Haier has signalled the possible sale of Fisher & Paykel Appliances’ finance unit if it succeeds in its bid for control of the Auckland-based company.

Shares of FPA jumped about 13 per cent to $1.17 on the NZX on Wednesday, nearing the $1.20-a-share offer price as investors concluded it will be hard for a rival bidder to emerge given Haier has already sewn up about 37 per cent of the target company.

The “potential divestment of the Fisher & Paykel Finance business” is listed among possible changes in Haier’s takeover notice.

“It will come down to whether they feel finance is a core activity or whether other people would be prepared to pay a higher price than what they think it is worth,” said Craig Brown, senior investment analyst at OnePath.

In the year ended March 31, the finance business generated $37.8 million of normalised earnings before interest and tax, more than three times the $11.3 million FPA earned from appliances.

FPA sees a recovery this year, with operating earnings from appliances of $35 million to $40 million, and earnings of $35 million to $38 million from the finance unit, whose products include the Farmers Finance Card and the Q card.

Chinese manufacturer Haier, FPA’s biggest shareholder with about 20 per cent, is aiming for a minimum 50 per cent acceptance and has agreement from Allan Gray Australia to sell its 17.46 per cent into the offer, giving Haier an interest in 37.46 per cent.

That “will make it difficult for anybody else to come in and gazump them,” OnePath’s Brown said.

“The key thing in the bid is that it’s only conditional on getting to 50 per cent,” said Matthew Goodson, portfolio manager at BT Funds Management. With Allan Gray’s stake locked up “$1.20 might get them there.”

The cash offer represents a 63 per cent premium over FPA’s stock price of 75 cents on Friday, before Haier disclosed its interest on Monday.