China's Midea Group agrees to buy majority stake in Clivet SpA
[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
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Australia wants businesses to diversify after China scraps wine tariffs
Japan drugmaker reports two more deaths in supplement scare
Chanel flap bag now costs more than 10,000 euros in Paris
Florida governor, Disney reach settlement in lawsuit over special district
Kobayashi Pharma ordered to recall red yeast rice pills after 2 deaths
Second Chance Properties H1 profit falls 52.8% to S$4.3 million