Kuka backs bid by Midea
By Qiu Quanlin In Guangzhou | China Daily | Updated: 2016-06-30 08:15
Chinese investor to help expand its business on mainland
Midea Group Co, China's biggest home appliance maker, has signed a deal to make it the biggest shareholder in German industrial robotics group Kuka AG, the Chinese company announced on Wednesday.
Both parties agreed to Midea's 115 euros ($127) a share bid which valued the German group at about 4.6 billion euros, according the statement.
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