China’s Haier now has control of Fisher & Paykel Appliances, finishing up a nearly two-month takeover battle.
The Qingdao-based Haier bought a fifth of Fisher in 2009, at a time when it was $500 million in debt. Haier’s bid was launched in September, and with its success comes access to the New Zealand company’s manufacturing innovations and technology, including the unique dish drawer in dishwashers.
The revised offer of $1.28 per share was good enough to secure over 90 per cent ownership, triggering a compulsory acquisition under New Zealand’s laws.
"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," said Haier NZ Investment Holding Co chairman Liang Haishan late last month.
The New Zealand Herald reports that the Chinese company will leave Fisher’s Auckland manufacturing operations untouched, and will expand research and development in NZ.
“We look forward to working with Fisher & Paykel Appliances during the next phase of the development, and identifying opportunities for further collaboration between Fisher &Paykel Appliances and Haier and strengthening both brands and businesses,” said Haishan in the company's statement.