Midea bids for control of German robot-maker Kuka

Midea Group, China's biggest maker of home appliances based in Foshan, Guangdong province, launched on Thursday a voluntary public tender offer for all shares above its current 13.5 percent stake in Kuka AG, a global technology leader in robotics and automation.

The offer of 4.6 billion euros ($5.16 billion) confirmed Midea's previously stated intention to increase its stake in Kuka to become the biggest shareholder of the German company, ahead of Voith GmbH, a maker of industrial equipment. The offer is contingent on an acceptance rate of at least 30 percent of the outstanding shares.

"We want to support Kuka's growth and plan to jointly realize the vast growth potential in China, with an aim of increasing our current shareholding to expand the partnership," said Paul Fang, chairman and chief executive officer of Midea.