China's Midea buys nearly half of German robotics firm Kuka by Staff Writers Frankfurt (AFP) July 4, 2016 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.
Related Links All about the robots on Earth and beyond!
|
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |