Midea eyes no more than 49% in Kuka
Print Edition
CHINA’S Midea Group Co wants a stake of no more than 49 percent in German industrial robot maker Kuka and will resell any shares it acquires beyond that threshold, German coalition sources said yesterday.
The sources, speaking on condition of anonymity, said this would allow Kuka to continue to retain a strong German anchor investor.
Kuka has become the latest and biggest German industrial technology group to be targeted by a Chinese buyer.
Midea has said it wants a stake of at least 30 percent in Kuka. Achieving that will oblige it, under German takeover law, to make a takeover offer for the rest of the company.
It said in a statement: “Midea has clearly stated that its intentions are to have a meaningful stake in Kuka above 30 percent. The ultimate level of our shareholding will depend on the level of Kuka shareholders that tender into the offer.”
Kuka, which is 25 percent owned by German engineering group Voith and 10 percent by billionaire businessman Friedhelm Loh, declined to comment.
The US$5 billion bid has prompted some politicians to call for tougher curbs to protect technology deemed critical for its future economic success from falling into Chinese hands.
German Chancellor Angela Merkel said on a visit to Beijing on Monday that investments from China are welcome.
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