| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 30 October 2012 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to 100% of the shares of Fisher & Paykel Appliances Holdings Limited, the consideration of which exceeds $100m. |
| Consideration | Up to $741,616,806 |
| Applicant | Haier (Singapore) Management Holding Co Pte Ltd Haier Group Corporation, China, People's Republic of (100.0%) |
| Vendor | Existing shareholders of Fisher & Paykel Appliance Holdings Limited other Haier (Singapore) Management Holding Co. Pte Ltd Various New Zealand Individuals, New Zealand (62.3875%) Allan Gray Australia Pty Limited, Australia (21.825%) Accident Compensation Corporation (8.9875%) AMP Capital Holdings Limited, Australia (6.8%) |
| Background | The Applicant currently owns 20% of the shares in Fisher & Paykel Appliances Holdings Limited (“Fisher & Paykel Appliances”) and seeks to acquire the remaining shares. The Applicant is a wholly owned subsidiary of the Haier Group Corporation, a multinational consumer electronics and home appliances manufacturer. The core products manufactured include refrigerators/freezers, washing machines, air conditioners, dishwashers and televisions. The Applicant considers the Fisher & Paykel Appliances business to be highly complementary to its existing business, and that the overseas investment is consistent with its global branding strategy of positioning the company as a local brand in different world markets. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Stephen Ward Simpson Grierson PO Box 2402 WELLINGTON 6140 |