China's Haier Eyes New Zealand Appliance Maker(Fisher & Paykel)
By LUCY CRAYMER in Wellington, New Zealand, And LAURIE BURKITT in Beijing
Chinese appliance maker Haier Group Corp. has expressed an interest in making a takeover offer for Fisher & Paykel Appliances Holdings Ltd., FPA.NZ +28.00%the New Zealand company said, a move that highlights Chinese companies' growing interest in expanding overseas.
F&P Appliances said in a statement to the New Zealand stock exchange that Haier, which already owns a 20% stake in the company, said it was approaching F&P Appliances' three largest shareholders regarding a possible takeover offer and was undertaking limited due diligence on the company.
No financial details have been disclosed, but F&P Appliances said 'the potential cash offer price indicated by Haier would represent a premium to Fisher & Paykel Appliances' current share price.' A spokesman for Haier declined to comment.
Shares of Fisher & Paykel surged 29% to 97 New Zealand cents (about 79 U.S. cents) on Monday. It had a market capitalization of US$569 million after it disclosed Haier's interest.
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