F&P shares leap after potential takeover offer

Shares in an iconic Kiwi company have leapt more than 30 percent on the sharemarket, with news of a potential takeover offer.

Fisher and Paykel Appliances' Chinese partner, Haier has expressed interest in buying out the company.

Haier already owns 20 percent.

Fisher and Paykel's chairman, Keith Turner, says no firm offer has been made yet.

"They have undertaken a limited amount of due diligence. We have put that material release to them out to the market so everyone is fully informed as they are."

He says shareholders should take no action at the moment.

Mr Turner says the two companies have had a close relationship.

"Looking back at the last three years, they stepped in to invest in the company at a time that was really critical to Fisher and Paykel. The two companies have worked well together - Fisher and Paykel is a distributor of Haier products in New Zealand and Australia and Haier is a customer of Fisher and Paykel."

Photo: NZ Herald