haier bids for fisher & paykel as it seeks growth - home appliances manufacturers in china
Chinese electronics maker Haier has launched a purchase of Fisher & Paykel, New Zealand, to boost its global presence.
Haier has offered New Zealand $869 ($710m; £440m), or NZ$1.
£ 20 per share as it has not yet owned a 80% stake in the company.
This is the 60% premium for the closing price of Fisher and Pike on September 7.
In the context of slowing global demand and increased competition, Haier has been seeking to boost growth.
Liang Haishan, director of Haier's New Zealand branch, said he believes the proposal will succeed.
"We believe that the opportunity to obtain cash and achieve a substantial premium above the current share price is attractive to shareholders of Fisher & Paykel applications, especially in the event of market volatility, the Associated Press quoted him as saying: "The recent economic uncertainty and the competitive nature of the global white home appliance industry. ".
China's Haier is one of the world's largest manufacturers of household appliances and electronics.
Its products range from refrigerators and washing machines to air conditioning and TVs.
However, as companies such as Samsung and LG in South Korea increase their global market share, competition in the industry has intensified over the years.
Analysts say if the acquisition is successful, Fisher & Paykel, a state-famous-of-
These art products may help Chinese companies gain a foothold.
This New Zealand company has valuable patents and has developed products such as a dishwasher with two drawers instead of one drawerdown door.
This feature has helped make its mark on the US market, one of the world's largest home appliances markets.
"Fisher and Pike will be an ideal company (Haier)
"In order to consolidate their existing business and use their technology," said Brian Geithner, director of asset management at Milford . ".
However, the proposal must be approved by the New Zealand authorities.