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Haier Group to acquire Fisher & Paykel Appliances for US$ 704 mln

Sep. 12, 2012 (China Knowledge) - Haier Group, a leading Chinese white goods manufacturer, has announced its plan to acquire New Zealand-based Fisher & Paykel Appliances Holding Ltd for NZ$869 million or US$704 million, sources reported.

Haier Group offered an acquisition price of NZ$1.2 per share, representing a premium of 14% over Fisher & Paykel Appliances' closing price on Tuesday.

Three years ago, Haier Group bought 20% stake in Fisher & Paykel Appliances for about NZ$80 million or US$65 million and became the company's largest shareholder.

Besides producing refrigerators, washing machines, dish-washers, the seller also has manufacturing in automated production equipment and a profitable consumer finance division. It is said that the acquirer may sell the consumer finance business after completing the acquisition.

Last year, Haier’s HK-listed unit offered to buy Panasonic Corp’s Sanyo Electric washing machine and refrigerator businesses in Japan and Southeast Asia for US$ 130 million immediately after an investment in the form of convertible bonds by U.S-based Carlyle Group at US$ 194 million.

Haier had earlier, teaming with Bain Capital and Blackstone Group, failed in an attempt to acquire U.S. white-goods maker Maytag in 2005.
In the fiscal year ended Mar 31, Fisher & Paykel Appliances realized NZ$891 million or US$723.9 million in revenue, while, Haier Group booked US$23.3 billion in revenue last year.

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