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China's Midea buys 25.1% stake in Germany's Kuka for US$1.3b
Midea's shares jump 13% while the German robot firm's shares go up by 26%
Add BT as a preferred sourcePublished Mon, Jul 4, 2016 · 09:50 PM
Frankfurt
CHINA'S Midea Group Co will become the largest shareholder of Kuka AG after buying a 25.1 per cent stake in the robot-making company from Voith GmbH as part of a deal that has been closely scrutinised by German politicians.
Voith will get about 1.2 billion euros ($1.79 billion) by selling its stake, the closely held German company said Sunday in a statement from Heidenheim, Germany. Kuka chief executive officer Till Reuter backed the deal after Midea offered assurances that jobs and plants will be protected until the end of 2023.
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