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.
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