29 May 2009

Clayton Utz advises on trans-Tasman deal

Sydney, 29 May 2009: Clayton Utz has advised global appliance company Haier Group Corporation on an equity raising agreement with Fisher & Paykel Appliances (FPA).

Under the $A36.6 million deal, Haier will take a 20 percent stake in FPA with the companies entering into a co-operation agreement setting out the areas where they will work together for mutual benefit.

Corporate M&A partner John Elliott led the Clayton Utz team advising on the Australian aspects of the matter. The team included partner Michael Corrigan who provided Haier with competition law advice.

Commenting on the transaction, John said: "Although FPA is a New Zealand company it is listed on the ASX so there were a lot of listing rule issues for our team to consider in structuring the agreement."

Based in China, Haier is the world's fourth largest whitegoods manufacturer.

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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.