Shares in Fisher & Paykel Appliances jumped 48.5% this morning on news Chinese appliance company Haier will take a 20% stake in the Auckland-based whiteware maker.

Haier, China’s biggest home-appliance maker, will invest up to $82 million in F&P appliances spending an initial $46 million for a 17% stake.

Shareholders, including Haier, will then be offered another share for every one held at 41c each.

F&P Appliances hopes to raise a total of $189 million from the placement and rights issue.

Two Haier nominees will be appointed to the F&P Appliances board. Haier gets exclusive marketing and distribution rights of F&P products in China while F&P Appliances will have exclusive marketing and distribution rights for Haier products in Australasia.

Shares in F&P Appliances leapt 32c to 98c this morning having traded as low as 36c since the market was told of the company’s debt problems.