Business / Technology

Midea to own over 50% of German robotics maker Kuka

(Xinhua) Updated: 2016-07-08 09:09

Midea to own over 50% of German robotics maker Kuka

Kuka Quantek 210 Prime industrial robotic arms stand on display at the Kuka AG exhibition stand during the Automatica trade fair in Munich, Germany, in June. [Photo/Agencies]

GUANGZHOU - China's home appliance manufacturer Midea said Thursday that its stake in the German robotics maker Kuka would rise above 50 percent with its planned acquisition.

By Wednesday, investors who own 17,397,307 shares, or 43.74 percent of Kuka, have accepted Midea's bid, Midea said in a statement.

Midea officially announced the bid on June 16, offering to pay 115 euros ($127) in cash per share of Kuka

Midea currently holds a 13.5 percent stake in Kuka and wants to acquire at least a 30 percent stake. The offer will be valid till July 15.

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

To ease potential worries over the takeover, Midea has pledged to maintain Kuka's independence, saying that it has no plan 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.

Hot Topics

Editor's Picks