Chinese home appliances brand Haier is eyeing to buy up the remaining stake in New Zealand-based Fisher & Paykel.

Haier, which currently holds 20 per cent stake in Fisher & Paykel, has approached the three biggest shareholders Allan Gray Australia which holds 17 per cent stake, Accident Compensation Corporation with 7.5 per cent and AMP Capital Investors with 5.2 per cent, to acquire their shares.

The cash offer price is said to represent a premium to Fisher & Paykel’s current share price. Fisher & Paykel has agreed to allow Haier to conduct limited due diligence, however, it clarified that the approach will not guarantee that the deal will be agreed.

“There can be no certainty that an offer for shares in Fisher & Paykel Appliances or any other transaction will result,” said the statement.

Haier purchased its stake in Fisher & Paykel in 2009. The partnership has benefited both companies, as Haier tapped the Australian market through Fisher & Paykel’s networks and Fisher & Paykel has moved into the Chinese market.

Fisher & Paykel has built a strong network of retail stores and showrooms in markets including Australia, the US and Vietnam.

GB