chinas midea buys nearly half of german robotics firm kuka
Last Updated : GMT 05:21:58
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 05:21:58
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

 



Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation

GMT 11:48 2016 Monday ,10 October

New mega-festival hears rock history via McCartney

GMT 13:35 2017 Friday ,17 February

Confirms Britain is biggest investor in Egypt

GMT 15:46 2018 Wednesday ,12 December

Festive Fashion by Dubai-based designer ASMARAÏA

GMT 21:49 2016 Monday ,03 October

OIC: JASTA law breaches international laws

GMT 14:19 2014 Saturday ,09 August

Morena Baccarin to reprise Erika Flynn

GMT 06:49 2017 Friday ,08 December

Scallops have 200 eyes, which function

GMT 21:40 2017 Friday ,06 January

Trump tells NYT Russian hack claim is 'witch hunt'

GMT 14:18 2017 Thursday ,19 January

At least 30 killed in Tehran's building fire

GMT 15:22 2016 Friday ,19 August

Abe, Putin To Meet in Russia

GMT 09:40 2016 Saturday ,17 December

Samba gets new rhythms 100 years after first recording

GMT 07:45 2017 Wednesday ,03 May

Actress Haifa Wahby bets on “Herbaya”
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 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

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