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China's Midea launches offer for German robot maker Kuka

Thursday, June 16, 2016 - 13:56
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Chinese home appliance maker Midea launched its 4.5 billion-euro (S$6.8 billion) offer for German industrial robot maker Kuka on Thursday, reiterating it aimed to acquire more than 30 per cent of the company.

[FRANKFURT] Chinese home appliance maker Midea launched its 4.5 billion-euro (S$6.8 billion) offer for German industrial robot maker Kuka on Thursday, reiterating it aimed to acquire more than 30 per cent of the company.

Midea, which already owns 13.5 per cent of Kuka, said it was offering 115.00 euros per share in an offer running from June 16 to July 15 and welcomed a diversified shareholder base with a high free float.

Midea also confirmed it planned no control agreement or other agreement with Kuka.

The Chinese company had announced its planned bid a month ago, causing a furore among German politicians who fear the loss of a key industrial technology company but are reluctant to intervene in commercial deals.

REUTERS