China's Haier mounting takeover for NZ's F&P Appliances
WELLINGTON (Reuters) - New Zealand kitchen and laundry appliance maker Fisher and Paykel Appliances Ltd FPA.NZ said it has received a takeover approach from its largest shareholder, China's Haier Electronics Group Co Ltd (1169.HK).
Fisher and Paykel, New Zealand's biggest appliance manufacturer, said it had been advised by Haier, which owns 20 percent of the company, that it would approach three of Fisher and Paykel's largest shareholders over the weekend about a possible takeover.
It said it had yet to receive an offer from Haier, adding that the Chinese firm had indicated that any potential cash offer would represent a premium to F&P Appliances' current share price.
Shares in F&P Appliances closed at $0.750 on Friday, its highest since September 2009 and valuing the company at around NZ$540 million ($437.70 million). Shares were indicated to open higher on Monday.
Known for its double-door dishwashers and smart washing machines, F&P Appliances has moved most of its manufacturing to low cost Mexico and Thailand. It also has a consumer finance business.
Last month, it announced a surge in net profits for the first four months of the year and said it would resume dividend payments this year.
It expects full year operations earnings of NZ$70 million-NZ$78 million before taxes for the current year.
($1 = 1.2337 New Zealand dollars)
(This story was refiled to remove extraneous words in the second paragaraph)
- White House reverses, says Obama met uncle and lived with him during law school
- U.S. television, Twitter, alive with new version of 'Sound of Music'
- South Africans, some fearful, wake to life without Mandela |
- RPT-UPDATE 1-Ford leans on global Mustang to burnish overseas image
- Ford leans on global Mustang to burnish overseas image