NZ whiteware maker to be delisted after Haier takeover

One of New Zealand's oldest and most reputable whiteware makers will be delisted from the New Zealand stock exchange, the NZX, this week following its takeover by Chinese appliance giant Haier.

Fisher & Paykel Appliance Holdings Ltd. issued a notice to the NZX Monday to say Thursday would be the last day of trading in its shares.

Fisher & Paykel Appliances would be delisted and its shares would no longer be quoted on the NZX main board after the market's close on Nov. 27, said the notice.

Haier New Zealand Investment Co. Ltd. issued a compulsory acquisition notice to all outstanding Fisher & Paykel Appliances shareholders on Nov. 15 after announcing earlier this month that it had secured 90 percent of the shares.

Fisher & Paykel Appliances Holdings, the parent company of Fisher & Paykel Appliances and Fisher and Paykel Finance, is listed on the New Zealand and Australian stock exchanges and employs more than 3,300 staff worldwide.

Established in New Zealand in 1934 and first listed in 1979, the company has manufacturing plants in New Zealand, Italy, Thailand and Mexico.

Last month, New Zealand foreign investment regulators approved Haier's proposed takeover, clearing the final regulatory hurdle for the transaction to proceed.

Haier first offered 1.20 NZ dollars (98 U.S. cents) a share on the table in September, but that was raised to 1.28 NZ dollars last month, claiming the new offer price represented a 71-percent premium to the pre-offer share price.

Based in Qingdao, Shandong Province, Haier acquired 20 percent of Fisher and Paykel Appliances in 2009, establishing cooperation agreements in research and development, sourcing, manufacturing and marketing.