Haier to buy all of NZ firm's shares

Haier Group, a home appliance company, announced on Tuesday that it wants to buy all shares in Fisher & Paykel Appliances Holdings Ltd that it does not already hold for NZ$1.20 ($0.97) apiece.

The offer is to open in the next 14 to 30 days, according to a statement from Haier.

Haier became a shareholder of Fisher & Paykel in 2009, with about a 20 percent stake in the company.

"Haier will profit from the closer alliance with Fisher & Paykel Appliances," said Liang Haishan, director of Haier and president of Haier White Goods Group.

Chen added that, amid the current economic slowdown, resolving trade frictions through negotiations would be a win-win situation.