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China's Midea Group agrees to buy majority stake in Clivet SpA

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Midea Group, China's biggest appliance manufacturer, signed an agreement to buy an 80 per cent stake in Clivet SpA, an Italian maker of air conditioners.

[HONG KONG] Midea Group, China's biggest appliance manufacturer, signed an agreement to buy an 80 per cent stake in Clivet SpA, an Italian maker of air conditioners.

The deal is expected to be completed by the end of the year, pending anti-monopoly reviews, Midea said in a statement on its website. The Chinese company didn't reveal the value of the acquisition.

As part of the transaction, Midea will also acquire Clivet Espana SA and some properties, the statement says. Crédit Agricole CIB is the sole financial adviser for Midea on the deal, while DC Advisory acts for Clivet, according to the statement.

The Chinese company began a tender offer last week to raise its stake in robot-maker Kuka AG, provoking calls from within the German government for an alternative European investor.

Midea offered 115 euros a share, contingent on it being able to increase its stake to at least 30 per cent, in a deal that values Kuka at 4.6 billion euros (S$6.92 billion).

BLOOMBERG