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Midea wins nearly 60% of Kuka
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APPLIANCE giant Midea has secured majority control of nearly 60 percent in German industrial robotics maker Kuka, the Shenzhen-listed company said yesterday in a statement.
Midea’s offer has been accepted by holders of 46.3 percent of Kuka’s shares. Adding the 13 percent of shares Midea already owns gives it almost 60 percent of the issued share capital and existing voting rights of Kuka, Midea told the Shenzhen Stock Exchange yesterday.
Midea surged by the 10 percent daily cap to 27.50 yuan (US$4.11).
Midea offered 115 euros (US$127) per share for Kuka, one of the world’s top-four industrial robotics makers, in June. The offer price valued Kuka at 4.6 billion euros.
Following public and official concerns in Germany that the takeover might lead to losses of technology and local jobs, Midea and Kuka have unveiled a deal to keep Kuka’s headquarters, factories and jobs.
Also yesterday, Midea signed a deal with Huawei Technologies on smart home and Internet of Things using the latter’s smartphones to connect and control Midea’s air conditioners and washing machines.
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