Former FPA investors weigh up new options
Fisher & Paykel Appliances (FPA) will delist from the NZX next week, and former investors have already levelled their sights - and hundreds of millions of dollars - elsewhere.
Stocks attracting FPA cash include the Fonterra $500 million Shareholders Fund, Fisher & Paykel Healthcare, and Steel & Tube, which replaced FPA in the NZX 50.
Shares in FPA will cease trading on Thursday and the stock will exit from the NZX next Tuesday.
The move follows Chinese whiteware giant Haier securing almost 93 per cent of the company with its offer of $1.28 a share, triggering the right to buy the rest of FPA and delist it.
Kiwi investors will get the lion's share of the about $740m Haier paid for FPA shares, and at least $750m in bonds are also due to mature this quarter.
Craigs Investment Partners adviser Greg Easton said there was a lot of cash "sloshing around".
There was huge interest in the Fonterra Shareholders Fund, due to list on the NZX on November 30, while some FPA shareholders had reinvested their gains into Fisher & Paykel Healthcare.Fairfax NZ
Taranaki Daily News