23 Oct 2012

Haier's stake in appliance company rising

12:04 pm on 23 October 2012

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

Last week Haier increased its bid by 7% to $1.28 per share, locking in another three institutional investors, ACC, AMP Capital Investors and Harbour Asset Management, which combined hold 14% of Fisher Paykel Appliances.

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

It says other shareholders have since accepted the higher offer.