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Chinese commerce chamber cautions against "political interference" in Chinese firm's bid for Kuka

Xinhua, June 4, 2016 Adjust font size:

Chinese home appliances giant Midea Group's bid for German robot maker Kuka is a business action and should not be interfered politically, cautioned Chinese Chamber of Commerce in Germany (CHKD) on Friday.

The Berlin-based institution said in a statement that it was paying great attention to actions of the German government and the European Union authorities, and was concerned about "political interference" in this bid.

German media reported that the German government was formulating a counter offer for Kuka from German and European companies, in order to prevent the Chinese enterprise from taking over a controlling stake of the leading industrial robot manufacturer.

"Midea Group's tender offer is an independent business action by a Chinese firm based on its development strategy and market rules,"said CHKD which represents Chinese business in Germany.

"We expect the German authorities to respect market economy principles, and allow investment actions according to market mechanisms without putting any political influence," the commerce chamber added.

Midea Group, which currently holds indirectly 13.5 percent stake in Kuka, announced on May 18 to offer 115 euros (130 U.S. dollars) in cash per share in a bid to increase its holding to at least 30 percent.

The Chinese company pledged to maintain Kuka's independence, saying that it has no plan to seek a domination agreement or delist Kuka, and will not change the headquarters or reduce the workforce. Endit