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End of an era for F&P as Haier takes control

It's the end of the road for Fisher & Paykel. Yesterday, Haier secured ownership of more than 90 percent of F&P Appliances' shares, which grants it the right to delist the company from the NZX.

It's the end of the road for Fisher & Paykel. Yesterday, Haier secured ownership of more than 90 percent of F&P Appliances' shares, which grants it the right to delist the company from the NZX.

Haier raised its offer from $1.20 a share to $1.28 last month (valuing the company at more than $900 million) and the Overseas Investment Office has rubber-stamped the deal.

Haier purchased a 20 percent stake in F&P Appliances in 2009. It has said it plans to expand the New Zealand R&D team and maintain manufacturing operations here.