chinas midea buys nearly half of german robotics firm kuka
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

China's Midea buys nearly half of German robotics firm Kuka

Arab Today, arab today

Arab Today, arab today China's Midea buys nearly half of German robotics firm Kuka

Two robots fill a glass with beer at the booth of robotics manufacturer KUKA
Frankfurt - AFP

Chinese appliances giant Midea moved a step closer to fulfilling its ambition to acquire German industrial robotics firm Kuka with two weekend deals raising its stake to nearly a majority.

Two of Kuka's biggest German shareholders -- technology company Voith and entrepreneur Friedhelm Loh -- said they had decided to take up Midea's offer of 115 euros ($128) per share and sell their stakes.

German news agency DPA reported that Voith had agreed to sell its stake of 25.1 percent for 1.2 billion euros.

And Loh told the business daily Handelsblatt he had decided to sell his stake of 10 percent for nearly 500 million euros.

Combined with its existing holding of 13.5 percent in Kuka, the two purchases mean Midea now holds 48.5 percent, or not far from the outright majority, in the Augsburg-based robot builder.

Loh, who sits on Kuka's supervisory board, insisted that he had not consulted Voith about his decision beforehand.

"Every shareholder must decide for themselves based on their own interests," he told the newspaper.

Initially, Midea's offer -- which values Kuka at more than four billion euros -- will run July 15.

But Kuka's management is recommending shareholders accept it and has signed a long-term investor contract with the Chinese firm until 2023.

Nevertheless, critics are worried about German know-how and technology being sold into Chinese hands.

A growing list of German companies, such as Kion, Putzmeister and KraussMaffei have come under Chinese ownership in recent years.

Kuka, based in the German city of Augsburg, describes itself as one of the world's leading manufacturers of industrial robots and also offers automated systems for manufacturing.

The powerful IG Metall trade union had pushed for the Voith stake to remain in German hands -- but no competing buyer came forward.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

chinas midea buys nearly half of german robotics firm kuka chinas midea buys nearly half of german robotics firm kuka

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

chinas midea buys nearly half of german robotics firm kuka chinas midea buys nearly half of german robotics firm kuka

 



GMT 00:58 2017 Tuesday ,19 December

World loses 6m under-5 children every year

GMT 23:29 2017 Wednesday ,12 July

China sends PLA personnel to man base in Djibouti

GMT 05:18 2017 Wednesday ,01 November

Europe's recovery gathers pace despite crises

GMT 00:33 2017 Monday ,13 March

Governments must engage citizens, official says

GMT 04:38 2017 Tuesday ,02 May

OPEC NEWS

GMT 20:29 2017 Tuesday ,03 October

Egypt denies N.Korea arms bound for its military

GMT 02:23 2017 Sunday ,11 June

Ministry seeks help to curb begging in Oman

GMT 22:03 2016 Thursday ,24 November

Hadi appoints new chief-of-staff of 1st military zone

GMT 02:26 2018 Wednesday ,17 January

Trump visit set to eclipse Davos meet

GMT 02:08 2011 Friday ,25 November

Desi Boyz

GMT 07:57 2018 Monday ,01 January

Catalans say 'yes' to independence
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday