond to this email
WSJA
Subscribe  |   Advertise  |   RSS Feed  |   About Us  |   Career  |   Contact Us
Sitemap  |   Top Stories  |   Taiwan  |   China  |   Business  |   Asia  |   World  |   Sports  |   Life  |   Arts & Leisure  |   Health  |   Editorial  |   Commentary
Travel  |   Movies  |   TV Listings  |   Classifieds  |   Bookstore  |   Getting Around  |   Weather  |   Guide Post  |   Student Post  |   English Courses  |   Terms of Use  |   Sitemap
  chinapost search