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August 18, 2016

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Germany not to obstruct Midea’s takeover of Kuka

GERMANY said yesterday it would not hinder China’s home appliance maker Midea from acquiring German robot maker Kuka, as the deal would not endanger Germany’s security.

“Following an intensive review of Midea’s acquisition of the majority of shares in KUKA AG, the Federal Ministry for Economic Affairs and Energy has decided not to launch a formal investigation under German foreign trade and payments legislation,” said the ministry in an emailed statement.

“The review did not reveal any indication that public order or security in the Federal Republic of Germany would be compromised by the takeover by the Chinese company,” it added.

Midea announced the acquisition bid on June 16, offering to pay 115 euros (US$129.8) per share with a premium of nearly 60 percent. It said on August 8 that it held 94.55 percent stake in Kuka, up from the 13.5 percent it had before the bid.

To allay concerns over the takeover, Midea has pledged to maintain Kuka’s independence and has no plans to delist the company.


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