Midea makes bid for robotics maker Kuka official

Source: DW.com
06/17/16, 05:05 AM | Automation & IIoT, Supply Chain | Mergers

DW.com:  Chinese appliance firm Midea has announced it has launched a cash offer for a stake of 30 percent in German industrial robotics supplier Kuka. The takeover bid has stoked controversy in Germany and Europe.

Midea said on Thursday it would offer 115 euros ($130) per share to Kuka owners under efforts to become the biggest single shareholder in one of the world's leading manufacturers of industrial robots.

The Chinese appliance maker, which is so far only known to be producing washing machines and air conditioners, also said its offer would end July 15, with no ceiling on the percentage of shares it was aiming to buy.  Kuka shares closed at just above 106 euros in trading at the Frankfurt Stock Exchange on Wednesday. The stock gained about 26 percent since the deal was first proposed in May.  Cont'd...

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