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F&P shares soar following Haier takeover approach

F&P shares soar following Haier takeover approach
It's one of our most iconic Kiwi companies, but Fisher & Paykel could fall into foreign hands if overtures by 20 percent shareholder Haier progress further.

It's one of our most iconic Kiwi companies, but Fisher & Paykel could fall into foreign hands if overtures by 20 percent shareholder Haier progress further.

F&P Appliances says China's Haier has approached it expressing interest in making a takeover for the company, in which a potential cash offer would be at a "premium" to F&P's current share price.

This morning F&P shares climbed 40 percent to $1.05 for a market capitalisation of $760 million.

F&P has agreed for Haier to undertake limited commercial and financial due diligence, and provided extracts from its five-year strategic plan, after Haier said it would approach three of F&P's largest shareholders about the possible takeover offer.

F&P's biggest shareholders are Orbis Investment Management, ACC, and AMP Capital Investors.