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Midea makes an offer for Kuka
Mecca International, a subsidiary of Midea Group, has made a tender offer for all outstanding shares in robotics company Kuka.
The company intends to offer to pay a cash consideration of EUR 115.00 per Kuka share to all shareholders. Currently, Midea indirectly owns 13.5 percent of Kuka's shares. In line with the applicable regulatory framework, the increase of the shareholding to more than 30 percent requires an offer for all issued shares in Kuka AG. The Wall Street Journal reports that the offer is valued at EUR 4.6 billion. The company also intends to support Kuka's further growth, in particular as a German provider for Industrie 4.0-solutions as well as the continuing penetration of the Chinese market. In addition, Midea in particular assures to keep the headquarters of Kuka in Augsburg, the actual size of the workforce in Germany and in the foreign Kuka sites and the brand “Kuka” as well as the listing of the Kuka shares in Germany.