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Midea acquires 94.5 percent of robot manufacturer Kuka
The Chinese electrical appliance manufacturer Midea has acquired almost 95 percent of the robot manufacturer Kuka. After the end of the takeover period, a good five percent of Kuka shares remain with their previous owners, with Midea now holding 94.5 percent, as the company based in the southern Chinese province of Guangdong announced on August 8. The deadline was August 3.
Midea intends to complete the takeover of the Augsburg-based company, which specializes in robots for industry - particularly in car production - by March 2017. The Chinese have promised to retain the 12,600 jobs at Kuka until 2023. The takeover will cost Kuka 30 million euros this year for consulting, banks, lawyers, marketing and bonus shares for employees and managers.
It is unclear how Midea intends to deal with the remaining Kuka shareholders. First of all, the result of the takeover process will be evaluated. This was said by a spokeswoman for the consulting firm Brunswick, which has taken over Midea's public relations work in Germany. The spokesperson confirmed the Chinese company's previous line: Midea is "basically open to additional shareholders as long as they bring added value to the company".
So far, there has been no talk of a squeeze-out of the remaining shareholders at Midea. Under stock corporation and takeover law, this would in any case require Midea to hold 95% of the shares - a threshold that the company has currently fallen just short of. The Chinese company itself produces air conditioners, refrigerators, washing machines and other household appliances.
The sale of the Augsburg-based company to a Chinese firm had caused political discussions. There are fears that technological know-how will migrate from Augsburg to China. However, no German investor was willing to enter into a takeover battle.
Source: dpa
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