German Robotics Maker to be Purchased by Chinese Company
Kuka AG a German robotics maker is almost set into agreeing to a takeover bid from Chinese bidder Midea Group which includes a long term commitment in its existing headquarters, factories and work. Kuka AG should decide in the coming week if it wants to recommend the acceptance of Midea’s 4.5 billion Euros bid, which his considered as one of the biggest German industrial technology company that is targeted by a Chinese buyer in a series of deals.
Sources say that a breakthrough in the negotiations between the two companies is seen ans the results will be presented during a meeting of the supervisory board. Details a re being finalized so that the agreement will be signed in the following week. The agreement includes the maintaining of the current headquarters, factories and employees until 2023.
Meanwhile Kuka AG was not available for comments, it was said that Midea offered Kuka guarantees that include the independence of the company management and its listing in Frankfurt. The news of Midea’s bid caused a furor among German politicians, although Midea said that it will still allow Kuka to operate independently and assist in its expansion in China.