Haier to make offer for Fisher & Paykel

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Haier to make offer for Fisher & Paykel

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Haier indicates it will make a full takeover offer for New Zealand competitor Fisher & Paykel.

10 September,2012 11:23 am

Chinese’s 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 1 New Zealand dollar (81 cents), placing the companys value at 724 million New Zealand dollars ($586 million).Fisher & Paykel said in a statement that Haier plans to make a cash offer which would be at a premium to Fisher & Paykels share price before the announcement. Haier has yet to make a formal offer.Haier is one of the worlds largest appliance manufacturers, employing 80,000 people and with annual revenues of more than $23 billion.