© KUKA Roboter GmbH Business | June 30, 2016
KUKA signs investor agreement with Midea
KUKA AG has signed an investor agreement with Midea that commits Midea to extensive assurances until the end of 2023. The Executive Board and Supervisory Board jointly recommend to accept the offer.
These assurances include commitments that locations and jobs will be retained, a commitment to KUKA’s existing strategy and the Executive Board’s independence, agreements on protecting business partners’ data, as well as the assurance not to pursue a domination agreement or delisting. In addition, following careful examination, the Executive Board and Supervisory Board of KUKA AG published the required Reasoned Opinion in accordance with Section 27 of the German Securities Acquisition and Takeover Act (WpÜG). In this opinion, they come to the conclusion that the bid is in the interests of the company, its shareholders, customers and employees. It is therefore recommended that shareholders accept the offer. KUKA’s Chief Executive Officer, Dr. Till Reuter, stated: “We conducted intensive negotia-tions with Midea and ensured that the announced assurances have now been made legally binding. The agreed term of 7.5 years is much longer than what is customary. It protects the interests of our company, our business partners, our employees and our shareholders until well into the next decade. For us, it was also important to find a good solution for our business partners’ data security. We’ve also succeeded in that with the ring-fencing agreement, the cornerstones of which have already been negotiated in a binding manner.” The cornerstones of the ring-fencing agreement are part of the investor agreement and regulate how industrial property rights and KUKA’s know-how will be dealt with, as well as how the confidential data of customers and suppliers will be protected. Databases containing such data are not allowed to be moved by Midea to other locations and are protected against being accessed by Midea or other third parties. “Together with Midea, we’ll be able to implement our existing strategy even better. At the same time, we will remain a German company,” said Dr. Till Reuter.
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