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Germany's Kuka confirms China's Midea Group bid for more shares

Xinhua, May 19, 2016 Adjust font size:

China's home appliances manufacturer Midea Group is bidding to take over a controlling stake of German robot maker Kuka, Kuka announced in a statement.

In a statement published on its website, Kuka confirmed that MECCA International Limited, a wholly-owned subsidiary of Midea Group Co., Ltd. had informed the Executive Board of Kuka about its decision.

According to the statement, Midea Group has decided to make a tender offer to all Kuka shareholders to take over all the outstanding shares.

Midea Group intends to offer to pay a cash consideration of 115 euros (about 129 U.S. dollars) per KUKA share to all shareholders, a premium of about 36.2 percent to the Kuka share price at the end of Tuesday.

Midea Group intends to support the further growth of Kuka in particular as a leading German provider of Industry 4.0 solutions, according to the statement.

The Executive Board and the Supervisory Board of Kuka will evaluate the offer document with due care and will issue the reasoned opinion with respect to the offer, according to the statement.

Midea Group currently holds a 13.5 percent stake in Kuka and it intends to acquire at least 30 percent of Kuka through the bid. Endit