China's Midea to hold 95 pc stake in German robot firm Kuka

China's home appliance manufacturer Midea said today that it was taking a 95 per cent holding in German robotics maker Kuka, which is one of the world's top robot makers.
Midea will take 37,605,732 shares, 94.55 per cent of Kuka after the bid is settled.
Kuka shareholders who have not yet tendered their shares will be unable sell their stake to Midea now as the bid has expired, according to a statement from Midea.
Midea announced the bid on June 16, offering to pay 115 euros (USD 127) per share. It held a 13.5 per cent stake in Kuka before the bid.

To alleviate concerns over the takeover, Midea has pledged to maintain Kuka's independence, and has no plans to seek a domination agreement or delist the company.
It will not change the headquarters nor reduce the workforce, state-run Xinhua news agency reported.
One of the world's top robot makers, Kuka, founded in 1898 and based in Augsburg, has a workforce of 12,000. Its 2015 revenue was nearly 3 billion euros.