Chinese home appliance giant, Haier has acquired a 90 per cent stake in New Zealand's iconic appliance maker Fisher and Paykel.

The move has led to a compulsory takeover of the firm by the Chinese player. The announcement was made on the day when the shareholders had to accept Haier's $1.28-a-share offer for the company. Haier had increased the offer price from $1.20 a share in the previous year. The independent directors of the oldest manufacturers in New Zealand recommended the revised offer unanimously. The board had not accepted the earlier offer describing it as too low.

Haier already held a 20 per cent stake in the company and it had entered into an agreement with Allan Gray Australia to acquire its 17.46 per cent stake in the Fisher and Paykel. The Chinese firm thus increase its stake to about 37 per cent in Fisher and Paykel.

Meanwhile, Harbour Asset Management, with a 2.4 per cent stake, ACC with 7 per cent and AMP Asset Management with 4.5 per cent also entered into an agreement to sell their shares to Haier at the rate of $1.28 per share.

Haier New Zealand Investment chairman Liang Haishan said, "We look forward to working with Fisher & Paykel Appliances during the next phase of the development, and identifying opportunities for further collaboration between Fisher & Paykel Appliances and Haier and strengthening both brands and businesses."

The Auckland-based manufacturer will now be delisted from the New Zealand and Australian stock exchanges.