Chinese appliance giant Haier said Wednesday that New Zealand’s Overseas Investment Office had approved its takeover bid for whitegoods manufacturer Fisher & Paykel Appliances (FPA).
Haier said it was the final regulatory approval needed for the NZ$927 million ($762 million) takeover to proceed and FPA shareholders had until November 6 to accept the offer.
Acquiring the upmarket appliance maker is seen as part of Haier’s strategy to expand its reach with higher-end products, improving China’s reputation for churning out mostly cheap, low-quality goods.
Haier took a majority state in FPA earlier this month after lifting an opening bid of NZ$1.20 a share to NZ$1.28, an offer FPA independent directors unanimously recommended.
Haier New Zealand chairman Liang Haishan said there was no prospect of the offer being increased.
“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,” he said in a statement.
