Off the wire
• Costa Rican FM to visit China  • China allocates 199 mln yuan for cloud seeding  • Driver arrested for fatal bus fire in C. China  • Kyrgyzstan launches official website of World Nomad Games 2016  • Chinese premier calls for more cooperation, closer ties with Mongolia  • Oil union suspends strike in Nigeria  • PNG PM calls for stability ahead of no-confidence motion  • SA ruling party condemns grotesque painting insulting Zuma  • Nigerian troops recover 25 bodies of Boko Haram terrorists  • China targets urban jobless rate below 5 pct  
You are here: 　 Home

China's Midea to hold over 70 percent stake in German robotics firm

Xinhua, July 14, 2016 Adjust font size:

China's home appliance manufacturer Midea said Thursday that it is set to increase its stake in German robotics maker Kuka to above 70 percent.

By Wednesday, investors holding 22.5867 million shares, or 56.79 percent of Kuka, have accepted Midea's bid, Midea said in a statement.

Midea currently holds a 13.5 percent stake in Kuka and wants to acquire at least a 30 percent stake. Combined with shares after the bid, Midea would own 70.29 percent of Kuka.

Midea officially announced the bid on June 16, offering to pay 115 euros (127 U.S. dollars) per share. The offer will be valid till July 15.

Midea has secured approval from German regulator BaFin for the takeover.

To alleviate potential concerns over the takeover, Midea has pledged to maintain Kuka's independence, saying that it has no plans to seek a domination agreement or delist the company. It also said it will not change the headquarters or reduce the workforce.

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. Endit