Queensland woos F. and P.

Press, 11 May 1989, Page 25

Queensland woos F. and P.

By MARK REYNOLDS, of PA Wellington Fisher and Paykel Industries, trying to stave off a hostile takeover by Australian whiteware rival, Email, is being courted by the Queensland government. The state government has proposed a site for Fisher and Paykel to build a new refrigerator manufacturing plant on, and may take a shareholding in the company to ensure the factory is built there, said managing director, Mr Gary Paykel, yesterday. But Mr Paykel dismissed speculation that the Queensland government would pick

up a 30 per cent stake in his company to be sold by Equiticorp International’s statutory managers. "Queensland is reasonably large — but not that large. They may buy some of the stake though,” Mr Paykel said. He regarded Queensland as a friendly suitor, unlike Email which has indicated it wants to buy the 30 per cent. According to an Australian newspaper report, a Queensland government official said Fisher and Paykel was offered land by the state at a discount price to build the proposed refrigerator plant on. The state administration was also interested in buying

the 30% stake in Fisher and Paykel, the report said. Email has indicated it wants to buy the shareholding, with the Commerce Commission due to issue an initial determination on its application to do so today. Fisher and Paykel regards Email’s interest as hostile because it would be shut out of the Australian whiteware market. Mr Paykel said a number of Australian institutions

friendly to his company had expressed interest in the stake. He confirmed a new manufacturing plant would be built by Fisher and Paykel in Australia but added that the company was looking at several sites in different states. Mr Paykel told NZPA that the Queensland government had offered Fisher and Paykel land but he rejected the report that the offer was at a discount price.