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Haier has 90 pct of F&P Appliances, Moves to Clean Up Rest

November 13, 2012

Chinese appliance maker Haier had control of more than 90 percent of New Zealand's Fisher and Paykel Appliances Ltd and will move to compulsorily acquire the rest, the companies said on Tuesday.

Haier had 92.8 percent of the New Zealand company and would now scoop up the remaining minority shareholders under takeover rules to complete its NZ$927 million ($766 million) takeover.

"We are delighted that a significant majority of shareholders have recognised the value of our offer," Liang Haishan, President of Haier Whitegoods said.

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