Haier flags likely F&P Finance sale

China's Haier, bidding for full ownership of Fisher and Paykel Appliances, says it may sell its subsidiary Fisher and Paykel Finance

12th Sep 12, 10:52am by Gareth Vaughan

China's Haier has flagged a possible sale of Fisher & Paykel Finance should its takeover bid for the consumer lender's parent, whiteware maker Fisher & Paykel Appliances, succeed.

In its takeover notice filed to the stock exchange today, Haier says it plans to retain the existing material businesses of the Fisher & Paykel Appliances group of companies "other than there could be a potential divestment of the Fisher & Paykel Finance business."

Haier's comment about F&P Finance comes after interest.co.nz reported yesterday morning that the Chinese whiteware maker, which already owns 20% of F&P Appliances, was unlikely to regard F&P Finance as a core asset.

Last night Haier announced it will bid NZ$1.20 per share in cash for the 80% of Fisher & Paykel Appliances shares it does not already own.

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5 Comments

by Muppet King | 12th Sep 12, 11:37am 1347406645

Anyone own any FPA? I know I do :D

by Rob | 12th Sep 12, 2:49pm 1347418181

I think this is a bigger loss than us selling some farms to the chinese. It potentially will mean that F&P may move everything offshore eventually to where the main markets are, eg China and Europe. There will be no real reason for them to stay, and no real business reason IMO. Plus the loss of the IP including smartdrive and dishdraws etc, which are iconic products, and the F&P brand which is seen as a premium brand for them, with a long established history of relatively reliable products.

I think $1.20 is a good price for them, considering it's value before the GFC, and it is a good time for them to buy as things have begun to turn around.

by iconoclast | 12th Sep 12, 4:46pm 1347425174

Yes, they might sell it: but who to ??? try this

Chinese bank eyes growth in 'under-served' Australia

http://www.businessspectator.com.au/bs.nsf/Article/Chinese-bank-sees-room-for-growth-in-Australia-pd20120911-Y2P2J?OpenDocument&src=hp30

by ngakonui gold | 12th Sep 12, 5:27pm 1347427636

could Heartland be in the running to buy F&P FINANCE.

I NOTICE THAT THEIR SHARES HAVE BEEN GOING UP THIS WEEK

by Gareth Vaughan | 13th Sep 12, 9:19am 1347484799

Not until they get their banking rego sorted.