New Zealand approves Haier acquisition

New Zealand’s Overseas Investment Office approved Chinese appliance maker Haier’s (600690.SH, 1169.HKG) US$762 million (NZ$927 million) bid for upmarket appliance manufacturer Fisher & Paykel Appliances (FPA.ASX), South China Morning Post reported. The deal, viewed as part of Haier’s aim to tap the higher-end market, will now go to FPA shareholders, who must decide whether to accept the offer by November 6. The company originally bid NZ$1.20 per share but increased its offer to NZ$1.28 earlier this month. “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,” Haier New Zealand chairman Liang Haishan said. FPA’s stock price increased by NZ$0.79 to NZ$1.275 shortly after the approval was granted.