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Thursday, October 04, 2012

Haier price: F&P R&D

-----NZ Herald:Shares in takeover target Fisher & Paykel Appliances firmed slightly after the company's independent directors rejected a $1.20 a share takeover from China's Haier, which already owns 20 per cent of the stock.
By 10.20 am, F&P Appliances shares were trading at $1.22, up 2c from Wednesday's close.
Australian fund manager Allan Gray, F&P Appliances' biggest shareholder after Haier, has already accepted the offer by virtue of a lock-up agreement, giving the Chinese firm an effective 37.46 per cent stake.
"The independent directors consider that Haier's offer of $1.20 per FPA share does not adequately reflect their view of the value of F&P Appliance based on their confidence in the strategic direction of the company," Turner said in a statement.
The independent adviser's opinion was that the full underlying value of the company's shares was in a range of $1.28 to $1.57 per share, he said.
Forsyth Barr broker David Price said the price action in F&P Appliances suggested the market was playing "a wait and see" game.

Is the NZ Super Fund going to take a blocking 10% stake in F&P? Or is this company in a few weeks just going to be another one of the assets of the People's Republic of China?

Haier can't get their hands on the IP side unless they have a complete takeover - from what I understand - and it is one of the main value propositions at F&P. Like all transactions with conduits of the Chinese government they will prove to have deep, cross-subsidised, currency-manipulated pockets and can out-bid any other player for any strategic assets they covet. The Chinese can and will pay a premium that cannot be matched - so to say they set the market price is not really true, they are above market price.



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At 5/10/12 9:20 am, Blogger Unknown said...

Can't help but think the sale of F&P will take a huge monkey off most kiwis backs. Their monopolistic retail market manipulation which saw NZ's paying a 300% surcharge on whiteware and electronics for many decades hass never been balanced by their employment practises which have always been sharp and expoitative.
Workers are the first to get laid off when things turn to shit.
F&P was never an efficient manufacturer or seller, it has always depended on corrupt relationships with politicians to allow it to fuck the rest of us up the ass.
The aussie shareholder (prolly a front man for the yachting n sydney hobart arm of this degenerate mob)will be hanging around waiting for a 'premium' for being a prick, he won't be concerned about anything else.
If f&P did stay outta chinese hands it would mean a continuation of the mendacity and greed which has characterised everything the fishers and paykels have ever touched. NZ needs to get rid of it, there is no other way of ridding NZ of these parasitical clans they are just too deeply entrenched. Hopefully they'll all fuck off to mexico or israel or wherever.
Next to go maybe it will be the Todds or Carters, it would certainly save the cost of a few bullets come the revolution.


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