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China's Midea to hold over 70% stake in German robotics firm

(Xinhua) Updated: 2016-07-15 07:51

China's Midea to hold over 70% stake in German robotics firm

Robots in the Kuka stand pour a beer into a glass at the Hannover Messe industrial trade fair in Hanover, Germany April 23, 2016.[Photo/Agencies]

BEIJING -- China's home appliance manufacturer Midea said Thursday that it is set to increase its stake in German robotics maker Kuka to above 70 percent.

By Wednesday, investors holding 22.5867 million shares, or 56.79 percent of Kuka, have accepted Midea's bid, Midea said in a statement.

Midea currently holds a 13.5 percent stake in Kuka and wants to acquire at least a 30 percent stake. Combined with shares after the bid, Midea would own 70.29 percent of Kuka.

Midea officially announced the bid on June 16, offering to pay 115 euros ($127) per share. The offer will be valid till July 15.

Midea has secured approval from German regulator BaFin for the takeover.

To alleviate potential concerns over the takeover, Midea has pledged to maintain Kuka's independence, saying that it has no plans to seek a domination agreement or delist the company. It also said it will not change the headquarters or reduce the workforce.

One of the world's top four robot makers, Kuka, founded in 1898 and based in Augsburg, has a workforce of 12,000 and its 2015 revenue was nearly 3 billion euros.

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