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MARKET CLOSE: NZ shares rise: F&P Appliances on bid talk

MARKET CLOSE: NZ shares rise, led by F&P Appliances on takeover talk

Sept. 10 (BusinessDesk) - New Zealand shares rose, led by Fisher & Paykel Appliances, which soared to a four-year high after major shareholder Haier of China indicated it may buy the whole company. Telecom paced declining stocks.

The NZX 50 Index rose 4.72 points, or 0.1 percent, to 3726.90. Within the index, 20 stocks rose, 26 fell and four were unchanged. Turnover was $88 million.

Shares in Fisher & Paykel Appliances climbed 29 percent to 97. Haier, which currently owns 20 percent of the Auckland-based firm, has indicated it may offer to buy the whole company and has approached three other major investors. No price was given for the possible takeover, the ovens, fridges and dishwashers manufacture said. It was described as a potential cash offer.

"It's early days given it is an indication - it's really a watch this space," said Mark Lister, head of private wealth research at Craigs Investment Partners. "One would presume it will be at a pretty premium compare to where the price opened before the bid - something a little north of a dollar would be what people will be looking at."

The gainers were paced by PGG Wrightson, New Zealand's largest agricultural company, up 5.9 percent to 36 cents. Heartland, the would-be-bank, gaining 5.3 percent to 60 cents. Goodman Fielder, the food ingredients maker, fell about 3 percent to 65 cents.

Fletcher Building, New Zealand largest listed construction company, rose 0.8 percent to $6.55.

Telecom, New Zealand's largest listed company, fell 1.6 percent to $2.44. The stock has gained about 20 percent this year. Simon Moutter, the telecommunications company's chief executive, has stepped down from the board of Telecom's debt-issuing unit to focus on running the firm’s main operations, effective immediately.

"There is not anything to worry about - it is sensible that he focuses on the main Telecom - it's pretty procedural," Lister said.

Argosy Property, whose shareholders agreed to corporatise the company after buying out its ANZ Bank-owned manager last year, fell 2.8 percent to 87 cents.

Pyne Gould’s shares were unchanged at 30 cents, having shed 12 percent this year. The High Court has ruled the Financial Markets Authority raid for information against Pyne Gould and its trustee unit Perpetual Group was unlawful, though the market watchdog doesn't have to return the information.

(BusinessDesk)

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