Haier Group, a Chinese electrical appliance giant, announced on September 11 an offer for a full takeover of Fisher & Paykel Appliances Holdings Ltd. (F&P), New Zealand's largest whiteware manufacturer at 1.20 NZ dollars ($0.97) per share in cash. The deal is expected to reach F&P's shareholders within 30 days.

Haier already owns 20 percent of F&P and offered 869 million NZ dollars ($716 million) to buy the remaining 80 percent of the company.

Established in New Zealand in 1934, the company has manufacturing plants in New Zealand, the United States, Italy, Thailand and Mexico. Haier took a 20-percent stake in 2009.