You are here

China's Midea seeking 49% Kuka stake: report

midea.jpg
China's Midea Group Co Ltd is only seeking a 49 per cent stake in German industrial robot maker Kuka, Handelsblatt reported on Monday, citing unnamed sources in the German government.

[BERLIN] China's Midea Group Co Ltd is only seeking a 49 per cent stake in German industrial robot maker Kuka, Handelsblatt reported on Monday, citing unnamed sources in the German government.

Augsburg-based Kuka is the target of a takeover bid by the Chinese home appliance maker, which has fanned a furious debate over Chinese acquisitions in Europe, with some German politicians calling for tougher restrictions.

Chancellor Angela Merkel said during a visit to Beijing on Monday there was a general openness towards investments from China, but it was expected that the country opened up and offered the same investment conditions.

Instead of being majority-owned by Midea, Kuka would continue to have a strong German anchor shareholder, Handelsblatt reported, adding that Kuka Chief Executive Till Reuter would support such a solution.

Germany's Economy Ministry declined comment, while Kuka did not immediately respond to requests for comment.

Your feedback is important to us

Tell us what you think. Email us at btuserfeedback@sph.com.sg

REUTERS

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes