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Regulator approves Midea's takeover bid for German firm

Xinhua, June 16, 2016 Adjust font size:

China's home appliance manufacturer Midea said Thursday that it has secured approval from German regulator BaFin in its bid to take over robotics maker Kuka.

Midea wants to acquire at least a 30 percent stake in Kuka, and the takeover is to be made through its offshore subsidiary MECCA International (BVI) Ltd.

Midea currently holds a 13.5 percent stake in Kuka, and had offered 115 euros (about 129 U.S. dollars) per share.

According to Midea's statement, the offer starts on Thursday, and will be valid till July 15 if not extended. The result shall be announced before July 20.

If successful, the deal will make Midea Kuka's biggest shareholder.

"This investment aims to improve our intelligent manufacturing ability, and allow us to explore smart home appliances," said Fang Hongbo, chairman of Midea.

One of the world's top four robot makers, Kuka, founded in 1898 and based in Augsburg, has a workforce of 12,000 and its 2015 revenue was nearly 3 billion euros. Endi