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China's Midea to hold about 95 pct stake in German robotics firm

Xinhua, August 8, 2016 Adjust font size:

China's home appliance manufacturer Midea said Monday that it was taking a 95 percent holding in German robotics maker Kuka.

Midea will take 37,605,732 shares, 94.55 percent of Kuka after the bid is settled. Kuka shareholders who have not yet tendered their shares will be unable sell their stake to Midea now as the bid has expired, according to a statement from Midea.

Midea announced the bid on June 16, offering to pay 115 euros (127 U.S. dollars) per share. It held a 13.5 percent stake in Kuka before the bid.

To alleviate concerns over the takeover, Midea has pledged to maintain Kuka's independence, and has no plans to seek a domination agreement or delist the company. It will not change the headquarters nor reduce the workforce.

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