Analysts say a hefty slump in Fisher & Paykel Appliance's share price could make the whiteware maker an attractive takeover target.
The company's shares are trading at a 2½ year low of 36 cents each,after its annual profit slumped 90% to $976 million. Its stock has lost 35% of its value so far this year.
Substantial foreign shareholders in New Zealand Farming Systems Uruguay and PGG Wrightson took advantage of weak share prices to boost their holdings to 87% and 51% respectively.
Morningstar Research senior equities analyst Nachi Moghe says Fisher & Paykel Appliance's current share price makes it an attractive target for foreign investors.
Mr Moghe says the company's cornerstone shareholder, Haier of China, is likely to show particular interest. Haier has 40% of the company already.
Forsyth Barr research director Andrew Harvey-Green says he has not heard any rumours that the company is a potential target, but he agrees Haier is the most likely candidate.
