Haier poised to take over Fisher &Paykel

Haier Group, China's leading home appliance maker, announced Thursday that it is poised to complete a takeover bid for New Zealand manufacturer Fisher & Paykel Appliances after it sweetened an earlier offer.

The takeover bid will not be finalized until Haier receives regulatory approvals and complete all the share sales. Haier said it had nailed down an agreement to acquire a 51.6 percent stake in the small and well-regarded company, which will secure its control.

Haier boosted its initial offer of NZ$1.20 per share to NZ$1.28. The offer values Fisher & Paykel at NZ$927 million ($761 million).