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China's Haier offer goes unconditional on New Zealand whiteware manufacturer

(Xinhua)

09:51, November 01, 2012


WELLINGTON, Oct. 31 (Xinhua) -- New Zealand foreign investment regulators have approved Chinese appliance giant Haier's proposed takeover of one of New Zealand's oldest and most reputable whiteware makers, Haier announced Wednesday.

Haier New Zealand Investment Holding Company Ltd.'s offer for all the shares in Fisher & Paykel Appliances Holdings Ltd. was now unconditional, said a statement from Haier.

The approval of New Zealand's Overseas Investment Office was the final regulatory hurdle to be cleared for the transaction to proceed.

Liang Haishan, chairman of Haier New Zealand Investment and president of Haier White Goods Group, said Haier wanted to be very clear that it was considering no further increase to the offer price.

"The support of the Fisher & Paykel Appliances independent directors for our revised offer price, acceptances by major shareholders, and the generally positive market reaction are clear indications of the very good value of our offer," he said in a statement.

Haier said earlier Wednesday it had received approval to proceed with the transaction from the Commerce Bureau of Qingdao Municipal Government, which was the final Chinese regulatory approval required for transaction.


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