Siemens won't bid for robot maker Kuka
Beijing
SIEMENS has no interest in becoming a white knight for German robot maker Kuka, which is the target of a 4.5 billion euro (S$6.88 billion) takeover bid by Chinese home appliance maker Midea, Siemens' chief executive said. "If we had been interested, we would have acted on it some time ago," Joe Kaeser told German broadcaster ntv on Sunday.
Midea's bid has fanned a furious debate over Chinese takeovers in Europe, with politicians such as German Economy Minister Sigmar Gabriel calling for tougher restrictions. It has also prompted Berlin to consider whether Kuka's technology is crucial for the digitalisation of German industry, an economic priority.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Technology
Meta’s results are best viewed through rose-tinted AI glasses
'Harvesting data': Latin American AI startups transform farming
After long peace, Big Tech faces US antitrust reckoning
Tech’s cash crunch sees creditors turn ‘violent’ with one another
Tech millionaires chase billionaire tax shields with ‘swap fund’
Elon Musk’s Starlink profits are more elusive than investors think