Haier acquires NZ appliance maker Fisher & Paykel

CHINA'S largest home appliance maker, Haier Group, said it has bought more than 90 percent shares of a small business rival, Fisher & Paykel Appliances, triggering a compulsory acquisition procedure to take over the remaining shares and delist the company.

This signals the latest move in Haier's long-term efforts to expand business overseas.

The Qingdao-based company said it now owns a 92.79 percent stake in the New Zealand home appliance maker after offering NZ$1.28 (US$1.06) per share, according to a stock exchange filing in Wellington today.

"We look forward to working with Fisher & Paykel Appliances during the next phase of the development and seeking opportunities for further collaboration to strengthen both brands," said Liang Haishan, chairman of Haier New Zealand Investment Holding Ltd.

Industry watchers noted that Haier has been eager to expand its businesses in overseas markets at a time of fierce competition from Gree and Midea in the local market.

Last month, it won regulatory approvals from both Chinese and New Zealand authorities for the takeover.

Haier already owned a 20 percent stake in Fisher & Paykel before making the latest bid and raised the offer to US$761 million in October.

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