Haier's stake in NZ Fisher Paykel Appliances rising

Haier's stake in Fisher Paykel Appliances has increased to 52.39 percent after the Chinese whiteware company raised its takeover offer last week.

Last week, Haier increased its bid by 7 percent to 1.28 NZ dollars (1.05 U.S. dollars) per share, locking in another three institutional investors, Accident Compensation Corporation, Harbour Asset Management, and AMP Capital, who agreed to sell the 14.1 percent of F&P Appliances they collectively held.

Haier already has 20 percent of the company, and another major shareholder Allan Gray had earlier accepted the offer.

It said other shareholders have since accepted the higher offer.

In a notice posted to the NZX stock exchange on Tuesday morning, Haier said it has acquired 99,757,929 ordinary shares from investors since last Thursday, and its shareholding has now increased to 52.39 per cent.

F&P Appliance shares last traded at 1.265 NZ dollars each.